TAW - Tawana Resources NL - Kareevlei Diamond valuations far exceed initial

TAW - Tawana Resources NL - Kareevlei Diamond valuations far exceed initial     
estimates                                                                       
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")                                                     
Kareevlei Diamond Values far exceed initial estimates                           
Highlights:                                                                     
         *    Kareevlei diamonds valued by formal tender process.               
*    Valued at an average of US$169 per carat.                         
         *    40% improvement over 2005 valuations.                             
To obtain a more realistic fair market value based on actual offers by diamond  
buyers as opposed to the previous exercise of a reserve price valuation, a      
parcel of 222.71 carats of diamonds from Tawana`s Kareevlei Project was placed  
on tender in August 2008 in Kimberley, South Africa.                            
More than 50 independent diamond buyers were present over the tender period and 
all had equal access to the diamonds.                                           
The parcel was withdrawn from the sale after the close of the tender.           
The average value obtained from the exercise was US$169 per carat. One stone of 
3.741 carats was valued at US$2,800 per carat.                                  
During August 2005, a parcel of 95.3 carats from Kareevlei kimberlites KVW01 and
KVW02 was valued at US$110 per carat by two independent valuers.  Due to the    
small parcel size the valuers were optimistic that the value of the stones would
increase to US$120 to US$150 per carat for a larger parcel.  Statistical        
analysis of this population of diamonds by an independent statistician who      
specializes in the size distribution of diamonds suggested that a higher value  
of US$164 per carat was a reasonable estimate for the diamonds from these       
kimberlites.                                                                    
Subsequently, a parcel of 33.2 carats from kimberlite pipe KVW03 was valued at  
US$170 per carat and a parcel of 18.3 carats from KVW05 was valued at US$90 per 
carat, also by the independent valuers.                                         
The average 2005 value of the diamonds from the combined kimberlite parcel was  
US$121 per carat. The August 2008 value derived from the tender process was     
US$169 per carat, a 40% increase over the 2005 valuation.                       
In line with the statistical analysis conducted in 2005, the average value of   
Kareevlei diamonds is expected to increase further once larger parcels are      
available.                                                                      
This is an exciting upgrade to anticipated diamond prices as Tawana prepares to 
undertake a significant trial mining project on this highly prospective deposit.
Kareevlei is only one of Tawana`s advanced projects in Southern Africa.         
Additional highly prospective projects are the Tawana Alluvials project, the St 
Augustine`s project near the Big Hole in Kimberley, and the outstanding project 
in the productive Orapa field in Botswana.                                      
Images of the diamonds can be seen on the Company`s website at                  
www.tawana.com.au.                                                              
Wolf Marx                                                                       
Tel. +61 3 98635222                                                             
Mob: +61 428 398 446                                                            
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" and the 2007 edition of the    
"South African Code for the Reporting of Exploration Results, Mineral Resources 
and Mineral Reserves (The SAMREC Code)"                                         
4 September 2008                                                                
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 04/09/2008 09:00:01 Supplied by www.sharenet.co.za                     
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