African Copper provides preliminary results

African Copper Plc announces its preliminary results for the year ended 31 December 2007 and its Pula 150 million (Pounds Sterling 11.4 million) unsecured debt financing.

Highlights

Corporate

- The Company recorded a net gain for fiscal 2007 of Pounds Sterling 117,409 (0.09p), compared with a net loss of Pounds Sterling 2,100,884 (2.20p) in fiscal 2006. Higher bank interest receivable and foreign exchange gains more than offset higher corporate costs and Botswana administration costs contributing to the net gain in fiscal 2007.

- Raised Pula 150 million (Pounds Sterling 11.4 million) – On 28 March 2008, Messina Copper (Botswana) (Pty) Ltd (“Messina”), African Copper’s 100% owned subsidiary, received binding subscription agreements as part of a Pula 200 million Botswana Note Programme for Pula 150 million (Pounds Sterling 11.4 million) notes from local Botswana institutions (the “Botswana Bond”). The Botswana Bond is denominated in Pula and is an unsecured fixed rate note that bears interest at 14.0% per annum and has a bullet maturity in 7 years.

- Signed a concentrate sale and purchase agreement (the “Off-take Agreement”) with MRI Trading AG (“MRI”) for 100% of all copper products shipped from the Mowana Mine. The Off-take Agreement has a duration of 5 years and is renewable. In conjunction with the Off-take Agreement, MRI subscribed for 7,284,000 ordinary shares of the Company for net proceeds of Pounds Sterling 5 million.

Mowana Project Development

- Signed a five-year contract with Moolman Mining Botswana (Pty) Ltd.

- Mining Activities – Mining commenced in July 2007 with the removal of free-digging loose material from the open-pit area. By the end of 2007, the full fleet of face-loading shovels had arrived on-site and these were commissioned in January 2008. Even with the heavy rains experienced in January 2008 pre-stripping was maintained close to schedule and blasting in the pit and stockpiling of ore had commenced by the end of January 2008. At the end of March 2008, the stockpiles at Mowana consisted of about 200,000 tonnes of material at 0.9% copper, including about 33,000 tonnes grading 1.8% copper on the high grade stockpile.