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TAW - Tawana Resources NL - Quarterly activities and cash flow report 1 April

Release Date: 30/07/2010 10:33
Code(s): TAW
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TAW - Tawana Resources NL - Quarterly activities and cash flow report 1 April 2010 to 30 June 2010 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") Quarterly Activities and Cash Flow Report 1 April 2010 - 30 June 2010 Tawana Resources NL (ASX: TAW) is pleased to present the report on activities for the period April to June 2010. Highlights * Appointment of CEO * Placement of 66 million shares at 1Cents (USD), raising $0.66m * Avontuur manganese resource increased to 66.7 Mt at 39.3% Mn (TAW 6.76%) * Meletse iron ore resource 21.9 Mt at 63.2% Fe (TAW 6.76%) * Rationalisation of diamond projects continuing Corporate During the quarter the Company welcomed Lennard Kolff van Oosterwijk as Chief Executive Officer of the Company. Mr Kolff commenced on 12th July 2010 and brings to the Company over a decade experience with Rio Tinto in exploration and resource evaluation in Africa, Australia and Europe primarily in copper, gold and iron ore. The Company continued the review and prioritisation of its existing diamond projects as well as a number of complementary opportunities both diamond and gold/base metals within Australia and globally. Following the end of the quarter the Company completed the placement of 66,000,000 shares at 1Cents (USD) per share to raise $660,000. The new capital raised will be used to fund the Company`s exploration programs, for the review of new projects and for general working capital purposes. Botswana Moshaiwa Project (100% owned by Seolo (Pty) Ltd, a wholly owned subsidiary) License renewal applications were submitted to the Ministry of Mines to continue exploring for diamondiferous kimberlites and follow-up two historic diamonds recovered in this area. South Africa Kareevlei Wes Project, Kimberley Region (TAW 100%) During the past year the Company has been pursuing a joint venture partner to further evaluate this tenement by trial mining. Rakana Consolidated Mining Pty Ltd (TAW 26%) (The Company holds a 26% equity in Rakana Consolidated Mining Pty Ltd ("Rakana") the joint venture partner of Aquila Resources Ltd ("Aquila") in the Thabazimbi Joint Venture. Picture of Ownership Structure of Rakana Assets removed Thabazimbi Iron Ore Project (TAW indirect interest 6.7%) On 15 April 2010 Aquila released a maiden JORC compliant inferred resource estimate of 21.9 Mt at 63.2% Fe direct shipping ore at the Meletse Iron Ore Project in the Limpopo Province. The Meletse Project is incorporated in the Thabazimbi Joint Venture. Highlights reported by Aquila include: * High lump yields of at least 60% expected; * Low levels of contaminants; * Additional targets to be drilled to increase the Resource; * Potential for a 2 - 3 Mtpa mining operation. Inferred resource estimate for Meletse Iron Project at 50% Fe cut-off (from Aquila announcement of 15 April 2010): (Table graphic removed) Grades reported are similar to those traditionally mined at Kumba iron ore operations in Thabazimbi. Additional targets have been defined within the 585km2 of Prospecting Rights. Location plan of Aquila Projects in Thabazimbi Mining Precinct (from Aquila announcement of 15 April 2010) removed Avontuur Manganese Project (TAW indirect interest 6.7%) On 10 May 2010, Aquila released an updated JORC compliant resource estimate of 66.7 Mt at 39.3% Mn at the Avontuur high-grade Managanese Project in the Northern Cape Province, South Africa. The Avontuur Project is incorporated in the Thabazimbi Joint Venture. Highlights reported by Aquila include: * Drilling at the Avontuur Manganese Project has significantly increased the high-grade resource by 96% to 66.7 Mt at 39.3% Mn; * 26% of the Resource is now in the Measured and Indicated category; * The Gravenhage Deposit is planned to initially be mined as an open pit at the rate of 1 million tonnes per annum; * Subsequent underground mining from an open pit access can support a mine life of up to 30 years; * Significant potential exists to expand the Gravenhage Manganese Resource both along its 5km of strike and down dip; and * Strong exploration potential exists within the remaining 10km edge of the Avontuur Basin, which is wholly contained within the 370km2 Avontuur Prospecting Right. Resource estimate at >35wt% Mn cut-off (from Aquila announcement of 11 May 2010): (table graphic removed) Avontuur Prospecting Right (from Aquila website)( graphic removed) For further information, please contact: Lennard Kolff van Oosterwijk Tawana Resources NL Chief Executive Officer Tel: +61 7 35102115 Mob: +61 424942589 Competency Persons Statements Avontuur Manganese Project The information in this announcement, insofar as it relates to the Gravenhage Manganese Resource, is based on information compiled by Brent E Green who is a member of the Australian Institute of Geoscientists, and who has more than five years experience in the field of activity being reported on. Mr Green is a full- time employee of Aquila Resources Ltd. Mr Green has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Mr Green consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Meletse Iron Ore Project The information in this presentation, insofar as it relates to the Meletse Mineral Resource, is based on information compiled by Brent E Green who is a member of the Australian Institute of Geoscientists, and who has more than five years experience in the field of activity being reported on. Mr Green is a full- time employee of Aquila Resources Ltd. Mr Green has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Mr Green consents to the inclusion in the presentation of the matters based on the information in the form and context in which it appears. Aquila Resources Ltd consents to the information, insofar as it relates to the Gravenhage Manganese and Meletse Resource to be included in Tawana Resources NL April - June 2010 ASX Quarterly Report. Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Appendix 5B Mining exploration entity quarterly report Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10. Name of entity Tawana Resources NL ABN Quarter ended ("current quarter") 69 085 166 721 30 June 2010 Consolidated statement of cash flows Current Year to date
