Go Back Email this Link to a friend


TAW - Tawana/ Kimberley Consolidated Mining Limited - Company Announcement

Release Date: 13/07/2007 08:20:01      Code(s): TAW
TAW - Tawana/ Kimberley Consolidated Mining Limited - 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")                                                     
Kimberley Consolidated Mining Limited                                           
(Incorporated in the Republic of South Africa)                                  
(Registration number 2007/010470/06)                                            
("KCM")                                                                         
13 July 2007                                                                    
New Joint Venture between Tawana Resources NL and Kimberley Consolidated Mining 
Limited - Carter Block, South Africa                                            
The Directors of Tawana are pleased to announce a joint venture (the Carter     
Block Joint Venture) with Kimberley Consolidated Mining Limited (KCM), a        
currently unlisted South African company which has advanced plans to list       
shortly on the JSE Limited and is also considering listing on the Alternative   
Investment Market of the London Stock Exchange in due course.                   
The Carter Block Joint Venture has been formed to prospect and evaluate         
kimberlites situated on a 266 square kilometer new order Prospecting Right      
surrounding the De Beers owned Finsch Mine, South Africa (The Carter Block).    
The granted tenement incorporates three known kimberlites, fourteen BHP         
Billiton-                                                                       
generated Falcon targets, and four aero-magnetic survey targets. The Joint      
Venture`s initial focus is the BHP Billiton - generated Falcon Targets and the  
aero-magnetic survey targets.                                                   
Tawana has access to the Falcon data by virtue of the separate Daniel Joint     
Venture with BHP Billiton. BHP Billiton is not participating in the Carter Block
Joint Venture but has consented to Tawana using the Falcon data in return for a 
2.5% royalty on any future diamond revenue generated by Tawana from the use of  
the data in the Carter Block.                                                   
Tawana is able to earn 40% equity in each individual Falcon and aero-magnetic   
target by identifying kimberlites through drilling and conducting a bulk        
sampling program. Expenditure on further evaluation work will be contributed by 
KCM and Tawana on a pro-rata basis. Tawana will manage the project.             
The three known kimberlites are currently being prospected by KCM and early     
indicator mineral sampling has been positive. Several G10 pyrope garnets were   
recovered from the Shoan kimberlite, indicating that this kimberlite is likely  
to be diamondiferous. The agreement provides that should Tawana wish to         
participate in the exploration of these known kimberlites, Tawana would be      
entitled, subject to contract, to take up an agreed participating interest      
therein.                                                                        
The Carter Block also incorporates known diamondiferous alluvial deposits which 
while they will remain wholly-owned and operated by KCM are adjacent to the     
Tawana alluvials in the area and an opportunity for future co-operation between 
Tawana and KCM with respect to parallel development in this regard therefore    
exists.                                                                         
Wolf Marx, Managing Director of Tawana commented today: "The Carter Block Joint 
Venture is an exciting development for Tawana. We have been keen to enter into  
this agreement to get access to some of the best targets in the vicinity of the 
Finsch diamond mine. Our new partners are expert alluvial diamond miners and    
have an established diamond mining and marketing track record. This is another  
example of Tawana`s ability to add critical mass to its portfolio in creative   
and capital efficient ways."                                                    
Contact:                                                                        
Wolf Marx                                                                       
Tel: +61 (0)3 98635222                                                          
Mob: +61 (0)428 398446                                                          
Email:wolf.marx@tawana.com.au                                                   
Corporate advisor to KCM:                                                       
T-Corporate                                                                     
Independent expert to KCM:                                                      
Venmyn Rand                                                                     
Sponsor to Tawana:  PricewaterhouseCoopers Corporate Finance (Pty) Limited      
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"                                
All press releases and announcements may be inspected on the Company`s web site,
namely: www.tawana.com.au                                                       
Date: 13/07/2007 08:20:01 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.