Wrap Text
Quarterly Activities Report
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 Report
For the period ending 31 December 2013
Please note: all graphics as well as appendix 2, have been removed for
sens purposes. please refer to Tawana website for the complete
announcement.
Highlights
Mofe Creek Iron Ore Project
- Gofolo Main strike continuity extended by an additional 125% from 0.8Km to
1.8Km, whilst mineralisation width has increased by an additional 50m in
the central portion of the prospect
Significant drilling intersections reported at Gofolo Main including 62m @
38.8% Fe from surface, including 18m @ 49.5% Fe from 16m
- Extensive high-grade (+50% Fe up to 60% Fe) “DSO – potential” zone defined
at Gofolo Main over >1km strike including 12-26m @ 57.5% Fe
- New discovery at Gofolo North-East (NE); significant intersections reported
confirming and enhancing regional exploration potential
- Only 8km of a potential total 65km interpreted prospective strike drilled to
date
- Follow-up metallurgical testwork on RC samples have achieved a 63% to 68%
Fe - premium quality product at 58% to 68% mass recovery with
exceptionally low SiO2 and Al2O3 levels (<3.0% combined)
- Exceptional product grade from low grade (36% Fe) feed achieved at 1.0mm
crush; significant resource opportunity
- Maiden resource statement targeted for early Q2 2014 and Scoping Study
release mid-2014
Scoping Study
- Tenova Australia awarded principal role of managing and coordinating the
plant design and logistics components of the Study
- Coffey International (“Coffey”) of Perth to lead the development of the
maiden resource program, mine planning and mining methodologies studies –
as part of deliverables for the Study
- Earth Systems of Perth and Africa in conjunction with EarthCons of Liberia
to lead the environmental, social and community studies
Corporate
- The Company successfully completed a capital raise for AU$2.92m for
resource drilling and the development of the Mofe Creek Scoping Study
Corporate, Strategic and Financials
The Company successfully completed a capital raise for AU$2.92m in October.
Funds raised are currently being used primarily for the Maiden Resource drilling
program at the Company’s Mofe Creek Iron Ore project in Liberia, on-going
metallurgical test work programs, working capital and the initiation of a Scoping
Study for the Project.
The Placement was strongly supported by both existing and new investors and
Institutions, which reflected the quality of the Company’s Mofe Creek Iron Ore
Project.
The Company was present at the Mines and Money Conference in London between
02 and 05 December 2013, to promote the Tawana Business Plan. The Company
presented to a significant number of very interested London-based funds and
institutional investors.
The Company held a General Meeting on 12 December 2013 where all resolutions
were passed.
A Strategic Planning Session and Risk Workshop for the Mofe Creek Project was
initially undertaken in early January, and a subsequent follow-up session was held
on Tuesday 28 January.
The Company recently recruited the full-time services of an Executive Assistant for
the Executive team and at the time of preparing this report, an “in-Country”
Manager had just been appointed.
The Executive Chairman and Managing Director will both be present at the Mining
Indaba conference in South Africa, during early February.
Mofe Creek Iron Ore Project
Drilling:
A multi-purpose reverse circulation (RC) and diamond coring drill rig was mobilised
to site and commenced resource drilling at the Gofolo Main prospect within the
Company’s 100% owned Mofe Creek Iron Ore Project during the quarter. Infill and
extensional RC resource drilling for the Scoping Study was completed at Gofolo
Main and Zaway during the quarter to define a JORC compliant resource in the
Inferred and Indicated category.
A total of 4,829m for 65 RC resource drill holes were completed during this phase
at Gofolo Main and Zaway completing the RC component of the resource evaluation
programme on those prospects. Additionally, RC exploration drilling was completed
at the Gofolo NE prospect for a total of 492m in 9 holes during the quarter.
Drill access onto the Zaway and Gofolo North-East prospects was completed during
the quarter and exposed friable itabirite mineralisation along the bulldozed track
and along strike from outcropping high-grade, coarse grained itabirite at Zaway.
Subsequent to the quarter, metallurgical and quality control HQ diamond core
drilling was completed at Gofolo Main for a total of 781m in 11 holes. The drill rig
has been converted back to RC and will complete the resource drilling programme
at the Koehnko prospect to finalise the planned drill programme by the end of
January 2014.
Prospect Hole_ID From To Interval(m) Fe SiO2 Al2O3 P S TiO2 LOI 1000
Gofolo Main GMRC026 0 8 8 37.01 32.22 7.46 0.034 0.013 0.39 5.83
Gofolo Main GMRC028 0 6 6 28.07 29.89 16.63 0.024 0.137 0.51 11.25
Gofolo Main GMRC028 12 28 16 28.59 36.74 11.75 0.037 0.076 0.43 8.17
Gofolo Main GMRC029 0 24 24 26.87 26.88 20.09 0.026 0.117 0.66 12.47
Gofolo Main GMRC030 0 18 18 36.09 29.28 10.66 0.023 0.054 0.36 7.05
Gofolo Main GMRC031 0 34 34 40.20 33.54 3.33 0.039 0.033 0.12 4.97
Gofolo Main GMRC032 0 62 62 38.79 31.91 5.87 0.075 0.041 0.22 6.27
Gofolo Main incl.GMRC032 16 34 18 49.50 19.52 3.27 0.15 0.01 0.12 6.81
Gofolo Main GMRC034 0 60 60 28.17 40.94 9.83 0.048 0.088 0.38 4.91
Gofolo Main GMRC035 0 20 20 27.66 28.20 17.21 0.031 0.145 0.57 13.96
Gofolo Main GMRC039 0 10 10 30.24 20.57 19.82 0.022 0.132 0.57 14.18
Gofolo Main GMRC040 0 42 42 27.86 42.77 9.60 0.034 0.066 0.34 5.69
Table 1 | Significant intersections from RC resource drilling assay results over Gofolo Main prospect
Results received from the extension and infill drilling at the Gofolo Main prospect
confirmed the presence of extended mineralisation at the prospect. Strike was
extended by an additional 1km to the east, whilst the surface width of the
mineralisation was increased by an additional 50m within the central-west portion
of the prospect. Good geological continuity was observed between the original and
newly drilled holes. All RC drilling intersections are listed in the appendices.
