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TAW - Tawana Resources NL - Firestone Diamonds announcement regarding the

Release Date: 02/02/2010 10:51:02      Code(s): TAW
TAW - Tawana Resources NL - Firestone Diamonds announcement regarding the       
Orapa Joint Venture                                                             
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")                                                     
1 February 2010                                                                 
Firestone Diamonds (AIM: FDI) announcement regarding the Orapa Joint Venture    
On 21 December 2009 Tawana Resources NL ("Tawana") announced to the ASX that    
it had 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.  However, in the event that Tawana   
does not contribute to funding second stage evaluation then Firestone can earn  
up to a 85% interest in any kimberlites in the prospecting licences controlled  
by Tawana.                                                                      
On 28 January 2010 Firestone released the attached announcement to the          
Alternate Investment Market of the London Stock Exchange regarding the          
kimberlites in the Orapa kimberlite field of Botswana.                          
Euan Luff                                                                       
Tel:  +61 3 9224 1000                                                           
Email:  eluff@wfw.com.au                                                        
Sponsor: PricewaterhouseCoopers Corporate Finance (Pty) Ltd                     
Firestone Diamonds plc Orapa joint venture update                               
Firestone Diamonds plc ("Firestone" or "the Company"), the AIM-quoted diamond   
mining and exploration company (ticker:AIM:FDI), is pleased to announce that    
it has completed its planned review of historical data from the eight           
kimberlites in the Orapa kimberlite field in Botswana covered by the joint      
venture announced with Tawana Resources NL ("Tawana") in December 2009. Under   
the terms of this joint venture Firestone can earn up to 85% interest in these  
*  BK24                                                                         
    -    In excess of 3 hectares in area                                        
    -    Grades of up to 5 carats per hundred tonnes from limited sampling      
*  BK19-22 & BK25-26                                                            
    -    All proven to contain diamonds                                         
    -    Limited sampling and delineation work carried out                      
*  Planned evaluation programme                                                 
-    Large diameter drill sampling on BK24                                  
    -    Geophysical surveys and core drilling on remaining kimberlites         
    -    Work to be carried out after commencement of production from BK11 in   
         Q2 2010                                                                

Philip Kenny, CEO of Firestone Diamonds, commented: "We are encouraged by the   
results of our review of Tawana`s kimberlites in the Orapa area. Firestone`s    
portfolio in the Orapa area now contains 18 kimberlites, 12 of which are        
proven to contain diamonds. With our ability to use the infrastructure at BK11  
to develop and exploit the economic potential of these kimberlites, we are      
optimistic about the potential for significantly expanding our operations in    
the Orapa area."                                                                
The review carried out by Firestone, covered historical works carried out by    
De Beers, Tawana and others on kimberlites BK19 to BK26, and identified a       
number of high interest kimberlites on which Firestone intends to carry out     
further evaluation work.                                                        
BK24 is located 12 kilometres from Debswana`s Damtshaa Mine and 40 kilometres   
from Firestone BK11 kimberlite, which is due to commence commercial production  
in Q2 2010. BK24 is the largest of the kimberlites, with an estimated area in   
excess of 3 hectares. Macrodiamonds have been recovered from pitting to a       
depth of 30 metres. As the top 25 to 30 metres of BK24 is comprised             
predominantly of basalt breccia and contains very little kimberlitic material,  
this result is considered significant, and further evaluation work is           
warrante4d on the undiluted kimberlite below the basalt breccia. Grades         
reported from the limited sampling carried out by De Beers were up to 5 carats  
per hundred tonnes.                                                             
BK19-22 and BK25-26                                                             
These kimberlites were also proven by De Beers to contain diamonds, but         
limited work was carried out to determine the sizes of the kimberlites or       
macrodiamond grade.                                                             
Evaluation programme                                                            
Firestone intends to carry out large diameter drill ("LDD") sampling on BK24    
and to carry out geophysical surveys and core drilling on the remaining         
kimberlites to determine whether any of them warrant LDD sampling. The Company  
intends to carry this work out after the commencement of production at BK11 in  
Q2 2010 and it is anticipated that the work will be funded through operating    
cash flows form BK11.                                                           
For further information, visit the Company`s web site or contact:               
Philip Kenny, Firestone Diamonds                                                
+44 20 8834 1028/+44 7831 324                                                   
Simon Edwards/ Tim Redfern, Evolution Securities (Joint Broker)                 
+44 20 7071 4330/4312                                                           
Rory Scott, Mirabaud Securities (Joint Broker)                                  
+44 20 7878 3360                                                                
Alexander Dewar, Brewin Dolphin (Nominated Adviser)                             
+44 131 529 0276                                                                
Jos Simpson/ Leesa Peters, Conduit PR                                           
+44 20 7429 6603/+44 7899 870 450                                               
Background information on Firestone Diamonds:                                   
Firestone Diamonds plc ("FDI.L") is an international diamond mining and         
exploration company with operations in Botswana and South Africa. Botswana is   
the world`s largest and lowest cost producer of diamonds, with annual           
production worth over $2,5 billion, and is considered to be one of the most     
prospective countries in the world to explore for diamonds.                     
Firestone is the largest holder of mineral rights in Botswana`s diamondiferous  
kimberlite fields, controlling over 25,000 square kilometres around the major   
Orapa Jwaneng mines and the entire Tsabong kimberlite field. Firestone has 103  
kimberlites in its portfolio, of which 30 have been proven to be                
diamondiferous. Fifteen of Firestone`s kimberlites are at the bulk sampling     
1.   The information in this statement has been reviewed by Mr Tim Wilkes,      
    BSc,Pr Sci Nat, who is a qualified person for the purposes of the AIM       
guidance Note for Mining, Oil and Gas Companies. Mr. Wilkes is Chief        
    Operating Officer of Firestone Diomands plc and has over 27 years`          
    experience in diamond exploration, mineral resource management and          
    mining. Mr Wilkes is a member of the sub-committee for diamonds of the      
South African Mineral Resource Committee (SAMREC)                           
This information is provided by RNS                                             
The Company News Service from the London Stock Exchange                         
Date: 02/02/2010 10:51:02 Supplied by www.sharenet.co.za                     
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