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Tawana Resources NL - Issue of bonus share options to shareholders of Tawana

Release Date: 28/11/2005 11:09:01      Code(s): TAW
Tawana Resources NL - Issue of bonus share options to shareholders of Tawana    
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")                                                     
ISSUE OF BONUS SHARE OPTIONS TO SHAREHOLDERS OF TAWANA                          
On 15 November 2005, Tawana published details of the forthcoming issue of bonus 
share options ("share options") to take place to all Australian, South African  
and other shareholders.                                                         
Since publication of the aforesaid announcement, Tawana has received advice that
it is a requirement under the Listing Rules of the Australian Stock Exchange    
("ASX") on which exchange the securities of Tawana are primary listed, that the 
exercise price of the share options on both the ASX and the JSE Limited ("JSE") 
must be identical.   The set share option exercise price is Australian $1.00.   
Accordingly, save for the exercise price of the share options now being         
referenced at Australian $1.00 in place of R5, 00 for South African             
shareholders, all terms of the share options as previously announced remain     
unchanged.                                                                      
For avoidance of doubt, the details of and important dates and times pertinent  
to the issue of the share options, are as follows:                              
Details:                                                                        
Issue ratio:     1 share option for every 3 shares held at the close            
                 of trading on the ASX and JSE, respectively, on                
                 Thursday, 15 December 2005 ("the Record Date"). (1)            
Exercise date:   Exercise of share options may take place at any time           
on or prior to 30 April 2008. (2)                              
Exercise price:  Australian $1.00. (3)                                          
Notes:                                                                          
1. Eligible shareholders will receive share options based on a shareholder"s    
holding of shares at the Record Date, divided by a factor of three rounded down 
to the nearest whole number.   No fractional entitlements to share options will 
accrue or be allocated.                                                         
2. Share options may be exercised at any time on or prior to 30 April 2008.  A  
share option holder must notify his/her broker or Central Securities Depository 
Participant ("CSDP"), in accordance with the terms of the engagement mandate    
concluded between such share option holder and the broker or CSDP, of an        
intention to exercise.                                                          
3. Exercise and settlement by South African holders of share options must take  
place in Australian dollars or in Rand based on the applicable exchange rate    
(Bank selling rate for AUS$ - Cheques and Telegraphic Transfers) quoted by      
Standard Bank on the date of exercise.                                          
Important dates and times:                                          2005        
Last day to trade in Tawana shares on the JSE in       Thursday, 8 December     
order to be entitled to participate in the share                                
option issue                                                                    
Tawana shares on the JSE trade ex-entitlement to       Friday, 9 December       
participate in the share option issue                                           
Share options listed on the JSE and commence trading   Friday, 9 December       
on the JSE under the ISIN Code AU00000TAW03 from the                            
commencement of trade                                                           
Record date for determination of shareholders of       Thursday, 15 December    
Tawana entitled to participate in the share option                              
issue, at close of trading on the JSE                                           
Allocation and issue of share options implemented      Monday, 19 December      
Eligible Tawana shareholders expected to have their    Monday, 19 December      
safe custody accounts held at their CSDP or broker                              
credited with their share option entitlement                                    
Notes:                                                                          
* All or any of the above dates are subject to change.  Any such change will be 
released on the Securities Exchange News Service of the JSE and published in the
press.                                                                          
* Shareholders are advised that trading in shares and share options in Tawana is
settled within the STRATE environment five business days following a trade.     
* No dematerialisation or rematerialisation of Tawana share certificates may    
take place between Friday, 9 December 2005 and Thursday, 15 December 2005, both 
days inclusive.                                                                 
Representative Office:                                                          
Kimberley                                                                       
28 November 2005                                                                
Corporate adviser and sponsor                                                   
PricewaterhouseCoopers Corporate Finance                                        
Attorneys                                                                       
Adian B Horwitz & Associates                                                    
Date: 28/11/2005 11:09:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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