Initial review of Gofolo Main results show a ‘DSO – potential’ high-grade zone
developing over a >1km strike along the southern flank of the Gofolo Main hill in
holes GMRC013, GMRC031, GMRC003, GMRC032, GMRC006 moving from west to
east. Surface to near-surface friable iron formation intersections vary from 49.5%
Fe to 57.5% Fe over 8m to 20m drill depth intersections. Good continuity over
current 200m line spacing, high Fe% grade, coarse grained mineralisation and
potential low-stripping ratios suggest this could be the potential start-up mine for
the Mofe Creek Project.
Prospect Hole_ID From To Interval(m) Fe SiO2 Al 2O3 P S TiO2 LOI 1000
Gofolo Main GMRC003 0 20 20 52.5 9.21 4.74 0.098 0.08 0.18 9.66
Gofolo Main GMRC006 12 26 14 57.5 6.56 2.2 0.100 0.04 0.05 9.14
Gofolo Main GMRC013 2 20 18 48.76 15.69 4.42 0.070 0.08 0.15 9.59
Gofolo Main GMRC031 4 12 8 49.74 19.29 2.73 0.051 0.034 0.08 7.61
Gofolo Main GMRC032 16 34 18 49.50 19.52 3.27 0.148 0.010 0.12 6.81
Table 2 | High-grade intersections along >1km strike and 200m line spacing at Gofolo Main prospect
Gofolo North-East’ Results
Subsequent to the quarter, assay results were received for a 9 hole 492m
exploration programme leading to a new discovery at the Gofolo NE prospect along
strike from Gofolo Main. Significant drill intersections were reported of similar
coarse recrystallised friable itabirite at Gofolo NE with similar potential low
stripping ratios as at Gofolo Main.
Prospect Hole_ID From To Interval(m) Fe SiO2 Al2O3 P S TiO2 LOI 1000
Gofolo NE GNERC001 16 28 12 34.15 35.99 7.02 0.127 0.070 0.23 7.00
Gofolo NE GNERC006 18 32 14 34.02 37.02 7.78 0.063 0.051 0.43 4.60
Gofolo NE GNERC009 14 26 12 32.75 44.14 4.78 0.027 0.015 0.14 3.83
Table 3 | Significant intersections from RC exploration drilling at Gofolo NE prospect
Confirmation of coarse-grained friable itabirite intersections and the new
discovery of Gofolo NE enhances and confirms the regional exploration potential
within the license and project areas. To date only an 8km strike length of a total
60km prospective strike within the Mofe Creek Project tenement has been drill
tested, providing significant potential upside for ongoing exploration. All
intersections are listed in the appendices.
All RC samples at Gofolo Main and Gofolo NE were submitted to SGS Laboratories in
Liberia and assayed on 2m intervals. A field duplicate, certified standard and blank
was inserted every 50th sample. All samples were dried and crushed to 75% passing
2mm, 1.5kg split by a riffle splitter and pulverised to 85% passing 75µm through a
ring and puck pulveriser with a 200g split sent for assay of major and minor
elements by X-Ray Florescent (XRF) fusion and Loss on Ignition (LOI) by Thermo
Gravimetric Analysis (TGA). The batch passed internal and external Quality
Assurance (QA) and Quality Control (QC) procedures.
Metallurgical Testwork
Previous high-grade friable itabirite samples collected from the first RC
reconnaissance drilling program undertaken at the Gofolo Main prospect in
January/February last year (with in-situ head grades ranging from 30% to 57% Fe),
demonstrated that a +60% Fe product with low contaminant levels (i.e. silica,
alumina phosphorous and sulphur) and a mass recovery of 27% to 57% could be
achieved with minimal crushing (3.35mm), screening and simple gravity separation
beneficiation. (Refer ASX release 25 June 2013)
Composite Hole_ID Depth_From Depth_To Interval Fe SiO2 Al2O3 P S TiO2 LOI 1000
GMRC001 22 36 14 41.30 34.41 1.91 0.089 0.01 0.033 3.32
Comp 2 GMRC003 12 26 14 49.88 18.62 1.50 0.090 0.04 0.043 7.28
GMRC006 8 30 22 54.90 11.50 1.84 0.089 0.04 0.045 8.23
KRC001 22 28 6 29.59 47.10 7.00 0.016 0.12 0.050 2.57
KRC002 6 36 30 36.71 39.13 5.08 0.017 0.06 0.045 2.61
KRC003 2 10 8 42.45 29.38 6.48 0.046 0.12 0.034 3.48
KRC004 4 24 20 35.35 34.63 9.38 0.045 0.22 0.039 4.52
Comp 5 KRC006 8 24 16 40.41 36.69 2.62 0.014 0.05 0.024 1.98
KRC012 4 34 30 43.09 28.74 5.64 0.017 0.06 0.042 2.92
KRC014 10 12 2 36.07 37.30 5.99 0.038 0.10 0.030 4.35
KRC015 22 38 16 28.76 48.60 6.40 0.009 0.05 0.052 3.42
Subsequent to the quarter, metallurgical testwork was conducted by ALS
Metallurgy – Iron Ore Technical Centre of Perth, on two RC drill composites from
the first phase drill programme. Composite 2 and Composite 5 are representative
samples from drilling completed at Gofolo Main and Koehnko within ‘high-grade’
friable itabirite that were part of the first phase metallurgical testwork
programme reported in 2013. (Refer ASX release of 25th June 2013).
The testwork was designed to explore beneficiation options by ‘assay, by size’
fractioning and heavy liquid separation (HLS) at a 1.0mm crush size. First phase
metallurgical testwork reported in June 2013 was completed at a 3.35mm crush to
define the ‘minimum’ amount of work required to generate a +60% Fe product.
