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TAW - Tawana Resources NL - Chairman`s Address - AGM 2007 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") 31 May 2007 Chairman`s Address - AGM 2007 I would like to welcome you here at the Company`s Melbourne laboratory to our 10th annual general meeting. While the 2006 year`s activities are well summarized in the annual report, there have been some pleasing developments during the early part of 2007. The mining right for the Kareevlei Wes project was granted at the end of the March quarter, marking the successful outcome of many years of preliminary exploration and assessment, followed by lodging the formal application for the mining right some two years ago. During the application period, Wolf and our South Africa based people (including Craig Bailey, Leon Daniels, Adrian Horwitz and our Seven Falls partner, Thabo Makweya) remained in touch with the Department of Minerals and Energy, clarifying the terms of the application as required. Tawana is now constructing its 30 tonnes per hour dense media separation plant at Kareevlei Wes, and has called tenders for undertaking the trial mining program. If the results of this trial confirm the economics indicated during the exploration phase, Tawana could be a diamond producer by year`s end. In May this year Tawana announced that it had been granted a prospecting licence over a cluster of eight kimberlites in north-east Botswana. This project is in the Orapa kimberlite field, some 25 km from the DeBeers Orapa diamond mine. While these kimberlites were identified some 30-40 years ago, only one has so far been tested for diamonds. Our immediate program is to confirm the dimensions of each kimberlite using modern ground based geophysics, followed by drilling and trenching to establish diamond grade and tenor. We expect drilling will commence in the September quarter. Back in South Africa, we expect to commence a sampling program at the Riverton Kimberlite in the September quarter. We have continued to try to identify an experienced mining group to joint venture a major trial mining program on Tawana`s Eastern Gravels and Feeder Channel alluvials near the Finsch mine, some 150 km west of Kimberley. These diamondiferous alluvials comprise approximately 200 million tonnes, including shallow overburden. It is a project that will require significant initial capital to establish the plant and equipment. Tawana has formed an alliance with Guma Resources (a subsidiary of a major South African company) to identify and explore mineral opportunities in southern Africa. The first alliance project is expected to commence in the September quarter on the Lexshell prospect. This is an alluvial target based within an old tributary of the Vaal/Harts River system, located approximately 50km to the West of Kimberley. In Australia, we completed the bulk test of the Black Top kimberlite dyke in the Pilbara, with inconclusive results. While we did recover diamonds, they were not of the quantity recovered in the original De Beers` program. We are continuing with the Pilbara exploration program, and have earned over 60% interest in the joint venture with De Beers. Our Melbourne laboratory has continued to treat Tawana and third party samples. The flow of samples from the new programs in southern Africa will increase in the coming months. Last year we raised funds to support the Black Top and Kareevlei Wes programs. The latter has only just been approved for development. Your board is now looking at the level of additional funding that will be required to support the ongoing and new projects. We continue to investigate both corporate and organic opportunities that may lead to Tawana becoming a diamond producer. On behalf of shareholders, I thank Wolf and his team for another year of solid endeavour. Securing the approval to trial mine Kareevlei Wes, and the right to explore the BK19-BK26 kimberlites in Botswana, provide for a good start to the 2007 year. Brian Phillips 31 May 2007 Representative Office: Kimberley South African Sponsor to Tawana: PricewaterhouseCoopers Corporate Finance (Pty) Limited All press releases and announcements may be inspected on the Company"s web site: www.tawana.com.au Date: 31/05/2007 07:39:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department.
