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Tawana Resources NL - December 2005 Quarterly Report

Release Date: 30/01/2006 09:56:01      Code(s): TAW
Tawana Resources NL - December 2005 Quarterly 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")                                                     
December 2005 Quarterly Report                                                  
Highlights                                                                      
Drilling program to commence over additional Falcon targets in the Daniel       
Kimberlite Project area.                                                        
-  Drilling and bulk sampling of A95 in Q1 2006                               
  -  Composition of kimberlitic minerals recovered from                         
     kimberlite A95 indicate high potential for diamonds.                       
  -  Three kimberlites discovered in December quarter                           
Trial mining on the Eastern Channel completed                                   
  -   Large average diamond sizes recovered                                     
Completion of processing of Kareevlei Wes bulk sample crushed material from     
kimberlite KV2.                                                                 
..-  Application for trial mining submitted                                     
Sampling of targets in Pilbara completed                                        
  -  Dense Media Separation (DMS) plant for bulk sampling                       
  -  of Blacktop kimberlite secured                                             
-  Purchase of De Beers diamond laboratory completed                          
Successful listing on JSE Limited                                               
Company funding boosted by option exercise and placement                        
South African Projects                                                          
Daniel Kimberlite Project                                                       
(BHP Billiton 51.8% /Seven Falls 26%/Tawana 22.2% and operator)                 
The discovery of three new kimberlites (A1, A2, A95) was announced during the   
quarter. These kimberlites were discovered by exploratory drilling of the       
Falcon targets.                                                                 
The kimberlites are in the form of near vertical dykes or fissures with several 
blows or small pipes and can be traced by magnetic data over several            
kilometers. One of the kimberlites, A95, can be traced to the Eastern Gravel    
diamondiferous alluvial deposit.                                                
It was previously reported that the high quality (US$274 per carat) diamonds    
found in the Eastern Gravels are different to those found draining the Finsch   
Mine and are thought by Tawana geologists to be derived from a different        
source. The A95 kimberlite may be this source.                                  
The A95 target will be sampled by drilling and bulk sampling in Q1 of 2006 to   
ascertain whether it is diamondiferous and, if diamonds are recovered, to       
compare these diamonds with those recovered from the Eastern Gravels.           
The DMS plant located at the nearby Eastern Gravels will be used to process the 
bulk samples collected from A95 and the other kimberlites discovered in the     
Daniel Kimberlite Project.                                                      
Following the discovery of kimberlites A1, A2 and A95, the BHP Billiton Falcon  
data was reviewed, resulting in a reassessment all of the previously identified 
targets and the selection of several of these for drill testing during Q1 of    
2006.                                                                           
A program for this exploration has been agreed to by the joint venture partners 
and entails the drilling of approximately 65 Falcon targets.                    
Tawana Alluvial Diamond Project                                                 
(Tawana 74% and operator, Seven Falls 26%, BHP Billiton 2.5% gross              
revenue/profit? royalty)                                                        
Eastern Gravels                                                                 
Trial mining was completed during the quarter in an area which appeared to      
typify the geology and grade of the Eastern Gravels. Diamond grades from the    
Bauer drilling in the top 5 metres of the gravels in this section were 2.27 and 
3.07 carats per 100 cubic metres (cphm3).                                       
Excavation during the trial mining phase has shown that there is an overburden  
of only 1.6m of fine sand and gravel, which contains traces of diamonds. This   
is underlain by 4-5m of coarse gravels. Diamonds recovered from the base of     
these gravels recorded an average size of 0.4 carats per stone (ct/st). This is 
a much larger average stone size than the 0.1ct/st recorded from the Feeder     
Channel near the De Beers Finsch Diamond Mine and re-confirms our view that the 
Eastern Gravel diamonds are not all derived from the Finsch kimberlite.         
Tawana"s regular spaced Bauer drill holes drilled during 2005 returned grades   
of up to 3.07 cphm3 near the trial pit. The grades are more than twice the      
estimated breakeven grade (1.32 cphm3) of the Eastern Gravels providing strong  
encouragement for the economic potential of this deposit.                       
The 0.48 cphm3 grade (see table below) reported from the trial mining pit is    
lower than the grades from the Bauer holes; and the grade discrepancy is        
considered typical of the erratic distribution of diamonds in alluvial          
deposits.                                                                       
Industry experience with Bauer drilling is that the relatively large volumes    
extracted with such drilling and the regular spacing of drill holes, provides   
the most reliable evidence of grade distribution in an alluvial deposit.        