Follow-up testwork was designed to assess what potential product grades could be
achieved at a 1mm crush (i.e. no particulate grinding). In-situ R/C head grades for
both composites are shown in Table 5.
Composite Fe% SiO2% Al2O3%
Comp 2 50.4 19.49 1.87
Comp 5 36.5 38.16 6.07
Table 5 | Composite head grades for Comp 2 (Gofolo Main) and Comp 5 (Koehnko)
A representative portion of the crushed -1.0mm material was de-slimed at
0.045mm and the -1.0 +0.045mm fraction was submitted for HLS at various specific
gravities to test for the amenability to beneficiate by gravity process.
The HLS results indicated excellent upgradability for both composites with Fe
grades continuing to increase up to 63.2% and 67.7% Fe respectively, as the
specific gravity increased to 3.6, whilst the levels of contaminants decreased to
approximately <2.0% SiO2 and <1.0% Al2O3.
Composite SG (µm) Mass Feed Mass Fe % SiO2 % Al2O3 %
Recovery Recovery
% %
Comp 2 +3.6 67.6 50.3 63.2 1.9 0.92
Comp 5 +3.6 57.5 40.7 67.7 2.0 0.64
Table 6 | Mass recovery and product grade of the -1.0+0.045mm using heavy liquid separation
The sizing results indicated that the coarser particles at the Gofolo Main prospect
tend to have high Fe grades for Composite 2, whilst the mid-sized particles tend to
contain even higher Fe grades for composite 5 at the Koehnko prospect. Full
summary sizing and HLS results for both composites are included in the
appendices.
HLS and sizing results confirmed that a high-grade +62% Fe to 68% Fe ‘premium’
product with low impurities can be produced at a +58% to 68% (de-slimed) mass
recovery rate, from 1.0mm crushed material. Material was derived from +37% Fe to
50% Fe head grade, friable itabirite from the Gofolo Main and Koehnko deposits.
Total plant feed mass recoveries for Composites 2 and 5 were between 40% to 50%
when retaining material deemed to be ultrafines, i.e. -45µm material. Final mass
recoveries for the Mofe Creek Project will optimally occur within the range of 40%
to 68% (of the processing plant feed) due to the inferred increase in
material/particle coarseness, from diamond core or bulk samples, i.e. in-situ
samples. Note the RC samples contain a higher percentage of ultrafines, as
compared with in-situ material, due to the destructive percussion effect of the RC
hammer during drilling. (Refer ASX release of 25th June 2013).
The results confirm the potential for the design and development of a low capital
intensity process plant with simple gravity beneficiation equipment. Visual drill
core observations at the Zaway prospect suggest similar material is present at this
deposit and should upgrade/beneficiate in a manner similar to the Gofolo Main
deposit samples.
Results also demonstrate that an exceptional product grade can be achieved from
low-grade feed (36% Fe) at a 1.0mm crush. This is significant result as it confirms
the favourable physical characteristics of the mineralisation; coarse grained and
friable, allows for simple upgrade to a premium product. Coarseness of the
mineralisation could also potentially lead to the development of a simple
benefication process for the ‘hard’ below base of oxidation ‘fresh’ material - as its
current coarseness leads to a ‘weaker’ therefore softer, rock mass. The planned
metallurgical testwork programme will assess the upgradeability of the ‘fresh’
below base of oxidation mineralisation in the coming months.
Mineralisation from both composites is representative of the ‘central’ portion of a
typical high-grade friable itabirite profile where the surface crust of weathering
related material has been removed as it has the transitional hematitic to magnetic
itabirite at the base. It typically represents the ‘higher-grade’ portion of the
friable itabirite profile. A representative 1 kg split of material was used for each
composite. Testwork samples for this metallurgical programme were derived from
RC drill chips that are not entirely representative of the in-situ physical rock
properties. Testwork in support of the Scoping Study will be derived from full HQ
diamond drill core to address this.
A comprehensive diamond drill core metallurgical test-work program with ALS –
Iron Ore Technical Centre in Perth, Western Australia was designed during the
quarter. The test work program is designed to optimise the processing parameters
required to beneficiate the medium and high-grade friable itabirite mineralisation
present at the Mofe Creek prospects to produce the optimal quality iron ore
product at the most viable particle sizing and Fe grade, with the minimal amount
of plant and equipment. The program is structured to confirm the design criteria
necessary for the Mofe Creek Scoping Study, including a preliminary plant design
for the early start-up options being scoped, and the longer-term, larger-scale
processing facility.
Infrastructure and Logistics
Meetings were held with the Ministry of Lands, Mines and Energy, the Ministry of
Transport and the National Port Authority during the quarter by the Executive
Chairman and Managing Director. Proposals for road, rail and port
access/developments were initiated. An extensive inspection of the Freeport of
Monrovia was conducted and a fly-over of the entire Project site including
potential mine(s) and transport corridors to the coast and/or the Port of Monrovia
were conducted.
An informative meeting with (Konblo Bumi Inc - “KBI” - Tawana’s Joint Venture
partner for the surrounding tenement (shown in green in Figure 10 below) was held
during the quarter. An initial discussion on the process of preparing and presenting
a Mining Development Agreement (“MDA”) to the Liberian regulatory authorities
for the Mofe Creek Project was undertaken.
The construction of China Union’s Bong mine iron ore handling facilities at the
Freeport of Monrovia in addition to the expansion of Arcelor Mittal’s (4Mtpa)
Nimba/Buchanan mine are well underway. The Freeport of Monrovia is located
within 80km of the Mofe Creek project along a sealed bitumen road.
Administration:
Key Contracts Awarded
The Company awarded the principal role of managing and coordinating the major
design and logistics components of the Scoping Study to globally recognised mining
and minerals design and development group, Tenova Australia.
Tenova Mining and Minerals (“Tenova”) is part of the global Tenova Group, which has
offices in Australia and Africa. Tenova is a worldwide supplier of advanced
technologies, products and engineering service, with relevant experience in iron ore
and the steel mining industry. Tenova has recently completed study and detailed
design and engineering work on Vedanta’s Bomi Hills Project, located near-by to
Tawana’s, Mofe Creek Project.
