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TAW - Tawana - Tawana assumes 100% control of exciting Orapa Project

Release Date: 27/05/2009 09:01
Code(s): TAW
Wrap Text

TAW - Tawana - Tawana assumes 100% control of exciting Orapa 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") 27 May 2009 Tawana assumes 100% control of exciting Orapa Project Following disappointing progress from our previous joint venture partners in Botswana, Tawana`s Executive Chairman, Neil Barrie, has today announced that the company has terminated the previous joint venture and will now pursue new initiatives for the rapid development and bulk sampling of several kimberlites in this highly prospective area. The Orapa Kimberlite field is located in north-eastern Botswana and includes the Orapa, Letlhakane and Damtshaa diamond mines which produce in excess of 13million carats of diamonds per year. Picture available on copy lodged on company website. Tawana has eight kimberlites of immediate interest in the area as detailed above. The Orapa Kimberlite field is one of the largest diamondiferous kimberlite fields in the world, containing 79 known kimberlites. Tawana`s high prospective BK24 kimberlite is located 20km from the Orapa mine, 30km from the Letlhakane mine and only 6km from the Damtshaa mine. Picture available on copy lodged on company website. Aeromagnetic surveys on BK24 have shown a significant kimberlitic structure is present. Previous sampling from fresh kimberlite at approximately 30m below surface on pipe BK24 has revealed a large specimen of Eclogite embedded in the kimberlite. Picture available on copy lodged on company website. This is an important specimen as it proves that BK24 sampled the Eclogitic layer in the Earth`s mantle which is the source of diamonds in the wider Orapa diamond field in Botswana. Mr Barrie went on to state that Tawana will be seeking fully funded joint venture participants in the future. "We have had a large number of approaches from interested parties in South Africa, Botswana and the United Kingdom in recent weeks. We are determined to keep Tawana focused to unlock value for all our shareholders. BK24 at Orapa in Botswana and our highly prospective Kareevlei project in South Africa are examples of outstanding assets which will be rapidly advanced to bring Tawana up to mining status in the near future". Contact: Terri Bakos Tel: +61 (0)3 9824 5254 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: 27/05/2009 09:01:02 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.

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