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TAW - Tawana Resources NL - Field Exploration Programs Underway Extensive

Release Date: 29/04/2011 17:20
Code(s): TAW
Wrap Text

TAW - Tawana Resources NL - Field Exploration Programs Underway Extensive Gold Workings Confirmed and High Priority Targets Defined 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") Field Exploration Programs Underway Extensive Gold Workings Confirmed and High Priority Targets Defined HIGHLIGHTS - Extensive artisanal gold workings confirmed on both licenses - Nimba license alluvial workings occur in numerous streams draining high priority target defining a 30km long ridge - Lofa license alluvial workings occur within a river draining a greenstone belt within an adjacent license with similar settings and reported extensive artisanal gold workings defining a high priority 16km long ridge target within the Lofa license - Field work underway prior to onset of wet season; three teams mobilised, field offices secured, communities and stakeholders engaged and supportive of field programmes; 140 stream sediment samples collected to date - First pass soil traverses planned over high priority targets and to be executed prior to onset of the wet season - The Company continues to evaluate a number of potential project acquisition and farm-in opportunities in Liberia in its own right and is also working closely with Gryphon on other highly prospective West African opportunities The Directors of Tawana Resources NL (ASX: TAW) are pleased to announce that field exploration programs on the Nimba and Lofa licenses have commenced. The Company has moved quickly to initiate field programs by recruiting and mobilising three field teams in conjunction with SEMS Exploration Services Ltd. Two exploration offices have been secured within the field areas and local communities and stakeholders engaged and informed on our planned activities. The Lofa Licence covers 596km2 and is along strike from the 1.52Moz New Liberty gold deposit and the Nimba Licence covers 995km2 and is adjacent to the 5.0Moz Ity gold mine. Both licences host highly prospective Archean greenstone belts that have had no modern day exploration and have confirmed artisanal workings. The Company was unsuccessful in securing three of the five potential applications submitted and feedback on the remaining two applications is pending. The Nimba North application (478km2) is an extension of the geological features favourable to the Nimba license, hosts reported artisanal gold workings and provides operational synergies with Nimba. The Vaiidi Mountain application (986km2) hosts a significant package of folded and sheared greenstone and banded iron formations prospective for gold with reported artisanal gold workings. Nimba License Field work has progressed well since commencing end March 2011. Access roads, tracks and paths have been mapped, approximately 100 stream sediment samples collected and artisanal gold workings located and sampled within areas of current field activity. Numerous artisanal alluvial gold workings have been located and confirmed within streams draining a coincident topographic high, aeromagnetic high anomaly and favourable greenstone lithological and structural setting in the south of the Nimba license. This area defines a 30km strike length ridge and represents a high priority target for immediate follow up with wide spaced soil traverses and geological mapping. The Nimba license area is considered highly prospective for significant gold mineralisation: i. Proximity to the Cestos Shear; a major scale crustal structure which hosts the Ity Gold Mine (5Moz) and converges with the Syama-Morila gold hosting shear structure ii. Proximity to the Ity Gold Mine (5Moz) iii. Structurally complex zone at contact between Archean Craton to the west and Birimian belt to the east with inferred in-folding of Birimian aged rocks into Archean Craton and emplacement of Palaeoproterozoic granitoids into the folded rock package along major structures of the Cestos Shear Lofa License Field work has progressed well since commencing during the first week of April 2011. All access roads, tracks and paths have been mapped, approximately 30 stream sediment samples collected and reports of artisanal gold workings confirmed in the south west of the license along the Kpo Range. Artisanal alluvial gold mining was located in the south of the Lofa license along a large river draining Shankil Resources Inc property within the central part of Tawana`s license. Sand and gravel dug by hand from the river bed by divers was screened, washed and panned on the river bank producing fine to medium grained gold. Reported hard rock mining of a gold bearing narrow quartz vein in Shankil`s property and cut by the same river is the likely source of this gold; further confirmed by the medium to fine grained nature of the gold recovered. Similar greenstone and banded iron formation units that host this mineralisation occur along strike and slightly offset in the south-west of the Lofa license. This is also the area of reported gold workings further enhancing the target area. Work Plan The south-west portion of the Lofa license will be targeted next with community and stakeholder liaison of the adjoining District a priority followed by ongoing stream sediment sampling and location of artisanal gold workings. Pending the results of the occurrence, distribution and continuity of artisanal gold workings, follow-up wide spaced soil traverses will be planned and executed prior to the onset of the wet season in June 2011. Other The Company continues to evaluate a number of potential project acquisitions and farm-in opportunities in Liberia in its own right and is also working closely with Gryphon on other highly prospective West African opportunities. The Company is currently reviewing potential acquisitions in Liberia and undertaking geological due diligence on the opportunities including site visits. The Company attended and presented at the first Liberian Mineral and Energy Conference (LIMEP) held between 11-13th April 2011 in Monrovia. The conference was well attended with over 300 delegates from a broad spectrum of mining, exploration and service provider industries active in Liberia. About Liberia Liberia is a democratic country run by Her Excellency President Ellen Johnson-Sirleaf; Africa`s first elected female head of state in 2005. The country is hugely prospective and hosts several world class iron ore deposits but yet is completely underexplored for gold and non-ferrous metals. Liberia has a modern and transparent mining code and the government is supportive of foreign investment especially in the exploration and mining industry to help unlock the value of its potential mineral wealth. Tawana will be one of the first ASX listed junior companies into Liberia following in the footsteps of mining majors BHPBilliton, Arcelor-Mittal and Severstal. Liberia is located in West Africa dominantly within the Archean aged Kenema Man Domain and lesser Birimian sediments to the east. There are a large number of world class mineral deposits located in the Archean and Birimian rock types throughout West Africa including Obuasi (40Moz+) and Tasiast (18Moz+). West Africa is one of the fastest growing mineral provinces in the world and Liberia currently hosts several world class iron ore deposits and is underexplored for gold. For further information, please contact: Lennard Kolff van Oosterwijk Chief Executive Officer Competent Persons Statements The information in this report in so far that it relates to Liberian Project Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Lennard Kolff van Oosterwijk, who is a Member of the Australian Institute of Geoscientists included in a list promulgated by the ASX from time to time. Lennard Kolff van Oosterwijk is a full-time employee of the company and 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 for Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Lennard Kolff van Oosterwijk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 29 April 2011 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 29/04/2011 17:20:01 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. 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