The Company also awarded two key contracts for the maiden resource/mine
planning components and environmental, social and community studies during the
subsequent quarter. The outcomes of these studies will generate key inputs into
the Scoping Study for Tawana’s 100% owned Mofe Creek Iron Ore Project.
The first strategic appointment was to Coffey International Limited (Perth office)
for the completion of the maiden resource and mine planning. The second
appointment was to Earth Systems (Perth and Africa offices) in conjunction with
EarthCons of Liberia for the completion of environmental, community and social
studies in support of the Scoping Study.
Both Coffey and Earth Systems have demonstrated expertise in the country and
commodity, with key management personnel located in Perth and Liberia.
Coffey International Limited is a specialist professional services consultancy with
expertise in geosciences, international development, and project management.
With more than 50 years of experience, Coffey is well known in their markets for
deep technical skills and market-leading solutions to complex tasks.
Earth Systems, an Australian company established in 1993 has global operations
including an established ESIA accredited office in Dakar, Senegal. The consultancy
has extensive experience in the mining and resource development sector working
with major players in the mining industry in West Africa, Australia and globally.
Earth Systems specialises in environmental and social impact assessments to IFC
and World Bank standards and has experience in resettlement and livelihood
restoration, natural resource monitoring and management, geochemical
characterisation, and surface and groundwater protection.
Earth Systems will partner with a local multidisciplinary consultancy Group -
EarthCons, based in Monrovia. EarthCons has provided environmental and social
inputs to a number of projects throughout Liberia including those regionally
relevant to the Mofe Creek
Forward Work Plan
The Maiden Resource drilling program is forecast to be completed by the end of
January 2014. Metallurgical and quality control twin diamond core HQ drilling have
also been completed during the March quarter. Both the resource RC and
metallurgical diamond drilling program has been designed to deliver a maiden
JORC compliant resource by April 2014.
The follow-up metallurgical testwork programme scheduled for February, in
support of the Scoping Study, will be performed on representative full HQ drill
core samples. Approximately 2,500-3,000kg of full HQ drill core will be sent to ALS
on completion of the diamond programme.
The pending metallurgical test-work programme will optimise the plant “feed”
crush size to produce the most economic, high- grade Fe product with the highest
mass recovery. The metallurgical testwork and development programme for the
Scoping Study is forecast to be completed by April-end, 2014.
Engineering and consulting groups will commence resource modelling, mine design
plant engineering, infrastructure reviews and barging studies in the coming weeks,
to deliver a Scoping Study by July 2014.
Environmental, social and community baseline studies will kick-off during the
March quarter, with on-site surveys commencing on 05 February.
The Scoping Study will jointly and collectively study, design and financially model
two Project development scenarios – 1. A low capital intensity start-up option at a
nominal production rate of 1-2mtpa (of final product) and; 2. A larger, longer-
term, major project with a potential production rate of 5-10 Mtpa (of final
product). The specifics of these two operational strategies will be further defined
in the coming months.
Further meetings with the National Port Authority of Monrovia, the Ministry of
Transport and the Ministry of Lands, Mines and Energy will be held at the upcoming
Indaba Conference and/or in early February, whilst the Tawana executive team is
in Liberia.
The development of a Financial Model for the Scoping Study (and on-going Studies)
will commence on or around the beginning of the June quarter, to assist with the
economic modelling of the two operational strategies being considered.
The Executive Chairman will be presenting the Company’s credentials at an
upcoming GMP Securities Conference in South Africa in late January, and will
further promote the Project alongside the Managing Director at the Indaba Mining
Conference in Capetown, in early February. Both the Chairman and Managing
Director will travel to Liberia during the second week of February, to assist with
the initiation of the environmental studies, ongoing development of the geological
programme and to work with the newly appointed “In-Country” Manager.
Further engagement with the newly established Road Transport Committee
(Liberian Ministry of Transport) will be progressed, to assist with the application
and forecast receipt of licenses for the road transport of 1-2 Mtpa of Mofe Creek
final product, to the port of Monrovia.
Work will commence on the development of a Pre-Feasibility Study drilling
program in the forthcoming months. The PFS drilling program could commence as
early as May.
The barging and transhipment Study work has commenced and will be finalised
over the coming quarter.
The close-out of “legacy” diamond assets is being progressed by the company,
whilst the repatriation of funds held in South Africia is currently being
coordinated.
As of 31 December 2013, Tawana had completed its 2013 Fiscal reporting year, and
will consequently prepare and execute the relevant annual reports, audits, tax
returns and R&D claims over the forthcoming quarter.
About the Mofe Creek Iron Ore Project
The Mofe Creek Project is located within one of Liberia’s historic premier iron ore
mining districts. The project is 10km along strike from the abandoned Bomi Hills
mine (>50Mt DSO @ 65% Fe), 80km along strike from the historic Bong Mine (>275Mt
@ 38% Fe), 45km from the Mano River mine (100Mt @ 52% Fe) and 20km from the
Bea Mountain resource (>100Mt @ 45% Fe).
The project is characterised by exceptionally coarse grained, high-grade itabirite
that has the potential to deliver a high-grade product (63%Fe – 68%Fe) at a coarse
crush sizing, with high mass recoveries, and potentially low mine stripping ratios
and free-dig material.
The Project is exceptionally well located being approximately 20km from the coast
for potential haul-road trucking or conveyor of product to the coast and
transhipment via barge to deeper water for on shipment or barging to the port of
Monrovia. Other possible infrastructure solutions exist; road or rail to the deep
water port of Monrovia via a 80km sealed road from the central licence area or a
65km decommissioned standard-gauge iron ore railway alignment2 from the Bomi
Hills mine to the port of Monrovia; 17km east from the easternmost magnetic
anomaly.
