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TAW - Tawana Resources NL - Reviewed Results for the year ended 31 December 2006

Release Date: 29/03/2007 10:03:01      Code(s): TAW
TAW - Tawana Resources NL - Reviewed Results for the year ended 31 December 2006
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")                                                     
REVIEWED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006                            
Comment on Company Operations by Wolf Marx, Managing Director. The full Annual  
Report can be viewed on the Company`s website at www.tawana.cm.au               
TAWANA GROUP`S DIAMOND PROJECTS                                                 
Brief overviews of Tawana`s diamond projects, which are all located in          
prospective areas, are as follows:                                              
SOUTHERN AFRICAN DIAMOND PROJECTS                                               
operated by Tawana, 51.8% BHP Billiton and 26% Seven Falls)                     
The Daniel Kimberlite Project encompasses an area 30kms in radius centred on    
the De Beers owned Finsch Mine. Utilisation of BHP Billiton`s Falcon (R)        
technology has resulted in the identification of targets to be tested to        
determine if they are kimberlitic.                                              
Percussion drilling of these targets to which access was granted was conducted  
during 2004 and 2005 resulting of in the discovery of three kimberlites (A1,    
A2, and A95).                                                                   
Following the discovery of these kimberlites, the Falcon (R) data was reviewed, 
resulting in a re-assessment of all of the previously identified targets and the
selection of several of these for drill testing during 2006. No new kimberlites 
were identified but samples of drill chips collected from holes which failed to 
reach target depth or were considered to worthy of further investigation were   
submitted for analysis. Kimberlitic indicator minerals were recovered from a    
number of these targets and these will be followed up during 2007.              
(74% owned and operated by Tawana; 26% Seven Falls)                             
The Kareevlei Wes Project comprises a cluster of 5 kimberlitic pipes (KV1-KV5). 
Recent re-interpretation of drilling and geophysical data show that the pipes   
range in surface area from 5.5ha to less than 0.1ha. Drilling to a depth of     
100 meters showed that KV3 is 13Mt and KV2 is 2Mt.                              
As a result of processing percussion and Bauer drill bulk samples during        
2004/2005 the grade of KV1 and KV2 was estimated to be 8.57 cpht. Subsequent    
statistical analyses of the diamonds recovered from these two kimberlites       
suggested that the grade could be expected to be 11 cpht if larger parcels of   
diamonds could be produced.                                                     
Diamonds from KV1 and KV2 were valued at US$110/ct with the valuer predicting   
substantially higher values for larger parcels. This prediction was supported   
by subsequent statistical analysis of a parcel from the KV1 and KV2             
kimberlites, which suggested that US$164/ct was a reasonable value estimate     
for diamonds from these kimberlites. Subsequently a parcel of 33.24ct of        
diamonds from KV3 was valued by Mr Gregory Katz of Johannesburg at US$170/ct.   
At the estimated operating cost of open pit kimberlite mining and processing in 
South Africa of US$7.53/t (2005 costs), the required breakeven grade at a       
diamond value of US$170 /ct is 4.43 cpht.                                       
An application for a Mining Right for Kareevlei Wes is being processed by the   
South African Department of Minerals and Energy. Tawana was advised in January  
2007 that the Mining Right may be granted in the June Quarter of 2007.          
On granting of the Mining Right, it is proposed to conduct a trial mining and   
treatment operation at Kareevlei Wes, taking up to 20,000 tonnes from KV2. The  
Company`s two dense media separation plants will be used to treat material,     
which will be mined by contract. Key Tawana staff are already in place to       
supervise this trial.                                                           
Note: The Company considers that any tonnage and grade estimates reflected 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 made as provided by paragraph 18 of the JORC Code in relation to an    
exploration target or exploration potential. The diamonds were recovered from   
the minus 19mm plus 1.5mm fractions of kimberlite sampled by 2.5m diameter      
Bauer drill holes. The kimberlite material was processed in the Company`s DMS   
plant with diamond recovery by a Flowsort X-ray plant and a grease table.       
