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TAW - Tawana Resources NL - Chairman`s Address - AGM 2007

Release Date: 31/05/2007 07:39:01      Code(s): TAW
TAW - Tawana Resources NL - Chairman`s Address - AGM 2007                       
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")                                                     
31 May 2007                                                                     
Chairman`s Address - AGM 2007                                                   
I would like to welcome you here at the Company`s Melbourne laboratory to our   
10th annual general meeting. While the 2006 year`s activities are well          
summarized in the annual report, there have been some pleasing developments     
during the early part of 2007.                                                  
The mining right for the Kareevlei  Wes project was granted at the end of the   
March quarter, marking the successful outcome of many years of preliminary      
exploration and assessment,  followed by lodging the formal application for the 
mining right some  two years ago. During the application period, Wolf and our   
South Africa based people (including Craig Bailey, Leon Daniels, Adrian Horwitz 
and our Seven Falls partner, Thabo Makweya) remained in touch with the          
Department of Minerals and Energy, clarifying the terms of the application as   
Tawana is now constructing its 30 tonnes per hour dense media separation plant  
at Kareevlei Wes, and has called tenders for undertaking the trial mining       
program. If the results of this trial confirm the economics indicated during the
exploration phase, Tawana could be a diamond producer by year`s end.            
In May this year Tawana announced that it had been granted a prospecting licence
over a cluster of eight kimberlites in north-east Botswana. This project is in  
the Orapa kimberlite field, some 25 km from the DeBeers Orapa diamond mine.     
While these kimberlites were identified some 30-40 years ago, only one has so   
far been tested for diamonds.  Our immediate program is to confirm the          
dimensions of each kimberlite using modern ground based geophysics, followed by 
drilling and trenching to establish diamond grade and tenor. We expect drilling 
will commence in the September quarter.                                         
Back in South Africa, we expect to commence a sampling program at the Riverton  
Kimberlite in the September quarter.                                            
We have continued to try to identify an experienced mining group to joint       
venture a major trial mining program on Tawana`s Eastern Gravels and Feeder     
Channel alluvials near the Finsch mine, some 150 km west of Kimberley. These    
diamondiferous alluvials comprise approximately 200 million tonnes, including   
shallow overburden. It is a project that will require significant initial       
capital to establish the plant and equipment.                                   
Tawana has formed an alliance with Guma Resources (a subsidiary of a major South
African company) to identify and explore mineral opportunities in southern      
Africa. The first alliance project is expected to commence in the September     
quarter on the Lexshell prospect. This is an alluvial target based within an old
tributary of the Vaal/Harts River system, located approximately 50km to the West
of Kimberley.                                                                   
In Australia, we completed the bulk test of the Black Top kimberlite dyke in the
Pilbara, with inconclusive results. While we did recover diamonds, they were not
of the quantity recovered in the original De Beers` program. We are continuing  
with the Pilbara exploration program, and have earned over 60% interest in the  
joint venture with De Beers.                                                    
Our Melbourne laboratory has continued to treat Tawana and third party samples. 
The flow of samples from the new programs in southern Africa will increase in   
the coming months.                                                              
Last year we raised funds to support the Black Top and Kareevlei Wes programs.  
The latter has only just been approved for development. Your board is now       
looking at the level of additional funding that will be required to support the 
ongoing and new projects. We continue to investigate both corporate and organic 
opportunities that may lead to Tawana becoming a diamond producer.              
On behalf of shareholders, I thank Wolf and his team for another year of solid  
endeavour. Securing the approval to trial mine Kareevlei Wes, and the right to  
explore the BK19-BK26 kimberlites in Botswana, provide for a good start to the  
2007 year.                                                                      
Brian Phillips                                                                  
31 May 2007                                                                     
Representative Office:                                                          
South African Sponsor to Tawana:                                                
PricewaterhouseCoopers Corporate Finance (Pty) Limited                          
All press releases and announcements may be inspected on the Company"s web site:
Date: 31/05/2007 07:39:01 Supplied by www.sharenet.co.za                     
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