TAW - Tawana - New Joint Venture - Riverton Kimberlite, South Africa Release Date: 15/05/2007 09:11:01 Code(s): TAW
TAW - Tawana - New Joint Venture - Riverton Kimberlite, South Africa
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")
New Joint Venture - Riverton Kimberlite, South Africa
The Directors of Tawana Resources ("TAW`) are pleased to announce a joint
venture with Taormina Mining (Pty) Limited ("Taormina"), an unlisted South
African company, to prospect and evaluate a kimberlite situated 25 kilometers
north of Kimberley, South Africa.
The kimberlite is a 4 hectare pipe known locally as the Riverton Mine and is
anecdotally reported to have produced good quality diamonds when it was mined by
small scale diggers during the 1990`s. Mining is reported to have ceased due to
permitting issues. No professionally controlled mining has taken place at
Riverton, and Tawana will apply modern exploration and mining techniques to
evaluate the potential of this project.
Tawana is able to earn 51% equity in the project by conducting a 2000 tonnes
bulk sampling program followed by an 8000 tonnes evaluation program if
warranted. Thereafter Tawana has the option to increase its equity to 70% by
paying Taormina Rand 1.5million (approx. A$260,000)
Tawana is well equipped to conduct the initial evaluation stages. With the
construction of the Kareevlei Wes trial mining facility using its 25 tonne per
hour dense media separation ("DMS") plant (see announcement dated 20 April
2007), Tawana will use its existing smaller 10 tph DMS plant at Riverton. Plant
operators previously trained and employed by Tawana at its other Northern Cape
diamond projects are available for the operation. Tawana`s South African-based
General Manager, Craig Bailey, will oversee the Riverton Project while his main
focus will be on the Kareevlei Wes trial mining program. Work will commence
during the third quarter of 2007.
Wolf Marx, Managing Director of Tawana commented today: "The Riverton joint
venture is another step on our path to construct a viable portfolio of diamond
assets in the most prolific diamond producing regions. One of these regions is
based around the town of Kimberley in the Northern Cape Province and Riverton
complements our other important projects of Kareevlei Wes, Tawana Alluvials,
Daniel Kimberlites and Lexshell."
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 edition of the "Australasian Code for the
Reporting of Mineral Resources and Ore Reserves"
Tel: +61 (0)3 98635222
Mob: +61 (0)428 398446
All press releases and announcements may be inspected on the Company`s web site,
14 May 2007
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 15/05/2007 09:11:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department .
|Email this JSE Sens Item to a Friend.|
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.