(74% owned and operated by Tawana; 26% Seven Falls)                             
The Perdevlei Kimberlite Project comprises two kimberlite pipes having a        
surface area of approximately 1.7 ha and 0.2 ha, respectively. Both K1 and K2   
are known from previous work to be diamondiferous.                              
A 2,000 tonne bulk sampling program during 2006 showed that the grade of the K1 
pipe to be uneconomic.                                                          
(70% owned and operated by Tawana; 30% Seven Falls; BHP                         
Billiton 2.5% gross revenue royalty)                                            
The Tawana Alluvial Project area encompasses two alluvial deposits, the Feeder  
Channel and the Eastern Gravels, which extend from 300 meters from the De Beers 
owned Finsch Mine for a distance of approximately 18 kms from the mine.         
These deposits resulted from the discovery by Tawana during early exploration   
of the Daniel Alluvial Project.                                                 
During 2004/2005/2006 large volumes of alluvial material were extracted by      
percussion and large diameter Bauer drilling and processed in the Company`s DMS 
plants. Remarkably, this resulted in the recovery of diamonds from all of the   
holes drilled and the identification of zones of enrichment in the channels.    
The Eastern Gravels were also identified as hosting higher quality diamonds     
although additional exploration is needed to define minable zones.              
Such exploration would entail a large scale operating trial and it was decided  
to invite the participation in the project of operators with the required       
specialised skills and funding to undertake the program. While there is no      
satisfactory commercial basis for an agreement, discussions are continuing.     
DANIEL ALLUVIAL PROJECT (DAP)                                                   
(29.6% owned and operated by Tawana; 44.4%; BHP Billiton;                       
26% Seven Falls)                                                                
The DAP encompasses the Main Channel of an ancient river channel that was       
initially discovered by BHP Billiton utilising its Falcon (R) technology. The   
main channel is adjacent to the Eastern Gravels and appears to contain gravels  
similar in nature to those identified in the Eastern Gravels. The gravels in    
the Main Channel are covered by deeper overburden, and further exploration will 
depend on successful exploitation of the Eastern Gravels.                       
SEOLO DIAMOND PROJECT, BOTSWANA                                                 
(100% owned by Tawana)                                                          
Exploration licenses covering 2,009 square kilometers in the prospective        
northern region of Botswana, between the city of Francistown and the Orapa      
kimberlite province, were granted to Tawana during early 2004. The licenses     
cover areas which are known to be geologically favourable for kimberlite        
intrusions and which were known to include sites where kimberlitic indicator    
minerals had been recovered by earlier explorers.                               
Kimberlitic indicator minerals were recovered from soil samples collected over  
identified targets during 2004 and 2005. Additional follow up sampling was      
conducted during 2006 which confirmed the presence of anomalous kimberlitic     
indicator minerals in this highly prospective region.                           
Tawana plans to recommence a reconnaissance program in this area during 2007,   
and it is anticipated that the source of these kimberlitic minerals will be     
AUSTRALIAN PROJECTS                                                             
PILBARA - BLACKTOP PROJECT                                                      
(66.6% owned and operated by Tawana ; 33.3% De Beers                            
Australia Exploration Limited )                                                 
A DMS plant was commissioned in early September 2006, and the on-site           
processing was completed by mid-November 2006. The DMS concentrates were        
processed by X-ray diamond recovery methods in a Perth laboratory and the       
diamonds sorted and weighed in the Company`s Melbourne laboratory. A total of   
2,320 diamonds, weighing 163.89 carats was recovered. The majority of the       
stones are white dodecahedrons, with the largest stone weighing 1.41 carats.    
