TAW - Tawana Acquires 30% Stake In St Augustines Kimberlite, 600 Metres West Of Release Date: 27/09/2007 08:20:00 Code(s): TAW
TAW - Tawana Acquires 30% Stake In St Augustines Kimberlite, 600 Metres West Of
The "Big Hole", Kimberley, 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")
27 September 2007
Tawana acquires 30% stake in St Augustines Kimberlite, 600 metres west of the
"Big Hole", Kimberley, South Africa
Tawana is pleased to announce that it has acquired a 30% interest in the St
Augustines kimberlite located 600 metres west of the famous Kimberley Mine, "the
Big Hole", in Kimberley, South Africa.
"The Big Hole" produced 14.5 million carats of diamonds from 22.5 million tonnes
at a grade of 64 carats per hundred tonnes. Mining ceased at the Big Hole in
The St Augustines kimberlite was mined in the late 1890`s and records show that
the diamond quality was considered identical and the grade similar to that of
the nearby Kimberley Mine. Geological records indicate that the kimberlite pipes
of "the Big Hole" and St Augustines are located on the same structure and are
connected by a kimberlite fissure.
Mining at St Augustines ceased in 1902. Subsequently the tailings of the
Kimberley Mine were deposited over the St Augustines kimberlite. The tailings
have since been removed. Records show that St Augustines was only partially
mined to a depth of approximately 240 metres as compared to the Kimberley Mine
which was mined to a depth of 1097 metres..
A new order Prospecting Right was granted to Vecto Trade 436(Pty) Ltd (Vecto) in
August 2007. Tawana has agreed to purchase 30% of the issued shares in Vecto
from the current major shareholder, Galeshewe Mining Resources (Pty) Limited
(Galeshewe). The consideration for these shares is an initial payment of
R100,000 (approx.A$17,000), sole funding an agreed work program valued at
R1,530,000 (approx A$255,000), and paying Galeshewe R2 900 000,00 (approx.
A$487,000), should a decision to mine be taken, not later than the last
day of the eighth month following commencement of full scale mining operations.
Commenting on the acquisition Tawana`s Managing Director, Wolf Marx, said: "We
are pleased to be able to participate in the renewed rush for diamonds in the
Kimberley region. As the global focus for diamond mining and exploration shifts
from Canada and Australia back to Africa, many companies are purchasing existing
mines in South Africa and elsewhere. We are delighted to be able to compliment
our already strong position in the region with this unique acquisition."
Tel: +61 (0)3 98635222
Mob: +61 (0)428 398446
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,
Sponsor: PricewaterhouseCoopers Corporate Finance (Pty) Limited
Date: 27/09/2007 08:20:00 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department .
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.