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TAW - Tawana Resources NL - Quarterly Activities and Cash Flow Report 1

Release Date: 30/04/2010 10:46:02      Code(s): TAW
TAW - Tawana Resources NL - Quarterly Activities and Cash Flow Report 1         
January2010-1 March 2010                                                        
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")                                                     
Quarterly Activities and Cash Flow Report 1 January 2010 - 31 March 2010        
Botswana                                                                        
Orapa Project                                                                   
(100% owned by a wholly owned subsidiary of Tawana with Firestone Diamonds Ltd  
having the right to initially earn 70% interest in the Project)                 
Firestone Diamonds Limited, our joint venture partner, advises that since the   
commencement of the Joint Venture the following has occurred:                   
-    Orapa BK24                                                                 
    -    no further diamond recoveries or grades of any interest, although the  
material sampled was too diluted and it is intended to drill some LDD  
         holes to further evaluate the Project.                                 
-    Francistown prospecting licenses                                           
    -    work has not yet commenced on these licenses.                          
South Africa                                                           
Kareevlei Wes Project, Kimberley Region, South Africa                           
(100% owned and operated by Tawana)                                             
During the past three (3) quarters the Company has been pursuing the possibility
of a joint venture partner to further evaluate this tenement by trial mining.   
Rakana                                                                          
Aquila Resources Limited recently released the attached announcement to the ASX 
on 15 April 2010.                                                               
The Company previously advised on 30 October 2009 details of the Aquila Avontuur
Manganese Project, a copy of which is attached.                                 
The Company advises that it holds 26% equity in Rakana Consolidated Mines Pty   
Ltd ("Rakana"), the joint venture partner of Aquila in the Thabazimbi Joint     
Venture in South Africa.                                                        
St. Augustines Kimberlite Project, Kimberley, South Africa (Operated by Tawana; 
Tawana 30% equity in Vecto Trade 436 (Pty) Ltd)                                 
No exploration work was carried out during the quarter.                         
Australia                                                                       
Flinders Island Project, South Australia (80% owned by Tawana and 20% owned by  
Orogenic Exploration/Flinders Diamonds Ltd earning in)Flinders Mines Limited    
(FMS) have reported that works carried out by them pursuant to the joint venture
are encouraging but have not yet defined any specific kimberlite drill targets. 
Corporate                                                                       
Operating expenses have been reduced substantially and this will continue       
whenever possible.                                                              
After the end of this quarter, Warwick Grigor was appointed to the Board to fill
a vacancy.  He was also appointed Non-Executive Chairman of Directors of the    
Company.                                                                        
Funding                                                                         
On 8 December 2009 the Company announced a 1 for 1 pro-rata non-renounceable    
rights issue of up to 262,331,772 fully paid ordinary shares in the capital of  
the Company (including provisions for options exercises) (New Shares) at $0.005 
per New Share to Eligible Participants (as defined in the Offer Document)       
(Rights Issue).                                                                 
The Rights Issue closed for acceptances at 5.00 pm AEDT for ASX and 5.00 pm     
Johannesburg time for JSE on 13 January 2010.  The Company received valid       
acceptances for 151,898,275 New Shares raising $759,491.37.                     
The shortfall under the Rights Issue was approximately 72,273,400 ordinary      
shortfall shares.  As the Rights Issue was underwritten all New Shares not      
applied for under the Rights Issue were issued to Cygnet Capital Pty Ltd or its 
nominees at an issue price of $0.005 per share in accordance with the           
Underwriting Agreement dated 7 December 2009 between the Company and Cygnet     
Capital Pty Ltd.  On 2 February 2010 the Company announced that the shortfall   
from the Rights Issue had been allotted.                                        
The injection of funds raised through the Rights Issue has strengthened the     
financial position of the Company.                                              
Contact:                                                                        
Euan Luff                                                                       
Tel: +61 (0)3 9224 1000                                                         
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.                                   
Appendix 5B                                                                     
Mining exploration entity quarterly report                                      
Introduced 1/7/96.  Origin:  Appendix 8.                                        
 Amended 1/7/97, 1/7/98, 30/9/2001.                                             
Name of entity                                                                  
Tawana Resources NL                                                             
ABN                                   Quarter ended                             
                                   ("current quarter")                          
69 085 166 721                        31 March 2010                             
Consolidated statement of cash flows                                            
                                  Current        Year to date                   
Cash flows related to operating    quarter        (3 months)                    
activities                                        $A`000                        
                                  $A`000                                        
1.1    Receipts from product                                                    
      sales and related debtors   -              -                              