All diamonds were recovered from the 19mm/+1mm size fractions of the material   
Approximately 6,000 tonnes were excavated and trucked to the DMS plant. While   
additional blows may exist along strike of Blacktop 01, costeaning was in areas 
which were readily accessible. The grade of the kimberlite varies along strike  
but the quality of the diamonds remains consistent. The variable grade is       
interpreted as being mainly the result of contamination of the kimberlite in    
near-surface exposures by surrounding country rocks. In narrow sections of the  
kimberlite contamination of the samples was greatest. In the early evaluation   
stage it is common practice to excavate kimberlite from costeans with minimal   
cut back of the surrounding country rocks, which minimizes environmental        
disturbance of the area but can result in the contamination of the samples and  
consequential dilution of the recovered grade. It has been previously reported  
that De Beers recovered 135 diamonds weighing 5.27 carats from a 32.8t sample.  
This sample was collected at the BTB01/03 site. The small size of the sample    
enabled De Beers to collect that sample relatively free of contamination.       
The larger samples collected by Tawana have provided a large enough parcel of   
diamonds for valuation purposes. The diamonds were valued by Diamdel NV, a De   
Beers Group diamond trading and marketing company, at US$52.56 per carat.       
Commenting on the diamonds, the Valuers said that the parcel was unusual in     
that it contained no boart (low quality industrial) diamonds and that the       
presence of larger diamonds in a larger parcel would result in a higher         
Exploration in the area around the Blacktop kimberlite dyke has given strong    
indications of extensions to and new dykes parallel to the Blacktop kimberlite. 
Indicator minerals recovered from one of these sites, Blacktop East, display    
mineral chemistry signatures typical of diamondiferous kimberlites.             
The future program for Blacktop will be formulated when the results of the      
regional exploration have been received.                                        
Samples were also taken over the Blacktop 02 dyke for heavy mineral analysis.   
These samples have been analysed in Tawana`s laboratory and the diamondiferous  
nature of this sub-parallel dyke has been confirmed.                            
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 1mm fractions of kimberlite excavated. The   
kimberlites were processed in a rented Dense Media Separation plant with        
diamond recovery by a Flowsort X-ray plant and manual sorting.                  
PILBARA REGION EXPLORATION                                                      
(66.6% owned and operated by Tawana; 33.3% De Beers Australia Exploration       
Helicopter supported regional reconnaissance and follow-up sampling within the  
17 granted De Beers Australia Exploration Limited tenements commenced in late   
September and was completed by early October 2006. This program included        
reconnaissance stream sampling and the follow up of anomalies generated from    
aeromagnetic surveys and heavy mineral anomalies from previous De Beers         
This sampling program was based out of Blacktop camp and involved Tawana        
geologists and a geologist on secondment from De Beers. The sampling area       
covered approximately 4,000 square km.                                          
The 266 samples are being processed and examined in the Melbourne Laboratory.   
Results are expected during Q2 2007.                                            
WHIRLWIND PLAINS PROJECT, NORTHERN TERRITORY                                    
(100% owned by Tawana)                                                          
The Whirlwind Plains Project covers 500 square kms and is located in the        
Northern Territory some 200km from the Western Australian border. A             
ground-based gravity survey has been conducted over a part of the tenement to   
test the hypothesis that several ancient river channels exist in this area.     
No substantial work was conducted on this project during 2006.                  
TIMBER CREEK PROJECT, NORTHERN TERRITORY.                                       
(100% owned by Tawana)                                                          
The Timber Creek Project, which was originally acquired from De Beers,          
comprises a cluster of 5 kimberlitic intrusions and the surrounding potential   
for alluvial diamond placers.                                                   
No substantial work was conducted on this project during 2006.                  
FLINDERS ISLAND PROJECT, SOUTH AUSTRALIA                                        
(80% owned by Tawana; 20% Orogenic Exploration)                                 
Flinders Island is some 39 kms(2) in extent and situated 28 kms west of the Eyre
Peninsula of South Australia. The island is formed of granite and is covered by 
some 10 meters to 30 meters of younger sediments and sands. Results from        
earlier soil sampling and drilling has shown an abundance of kimberlitic        
minerals from surface to the bedrock contact, at approximately 15m below        
surface in a defined area in the northern part of the island.                   