The proposed next stage for the Eastern Gravels Project is a large scale        
operating trial. Tawana will seek to secure involvement of an operator having   
the plant, mobile equipment and staff to mine at a rate that will confirm the   
project economics. Discussions have commenced with several alluvial operators.  
  Depth (m)   Calculated   S.G.   Tonnes Tot     No.      Avg.   cphm3          
Vol (m3)                   carats  diamonds st                    
                                                          size                  
  0.5-1.6m    1007         2.5    2517   1.85    23       0.080  0.184          
  1.6-4.5m    930          2.8    2604   2.83    20       0.142  0.304          
4.5-5.5m    690          2.6    1794   3.25    8        0.406  0.471          
  5.5-6.5m    634          2.5    1585   3.97    16       0.248  0.626          
  6.5-7.2m    410          2.5    1025   3.76    20       0.188  0.917          
  7.2-8m      434          2.5    1085   4.96    20       0.248  1.143          
8-12m       560          2.5    1400   1.77    23       0.077  0.316          
              4665                12011  22.39   130      0.172  0.480          
The Company"s 30 tph DMS plant will remain on the Tawana Alluvials site to      
process bulk samples collected from the new kimberlites discovered in the       
Daniel Kimberlite Project area.                                                 
Kareevlei Wes                                                                   
 (Tawana 74% and operator, Seven Falls 26%.)                                    
Kareevlei Wes project comprises a cluster of 5 kimberlite pipes, which vary in  
surface area from a large 5.8 ha to 0.3 ha.  Previous work shows that four of   
these kimberlites, KV1, KV2, KV3 and KV5 are diamondiferous. KV4 remains to be  
tested, but it is a small 0.35ha kimberlite.                                    
Diamonds from KV1 and KV2 were valued at US$110 per carat with the valuers      
predicting substantially higher values if larger parcels could be provided.     
This prediction was supported by subsequent statistical analysis of the parcel  
from the KV1 and KV2 kimberlites, which suggested that a value of US$164/ct was 
a reasonable value estimate for diamonds from these kimberlites.                
Subsequently a parcel of 33.24 carats of diamonds from KV3 was valued by Mr     
Katz of Johannesburg at US$170/ct per carat. (see Tawana release 5 October,     
2005)                                                                           
At the estimated operating cost of open cut kimberlite mining and processing in 
South Africa of US$7.53 per tonne, the required breakeven grade at a diamond    
value of US$170/ct is 4.43 cpht.                                                
First pass processing of 6500 tonnes of Bauer drilled bulk samples from four of 
the five kimberlites in the Kareevlei cluster was completed during the quarter. 
Crushing and processing of the resultant plus 6mm material from KV2 was also    
completed. The plus 6mm material comprised approximately one third of the       
tonnage excavated by Bauer drilling from KV2 .                                  
The grade of KV1 and KV2, estimated from the recovered diamonds and the         
expected recoveries from the oversize material, is 8.57 carats per hundred      
tonnes. The grade reported from the crushed plus 6mm material from KV2 has      
confirmed this expectation. This is considered to be the minimum grade before a 
multiplier is established from a future mining operation.                       
The 1.4 hectare KV2 pipe is estimated to contain 2 Mt to a depth of 100m. The   
surface area of KV1 has been determined by shallow drilling to be 1.2 hectares. 
The grade of KV3 is variable due to the presence of various different phases    
encountered in the top 30 - 40m intersected by the Bauer drilling. The northern 
3 hectares of the pipe is composed of a homogenous phase of kimberlite and has  
been shown to have an estimated grade of 4.89cpht, based on the recovered grade 
from the minus 6mm fraction.                                                    
Earlier 10.5 inch percussion drilling in this northern section of KV3 achieved  
a higher grade of 6.10cpht. This discrepancy could be due to the fact that the  
percussion drilling sampled deeper sections of the kimberlite.                  
The KV5 kimberlite was sampled by drilling two Bauer holes. The estimated       
grade, based on the recovered grade from the minus 6mm fraction, from these two 
holes was 3.7cpht and 8.06cpht, with an average grade of 5.70cpht. No           
valuations of the diamonds recovered from KV5 have been conducted.              
