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Tawana Resources NL - Company Announcement

Release Date: 16/03/2006 10:01
Code(s): TAW
Wrap Text

Tawana Resources NL - 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") 16 March 2006 Company Update Highlights Positive results reported from Pilbara exploration samples. Results indicate presence of new kimberlite. Melbourne Laboratory building sold for $1.87M with lease-back terms. Pilbara Project (Tawana 50%, De Beers Australia 50%) Tawana Diamonds Australia Limited (TDAL) is the company formed jointly by De Beers and Tawana to explore and develop Australian diamond projects. This Company is managed by Tawana. As previously reported, a helicopter supported sampling program was completed during Q4 2005 during which 304 samples were collected over areas in which previous De Beers sampling had identified kimberlitic indicator mineral anomalies. These samples are being processed and examined in the Company"s Melbourne Laboratory. Initial results have been very encouraging. Kimberlitic indicator minerals have been recovered from two discrete areas. In the one area a microdiamond was recovered from a sample containing kimberlitic minerals, which are interpreted as being derived from a kimberlite close to the sample site. This is an excellent result for such an early stage of the exploration program, which is focused on an area some 40km from the Blacktop project area. The DMS plant hired for processing the proposed bulk samples of the Blacktop kimberlite is being prepared for transport to site. This will be done as soon as statutory approvals have been granted and the dry season has commenced. Melbourne Laboratory During December 2005 the De Beers diamond laboratory in Melbourne was acquired by Tawana. In March 2006 the building containing the laboratory was sold with a long term lease-back agreement. The proceeds of this sale, being approximately $1.9M, will be used to support the funding of the Company"s exploration and development programs. The laboratory is now fully operational, and while primarily concentrating on the Company"s sample determinations, there is also capacity to handle third party work. For enquires contact: Wolf Marx Tel: +61 3 99097551 Mob: 0428 398446 Email:wolf.marx@tawana.com.au Andrew Smith Tel: 08 82768794 Mob: 0428 265205 Email: andrew.smith@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 addition 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 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Limited Date: 16/03/2006 10:01:05 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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