Go Back Email this Link to a friend

Tawana - Strategic Alliance - Guma Resources

Release Date: 10/11/2006 09:13:15      Code(s): TAW
Tawana - Strategic Alliance - Guma Resources                                    
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")                                                     
10 November 2006                                                                
Strategic Alliance - Guma Resources                                             
The Company is pleased to advise that it has formed a strategic alliance with   
Guma Resources (Proprietary) Limited ("Guma Resources"), a subsidiary of Guma   
Capital (Proprietary) Limited ("Guma"). The Guma group of companies is a        
diversified investment group based in Johannesburg that is black owned and      
managed. The Guma group was established in 1997 by successful South African     
entrepreneur Robert Matana Gumede.                                              
Guma focuses on multi-faceted businesses where it can add value and assist in   
their growth potential.  In addition to several private investments in          
diversified sectors, Guma owns 36.6% of GijimaAST, that is one of South Africa"s
largest IT companies and is listed on the JSE Limited.  GijimaAST posted        
revenues of R1.95 billion (A$344.4 million) in the last financial year and      
received 8th place overall in the Financial Mail/Empowerdex Top 200 Empowerment 
Companies Survey 2006.  In 2005, Robert Gumede, chairman of Guma, was runner up 
in the South African Chapter of the World Entrepreneur of the Year.             
The strategic alliance provides Tawana with a black-controlled business partner 
with the ability to leverage of its sizeable net asset base and introduce       
resource projects via its strong networks throughout Africa.                    
The purpose of the strategic alliance is to combine the exploration and mining  
skills of Tawana with the financial, entrepreneurial, accounting and business   
skills of Guma to explore for, develop and mine diamond and other mineral       
deposits in South Africa, Botswana, Namibia, Mozambique and other countries as  
agreed by the parties.                                                          
The alliance will comprise two stages. The first will be to identify, assess and
acquire mineral rights to projects deemed to be worthy of progressing. The      
second stage will involve the formation of joint ventures on a project by       
project basis with the aim to confirm the economic merit of the projects via the
completion of definitive feasibility studies adequate to secure debt financing. 
The participation in Stage One will be on a 50:50 basis and thereafter the      
participating interests will be dependent on the nature of the specific         
projects. Tawana will lead the alliance with Guma"s hands-on involvement.       
Tawana"s long standing relationship with Seven Falls will continue on the       
existing projects in South Africa and Botswana and will be further strengthened 
with the appointment of Seven Falls Chairman, Thabo Makweya (former MEC for     
Economic Affairs in the Northern Cape), as CEO of Guma Resources.               
The Managing Director of Tawana, Wolf Marx said: "We are delighted to form this 
alliance with one of the most successful companies to emerge in the New South   
Africa and are pleased to be chosen by Guma to be its partner in developing     
resources in Southern Africa. This alliance again demonstrates Tawana"s         
commitment to South Africa and to be part of the Region"s mining future."       
The CEO of the Guma group, Cheslyn Mostert said: "Guma Resources is excited at  
the prospect of partnering Tawana to explore, develop and mine potential        
deposits in the Southern African region.  By selecting Tawana as its technical  
partner, the combination of each company"s complementary expertise and skills   
can only result in a successful relationship.  We look forward to our business  
future together."                                                               
The Guma group Chairman, Robert Gumede added: "Tawana represents our first      
strategic alliance in the mining sector and we are hopeful that Guma Resources  
will grow from strength to strength with Tawana as well as other mining groups, 
who seek value adding partners."                                                
For further information on Tawana and Guma visit: www.tawana.com.au and         
Contact: Tawana:                                                                
Wolf Marx                          Basil Tambanis                               
Tel: +61 (0)3 98635222             Tel: +61 (0)3 98635222                       
Mob: +61 (0)428 398446             Mob: +61 (0)414 434339                       
Email:wolf.marx@tawana.com.au. basil.tambanis@tawana.com.au                     
Contact: Guma:                                                                  
Thabo Makweya                      Cheslyn Mostert                              
Tel: +27 (0)53 832 5271            Tel: +27 (0)11 548 0000                      
Mob: +27 (0)84 463 6367            Mob: +27 (0)82 523 4552                      
Email: tmakweya@guma.co.za         cmostert@guma.co.za                          
Sponsor to Tawana:  PricewaterhouseCoopers Corporate Finance (Pty) Limited      
All press releases and announcements may be inspected on the Company"s web site,
namely: www.tawana.com.au                                                       
Date: 10/11/2006 09:13:19 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2019 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.