  Kimberlite Size*  Grade      Diamond Value***  Value       Cost****           
             Ha     cpht       US$/carat         US$/t       US$/t              
KV1        1.2    11**       164               18.04       7.53               
  KV2        1.4    11**       164               18.04       7.53               
  KV3        5.8    4.89-6.10  170               8.31-10.37  7.53               
  KV5        2.1    5.70       N/A               NA          7.53               
*Based on 10.5 inch drilling to 100m for KV2 and KV3, surface percussion        
drilling for KV1 and geophysical interpretation for KV5.                        
** Based on statistical analysis of a parcel of diamonds recovered from the     
minus 6mm fraction of material excavated by Bauer drilling. Not JORC/SAMREC     
compliant. See note below.                                                      
*** Based on best estimate. Larger parcels of diamonds may change the given     
values substantially.                                                           
**** Estimated mining and operating costs of open cut kimberlite mines in South 
Africa by Snowden Mining Consultants. (see Tawana release 7 December 2005)      
An application for a Mining Right has been submitted to the South African       
Department of Minerals and Energy (DME). The Company has been advised that the  
Mining Right Application will take at least four months to process.             
The DMS plant currently located at Kareevlei Wes is being re-located to the     
Perdevlei Project so that a trial mining program can be completed to confirm    
indicated grades and diamond values at this project while the Kareevlei Wes     
Mining Right granting is awaited.                                               
*Note The Company considers that any tonnage and grade estimates in this report 
do not satisfy the definition of a Mineral Resource as set out in the JORC Code 
as insufficient work has been conducted to be able to determine the grade and   
tonnage of the deposit with greater accuracy. Further work may or may not       
establish a Mineral Resource on the property. Accordingly, the estimate of      
grade is released as provided by paragraph 18 of the JORC Code of 2004 in       
relation to an exploration target or exploration potential.  The diamonds were  
recovered from the minus 19mm plus 1.5mm fractions of gravels sampled by 1.5m   
or 2.5m diameter Bauer drill holes. The gravels and kimberlites were processed  
in the Company"s Dense Media Separation plants with diamond recovery by a       
Flowsort x-ray plant and a grease table.                                        
Australian Projects                                                             
Tawana Diamonds Australia Pty Ltd (TDA) has been formed by De Beers and Tawana  
to explore and to develop Australian diamond projects is to be known as. TDA    
will be managed by Tawana and staff will be seconded to TDAL as required.       
Tawana"s equity will increase with its expenditure from a $3M/50% base.         
Melbourne Laboratory                                                            
The De Beers diamond laboratory in Melbourne was acquired by Tawana and key     
staff were employed to operate this facility.                                   
De Beers has developed specialized techniques to recover kimberlitic indicator  
minerals from the difficult iron-rich samples from the Western Australian       
Pilbara. Without these unique skills the kimberlites in the Pilbara Project may 
not have been discovered. These techniques  and the highly specialised          
laboratory facilities are now available to TAW and will be used to further      
advance the Pilbara Project and the Company"s other Australian and South        
African Projects.                                                               
Pilbara Project                                                                 
A helicopter supported sampling program was completed during the quarter during 
which 350 samples were collected over areas in which previous De Beers sampling 
had identified kimberlitic indicator mineral anomalies. These samples are being 
processed in Perth and will be concentrated and examined in the Company"s       
Melbourne Laboratory during Q1 2006.                                            
In addition a ground based gravity survey was completed over the Blacktop       
Kimberlite to more accurately delineate the structure.                          
A 20 tph DMS plant has been secured to facilitate the bulk sampling of the      
Blacktop Kimberlite during the 2006 dry season. It is proposed to process       
approximately 14,000 tonnes of kimberlite through this DMS and to examine the   
resultant concentrate in the Company"s Melbourne Laboratory.                    
