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TAW
TAW
TAW - Tawana/ Kimberley Consolidated Mining Limited - Company Announcement
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")
Kimberley Consolidated Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/010470/06)
("KCM")
13 July 2007
New Joint Venture between Tawana Resources NL and Kimberley Consolidated Mining
Limited - Carter Block, South Africa
The Directors of Tawana are pleased to announce a joint venture (the Carter
Block Joint Venture) with Kimberley Consolidated Mining Limited (KCM), a
currently unlisted South African company which has advanced plans to list
shortly on the JSE Limited and is also considering listing on the Alternative
Investment Market of the London Stock Exchange in due course.
The Carter Block Joint Venture has been formed to prospect and evaluate
kimberlites situated on a 266 square kilometer new order Prospecting Right
surrounding the De Beers owned Finsch Mine, South Africa (The Carter Block).
The granted tenement incorporates three known kimberlites, fourteen BHP
Billiton-
generated Falcon targets, and four aero-magnetic survey targets. The Joint
Venture`s initial focus is the BHP Billiton - generated Falcon Targets and the
aero-magnetic survey targets.
Tawana has access to the Falcon data by virtue of the separate Daniel Joint
Venture with BHP Billiton. BHP Billiton is not participating in the Carter Block
Joint Venture but has consented to Tawana using the Falcon data in return for a
2.5% royalty on any future diamond revenue generated by Tawana from the use of
the data in the Carter Block.
Tawana is able to earn 40% equity in each individual Falcon and aero-magnetic
target by identifying kimberlites through drilling and conducting a bulk
sampling program. Expenditure on further evaluation work will be contributed by
KCM and Tawana on a pro-rata basis. Tawana will manage the project.
The three known kimberlites are currently being prospected by KCM and early
indicator mineral sampling has been positive. Several G10 pyrope garnets were
recovered from the Shoan kimberlite, indicating that this kimberlite is likely
to be diamondiferous. The agreement provides that should Tawana wish to
participate in the exploration of these known kimberlites, Tawana would be
entitled, subject to contract, to take up an agreed participating interest
therein.
The Carter Block also incorporates known diamondiferous alluvial deposits which
while they will remain wholly-owned and operated by KCM are adjacent to the
Tawana alluvials in the area and an opportunity for future co-operation between
Tawana and KCM with respect to parallel development in this regard therefore
exists.
Wolf Marx, Managing Director of Tawana commented today: "The Carter Block Joint
Venture is an exciting development for Tawana. We have been keen to enter into
this agreement to get access to some of the best targets in the vicinity of the
Finsch diamond mine. Our new partners are expert alluvial diamond miners and
have an established diamond mining and marketing track record. This is another
example of Tawana`s ability to add critical mass to its portfolio in creative
and capital efficient ways."
Contact:
Wolf Marx
Tel: +61 (0)3 98635222
Mob: +61 (0)428 398446
Email:wolf.marx@tawana.com.au
Corporate advisor to KCM:
T-Corporate
Independent expert to KCM:
Venmyn Rand
Sponsor to Tawana: PricewaterhouseCoopers Corporate Finance (Pty) Limited
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
Date: 13/07/2007 08:20:01 Produced by the JSE SENS Department.
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