TAW - Tawana Resources NL - St Augustines to be drilled Release Date: 25/11/2008 09:20:23 Code(s): TAW
TAW - Tawana Resources NL - St Augustines to be drilled
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Stock Exchange Limited: TAW
("Tawana" or "the Company")
25 November 2008
Tawana to drill two highly prospective targets at St Augustine`s
600 metres from the famous "Big Hole" in Kimberley, South Africa
On 28 November 2007 Tawana announced it had identified two new targets south of
the St Augustines kimberlite which displayed similar gravity responses to that
of St Augustines. Tawana acquired a 30% interest in the St Augustines diamond
project in September 2007.
The St Augustines kimberlite is located 600 metres due west of the world famous
Kimberley Mine ("the Big Hole") in Kimberley, South Africa.
Tawana has not, until now, been able to conduct any exploration on this site due
to an application by De Beers Consolidated Mines Limited ("De Beers") for the
review and setting aside of the Prospecting Right over St Augustines. De Beers
is the owner of the surface rights to the land under which the targets were
identified, and the Prospecting Right is held by Kimberley Diamond Mining and
Exploration (Pty) Limited ("KDME"), in which Tawana holds a 30% equity interest.
The Directors of Tawana are now pleased to announce that an interim agreement
has been reached with De Beers which will allow a drilling program to commence
on the targets. The targets will be drilled during the current quarter.
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 until 1902 to a depth
of approximately 240 metres as compared to the Big Hole which was mined to a
depth of 1097 metres. Records show that the diamond quality was considered
identical and the grade similar to that of the Big Hole. 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.
Commenting on the agreement, Tawana`s Executive Chairman, Neil Barrie said: "The
agreement represents a great stride forward in the emergence of our company as a
significant mining house and I am confident that if the targets are revealed to
be new kimberlite discoveries, a resolution of the dispute between KDME and De
Beers can be found.
To finally be able to drill these targets represents yet another success for our
company in rapidly pursuing class assets which will ultimately transcribe to the
enhancement of shareholder value.
It also presents Tawana with a significant opportunity to demonstrate its
technical abilities a stone`s throw away from the nursery of modern industrial
mining of diamonds.
We look forward to providing shareholders with project updates as they come to
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"
Tawana Resources- a world class diamond and mineral exploration company listed
on the Australian and Johannesburg Stock Exchanges committed to the principles
of enhancing shareholder value through being ethically, socially and
environmentally conscious corporate citizens.
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 25/11/2008 09:20:23 Supplied by www.sharenet.co.za
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