| Tue 19 Feb 2008, 9:22 | | TAW - Tawana - Orapa Project-Botswana- Nowak joint venture agreement |
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TAW
TAW
TAW - Tawana - Orapa Project-Botswana- Nowak joint venture agreement
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")
Orapa Project-Botswana- Nowak Joint Venture Agreement
Highlights:
Tawana has formed a joint venture over the Orapa Project in Botswana
Tawana has agreed to the terms of a joint venture with Nowak Investments (Pty)
Limited (Nowak) to continue the exploration and evaluation of Tawana`s Orapa
Diamond Project in Botswana. The agreement is subject to Ministerial approval.
Under the terms of the agreement Nowak will be required to conduct and sole fund
the following program to earn a 51% interest in the project:
1) Review all the results from the work completed by Tawana.
2) Select kimberlites for mini-bulk sampling at the 30 metre level. For this
purpose, the Management Committee, comprising members of Tawana and Nowak,
will determine the selected kimberlites.
3) Excavate at least one pit per selected kimberlite to a depth of 30 metres.
4) Excavate from horizontal drives at the 30m level no less than 100 tonnes of
kimberlite for processing from the selected kimberlites less than 1 hectare
in surface area and no less than 200 tonnes of kimberlite from the selected
kimberlites greater than 1 hectare in surface area. A maximum of 1100
tonnes of kimberlite will be excavated for processing during this initial
phase. If warranted additional bulk sampling up to 3000 tonnes per
kimberlite could be excavated and processed in subsequent phases.
This phase of work is scheduled to commence immediately.
Nowak has also undertaken to conduct exploration on the Borolong and Moshaiwa
projects.
At the completion of the above program Tawana will have the option to contribute
49% of ongoing expenditure or allow Nowak to continue sole funding to earn 70%
interest in the project by completing a bankable feasibility study. Thereafter
both parties will contribute pro-rata to expenditures.
Nowak is a Botswana registered unlisted company. The Managing Director of Nowak
is Roy Spencer, formerly CEO of European Diamonds Plc. Technical consultant to
Nowak is Dr. Leon Daniels, formerly a director of Tawana. Dr. Daniels and Mr.
Spencer have a wealth of experience in diamond exploration, evaluation and
mining. Dr Daniels was instrumental in acquiring the AK6 kimberlite for AIM
listed African Diamonds Plc and Roy Spencer discovered the world class Grib
Diamond Deposit in Russia and recently brought the Liqhobong Diamond Mine in
Lesotho into production.
The probable development by De Beers and African Diamonds Plc (AFD-L) of a new
diamond mine in the Orapa area on the AK6 kimberlite (located 25km to the south
of the Tawana licence), which was originally discovered and evaluated in the
1970`s and considered at that time to be a small, low-grade kimberlite, provides
an indication of the potential that still remains in Botswana. It is also
noteworthy that Firestone Diamond Plc (FDI-L) has also reported encouraging
results from its work in the Orapa field and elsewhere in Botswana.
The Orapa kimberlite field is located in north eastern Botswana, and includes
the Orapa, Letlhakane and Damtshaa diamonds mines, which produce in excess of 13
million carats of diamonds per year. The Orapa kimberlite field is one of the
largest diamondiferous kimberlite fields in the world, containing 79 known
kimberlites, of which the majority has been proven to be diamondiferous. The
Orapa mine is one of the largest producing kimberlites in the world and is 113
hectares in surface area.
The Orapa mine is located 20 km to the west, Letlhakane is 30km to the south,
and Damtshaa is 6km to the south of the Tawana licence.
Commenting on the joint venture agreement, Wolf Marx, Managing Director of
Tawana said: "I am pleased that we have been able to attract Nowak to our Orapa
Project. Nowak will provide funding for the ongoing work on the project and,
importantly, provide two of the best diamond explorationists in the business to
take the project forward. This will free up our funds and people to concentrate
on our Kimberley focused projects of Kareevlei Wes, Tawana Alluvials and St
Augustines."
Contact:
Wolf Marx
Tel: +61 (0)3 98635222
Mob: +61 (0)428 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"
This article can be viewed on the Company`s website at www.tawana.com.au
19 February 2008
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 19/02/2008 09:22:42 Produced by the JSE SENS Department.
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