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TAW - Tawana - Management change and funding update 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") Management change and funding update. This release is to inform Shareholders and the broader investment market of recent changes within the executive management team of Tawana and a delay in the settlement of Kareevlei funding, and changed office address. Retirement of Mr Wolf Marx The Directors of Tawana advise that Wolf Marx has retired as Managing Director of the company effective 31 January 2009. Wolf has had a long and distinguished career within the diamond exploration industry throughout Africa and Australia and his significant technical depth and experience will be retained by the company in a consultancy capacity. He will be available to evaluate current and new business opportunities and importantly maintain commercial relationships in Australia, South Africa and Botswana on behalf of Tawana. The Executive Chairman, Neil Barrie, will manage the company`s operations going forward. Tawana`s Kareevlei project update It is important to inform the market that the payment for the sale of a 26% interest in Tawana`s Kareevlei project for Rand 12,000,000 (approximately $1.7M at current exchange rates) has been delayed. On the 27th of October 2008 Tawana announced to the market the conclusion of an agreement with Risk Free Investments 2 (Pty) Limited t/as Agio Diamond Investments. Tawana has issued a summons for payment in the High Court of South Africa and will pursue settlement vigorously. The market will be informed of progress on the litigation as it comes to hand. Alternate sources of funding and asset utilisation As a potential contingency, the company is pursuing alternate sources of funding and is also holding discussions with various groups regarding possible joint ventures on the company`s projects. Of note, the company is pursuing a possible joint venture on a new and potentially substantial alluvial deposit, the details of which will be released to the market once all documents have been executed. Change of Registered Office and Principal Place of Business In accordance with the ongoing cost cutting, the Registered Office and Principal Place of Business have changed, with immediate effect, to: Street: Suite 1, 1233 High Street Armadale Vic 3142 Postal: P.O. Box 8694 Armadale Vic 3142 Phone: 61 (0) 3 9824 5254 Fax: 61 (0) 3 9822 7735 Phillip Hains Company Secretary Phone: 61 (0) 3 9824 5254 28 January 2009 Tawana Resources- a world class diamond and mineral exploration company listed on the Australian and Johannesburg Stock Exchanges committed to the principles of enhancing shareholder value through being ethically, socially and environmentally conscious corporate citizens. Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 28/01/2009 07:30:02 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.