No substantial work was conducted on this project during 2006.                  
EYRE PENINSULA PROJECT, SOUTH AUSTRALIA                                         
(80% owned by Tawana; 20% Orogenic Exploration)                                 
Chemical analyses of kimberlitic indicator minerals recovered from samples in   
this project area show a high percentage of picroilmenites displaying chemical  
attributes which are characteristic of minerals associated with diamond bearing 
Follow up sampling was conducted late in 2005 and results confirmed the         
presence of anomalous concentrations of kimberlitic minerals in discrete areas. 
Additional sampling in 2006 further defined these areas.                        
Melbourne Laboratory                                                            
The diamond laboratory in Melbourne was acquired from De Beers in late 2005 by  
Tawana and key staff were employed to operate this facility.                    
During 2006 the laboratory processed the Company`s samples from the Blacktop    
kimberlite and the Pilbara Exploration projects. In addition it conducted check 
analyses on samples collected in South Africa and elsewhere.                    
The specialised skills of the laboratory were also utilised by other companies  
on a commercial basis.                                                          
Guma Strategic Alliance                                                         
The Company 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 highly 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, which is one of South        
Africa`s largest IT companies and is listed on the JSE Limited ("JSE").         
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 having 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 potentially economic.       
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 by     
exploration and the completion  of feasibility studies.                         
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 be operator of the alliance, with Guma participating in   
all phases of each program.                                                     
Tawana`s long standing relationship with Seven Falls will continue on existing  
projects in South Africa and Botswana and will be further strengthened with     
the appointment of Seven Falls Chairman, Thabo Makweya (former Member of the    
Executive Council for Economic Affairs in the Northern Cape), as CEO of         
Guma Resources.                                                                 
Staff Changes                                                                   
Dr Leon  Daniels resigned as Executive Director of the Company, effective       
30 September 2006, Harry Hill resigned effective 22 January 2007 as Company     
Secretary of the Company, Manfred Marx resigned as Exploration Manager          
effective 30 November 2006 and Basil Tambanis resigned as Corporate             
Operating Officer effective 31 December 2006.                                   
Craig Bailey has been promoted to General Manager with primary responsibility   
for the South African operations.                                               
Edward Derrick Ehmke was appointed Company Secretary on 22 January 2007.        
Derrick has over 40 years` business experience in Finance, Administration, IT   
Supply Chain Management and Marketing. He has been involved predominantly in    
Retailing and Manufacturing public companies in South Africa, United Kingdom    
and Australia. He is a Fellow of the Institute of Corporate Managers,           
Secretaries and Administrators. He owns and manages a consultancy company.      
Capital Raising                                                                 
Tawana successfully completed a capital raising through an underwritten rights  
issue by ABN AMRO Morgans which resulted in the Company welcoming some new      
Shareholders to the register; a number of whom are domiciled in South Africa.   
This will underpin the Company capitalising on its 2005 listing on the JSE and  
gain local support for its projects in southern Africa. The funds raised were   
principally applied to the bulk sampling of the Blacktop 01 kimberlite and will 
be applied to the Kareevlei Wes trial mining once the Mining Right has been     
granted. Funds are also used to maintain the Company`s exploration and          
evaluation focus. It is anticipated that further funds will be generated from   
sales of diamonds from Kareevlei Wes, participation in projects by joint        
venture partners and from additional capital raisings.                          
