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TAW - Tawana - Management change and funding update

Release Date: 28/01/2009 07:30:02      Code(s): TAW
TAW - Tawana - Management change and funding update                             
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")                                                     
Management change and funding update.                                           
This release is to inform Shareholders and the broader investment market of     
recent changes within the executive management team of Tawana and a delay in the
settlement of Kareevlei funding, and changed office address.                    
Retirement of Mr Wolf Marx                                                      
The Directors of Tawana advise that Wolf Marx has retired as Managing Director  
of the company effective 31 January 2009.                                       
Wolf has had a long and distinguished career within the diamond exploration     
industry throughout Africa and Australia and his significant technical depth and
experience will be retained by the company in a consultancy capacity. He will be
available to evaluate current and new business opportunities and importantly    
maintain commercial relationships in Australia, South Africa and Botswana on    
behalf of Tawana.                                                               
The Executive Chairman, Neil Barrie, will manage the company`s operations going 
forward.                                                                        
Tawana`s Kareevlei project update                                               
It is important to inform the market that the payment for the sale of a 26%     
interest in Tawana`s Kareevlei project for Rand 12,000,000 (approximately $1.7M 
at current exchange rates) has been delayed.   On the 27th of October 2008      
Tawana announced to the market the conclusion of an agreement with Risk Free    
Investments 2 (Pty) Limited t/as Agio Diamond Investments. Tawana has issued a  
summons for payment in the High Court of South Africa and will pursue settlement
vigorously. The market will be informed of progress on the litigation as it     
comes to hand.                                                                  
Alternate sources of funding and asset utilisation                              
As a potential contingency, the company is pursuing alternate sources of funding
and is also holding discussions with various groups regarding possible joint    
ventures on the company`s projects.  Of note, the company is pursuing a possible
joint venture on a new and potentially substantial alluvial deposit, the details
of which will be released to the market once all documents have been executed.  
Change of Registered Office and Principal Place of Business                     
In accordance with the ongoing cost cutting, the Registered Office and Principal
Place of Business have changed, with immediate effect, to:                      
Street:   Suite 1, 1233 High Street                                             
Armadale Vic 3142                                                               
Postal:   P.O. Box 8694                                                         
Armadale Vic 3142                                                               
Phone:    61 (0) 3 9824 5254                                                    
Fax:      61 (0) 3 9822 7735                                                    
Phillip Hains                                                                   
Company Secretary                                                               
Phone: 61 (0) 3 9824 5254                                                       
28 January 2009                                                                 
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.                                   
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 28/01/2009 07:30:02 Supplied by www.sharenet.co.za                     
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