The project hosts a 95Mt high-grade +45% Fe friable itabirite exploration target
within a global exploration target of >500Mt of friable itabirite and intermixed
itabirite/amphibolite. Initial metallurgical test-work completed in mid 2013 on
representative samples from the maiden 2,500m reverse circulation drill
programme confirmed the potential to beneficiate through crushing to only
3.35mm, a +60% Fe product with low contaminants and 44-57% mass recovery
within the itabirite. Subsequent metallurgical testing has confirmed that crushing
the same material to a 1.0mm size fraction generates a 63% Fe to 68% Fe
‘Premium’ product with a 58-68% mass recovery, at a 3.6 SG.
Proximity to the coast and positive initial metallurgical test-work results suggests
the potential for an early start-up, low capital intensity project, with low
operating costs.
About Tawana (ASX & JSE: TAW)
Tawana Resources NL (“Tawana” or “the Company”) is an iron ore focused ASX and
JSE-listed Company with its principal project in Liberia, West Africa. Tawana’s
100% owned Mofe Creek Project (“the Project”) is a new discovery in the heart of
Liberia’s historic iron ore district, located 20km from the coast and 80km from the
country’s capital city and major port, Monrovia.
Tawana is committed to becoming a mid-tier iron ore producer through the
development of the Mofe Creek Project, which covers 285km2 of highly prospective
tenements in Grand Cape Mount County. The Project hosts high-grade friable
itabirite mineralisation which can be easily upgraded to a superior quality iron ore
product of +60% Fe, for which there is consistent global demand.
The Company is currently completing its maiden resource drilling program and
recently commenced its Scoping Study on the Mofe Creek Project. The Scoping
Study will consider both an early start-up, low capital cost project with a
production rate of 1-2 million tonnes per annum (Mtpa), as well as a longer-term
project capable of producing 5-10 Mtpa of iron ore product. Additionally, Tawana
has a joint venture agreement with Konblo Bumi Inc for the adjoining tenement
covering 624km2, for which Tawana has 100% of the iron ore mineral rights.
About Liberia
Liberia is a democratic West African country with a modern and transparent mining
code and a government proactively engaged with the mining industry to help
unlock the value of its potential mineral wealth. Her Excellency President Ellen
Johnson Sirleaf was Africa’s first elected female head of state in 2005 and was re-
elected in November 2011 for a second term. The country is hugely prospective for
minerals exploration and production, hosting several world-class iron ore deposits.
Liberia has historically been the largest exporter of iron ore in Africa and was the
5th largest iron ore producer globally during the 1960’s to 1980’s.
Lennard Kolff van Oosterwijk
Managing Director
Tawana Resources NL
Tel: +61 7 3510 2115
Mob: +61 424 942 589
Detailed information on all aspects of Tawana’s projects can be found on the
Company’s website www.tawana.com.au.
Competent Persons Statement
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 2012 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.
Forward Looking Statement
Statements regarding plans with respect to the Company’s mineral properties, including statements, assumptions and
targets relating to the Preliminary Assessment are forward looking statements. There can be no assurance that the
Company’s plans for development of its mineral properties will proceed as currently expected, nor in accordance with the
Preliminary Assessment. There can also be no assurance that the Company will be able to confirm the presence of a mineral
deposit, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the
Company’s mineral properties, either in accordance with the Preliminary Assessment or otherwise.
30 January 2014
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
APPENDIX 1: All intersections from Gofolo Main RC resource drilling (non-inclusive
previous reported drilling intersections), Gofolo NE RC exploration drilling and
Zaway RC resource drilling to date.
Hole_ID Depth_From Depth_To Interval Fe SiO2 Al2O3 P S TiO2 LOI 1000
GMRC009 0 18 18 30.80 25.51 17.82 0.043 0.11 0.62 11.39
GMRC010 0 16 16 25.96 30.96 18.29 0.039 0.12 0.60 12.05
GMRC011 0 24 24 27.29 29.03 17.92 0.029 0.11 0.69 11.85
GMRC012 0 18 18 28.64 28.00 17.96 0.045 0.08 0.63 10.26
GMRC013 0 46 46 40.42 29.86 5.36 0.047 0.05 0.17 6.46
inc. GMRC013 2 20 18 48.76 15.69 4.42 0.070 0.08 0.15 9.59
GMRC015 0 26 26 34.74 42.32 4.58 0.016 0.03 0.19 3.57
GMRC016 0 40 40 25.40 42.81 11.54 0.022 0.07 0.51 7.49
inc. GMRC016 0 28 28 26.93 42.33 10.68 0.017 0.07 0.43 7.66
GMRC017 0 34 34 26.50 37.61 13.69 0.032 0.07 0.46 9.32
inc. GMRC017 0 18 18 30.24 29.10 15.37 0.016 0.07 0.56 11.08
GMRC017 54 74 20 31.84 46.99 2.05 0.052 0.06 0.14 0.66
GMRC020 0 26 26 26.74 38.57 13.40 0.046 0.07 0.51 8.68
GMRC021 0 18 18 26.36 33.88 16.38 0.027 0.10 0.54 10.93
GMRC022 0 20 20 26.21 33.31 17.13 0.033 0.07 0.70 11.11
GMRC024 0 18 18 29.17 30.53 15.59 0.026 0.08 0.64 10.64
GMRC025 0 50 50 31.01 37.03 10.41 0.023 0.04 0.32 7.20
Prospect Hole_ID From To Interval (m) Fe SiO 2 Al 2O3 P S TiO 2 LOI 1000 Comments
Gofolo Main GMRC026 0 8 8 37.01 32.22 7.46 0.034 0.013 0.39 5.83
Gofolo Main GMRC026 14 32 18 21.64 37.77 17.93 0.032 0.090 0.58 10.79
Gofolo Main GMRC027 36 60 24 34.85 29.01 8.10 0.030 0.061 0.30 8.26