Financial Results                                                               
INCOME STATEMENT                                                                
Year Ended 31 December 2006                                                     
Consolidated                         Parent                  
                   2006               2005            2006            2005      
                      $                  $               $               $      
Revenue          233,201             92,570         136,886          92,570     
Other Income     216,242             94,470         216,242          94,470     
written off  (2,439,577)        (2,144,826)     (2,439,577)     (2,042,897)     
Finance costs   (26,090)           (30,845)               -        (11,229)     
gains/(losses)  (61,661)          (371,329)        (27,457)          12,012     
Corporate      (535,330)          (513,309)       (401,528)       (513,309)     
expense        (369,995)          (928,806)       (203,470)       (351,984)     
Travel costs   (253,233)          (343,456)        (71,794)       (103,525)     
Depreciation   (832,518)          (656,507)       (334,031)      ( 115,714)     
Impairment of                                                                   
assets                 -                  -     (2,121,692)     (1,119,897)     
Fee                    -                  -       (202,855)       (272,373)     
expenses       (697,308)          (895,918)       (369,751)       (473,811)     
Loss from                                                                       
before income                                                                   
tax expense  (4,766,269)        (5,697,596)     (5,819,027)     (4,805,687)     
Income Tax                                                                      
expense                -                  -               -               -     
Loss from                                                                       
after income                                                                    
tax expense   (4,766,269)        (5,697,596)     (5,819,027)     (4,805,687)    
Net loss /                                                                      
to outside                                                                      
interest               -                   -               -               -    
Loss for the                                                                    
to members of                                                                   
the parent    (4,766,269)        (5,697,596)     (5,819,027)     (4,805,687)    
Earnings per share for continuing operations                                    
Headline earnings per share                         (0.061)          (0.095)    
Diluted earnings per share                          (0.061)          (0.095)    
Tangible Net Assets per Share                          0.19             0.26    
BALANCE SHEET                                                                   
As at 31 December 2006                                                          
Consolidated                     Parent                 
                    2006             2005             2006            2005      
                       $                $                $               $      
Cash and                                                                        
equivalents     2,655,399        1,340,481          278,558       1,152,797     
Trade and                                                                       
receivables       561,231          706,608          138,654         263,837     
Inventories        94,181           54,039                -               -     
TOTAL CURRENT                                                                   
ASSETS          3,310,811        2,101,128          417,212       1,416,634     
Receivables        51,291           61,324                -               -     
assets                  -                -        7,730,151       5,592,973     
plant and                                                                       
equipment       1,371,547        3,859,985          778,414       2,610,779     
expenditure    12,037,202        9,749,360        8,931,447       7,109,772     
TOTAL NON-                                                                      
ASSETS         13,460,040       13,670,669       17,440,012      15,313,524     
TOTAL ASSETS   16,770,851       15,771,797       17,857,224      16,730,158     
Trade and                                                                       
payables          480,664          158,607          119,890          93,434     
Provisions         71,760                -           71,760               -     
TOTAL CURRENT                                                                   
LIABILITIES       552,424          158,607          191,650          93,434     
Provisions         51,291           13,427                -               -     
liabilities             -            2,577            7,692           7,692     
TOTAL  NON-                                                                     
LIABILITIES        51,291           16,004            7,692           7,692     
LIABILITIES       603,715          174,611          199,342         101,126     
NET ASSETS     16,167,136       15,597,186       17,657,882      16,629,032     
Equity         32,544,335       25,744,021       32,544,335      25,744,021     
Reserves      (1,484,642)         (20,547)          206,447         158,884     
Losses       (14,892,557)     (10,126,288)     (15,092,900)     (9,273,873)     
TOTAL EQUITY   16,167,136       15,597,186       17,657,882      16,629,032     
CASH FLOW STATEMENT                                                             
Year Ended 31 December 2006                                                     
                                Consolidated               Parent               
                      2006            2005            2006            2005      
$               $               $               $      
Cash Flows from                                                                 
Receipts from                                                                   
customers           192,532               -          162,305               -    
received            178,102           81,460         81,787          81,460     
income                    -           11,110              -          11,110     
Interest expense   (26,090)         (164,152)             -       (144,896)     
Payments to                                                                     
suppliers and                                                                   
employees       (1,398,787)     (2,112,773)     (1,085,642)       (794,273)     
Net cash                                                                        
from operating                                                                  