The only bulk sample (32.85t) taken by De Beers from the Blacktop kimberlite    
produced 135 diamonds weighing 5.27 carats. If the grade of the kimberlite is   
similar to the initial sample, the planned program could produce sufficient     
diamonds to support an analysis of the economic viability of mining the         
Blacktop kimberlite.                                                            
*Note; The Company considers that any tonnage and grade estimates in this       
report do not satisfy the definition of a Mineral Resource as set out in the    
JORC Code as insufficient work has been conducted to be able to determine the   
grade and tonnage of the deposit with greater accuracy. Further work may or may 
not establish a Mineral Resource on the property. Accordingly, the estimate of  
grade is released as provided by paragraph 18 of the JORC Code of 2004 in       
relation to an exploration target or exploration potential. The kimberlite      
sample was crushed and concentrated in the -8.0+1.0mm fraction by proprietary   
De Beers methods and diamonds were recovered in the +11 to -1 standard diamond  
sieve sizes.                                                                    
Corporate                                                                       
1:3 Bonus Option Issue                                                          
The Company completed a 1:3 bonus issue of options to shareholders during the   
quarter.                                                                        
The purpose of the Bonus issue is to provide the Company with funding to        
substantially upgrade the envisaged future production from the Kareevlei Wes    
and Tawana Alluvial projects in South Africa. The Company will also require     
funds to maintain its exploration momentum including participation in the joint 
venture with BHP Billiton over the Main Channel and Daniel Kimberlite Projects. 
In addition the funds will also be used to advance the new Australian Tawana/De 
Beers initiative.                                                               
The options issue was considered by the Board to be attractive qualifying       
shareholders as it is not dilutionary and provides a means for shareholders to  
maintain their equity interest when the Company"s capital is expanded.          
JSE Dual Listing                                                                
In November the Company successfully listed its shares on the JSE Limited       
(JSE).                                                                          
The purpose of the listing is to expose Tawana to a broader investor base and   
to investors with an intimate knowledge and appreciation of the potential of    
the Company"s South African projects.                                           
Funding                                                                         
On 8 December, Tawana Resources N.L. placed 3,712,985 shares at $0.60 each to   
institutional and sophisticated investors raising $2,227,791 to supplement the  
Company"s working capital, fund the ongoing exploration program and augment the 
funds of $1,151,937 raised through the exercise of the November 2005 options.   
The placement of shares was with clients of Intersuisse Corporate Pty Ltd which 
received a fee of 6% for managing and arranging the placement.                  
The placement was within the limits set out in the ASX Listing Rules and does   
not require shareholder approval.                                               
Following the allotment of the placement shares and the exercise of options,    
the Company will have a total of 65,609,529 shares on issue.                    
30 January 2006                                                                 
For enquires contact:                                                           
Wolf Marx                                                                       
Tel: +61 3 99097551                                                             
Mob: 0428 398446                                                                
Email:wolf.marx@tawana.com.au                                                   
Andrew Smith                                                                    
Tel: 08 82768794                                                                
Mob: 0428 265205                                                                
Email: ahs.taw@bigpond.net.au                                                   
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited                  
This report is based on information compiled by Wolf Marx BSc, BA, FAusIMM,     
CPGeo, Managing Director of Tawana Resources NL. He has sufficient experience   
relevant to the style of mineralisation and types of deposits under             
consideration, and to the activities undertaken, to qualify as a competent      
person as defined in the 2004 addition of the "Australasian Code for the        
Reporting of Mineral Resources and Ore Reserves"                                
The report is available on the companies website in PDF format.                 
Rule 5.3                                                                        
Appendix 5B                                                                     
Mining exploration entity quarterly report                                      
Introduced 1/7/96.  Origin:  Appendix 8.  Amended 1/7/97, 1/7/98, 30/9/2001.    
Name of entity                                                                  
Tawana Resources N.L.                                                           
ABN                                                                             
69 085 166 721                                                                  
Quarter ended ("current quarter")                                               
31 December, 2005                                                               
Consolidated statement of cash flows                                            
                                                  Current    Year to date       
 Cash flows related to operating                  quarter     (12 Months)       
activities                                        $A"000          $A"000       
 1.1   Receipts from product sales and                  -                       
       related debtors                                                          
 1.2   Payments for  (a)  exploration and         (1,260)         (5,277)       
evaluation                                                               
             (b)  development                                                   
             (c)  production                                                    
             (d)  administration                    (469)           (972)       
1.3   Dividends received                               -               -       
 1.4   Interest  received                              26              78       
 1.5   Interest and other costs of finance          (147)           (147)       
       paid                                                                     
1.6   Income taxes paid                                                        
 1.7   Other (provide details if material)                                      
                                                  (1,850)         (6,318)       
       Net Operating Cash Flows                                                 
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                                310             310       
(b)equity investments                         -             880       
          (c)subsidiary company-                                                
           Joren (Pty) Ltd                                                      
 1.10  Loans to other entities                                                  
1.11  Loans repaid by other entities                                           
 1.12  Acquisition Building and Contents          (2,050)         (2,050)       
       Net investing cash flows                   (1,740)           (860)       
 1.13  Total operating and investing cash         (3,590)         (7,178)       
flows (carried forward)                                                  
 1.13  Total operating and investing cash         (3,590)         (7,178)       
       flows (brought  forward)                                                 
       Cash flows related to financing                                          
activities                                                               
 1.14  Proceeds from issues of shares,              3,380           5,383       
       options, etc.                                                            
 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 (provide details if material)              -               -       
       Net financing cash flows                     3,380           5,383       
       Net increase (decrease) in cash              (210)         (1,795)       
       held                                                                     
1.20  Cash at beginning of quarter/year            1,456           3,041       
       to date                                                                  
 1.21  Exchange rate adjustments to item                -               -       
       1.20                                                                     
1.22  Cash at end of quarter                       1,246           1,246       
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                     113             
        parties included in item 1.2                                            
1.24  Aggregate amount of loans to the parties                Nil             
        included in item 1.10                                                   
  1.25            Explanation necessary for an understanding of the             
                                                       transactions             
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                              
Nil                                                                     
 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                                                  
Nil                                                                     
 Financing facilities available                                                 
 Add notes as necessary for an understanding of the position.                   