1.2    Payments for                                                             
      (a)exploration and          (15)           (15)                           
      evaluation                                                                
(b)development              -              -                              
      (c)production               -              -                              
      (d)administration           (246)          (246)                          
1.3    Dividends received          -              -                             
1.4    Interest and other items                                                 
      of a similar nature                                                       
      received                    9              9                              
1.5    Interest and other costs                                                 
of finance paid             -              -                              
1.6    Income taxes paid           -              -                             
1.7    Other                       -              -                             
                                                                                
Net Operating Cash Flows    (252)          (252)                          
                                                                                
      Cash flows related to                                                     
      investing activities                                                      
1.8    Payment for purchases of:                                                
      (a)prospects                -              -                              
      (b)equity investments       -              -                              
      (c)other fixed assets       -              -                              
1.9    Proceeds from sale of:                                                   
      (a)prospects                -              -                              
      (b)equity investments       -              -                              
      (c)other fixed assets       -              -                              
1.10   Loans to other entities     -              -                             
1.11   Loans repaid by other       -              -                             
      entities                                                                  
1.12   Other (provide details if   -              -                             
material)                                                                 
                                                                                
      Net investing cash flows    -              -                              
1.13   Total operating and                                                      
investing cash flows                                                      
      (carried forward)           (252)          (252)                          
1.13   Total operating and                                                      
      investing cash flows                                                      
(brought forward)           (252)          (252)                          
                                                                                
      Cash flows related to                                                     
      financing activities                                                      
1.14   Proceeds from issues of                                                  
      shares, options, etc.       1,042          1,042                          
1.15   Proceeds from sale of                                                    
      forfeited shares            -              -                              
1.16   Proceeds from borrowings    67             67                            
1.17   Repayment of borrowings     -              -                             
1.18   Dividends paid              -              -                             
1.19   Other - share issue costs   (214)          (214)                         
Net financing cash flows                                                  
                                  895            895                            
                                                                                
      Net increase (decrease) in                                                
cash held                   643            643                            
                                                                                
1.20   Cash at beginning of                                                     
      quarter/year to date        349            349                            
1.21   Exchange rate adjustments                                                
      to item 1.20                (1)            (1)                            
1.22   Cash at end of quarter                                                   
                                  991            991                            
Payments to directors of the entity and associates of the directors             
Payments to related entities of the entity and associates of the related        
entities                                                                        
                                            Current                             
quarter                             
                                            $A`000                              
                                                                                
1.23  Aggregate amount of payments to the                                       
parties included in item 1.2           70                                  
                                                                                
1.24  Aggregate amount of loans to the                                          
     parties included in item 1.10          -                                   

1.25  Explanation necessary for an understanding of the                         
     transactions                                                               
                                                                                
Directors` fees and payments made to Wilmoth Field                         
     Warne, an entity related to a director.                                    
                                                                                
Non-cash financing and investing activities                                     
2.1   Details of financing and investing transactions which                     
     have had a material effect on consolidated assets and                      
     liabilities but did not involve cash flows                                 
                                                                                
N/A                                                                        
                                                                                
                                                                                
2.2   Details of outlays made by other entities to establish                    
or increase their share in projects in which the                           
     reporting entity has an interest                                           
                                                                                
     N/A                                                                        

                                                                                
Financing facilities available                                                  
Add notes as necessary for an understanding of the position.                    
Amount         Amount used                      
                                available      $A`000                           
                                $A`000                                          
3.1   Loan facilities            -              -                               

3.2   Credit standby                                                            
     arrangements               -              -                                
                                                                                
Estimated cash outflows for next quarter                                        
                                          $A`000                                
4.1   Exploration and evaluation           10                                   
                                                                                
4.2   Development                          -                                    
                                                                                
                                                                                
     Total                                10                                    
Reconciliation of cash                                                          
Reconciliation of cash at the     Current        Previous                       
end of the quarter (as shown in   quarter        quarter                        
the consolidated statement of     $A`000         $A`000                         
cash flows) to the related items                                                
in the accounts is as follows.                                                  
5.1   Cash on hand and at bank    991            349                            
5.2   Deposits at call            -              -                              
5.3   Bank overdraft              -              -                              
5.4   Other (provide details)     -              -                              
     Total: cash at end of       991            349                             
     quarter (item 1.22)                                                        
Changes in interests in mining tenements                                        
                     Tenement    Nature    Interest   Interest                  
                     reference   of        at         at end                    
                                 interest  beginning  of                        
(note     of         quarter                   
                                 (2))      quarter                              
6.1   Interests in                                                              
     mining                                                                     
tenements                                                                  
     relinquished,                                                              
     reduced or                                                                 
     lapsed                                                                     