Cash flows related to operating activities quarter (12 months) $A`000 $A`000 1.1 Receipts from product sales and related - - debtors 1.2 Payments for (a exploration & valuation (8) (23) (b)development - - (c)production - - (d)administration (215) (461) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 10 19 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Other (provide details if material) 9 9 Net Operating Cash Flows (204) (456)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects - - (b)equity investments - - (c)other fixed assets - - 1.9 Proceeds from sale of: (a)prospects - - (b)equity investments - - (c)other fixed assets 7 7 1.10 Loans to other entities - - 1.11 Loans repaid by other entities - - 1.12 Other (provide details if material) - -
Net investing cash flows 7 7 1.13 Total operating and investing cash flows (carried forward) (197) (449)
1.13 Total operating and investing cash flows (brought forward) (197) (449) Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. - 1,042 1.15 Proceeds from sale of forfeited shares - - 1.16 Proceeds from borrowings 7 74 1.17 Repayment of borrowings - - 1.18 Dividends paid - - 1.19 Other - share issue costs - (214) Net financing cash flows 7 902 Net increase (decrease) in cash held (190) 453 1.20 Cash at beginning of quarter/year to date 991 349 1.21 Exchange rate adjustments to item 1.20 - (1) 1.22 Cash at end of quarter 801 801 Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities Current quarter
$A`000 1.23 Aggregate amount of payments to the parties included in item 1.2 50 1.24 Aggregate amount of loans to the parties included in item 1.10
1.25 Explanation necessary for an understanding of the transactions Directors` fees and payments made to Wilmoth Field Warne, an entity related to a director. Non-cash financing and investing activities 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows N/A
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A Financing facilities available Add notes as necessary for an understanding of the position. Amount Amount used available $A`000 $A`000
3. Loan facilities - - 1 3. Credit standby arrangements - - 2 Estimated cash outflows for next quarter $A`000 4. Exploration and evaluation 10 1 4. Development - 2 4. Production - 3 4. Administration 375 4 Total 385 Reconciliation of cash Reconciliation of cash at the end of the quarter Current Previous (as shown in the consolidated statement of cash quarter quarter flows) to the related items in the accounts is $A`000 $A`000 as follows. 5.1 Cash on hand and at bank 801 991 5.2 Deposits at call - - 5.3 Bank overdraft - - 5.4 Other (provide details) - - Total: cash at end of quarter (item 1.22) 801 991 Changes in interests in mining tenements Tenement Nature of Interest Interest
reference interest at at end of (note beginning quarter (2)) of quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed
6.2 Interests in mining tenements acquired or increased Issued and quoted securities at end of current quarter Description includes rate of interest and any redemption or conversion rights together with prices and dates. Total number Number quoted Issue price Amount paid per security up per (see note 3) security (see
(cents) note 3) (cents) 7.1 Preference +securities 7.2 Changes during quarter 7.3 +Ordinary 441,416,029 441,216,029 securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs 7.5 +Convertibl 6,666,667 - e debt securities 7.6 Changes - - during quarter 7.7 Options Exercise Expiry date Unlisted 1.420,000 - price 30 Nov 2011 options 6,750,000 - $0.35 17 Jan 2014 Unlisted 4,000,000 - $0.10 18 Jun 2012 options 6,000,000 - $0.07 17 Jan 2013 Unlisted 6,750,000 - $0.10 17 Jan 2013 options 50,000,000 - $0.07 23 Feb 2013 Unlisted 13,240,053 13,240,053 $0.01 1 Apr 2011 options $0.10 Unlisted options Unlisted options Listed options 7.8 Issued - - during quarter 7.9 Exercised - - during quarter 7.10 Expired - - during quarter 7.11 Debentures - - 7.12 Unsecured - - notes Compliance statement 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4). 2 This statement does give a true and fair view of the matters disclosed. Sign hereAaron Finlay.............................................. Date: 29 July 2010(Company secretary) Print name: Aaron Finlay Notes 1 The quarterly report provides a basis for informing the market how the entity`s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report. 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2. 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities. 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report. 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with. Date: 30/07/2010 10:33:02 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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