                                      Amount         Amount used                
available      $A"000                     
                                      $A"000                                    
 3.1    Loan facilities               Nil            Nil                        
 3.2    Credit standby arrangements   Nil            Nil                        
Estimated cash outflows for next quarter                                       
                                              $A"000                            
 4.1    Exploration and evaluation            500                               
 4.2    Development                           Nil                               
Total                                 500                               
 Reconciliation of cash                                                         
 Reconciliation of cash at the end    Current        Previous                   
 of the quarter (as shown in the      quarter        quarter                    
consolidated statement of cash       $A"000         $A"000                     
 flows) to the related items in the                                             
 accounts is as follows.                                                        
 5.1   Cash on hand and at bank       445            129                        
5.2   Deposits at call               801            1,327                      
 5.3   Bank overdraft                 -              -                          
 5.4   Other (provide details)        -              -                          
       Total: cash at end of          1,246          1,456                      
quarter (item 1.22)                                                      
 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       Issue     Amount                
                       number      quoted       price     paid up               
                                                per       per                   
security  security              
 7.1    Preference                                                              
        +securities    Nil         Nil                                          
        (description)                                                           
7.2    Changes                                                                 
        during                                                                  
        quarter                                                                 
        (a)                                                                     
Increases                                                               
        through                                                                 
        issues                                                                  
        (b)                                                                     
Decreases                                                               
        through                                                                 
        returns of                                                              
        capital, buy-                                                           
backs,                                                                  
        redemptions                                                             
 7.3    +Ordinary      65,609,529  65,609,529                                   
        securities                                                              
7.4    Changes                                                                 
        during                                                                  
        quarter        3,712,985   3,712,985    $0.60     $0.60                 
        (a)                                                                     
Increases      1,535,916   1,535,916    $0.75     $0.75                 
        through                                                                 
        issues                                                                  
        (b)  Increase                                                           
through                                                                 
        exercise of                                                             
        options                                                                 
 7.5    +Convertible                                                            
debt           Nil         Nil                                          
        securities                                                              
        (description)                                                           
 7.6    Changes                                                                 
during                                                                  
        quarter                                                                 
        (a)                                                                     
        Increases                                                               
through                                                                 
        issues                                                                  
        (b)                                                                     
        Decreases                                                               
through                                                                 
        securities                                                              
        matured,                                                                
        converted                                                               
7.7    Options                                 Exercise  Expiry                
        (description   21,869,843  21,869,843   price     date                  
        and                                     $1.00     30 April              
        conversion                                        2008                  
factor)                                                                 
 7.8    Issued during  21,869,843  21,869,843   $1.00     30 April              
        quarter                                           2008                  
 7.9    Exercised      1,535,916   1,535,916    $0.75     30                    
during                                            November              
        quarter                                           2005                  
 7.10   Expired        16,238,205  16,238,205   $0.75     30                    
        during                                            November              
quarter                                           2005                  
 7.11   Debentures     Nil         Nil                                          
        (totals only)                                                           
 7.12   Unsecured      Nil         Nil                                          
notes (totals                                                           
        only)                                                                   
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.                                                           
W.T.Marx. (Director)                                                            
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: 30/01/2006 09:56:15 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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