                                                                                
6.2   Interests in                                                              
     mining                                                                     
tenements                                                                  
     acquired or                                                                
     increased                                                                  
                                                                                

Issued and quoted securities at end of current quarter                          
Description includes rate of interest and any redemption or conversion rights   
together with prices and dates.                                                 
Total        Number      Issue       Amount                  
                   number       quoted      price per   paid up                 
                                            security    per                     
                                            (see note   security                
3) (cents)  (see note               
                                                        3)                      
                                                        (cents)                 
7.1    Preference   -            -           N/A         N/A                    
+securities                                                               
7.2    Changes                                                                  
      during                                                                    
      quarter      N/A          N/A         N/A         N/A                     

7.3    +Ordinary    441,416,029  441,216,029                                    
      securities                                                                
7.4    Changes                                                                  
during                                                                    
      quarter                                                                   
      (a)          224,277,175  224,277,175 0.5 cents   N/A                     
      Increases                                                                 
through                                                                   
      issues                                                                    
      (b)          -            -                                               
      Decreases                                                                 
through                                                                   
      returns of                                                                
      capital, buy-                                                             
      backs                                                                     
7.5    +Convertible 6,666,667    -                                              
      debt                                                                      
      securities                                                                
7.6    Changes      -            -                                              
during                                                                    
      quarter                                                                   
                                                                                
7.7    Options                               Exercise    Expiry                 
price       date                    
      Unlisted                                                                  
      options      1.420,000    -           $0.35       30 Nov                  
                                                        2011                    
Unlisted                                                                  
      options      6,750,000    -           $0.10       17 Jan                  
                                                        2014                    
      Unlisted                                                                  
options      4,000,000    -           $0.07       18 Jun                  
                                                        2012                    
      Unlisted                                                                  
      options      6,000,000    -           $0.10       17 Jan                  
2013                    
      Unlisted                                                                  
      options      6,750,000    -           $0.07       17 Jan                  
                                                        2013                    
Unlisted                                                                  
      options      50,000,000   -           $0.01       23 Feb                  
                                                        2013                    
      Listed                                                                    
options      13,240,053   13,240,053  $0.10       1 Apr                   
                                                        2011                    
7.8    Issued                                                                   
      during                                                                    
quarter                                                                   
      Unlisted     50,000,000   -           $0.01       23 Feb                  
      options                                           2013                    
7.9    Exercised    -            -                                              
during                                                                    
      quarter                                                                   
7.10   Expired      -            -                                              
      during                                                                    
quarter                                                                   
7.11   Debentures   -            -                                              
7.12   Unsecured    -            -                                              
      notes                                                                     
Compliance statement                                                            
1    This statement has been prepared under accounting policies which comply    
with accounting standards as defined in the Corporations Act or other standards 
acceptable to ASX (see note 4).                                                 
2    This statement does give a true and fair view of the matters disclosed.    
Sign here:     ............................................................     
Date: 30 April 2010                                                             
(Company secretary)                                                             
Print name:    Aaron Finlay                                                     
Notes                                                                           
1    The quarterly report provides a basis for informing the market how the     
entity`s activities have been financed for the past quarter and the effect on   
its cash position.  An entity wanting to disclose additional information is     
encouraged to do so, in a note or notes attached to this report.                
2    The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period.  If the entity is involved in a joint venture agreement and there are   
conditions precedent which will change its percentage interest in a mining      
tenement, it should disclose the change of percentage interest and conditions   
precedent in the list required for items 6.1 and 6.2.                           
3    Issued and quoted securities.  The issue price and amount paid up is not   
required in items 7.1 and 7.3 for fully paid securities.                        
4    The definitions in, and provisions of, AASB 6: Exploration for and         
Evaluation of Mineral Resources and AASB 107: Cash Flow Statements apply to this
report.                                                                         
5    Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities.  If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.  
30 April 2010                                                                   
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 30/04/2010 10:46:02 Supplied by www.sharenet.co.za                     
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