Wrap Text
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
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