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TAW
TAW
TAW - Tawana Resources NL - South Africa - New Diamond Project
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW & ISIN: AU000000TAW7
Share code on the Australian Stock Exchange Limited: TAW & ISIN: AU000000TAW7
("Tawana" or "the Company")
South Africa - New Diamond Project
Key Points
- Lexshell Diamond Project
- Tawana/Guma 50:50 contributory new project Joint Venture
- Tawana operator as explorer/miner with Guma
- Lexshell alluvial diamond project in legendary Vaal River system
Lexshell Diamond Project
(Tawana 44% and operator /Guma Resources 44%/ Lexshell 12% revenue share)
Tawana has entered into a joint venture with its strategic alliance partner,
Guma Resources Pty Limited, to explore and mine under contract the Lexshell
alluvial diamond project in the Northern Cape Province of South Africa. The
project is located on a palaeo-channel of the Vaal River adjacent to established
alluvial diamond mines.
The project is held under a Mining Right by Lexshell 366 Mining (Pty) Limited
("the Holder"). Tawana/Guma have jointly entered into a Contractor`s Agreement
with the Holder which will enable Tawana to assess the economic potential of the
deposit and if warranted mine the diamonds on behalf of the joint venture
partners. Costs will be shared on a 50:50 basis with Guma. The Holder will
retain a 12% share of revenue after State royalties and cost of sales.
The section of the Vaal River alluvials in which this project is located is
noted for the prolific production of large high quality diamonds. Mining has
taken place here for about 100 years and the area still hosts one of the largest
alluvial diamond mines in the world.
Tawana will commence work on the assessment of the deposit once certain
statutory requirements have been completed by the Holder.
Commenting on the development, Tawana Managing Director Wolf Marx said, "I am
delighted that we have been offered the opportunity to participate in the
Lexshell Project, which holds promise for early positive cash flow. It is
pleasing to move into the first active project with our strategic alliance
partners, Guma, and I look forward to further new project opportunities in the
near future."
Contact:
Wolf Marx
Tel: +61 3 98635222
Mob: 0428 398446
Email:wolf.marx@tawana.com.au
This report is based on information compiled by Wolf Marx BSc, BA, FAusIMM,
CPGeo, Managing Director of Tawana Resources NL. He has sufficient experience
relevant to the style of mineralisation and types of deposits under
consideration, and to the activities undertaken, to qualify as a competent
person as defined in the 2004 edition of the "Australasian Code for the
Reporting of Mineral Resources and Ore Reserves"
All press releases and announcements may be inspected on the Company`s web site,
namely: www.tawana.com.au
18 April 2007
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 18/04/2007 09:12:02 Produced by the JSE SENS Department.
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