| Wed 12 Sep 2007, 8:54 | | TAW - Tawana - Placement Completed |
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TAW
TAW
TAW - Tawana - Placement Completed
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")
12 September 2007
Placement Completed
The Directors of Tawana Resources (TAW) advise that 5 million shares, each with
an attached option, were placed at A$0.15 each with institutional investors
raising A$750,000. The options are exercisable at A$0.15 on or before 11
September 2009.
The funds raised will be used to progress the Orapa Project (TAW 100%) in
Botswana, the Riverton (TAW earning 70%) and Kareevlei (TAW 74%) Projects in
South Africa. The funds raised equate to approximately Rand 4.5 million.
In April 2007 Tawana was granted a new prospecting licence over an area of
approximately 57 square kilometres, covering 8 kimberlites in the Orapa
kimberlite field in Botswana. Applications for this Prospecting Licence were
submitted by a number of companies on a competitive basis. The Orapa kimberlite
field is located in north eastern Botswana, and includes the Orapa, Letlhakane
and Damtshaa diamond mines, which produce in excess of 13 million carats of
diamonds per year.
Tawana has commenced assessment of the kimberlites in the prospecting licence
and initial indications are that the diamondiferous BK24 is in excess of 3
hectares in surface area and at least one other kimberlite has a surface area of
2 hectares.
Bulk sampling has commenced at Riverton, located 25km north of Kimberley, and
diamonds were recovered during the first week of processing of the initial bulk
sample. 18 diamonds weighing 9.07 carats were recovered. These include a 3.12ct
pale yellow diamond, a 1.31ct diamond and a 1.08ct diamond. The average size of
the diamonds is 0.50 carats. This is an unusually large average size for
diamonds from a kimberlite.
At Kareevlei the Company`s dense media separation plant has been constructed in
readiness for the commencement of trial mining.
Contact:
Wolf Marx
Tel: +61 (0)3 98635222
Mob: +61 (0)428 398446
Email:wolf.marx@tawana.com.au
JSE Sponsor:
PricewaterhouseCoopers Corporate Finance
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: 12/09/2007 08:54:01 Produced by the JSE SENS Department.
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