| Fri 11 Apr 2008, 8:21 | | TAW - Tawana Resources NL - Orapa Project Update- |
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TAW
TAW
TAW - Tawana Resources NL - Orapa Project Update- Bulk Sampling Commenced
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")
11 April 2008
Orapa Project Update- Bulk Sampling Commenced
Tawana Resources NL ("Tawana") has been advised by its joint venture partner,
Nowak Investments Pty Ltd ("Nowak") that excavations on the Orapa Project
kimberlite BK24 have commenced.
Nowak is excavating three shafts into the kimberlite to access fresh kimberlite
at approximately 30m below surface. The shafts are currently at 12.5m, 11m and
2.7m depth.
Once fresh kimberlite is intersected in the shafts, mini-bulk samples will be
excavated and processed on site for diamond recovery.
Schedule
Shaft 1 is scheduled for completion at the end of the first week of June, Shaft
2 at the end of June and Shaft 3 at the end of July.
It should be noted however, that these dates are dependent on a number of items,
including water seepage management and penetration rates of the calcrete and
kimberlite.
Nowak has acquired a Dense Media Separation (DMS) plant which is due on site
with commissioning to be completed by the end of May. It will be possible to
provide a realistic estimation for the completion of processing of the excavated
kimberlite once the DMS is on site.
Agreement Terms
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:
Review all the results from the work completed by Tawana.
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.
Excavate at least one pit per selected kimberlite to a depth of 30 metres.
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.
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 projects by completing a bankable feasibility study. Thereafter
both parties will contribute pro-rata to expenditures.
Location and Background
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. These mines are owned by Debswana Diamond
Company (Pty) Limited. 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.
Wolf Marx
Tel: +61 3 98635222
Mob: +61 428 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" and the 2007 edition of the
"South African Code for the Reporting of Exploration Results, Mineral Resources
and Mineral Reserves (The SAMREC Code)"
Sponsor to Tawana
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 11/04/2008 08:21:50 Produced by the JSE SENS Department.
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