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TAW - Tawana - Annual General Meeting: Chairman`s address

Release Date: 28/05/2009 08:55:01      Code(s): TAW
TAW - Tawana - Annual General Meeting: Chairman`s address                       
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")                                                     
Tawana Resources N.L. Annual General Meeting                                    
Chairman`s Address                                                              
Welcome to the Annual General Meeting of Tawana Resources. My name is Neil      
Barrie, and I am the Executive Chairman of the company.                         
It has been an extraordinary year for all world economies and Tawana has had its
fair share of testing times, particularly in relation to the ongoing sourcing of
capital, the ability to attract satisfactory joint venture partners into our    
projects and importantly, the need to trim our sails to survive this financial  
As mentioned in my numerous releases over the past 6 to 9 months, our clear     
focus has been on attempting to get Kareevlei into trial mining and to          
capitalise on the significant upside that we feel is inherent in our Orapa      
tenements in Botswana.                                                          
We signed a binding agreement in South Africa in October that would see us sell 
26% of Kareevlei to earn approximately AUD$1.8M. This capital injection would   
have certainly allowed us to get Kareevlei going as a trial mine and            
importantly, recapitalise the company and allow us to turn our attentions to the
highly promising Orapa project in Botswana. Unfortunately the purchaser         
defaulted and we have obtained judgement against them in the High Court of South
We entered into a joint venture in early 2008 with a group in Botswana which was
to earn a 51% equity in BK24 by virtue of undertaking significant bulk sampling.
We were concerned that the joint venture agreement entered into by previous     
management was over generous and not tightly performance based. The joint       
venture partners clearly did not perform and we have moved quickly to secure    
total ownership of the project by cancelling the joint venture. We are in       
discussion with numerous parties in South Africa, Botswana and the UK who have  
expressed interest in participating in this exciting project.                   
In order to trim our sails to meet the economic times, I moved quickly on       
appointment to the role of Executive Chairman to cut corporate overheads by 95%.
This unfortunately has meant that the majority of our South African and all of  
our Australian employees were made redundant and our expensive head office in   
Wilson Street with its soil analysis laboratory was leased out to other parties 
and allowed us to exit from any ongoing financial responsibilities.             
Most recently, we have been involved in the potential sale of our interest in   
Rakana our minority coal and manganese exploration interests in South Africa. As
you may be aware, our interest in Rakana is held in a joint venture with our    
Black Empowerment Partners in South Africa and it is felt that a sale of this   
asset is prudent to allow us to recapitalise your company and move forward. We  
hope to have this finalised within the next few days.                           
Despite these exceptionally difficult times, I am pleased to report that your   
company still maintains a suite of quality mineral assets and renewed enthusiasm
and focus on the tasks at hand.                                                 
We remain extremely positive about the potential for Kareevlei. We are aiming to
commence trial mining through a joint venture with a group of mining contractors
in the near future. We feel it prudent to work with mining contractors as they  
can bring exceptionally tight economies to projects, thereby substantially      
reducing our operational and hence financial risk.                              
We believe that Orapa in Botswana is a potential company maker.                 
I am very cognisant that the share price of our company has been under a great  
deal of pressure for a long time. I hope that our strategies which clearly focus
on getting Tawana to a mining house situation will see an improved share market 
performance and strong capital markets` interest in a company which I believe   
has outstanding potential.                                                      
In closing, I would like to sincerely thank my fellow Directors, Brian Phillips,
Euan Luff and Nonkqubela Mazwai and our South African subsidiary director Adrian
Horwitz for their untiring support and stewardship.                             
We look forward to a much improved 2009.                                        
Thank you for your attendance and support.                                      
Neil Barrie                                                                     
Executive Chairman                                                              
28 May 2009                                                                     
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 28/05/2009 08:55:01 Supplied by www.sharenet.co.za                     
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