Gofolo Main GMRC028 0 6 6 28.07 29.89 16.63 0.024 0.137 0.51 11.25
Gofolo Main GMRC028 12 28 16 28.59 36.74 11.75 0.037 0.076 0.43 8.17
Gofolo Main GMRC028 56 88 32 30.23 48.61 3.92 0.043 0.066 0.16 BD
Gofolo Main GMRC029 0 24 24 26.87 26.88 20.09 0.026 0.117 0.66 12.47
Gofolo Main GMRC029 46 60 14 31.98 46.23 2.28 0.038 0.042 0.09 1.03 EOH
Gofolo Main GMRC030 0 18 18 36.09 29.28 10.66 0.023 0.054 0.36 7.05
Gofolo Main GMRC031 0 34 34 40.20 33.54 3.33 0.039 0.033 0.12 4.97
Gofolo Main GMRC031 62 74 12 23.38 47.46 10.93 0.055 0.075 0.37 BD
Gofolo Main GMRC031 86 104 18 30.70 46.78 3.97 0.040 0.066 0.11 BD EOH
Gofolo Main GMRC032 0 62 62 38.79 31.91 5.87 0.075 0.041 0.22 6.27
Gofolo Main inc.GMRC032 16 34 18 49.50 19.52 3.27 0.15 0.01 0.12 6.81
Gofolo Main GMRC032 76 96 20 24.68 46.09 10.31 0.039 0.169 0.37 BD EOH
Gofolo Main GMRC033 12 44 32 29.22 37.11 8.80 0.031 0.060 0.24 9.58
Gofolo Main GMRC033 80 94 14 29.57 46.10 3.09 0.050 0.079 0.11 1.71 EOH
Gofolo Main GMRC034 0 60 60 28.17 40.94 9.83 0.048 0.088 0.38 4.91
Gofolo Main GMRC035 0 20 20 27.66 28.20 17.21 0.031 0.145 0.57 13.96
Gofolo Main GMRC036 0 4 4 37.83 23.74 10.58 0.064 0.078 0.37 11.31
Gofolo Main GMRC037 30 42 12 19.99 49.31 12.25 0.046 0.121 0.54 BD
Gofolo Main GMRC037 66 90 24 19.85 52.24 10.03 0.034 0.169 0.49 BD EOH
Gofolo Main GMRC039 0 10 10 30.24 20.57 19.82 0.022 0.132 0.57 14.18
Gofolo Main GMRC039 52 77 25 33.85 45.42 1.56 0.051 0.073 0.10 BD EOH
Gofolo Main GMRC040 0 42 42 27.86 42.77 9.60 0.034 0.066 0.34 5.69
Gofolo Main GMRC041 0 32 32 24.19 30.67 19.55 0.026 0.143 0.57 13.74
Gofolo Main GMRC041 42 50 8 24.13 46.18 10.53 0.036 0.168 0.40 BD
Gofolo Main GMRC041 60 76 16 29.10 49.20 3.26 0.044 0.028 0.19 BD
Gofolo Main GMRC041 86 90 4 40.44 37.70 1.21 0.077 0.003 0.21 BD EOH
Gofolo NE GNERC001 16 28 12 34.15 35.99 7.02 0.127 0.070 0.23 7.00
Gofolo NE GNERC002 52 56 4 35.87 45.90 1.43 0.033 0.059 0.06 BD
Gofolo NE GNERC003 32 42 10 29.97 44.73 6.06 0.017 0.027 0.18 4.97
Gofolo NE GNERC003 48 54 6 21.39 54.28 7.55 0.024 0.111 0.19 1.50
Gofolo NE GNERC003 66 74 8 31.74 47.56 3.59 0.042 0.060 0.19 BD
Gofolo NE GNERC004 22 38 16 23.75 48.11 9.11 0.038 0.150 0.29 4.69
Gofolo NE GNERC006 18 32 14 34.02 37.02 7.78 0.063 0.051 0.43 4.60
Gofolo NE GNERC007 42 48 6 34.26 40.71 3.56 0.138 0.091 0.28 1.22
Gofolo NE GNERC007 60 66 6 25.81 51.86 9.12 0.025 0.126 0.21 EOH
Gofolo NE GNERC009 14 26 12 32.75 44.14 4.78 0.027 0.015 0.14 3.83
Hole location data:
DataSet Prospect Hole_ID Hole_type UtmE29N UtmN_29N Reg_RL Plan_dip Plan_Azim Hole_depth(m) Log_Company Hole_Diameter Hole_Start Hole_Finish Drill_Prog
Mofe Creek Gofolo Main GMRC009 RC 253038 761486 66 -50 24 70 Tawana 5.25 27/09/2013 27/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC010 RC 253052 761537 63 -50 24 72 Tawana 5.25 27/09/2013 28/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC011 RC 253075 761593 62 -50 24 60 Tawana 5.25 28/09/2013 28/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC012 RC 253104 761644 65 -50 24 60 Tawana 5.25 28/09/2013 29/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC013 RC 252632 761628 48 -50 24 60 Tawana 5.25 29/09/2013 29/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC014 RC 252646 761700 33 -50 24 42 Tawana 5.25 29/09/2013 29/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC015 RC 253422 761315 60 -50 24 48 Tawana 5.25 29/09/2013 30/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC016 RC 253801 761146 39 -50 24 54 Tawana 5.25 30/09/2013 30/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC017 RC 253790 761072 46 -50 24 78 Tawana 5.25 30/09/2013 30/09/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC018 RC 253787 761015 23 -50 24 60 Tawana 5.25 30/09/2013 1/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC019 RC 253814 761199 32 -50 24 48 Tawana 5.25 1/10/2013 1/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC020 RC 254097 761229 36 -50 340 54 Tawana 5.25 1/10/2013 1/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC021 RC 254111 761178 48 -50 340 60 Tawana 5.25 1/10/2013 1/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC022 RC 254270 761344 35 -50 340 60 Tawana 5.25 2/10/2013 2/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC023 RC 254251 761410 21 -50 340 54 Tawana 5.25 2/10/2013 2/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC024 RC 253998 761150 43 -50 340 72 Tawana 5.25 2/10/2013 2/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC025 RC 253607 761180 43 -50 24 66 Tawana 5.25 2/10/2013 2/10/2013 Phase I-Resources
DataSet Prospect Hole_ID Hole_type UtmE_29N UtmN_29N Reg_RL Plan_dip Plan_Azim Hole_depth(m) Hole_Start Hole_Finish Drill_Prog
Mofe Creek Gofolo Main GMRC026 RC 253618 761236 59 -50 24 60 3/10/2013 3/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC027 RC 253588 761125 36 -50 24 72 3/10/2013 4/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC028 RC 252846 761560 62 -50 24 90 4/10/2013 4/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC029 RC 252850 761599 51 -50 24 60 4/10/2013 4/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC030 RC 252859 761680 44 -50 24 54 5/10/2013 5/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC031 RC 252818 761493 54 -50 24 106 5/10/2013 6/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC032 RC 253224 761318 49 -50 24 96 8/10/2013 8/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC033 RC 253205 761263 41 -50 24 96 8/10/2013 9/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC034 RC 253238 761385 55 -50 24 72 9/10/2013 9/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC035 RC 253252 761432 59 -50 24 72 9/10/2013 9/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC036 RC 252888 761737 26 -50 24 66 9/10/2013 9/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC037 RC 254018 761091 39 -50 24 90 10/10/2013 10/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC038 RC 253979 761212 37 -50 24 66 10/10/2013 10/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC039 RC 253600 761185 48 -90 24 77 10/10/2013 11/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC040 RC 253418 761312 55 -90 24 72 15/10/2013 15/10/2013 Phase I-Resources
