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TAW - Tawana - Orapa Project-Botswana- Nowak joint venture agreement

Release Date: 19/02/2008 09:22:42      Code(s): TAW
TAW - Tawana - Orapa Project-Botswana- Nowak joint venture agreement            
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")                                                     
Orapa Project-Botswana- Nowak Joint Venture Agreement                           
Tawana has formed a joint venture over the Orapa Project in Botswana            
Tawana has agreed to the terms of a joint venture with Nowak Investments (Pty)  
Limited (Nowak) to continue the exploration and evaluation of Tawana`s Orapa    
Diamond Project in Botswana. The agreement is subject to Ministerial approval.  
Under the terms of the agreement Nowak will be required to conduct and sole fund
the following program to earn a 51% interest in the project:                    
1)   Review all the results from the work completed by Tawana.                  
2)   Select kimberlites for mini-bulk sampling at the 30 metre level. For this  
purpose, the Management Committee, comprising members of Tawana and Nowak,  
    will determine the selected kimberlites.                                    
3)   Excavate at least one pit per selected kimberlite to a depth of 30 metres. 
4)   Excavate from horizontal drives at the 30m level no less than 100 tonnes of
kimberlite for processing from the selected kimberlites less than 1 hectare 
    in surface area and no less than 200 tonnes of kimberlite from the selected 
    kimberlites greater than 1 hectare in surface area.  A maximum of 1100      
    tonnes of kimberlite will be excavated for processing during this initial   
phase. If warranted additional bulk sampling up to 3000 tonnes per          
    kimberlite could be excavated and processed in subsequent phases.           
This phase of work is scheduled to commence immediately.                        
Nowak has also undertaken to conduct exploration on the Borolong and Moshaiwa   
At the completion of the above program Tawana will have the option to contribute
49% of ongoing expenditure or allow Nowak to continue sole funding to earn 70%  
interest in the project by completing a bankable feasibility study. Thereafter  
both parties will contribute pro-rata to expenditures.                          
Nowak is a Botswana registered unlisted company. The Managing Director of Nowak 
is Roy Spencer, formerly CEO of European Diamonds Plc. Technical consultant to  
Nowak is Dr. Leon Daniels, formerly a director of Tawana. Dr. Daniels and Mr.   
Spencer have a wealth of experience in diamond exploration, evaluation and      
mining. Dr Daniels was instrumental in acquiring the AK6 kimberlite for AIM     
listed African Diamonds Plc and Roy Spencer discovered the world class Grib     
Diamond Deposit in Russia and recently brought the Liqhobong Diamond Mine in    
Lesotho into production.                                                        
The probable development by De Beers and African Diamonds Plc (AFD-L) of a new  
diamond mine in the Orapa area on the AK6 kimberlite (located 25km to the south 
of the Tawana licence), which was originally discovered and evaluated in the    
1970`s and considered at that time to be a small, low-grade kimberlite, provides
an indication of the potential that still remains in Botswana. It is also       
noteworthy that Firestone Diamond Plc (FDI-L) has also reported encouraging     
results from its work in the Orapa field and elsewhere in Botswana.             
The Orapa kimberlite field is located in north eastern Botswana, and includes   
the Orapa, Letlhakane and Damtshaa diamonds mines, which produce in excess of 13
million carats of diamonds per year. The Orapa kimberlite field is one of the   
largest diamondiferous kimberlite fields in the world, containing 79 known      
kimberlites, of which the majority has been proven to be diamondiferous. The    
Orapa mine is one of the largest producing kimberlites in the world and is 113  
hectares in surface area.                                                       
The Orapa mine is located 20 km to the west, Letlhakane is 30km to the south,   
and Damtshaa is 6km to the south of the Tawana licence.                         
Commenting on the joint venture agreement, Wolf Marx, Managing Director of      
Tawana said: "I am pleased that we have been able to attract Nowak to our Orapa 
Project. Nowak will provide funding for the ongoing work on the project and,    
importantly, provide two of the best diamond explorationists in the business to 
take the project forward. This will free up our funds and people to concentrate 
on our Kimberley focused projects of Kareevlei Wes, Tawana Alluvials and St     
Wolf Marx                                                                       
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"                                
This article can be viewed on the Company`s website at www.tawana.com.au        
19 February 2008                                                                
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 19/02/2008 09:22:42 Supplied by www.sharenet.co.za                     
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