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TAW - Tawana Resources NL - Botswana Joint Venture agreement signed with

Release Date: 22/12/2009 09:14:13      Code(s): TAW
TAW - Tawana Resources NL - Botswana Joint Venture agreement signed with        
Firestone Diamonds PLC                                                          
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")                                                     
21 December 2009                                                                
BOTSWANA JOINT VENTURE AGREEMENT SIGNED WITH FIRESTONE DIAMONDS PLC             
Tawana Resources NL ("Tawana") is pleased to announce that it has entered into  
a joint venture agreement with Firestone Diamonds plc ("Firestone") a diamond   
mining and exploration company, over its kimberlite exploration and evaluation  
projects in Botswana, which includes 8 kimberlites in the Orapa kimberlite      
field.  Under this agreement Firestone has the opportunity to earn initially    
up to a 70% interest in any kimberlites in the prospecting licences controlled  
by Tawana.                                                                      
Firestone is an international diamond mining and exploration company with       
operations in Botswana and South Africa.  Firestone is the largest holder of    
mineral rights in Botswana`s diamondiferous kimberlite fields, controlling      
over 25,000 square kilometres around the major Orapa and Jwaneng mines and the  
entire Tsabong kimberlite field.                                                
Highlights                                                                      
-    Firestone to acquire an interest in Tawana`s kimberlite projects in        
    Botswana:                                                                   
-    Firestone can earn 70% by carrying out costs for the first stage       
         bulk sampling;                                                         
    -    Tawana has the option to fund its remaining 30% interest from that     
         point and in the event it does not its interests shall reduce to       
15%.                                                                   
-    Orapa prospecting licence:                                                 
    -    contains 8 kimberlites and covers 57 square kilometers;                
    -    located close to Debswana`s Damtshaa Mine;                             
-    26 kilometers from Firestone`s BK11 mine development project;          
         review of historical data due to be completed in January 2010.         
-    Francistown prospecting licences                                           
    -    cover an area of 1,500 square kilometers;                              
-    located in the right geological setting for discovery of               
         diamondiferous kimberlites;                                            
    -    Firestone`s review of historical data due to be completed in Q1        
         2010.                                                                  
Euan Luff, chairman of Tawana commented "with Firestone`s major project close   
to Tawana`s project, Tawana now has the ability to access the infrastructure    
of Firestone to develop and exploit the economic potential of its kimberlites   
in the Orapa area quickly and at relatively low cost.  We are excited about     
the potential of our kimberlites in the Opara area, and look forward to         
updating our shareholders about the results of Firestone`s initial review of    
the project in early 2010."                                                     
Orapa prospecting licence                                                       
The Orapa prospecting licence covers an area of 57 square kilometres in the     
Orapa kimberlite field and contains a cluster of 8 kimberlites, BK19-26.  The   
largest of these kimberlites, BK24, is located 2.5 kilometres from Debswana`s   
Damtshaa Mine and 26 kilometres from Firestone`s BK11 kimberlite, which is due  
to commence commercial production in Q2 2010. Firestone has commenced a review  
of the historical data available from work carried out by Tawana and other      
operators on BK19-26.  This review is expected to be completed in January       
2010.                                                                           
Francistown prospecting licences                                                
The Francistown prospecting licences cover an area of 1,500 square kilometres   
close to the town of Francistown in eastern Botswana.  Although no kimberlites  
have been discovered in this area before now, the prospecting licences are      
located in the right geological setting for the discovery of diamondiferous     
kimberlites.  Firestone also commenced a review of the historical data          
available from work carried out by Tawana and other operators in this area.     
This review is expected to be completed in Q1 2010                              
Firestone can earn a 70% interest in any kimberlite by financing all            
evaluation work on that kimberlite up to the completion of a bulk sample of a   
minimum of 150 tonnes from kimberlites less than 1 hectare in size, and of a    
minimum of 250 tonnes from kimberlites greater than 1 hectare in size. Tawana   
will then have an option to fund its pro-rata share of all further work on      
that kimberlite. If Tawana is unwilling or unable to exercise this option,      
Firestone will be entitled to earn an additional 15% by financing all further   
evaluation work up to and including the making of a mine development decision   
on that kimberlite. The agreement is subject to the approval of the Minister    
of Minerals, Energy & Water Resources.                                          
Yours faithfully                                                                
Mr Euan Luff                                                                    
Chairman                                                                        
Tel: +61 3 9224 1000                                                            
Email: eluff@wfw.com.au                                                         
South African Sponsor                                                           
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 22/12/2009 09:14:13 Supplied by www.sharenet.co.za                     
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