Mofe Creek Gofolo Main GMRC041 RC 252844 761600 58 -90 24 90 15/10/2013 16/10/2013 Phase I-Resources
Mofe Creek Gofolo NE GNERC001 RC 256464 761784 56 -50 327 48 16/10/2013 16/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC002 RC 256495 761749 47 -50 327 66 16/10/2013 16/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC003 RC 256766 762041 50 -50 327 78 17/10/2013 17/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC004 RC 256787 762004 44 -50 327 42 17/10/2013 17/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC005 RC 256820 761963 44 -50 327 36 17/10/2013 17/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC006 RC 257080 762211 39 -50 327 54 17/10/2013 17/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC007 RC 257110 762171 33 -50 327 66 17/10/2013 17/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC008 RC 257054 762258 31 -50 327 54 18/10/2013 18/10/2013 Recon RC
Mofe Creek Gofolo NE GNERC009 RC 257056 762334 34 -50 327 48 18/10/2013 18/10/2013 Recon RC
APPENDIX 2: Process flowsheet and summary metallurgical testwork results
removed for SENS purposes
APPENDIX 3: JORC Table; Sampling techniques and data – Reporting of Exploration
Results
Drilling and - All drilling was conducted by reverse circulation
Sampling drilling with sampling conducted by riffle splitting to
Techniques 2-3kg for dispatch to the assay laboratory
- All sampling conducted on a 1m basis and composited
to 2m intervals for assay
Drill Sample - Moisture content and recovered sample weight were
Recovery recorded at time of sample recovery on a 1m basis
- Data used to verify recoveries and sample quality
- No sample recovery or quality issues were
encountered during the current drill program likely to
impact on the quality of data derived
- Lower RC drill chip recovery was recognised in the top
10 to 15m from surface and twinned diamond core
holes planned at each prospect to check for any
potential sample bias
Logging - All drill chips logged on site for lithology and
mineralisation. A representative sample of the chips
on a 1m basis retained on site.
- All RC chips are photographed for digital storage
Sub-sampling - Assaying and sample preparation conducted at SGS
techniques and laboratory in Monrovia
sample preparation - 2-3kg samples as received from Tawana Resources are
dried and crushed to 75% passing 2mm
- 1.5kg riffle split is then pulverised by ring & puck mill
to 85% passing 75µm and 200g recovered for analysis
Quality of Assay - All assaying conducted by Lithium metaborate
and laboratory /lithium tetraborate mixture digest and XRF finish for
tests major elements and Thermo Gravimetric Analyser
(TGA) for loss on ignition
- Blind standards, blanks and field duplicates inserted
every 50th sample by Tawana Resources in the field.
Acceptable accuracy and precision have been
established for all samples reported
- SGS laboratory conducts internal QA/QC on sample
preparation;
- Every 50th sample screened to confirm % passing 2
mm and 75 um
- Crusher and pulverisers cleaned with barren material
at the start of every batch
- % dust loss determined once per week.
- SGS laboratory conducts QA/QC on sample analysis;
- 1 Reagent Blank in 40
- 1 Preparation Blank (prep process blank) in 40
- 1 Weighed replicate in 40
- 1 Preparation Duplicate (resplit) in 40
- 1 SRM’s in 40
Verification of - All sampling data is recorded in hardcopy format
sampling and before data entry on site.
assaying
Location of Data - Collar surveys conducted by DGPS survey after hole
points completion. Down hole surveys conducted at collar
and hole bottom and at 5m intervals downhole by
Reflex gyroscopic tool
- Drill results reported in UTM 29N
Data Spacing and - Drilling conducted on 400 x 60m and 200 x 60m
Distribution nominal grid for resource drilling at Gofolo Main and
Zaway
- Drilling conducted on a nominal 400 x 60m grid for
exploration drilling at Gofolo NE
Orientation of data - Drilling has been conducted inclined 50o towards 024
in relation to at Gofolo Main and Koehnko
geological structure - Drilling has been conducted inclined 50o towards 007
UTM at Zaway
- Drilling has been conducted inclined 50o towards 327
UTM at Gofolo NE
- The orientations are essentially perpendicular to the
main structural trends at the prospects.
Sample Security - All samples are stored in a secure and gated
compound at Tawana Resources Camp facility until
handover to the independent laboratory in Monrovia
Audits or Reviews - Field duplicates are reviewed periodically by Tawana
Resources technical staff and confirm the validity of
the current sampling practice
Mineral tenement - All drilling has been conducted on the Mofe Creek
and land tenure exploration license MEL-12029.
status - Tawana Resources is 100% holder of the Mofe Creek
exploration license.
