| Wed 28 Jan 2009, 7:30 | | TAW - Tawana - Management change and funding update |
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TAW
TAW
TAW - Tawana - Management change and funding update
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")
Management change and funding update.
This release is to inform Shareholders and the broader investment market of
recent changes within the executive management team of Tawana and a delay in the
settlement of Kareevlei funding, and changed office address.
Retirement of Mr Wolf Marx
The Directors of Tawana advise that Wolf Marx has retired as Managing Director
of the company effective 31 January 2009.
Wolf has had a long and distinguished career within the diamond exploration
industry throughout Africa and Australia and his significant technical depth and
experience will be retained by the company in a consultancy capacity. He will be
available to evaluate current and new business opportunities and importantly
maintain commercial relationships in Australia, South Africa and Botswana on
behalf of Tawana.
The Executive Chairman, Neil Barrie, will manage the company`s operations going
forward.
Tawana`s Kareevlei project update
It is important to inform the market that the payment for the sale of a 26%
interest in Tawana`s Kareevlei project for Rand 12,000,000 (approximately $1.7M
at current exchange rates) has been delayed. On the 27th of October 2008
Tawana announced to the market the conclusion of an agreement with Risk Free
Investments 2 (Pty) Limited t/as Agio Diamond Investments. Tawana has issued a
summons for payment in the High Court of South Africa and will pursue settlement
vigorously. The market will be informed of progress on the litigation as it
comes to hand.
Alternate sources of funding and asset utilisation
As a potential contingency, the company is pursuing alternate sources of funding
and is also holding discussions with various groups regarding possible joint
ventures on the company`s projects. Of note, the company is pursuing a possible
joint venture on a new and potentially substantial alluvial deposit, the details
of which will be released to the market once all documents have been executed.
Change of Registered Office and Principal Place of Business
In accordance with the ongoing cost cutting, the Registered Office and Principal
Place of Business have changed, with immediate effect, to:
Street: Suite 1, 1233 High Street
Armadale Vic 3142
Postal: P.O. Box 8694
Armadale Vic 3142
Phone: 61 (0) 3 9824 5254
Fax: 61 (0) 3 9822 7735
Phillip Hains
Company Secretary
Phone: 61 (0) 3 9824 5254
28 January 2009
Tawana Resources- a world class diamond and mineral exploration company listed
on the Australian and Johannesburg Stock Exchanges committed to the principles
of enhancing shareholder value through being ethically, socially and
environmentally conscious corporate citizens.
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 28/01/2009 07:30:02 Produced by the JSE SENS Department.
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