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TAW - Tawana - Orapa Project-Botswana- Nowak joint venture agreement 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") Orapa Project-Botswana- Nowak Joint Venture Agreement Highlights: Tawana has formed a joint venture over the Orapa Project in Botswana Tawana has agreed to the terms of a joint venture with Nowak Investments (Pty) Limited (Nowak) to continue the exploration and evaluation of Tawana`s Orapa Diamond Project in Botswana. The agreement is subject to Ministerial approval. 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: 1) Review all the results from the work completed by Tawana. 2) 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. 3) Excavate at least one pit per selected kimberlite to a depth of 30 metres. 4) 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. This phase of work is scheduled to commence immediately. 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 project by completing a bankable feasibility study. Thereafter both parties will contribute pro-rata to expenditures. Nowak is a Botswana registered unlisted company. The Managing Director of Nowak is Roy Spencer, formerly CEO of European Diamonds Plc. Technical consultant to Nowak is Dr. Leon Daniels, formerly a director of Tawana. Dr. Daniels and Mr. Spencer have a wealth of experience in diamond exploration, evaluation and mining. Dr Daniels was instrumental in acquiring the AK6 kimberlite for AIM listed African Diamonds Plc and Roy Spencer discovered the world class Grib Diamond Deposit in Russia and recently brought the Liqhobong Diamond Mine in Lesotho into production. The probable development by De Beers and African Diamonds Plc (AFD-L) of a new diamond mine in the Orapa area on the AK6 kimberlite (located 25km to the south of the Tawana licence), which was originally discovered and evaluated in the 1970`s and considered at that time to be a small, low-grade kimberlite, provides an indication of the potential that still remains in Botswana. It is also noteworthy that Firestone Diamond Plc (FDI-L) has also reported encouraging results from its work in the Orapa field and elsewhere in Botswana. 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. 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. Commenting on the joint venture agreement, Wolf Marx, Managing Director of Tawana said: "I am pleased that we have been able to attract Nowak to our Orapa Project. Nowak will provide funding for the ongoing work on the project and, importantly, provide two of the best diamond explorationists in the business to take the project forward. This will free up our funds and people to concentrate on our Kimberley focused projects of Kareevlei Wes, Tawana Alluvials and St Augustines." Contact: Wolf Marx Tel: +61 (0)3 98635222 Mob: +61 (0)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" This article can be viewed on the Company`s website at www.tawana.com.au 19 February 2008 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 19/02/2008 09:22:42 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