Exploration done by - No other parties have conducted exploration on the
other parties license
Geology - Mineralization is associated with moderately to
steeply dipping iron formation; likely metamorphosed
BIF to itabirite and recrystallised within a package of
intermixed itabirite and amphibolite and
hanging/footwall basement granite-gneiss. The
itabirite is medium to coarse grained with relict
banded texture and is friable where weathered from
surface to an average depth of 25-45m vertical. In-situ
iron grades are increased where weathered to form an
enrichment blanket from surface to average 25-45m
vertical depth and locally higher iron grades are
associated with primary magnetite accumulations.
Data Compositing - Data composited using weighted average and a
maximum of 4m of consecutive internal dilution
Relationship - Drilling has been planned to intersect mineralisation
between perpendicular to strike and as near as possible to true
mineralisation thickness of the lithological units hosting iron
widths and formation
intercept lengths - Intersections through friable mineralisation associated
with the weathering profile are typically 25% longer
than vertical depth
Balanced reporting - All drill intersections have been included in the
appendices for received and QA/QC reviewed results
Other substantive - For initial exploration drilling conducted, refer to ASX
exploration data release of 12th March 2013 and subsequent Gofolo Main
drilling intersections refer to ASX release of 20th
November 2013
Further Work - Further work will include diamond core drilling for
metallurgical test-work and twinning of RC drilling for
QA/QC
Appendix 4: Licenses, location and ownership structure
Tenement Location Structure
MEL-12029 Liberia 100% Tawana Resources
through its 100% owned
Liberian subsidiary
MEL-11025 Liberia Joint venture with KBI; a
Liberian registered
company with option to
secure 100% of Fe ore
rights
NC30/5/1/2/2/081MR South Africa Mining Right transfer to
Blue Rock Diamonds (AIM:
BRD) underway as part of
MTR371/2007PR South Africa 100% Tawana Resources
sale of Kareevlei project SA and its BEE partner
Seven Falls
NC30/5/1/1/088PR South Africa 100% Tawana Resources
SA and its BEE partner
Seven Falls
PL61/2007 Botswana 100% Seolo Botswana Ltd;
a wholly owned subsidiary
of Tawana Resources
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10
Name of entity
Tawana Resources NL
ABN Quarter ended (“current quarter”)
69 085 166 721 31 December 2013
Consolidated statement of cash flows
Current quarter Year to date
Cash flows related to operating activities $A’000 (12 months)
$A’000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration & evaluation (1,019) (1,976)
(b) development - -
(c) production - -
(d) administration (690) (1,790)
1.3 Dividends received - -
1.4 Interest and other items of a similar nature
received 8 24
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (1,701) (3,742)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (40) (40)
1.9 Proceeds from sale of:
(a) prospects
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
Net investing cash flows (40) 276
1.13 Total operating and investing cash flows
(carried forward) (1,741) (3,466)
1.13 Total operating and investing cash flows
(brought forward) (1,741) (3,466)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 2,988 3,988
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other – share issue costs (186) (211)
2,802 3,777
Net financing cash flows
Net increase (decrease) in cash held 1,061 311
1.20 Cash at beginning of quarter/year to date 955 1,679
1.21 Exchange rate adjustments to item 1.20 28 54
2,044 2,044
1.22 Cash at end of quarter
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 1.2 156
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
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 available Amount used
$A’000 $A’000
3.1 Loan facilities - -
3.2 Credit standby arrangements - -
Estimated cash outflows for next quarter
$A’000
4.1 Exploration and evaluation 700
4.2 Development -
4.3 Production -
4.4 Administration 400
Total 1,100
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current quarter Previous quarter
shown in the consolidated statement of cash flows) to $A’000 $A’000
the related items in the accounts is as follows.
5.1 Cash on hand and at bank 2,024 935
20 20
5.2 Deposits at call
- -
5.3 Bank overdraft
- -
5.4 Other (provide details)
2,044 955
Total: cash at end of quarter (item 1.22)
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning end of
of quarter 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 per Amount paid up per
security (see note security (see note 3)
3) (cents) (cents)
7.1 Preference - -
+securities
7.2 Changes during N/A N/A
quarter
7.3 +Ordinary 1,225,629,043 1,225,629,043
securities
7.4 Changes during
quarter
(a) Increases 249,000,000 249,000,000 $0.012 $0.012
through issues
(b) Decreases
through returns
of capital, buy-
backs
7.5 +Convertible - -
debt securities
7.6 Changes during N/A N/A
quarter
7.7 Options Exercise price Expiry date
Unlisted options 6,750,000 - $0.10 17 Jan 2014
Unlisted options 5,000,000 - $0.05 9 Sep 2014
Unlisted options 25,000,000 - $0.01 8 Mar 2014
Unlisted options 1,250,000 - $0.05 10 Nov 2015
Unlisted options 28,500,000 - $0.036 30 April 2015
Unlisted options 10,000,000 - $0.0001 31 August 2014
Unlisted options 10,000,000 - $0.0001 31 August 2015
Unlisted options 10,000,000 - $0.0001 31 August 2016
Unlisted options 31,500,000 - $0.015 12 December 2016
Unlisted options 10,000,000 - $0.046 12 December 2016
Unlisted options 10,000,000 - $0.018 12 December 2016
7.8 Issued during 10,000,000 $0.0001 31 August 2014
quarter 10,000,000 - $0.0001 31 August 2015
10,000,000 $0.0001 31 August 2016
31,500,000 $0.015 12 December 2016
10,000,000 $0.046 12 December 2016
10,000,000 $0.018 12 December 2016
7.9 Exercised during - - - -
quarter
7.10 Expired during 1,250,000 - $0.03 10 Nov 2013
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
5).
2 This statement does give a true and fair view of the matters disclosed.
[Signed]
Sign here: ............................................................ Date: 30 January 2014
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 6: Exploration for and Evaluation of Mineral
Resources and AASB 107: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Financial
Reporting 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: 30/01/2014 12:01:00 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
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