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TAW - Tawana Resources NL - South Africa - New Diamond Project 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") South Africa - New Diamond Project Key Points - Lexshell Diamond Project - Tawana/Guma 50:50 contributory new project Joint Venture - Tawana operator as explorer/miner with Guma - Lexshell alluvial diamond project in legendary Vaal River system Lexshell Diamond Project (Tawana 44% and operator /Guma Resources 44%/ Lexshell 12% revenue share) Tawana has entered into a joint venture with its strategic alliance partner, Guma Resources Pty Limited, to explore and mine under contract the Lexshell alluvial diamond project in the Northern Cape Province of South Africa. The project is located on a palaeo-channel of the Vaal River adjacent to established alluvial diamond mines. The project is held under a Mining Right by Lexshell 366 Mining (Pty) Limited ("the Holder"). Tawana/Guma have jointly entered into a Contractor`s Agreement with the Holder which will enable Tawana to assess the economic potential of the deposit and if warranted mine the diamonds on behalf of the joint venture partners. Costs will be shared on a 50:50 basis with Guma. The Holder will retain a 12% share of revenue after State royalties and cost of sales. The section of the Vaal River alluvials in which this project is located is noted for the prolific production of large high quality diamonds. Mining has taken place here for about 100 years and the area still hosts one of the largest alluvial diamond mines in the world. Tawana will commence work on the assessment of the deposit once certain statutory requirements have been completed by the Holder. Commenting on the development, Tawana Managing Director Wolf Marx said, "I am delighted that we have been offered the opportunity to participate in the Lexshell Project, which holds promise for early positive cash flow. It is pleasing to move into the first active project with our strategic alliance partners, Guma, and I look forward to further new project opportunities in the near future." Contact: Wolf Marx Tel: +61 3 98635222 Mob: 0428 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" All press releases and announcements may be inspected on the Company`s web site, namely: www.tawana.com.au 18 April 2007 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 18/04/2007 09:12:02 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.