activities      (1,054,243)     (2,184,355)       (841,550)       (846,599)     
Cash Flows from                                                                 
Purchase of                                                                     
fixed assets       (10,437)     (2,600,998)               -     (2,050,000)     
Proceeds on sale                                                                
of fixed assets   1,714,576               -       1,714,576               -     
of shares                 -         319,919               -         319,919     
Payments for                                                                    
exploration      (4,727,419)     (2,276,101)     (4,261,252)     (1,537,481)    
Advances to                                                                     
related bodies                                                                  
corporate                 -               -      (4,286,327)     (3,049,539)    
Loans repaid        (2,577)               -               -               -     
Net Cash                                                                        
from Investing                                                                  
activities      (3,025,857)     (4,557,180)      (6,833,003)     (6,317,101)    
Cash Flows from                                                                 
Proceeds from                                                                   
Share Issues                                                                    
(net)             6,800,314       5,382,769       6,800,314       5,382,769     
Net Cash                                                                        
from Financing                                                                  
activities        6,800,314       5,382,769       6,800,314       5,382,769     
Net Increase                                                                    
(Decrease) in                                                                   
Cash and cash                                                                   
equivalents       2,720,214     (1,358,766)       (874,239)     (1,780,931)     
Cash and cash                                                                   
equivalents at                                                                  
beginning of                                                                    
financial year     1,340,481      3,040,461       1,152,797       2,933,728     
Effects  of                                                                     
exchange rates                                                                  
changes on cash                                                                 
and cash                                                                        
equivalents      (1,405,296)      (341,214)               -               -     
Cash and cash                                                                   
equivalents at                                                                  
end of financial                                                                
year              2,655,399       1,340,481         278,558       1,152,797     
The financial report complies with Australian Accounting Standards, which       
include Australian equivalents to International Financial Reporting Standard    
(`AIFRS`). Compliance with AIFRS ensures that the financial report, comprising  
the financial statements and notes thereto, complies with International         
Financial Reporting Standards (`IFRS`).                                         
The financial statements have been audited by PricewaterhouseCoopers. The       
report of the auditors is available for inspection at the Company`s registered  
office and on the Company`s website at www.tawana.com.au                        
Share Capital                                                                   
During the year the Company allotted 21,487,952 ordinary shares as a result of  
an underwritten rights issue. The net funds raised of $6,800,315 were applied   
towards the ongoing exploration activities of the Company and to provide        
additional working capital.                                                     
The number of ordinary fully paid shares on issue at 31 December 2006 was       
Share Options                                                                   
During the year 390,000 options were issued to employees of the Company under   
the employees option scheme. These options were exercisable at 35 cents each on 
or before 30 November 2011.                                                     
Also during the year, 1,000,000 options were issued to B Tambanis as part of an 
employment arrangement. These options expire on 30 November 2011 and are        
exercisable at $0.50 each.                                                      
Also during the year, 475,000 options with an expiry date of 30 April 2008 and  
exercisable at $1.00 were issued to consultants of the Company for services     
The number of options on issue at 31 December 2006 the exercise price and the   
expiry date of the options are as follows:                                      
22,344,144 options exercisable at $1.00 each on or before 30 April, 2008.       
1,000,000 options exercisable at $0.50 each on or before 30 November 2011.      
390,000 options exercisable at $0.35 each on or before 30 November 2011 of      
which 130,000 have vested.                                                      
The number of unissued ordinary shares under these options at the date of this  
report is 23,334,144.                                                           
29 March 2007                                                                   
Corporate Directory                                                             
Brian Phillips (Non- Executive Chairman)                                        
Wolfgang Marx (Managing Director)                                               
Euan Luff (Non-Executive Director)                                              
Company Secretary                                                               
Edward Derrick Ehmke                                                            
Registered Office                                                               
60 Wilson Street                                                                
South Yarra                                                                     
Melbourne Vic 3141                                                              
Telephone: (03) 9863 5222                                                       
Facsimile: (03) 9863 5288                                                       
Email: wolf.marx@tawana.com.au                                                  
Web Site www.tawana.com.au                                                      
Date: 29/03/2007 10:03:00 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  

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