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TAW - Tawana Resources NL - Update on Liberian Projects

Release Date: 07/06/2012 09:04
Code(s): TAW
Wrap Text

TAW - Tawana Resources NL - Update on Liberian Projects 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") Update on Liberian Projects Cape Mount Project Tawana Resources NL (ASX: TAW) announced on 15th February 2012 that it had signed a Heads of Agreement ("HOA") to acquire the gold rights to the Cape Mount Gold Project. Progression of the transaction required negotiation and signing of a Definitive Agreement and was subject to, amongst other things, satisfactory due diligence by Tawana. After conducting its due diligence investigations, Tawana have elected not to proceed with the transaction. Mofe Creek Iron Ore Project Tawana is pleased to provide an update on the Mofe Creek Iron Ore Project. After announcing on 8th May 2012 the acquisition of strike extensions (via Option Agreement) to the Company`s existing 100% owned Mofe Creek Iron Ore Project, Tawana is now securing Liberian Regulatory Authority approval for the aeromagnetic surveys over the Company`s project areas. Tawana has contracted an airborne geophysical service provider to fly air magnetics over the project area currently scheduled for mid-July 2012. Field mapping, rock-chip sampling and pitting has commenced and will be carried out in parallel with the air magnetics survey in order to define target areas for further pitting and drilling. The Mofe Creek Project is located within one of Liberia`s historic premier iron ore mining districts. The project is 10 km along strike from the abandoned Bomi Hills iron ore mine. Historic production at Bomi Hills is estimated by the Government of Liberia at 50 Mt of high-grade magnetite lump in addition to magnetite concentrate sinter feed beneficiated from itabirite. Reconnaissance rock-chip sampling by Tawana has already confirmed the presence of high-grade DSO lump magnetite in outcrop. The Project is well positioned for possible future infrastructure scenarios; road or rail to the Monrovia deep sea port or road to coast and transhipment via barge to deeper water for onward shipment. Gold Exploration Projects The Company is also awaiting additional assay results from recent geochemical surveys at its Sinoe, Nimba and Lofa gold exploration projects. Assay results will be made available at the earliest opportunity. For further information please contact: Tawana Resources (ASX: TAW) Lennard Kolff van Oosterwijk Office: +61 424942589 MAGNUS Investor Relations + Corporate Communication John Gardner / Dudley White Tel: +61 8 9212 0101 / + 61 2 8999 1010 The information in this report that relates to 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. 7 June 2012 Sponsor PricewaterhouseCoopers Corporate Finance (Pty) Ltd Date: 07/06/2012 09:04:00 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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