Tawana Resources NL - Company Announcement Release Date: 16/03/2006 10:01:01 Code(s): TAW
Tawana Resources NL - Company Announcement
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")
16 March 2006
Positive results reported from Pilbara exploration samples.
Results indicate presence of new kimberlite.
Melbourne Laboratory building sold for $1.87M with lease-back terms.
(Tawana 50%, De Beers Australia 50%)
Tawana Diamonds Australia Limited (TDAL) is the company formed jointly by De
Beers and Tawana to explore and develop Australian diamond projects. This
Company is managed by Tawana.
As previously reported, a helicopter supported sampling program was completed
during Q4 2005 during which 304 samples were collected over areas in which
previous De Beers sampling had identified kimberlitic indicator mineral
anomalies. These samples are being processed and examined in the Company"s
Initial results have been very encouraging. Kimberlitic indicator minerals have
been recovered from two discrete areas. In the one area a microdiamond was
recovered from a sample containing kimberlitic minerals, which are interpreted
as being derived from a kimberlite close to the sample site. This is an
excellent result for such an early stage of the exploration program, which is
focused on an area some 40km from the Blacktop project area.
The DMS plant hired for processing the proposed bulk samples of the Blacktop
kimberlite is being prepared for transport to site. This will be done as soon as
statutory approvals have been granted and the dry season has commenced.
During December 2005 the De Beers diamond laboratory in Melbourne was acquired
by Tawana. In March 2006 the building containing the laboratory was sold with a
long term lease-back agreement. The proceeds of this sale, being approximately
$1.9M, will be used to support the funding of the Company"s exploration and
development programs. The laboratory is now fully operational, and while
primarily concentrating on the Company"s sample determinations, there is also
capacity to handle third party work.
For enquires contact:
Tel: +61 3 99097551
Mob: 0428 398446
Tel: 08 82768794
Mob: 0428 265205
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"
All press releases and announcements may be inspected on the Company"s web site,
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Date: 16/03/2006 10:01:05 AM Supplied by www.sharenet.co.za
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