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TAW - Tawana Resources NL - Quarterly activities and cash flow report 1 April

Release Date: 30/07/2010 10:33:03      Code(s): TAW
TAW - Tawana Resources NL - Quarterly activities and cash flow report 1 April   
2010 to 30 June 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 April 2010 - 30 June 2010           
Tawana Resources NL (ASX: TAW) is pleased to present the report on activities   
for the period April to June 2010.                                              
Highlights                                                                      
*    Appointment of CEO                                                         
*    Placement of 66 million shares at 1Cents (USD), raising $0.66m             
*    Avontuur manganese resource increased to 66.7 Mt at 39.3% Mn (TAW 6.76%)   
*    Meletse iron ore resource 21.9 Mt at 63.2% Fe (TAW 6.76%)                  
*    Rationalisation of diamond projects continuing                             
Corporate                                                                       
During the quarter the Company welcomed Lennard Kolff van Oosterwijk as Chief   
Executive Officer of the Company. Mr Kolff commenced on 12th July 2010 and      
brings to the Company over a decade experience with Rio Tinto in exploration and
resource evaluation in Africa, Australia and Europe primarily in copper, gold   
and iron ore.                                                                   
The Company continued the review and prioritisation of its existing diamond     
projects as well as a number of complementary opportunities both diamond and    
gold/base metals within Australia and globally.                                 
Following the end of the quarter the Company completed the placement of         
66,000,000 shares at 1Cents (USD) per share to raise $660,000. The new capital  
raised will be used to fund the Company`s exploration programs, for the review  
of new projects and for general working capital purposes.                       
Botswana                                                                        
Moshaiwa Project (100% owned by Seolo (Pty) Ltd, a wholly owned subsidiary)     
License renewal applications were submitted to the Ministry of Mines to continue
exploring for diamondiferous kimberlites and follow-up two historic diamonds    
recovered in this area.                                                         
South Africa                                                                    
Kareevlei Wes Project, Kimberley Region (TAW 100%)                              
During the past year the Company has been pursuing a joint venture partner to   
further evaluate this tenement by trial mining.                                 
Rakana Consolidated Mining Pty Ltd (TAW 26%)                                    
(The Company holds a 26% equity in Rakana Consolidated Mining Pty Ltd ("Rakana")
the joint venture partner of Aquila Resources Ltd ("Aquila") in the Thabazimbi  
Joint Venture.                                                                  
Picture of Ownership Structure of Rakana Assets removed                         
Thabazimbi Iron Ore Project (TAW indirect interest 6.7%)                        
On 15 April 2010 Aquila released a maiden JORC compliant inferred resource      
estimate of 21.9 Mt at 63.2% Fe direct shipping ore at the Meletse Iron Ore     
Project in the Limpopo Province. The Meletse Project is incorporated in the     
Thabazimbi Joint Venture.                                                       
Highlights reported by Aquila include:                                          
*    High lump yields of at least 60% expected;                                 
*    Low levels of contaminants;                                                
*    Additional targets to be drilled to increase the Resource;                 
*    Potential for a 2 - 3 Mtpa mining operation.                               
Inferred resource estimate for Meletse Iron Project at 50% Fe cut-off (from     
Aquila announcement of 15 April 2010):                                          
(Table graphic removed)                                                         
Grades reported are similar to those traditionally mined at Kumba iron ore      
operations in Thabazimbi. Additional targets have been defined within the 585km2
of Prospecting Rights.                                                          
Location plan of Aquila Projects in Thabazimbi Mining Precinct (from Aquila     
announcement of 15 April 2010) removed                                          
Avontuur Manganese Project (TAW indirect interest 6.7%)                         
On 10 May 2010, Aquila released an updated JORC compliant resource estimate of  
66.7 Mt at 39.3% Mn at the Avontuur high-grade Managanese Project in the        
Northern Cape Province, South Africa. The Avontuur Project is incorporated in   
the Thabazimbi Joint Venture.                                                   
Highlights reported by Aquila include:                                          
*    Drilling at the Avontuur Manganese Project has significantly increased the 
high-grade resource by 96% to 66.7 Mt at 39.3% Mn;                          
*    26% of the Resource is now in the Measured and Indicated category;         
*    The Gravenhage Deposit is planned to initially be mined as an open pit at  
    the rate of 1 million tonnes per annum;                                     
*    Subsequent underground mining from an open pit access can support a mine   
    life of up to 30 years;                                                     
*    Significant potential exists to expand the Gravenhage Manganese Resource   
    both along its 5km of strike and down dip; and                              
*    Strong exploration potential exists within the remaining 10km edge of the  
    Avontuur Basin, which is wholly contained within the 370km2 Avontuur        
    Prospecting Right.                                                          
Resource estimate at >35wt% Mn cut-off (from Aquila announcement of 11 May      
2010): (table graphic removed)                                                  
Avontuur Prospecting Right (from Aquila website)( graphic removed)              
For further information, please contact:                                        
Lennard Kolff van Oosterwijk                                                    
Tawana Resources NL                                                             
Chief Executive Officer                                                         
Tel: +61 7 35102115                                                             
Mob: +61 424942589                                                              
Competency Persons Statements                                                   
Avontuur Manganese Project                                                      
The information in this announcement, insofar as it relates to the Gravenhage   
Manganese Resource, is based on information compiled by Brent E Green who is a  
member of the Australian Institute of Geoscientists, and who has more than five 
years experience in the field of activity being reported on. Mr Green is a full-
time employee of Aquila Resources Ltd. Mr Green has sufficient experience which 
is relevant to the style of mineralisation and type of deposit under            
consideration and to the activity which he is undertaking to qualify as a       
Competent Person as defined in the 2004 Edition of the `Australasian Code of    
Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Mr Green 
consents to the inclusion in the report of the matters based on the information 
in the form and context in which it appears.                                    
Meletse Iron Ore Project                                                        
The information in this presentation, insofar as it relates to the Meletse      
Mineral Resource, is based on information compiled by Brent E Green who is a    
member of the Australian Institute of Geoscientists, and who has more than five 
years experience in the field of activity being reported on. Mr Green is a full-
time employee of Aquila Resources Ltd. Mr Green has sufficient experience which 
is relevant to the style of mineralisation and type of deposit under            
consideration and to the activity which he is undertaking to qualify as a       
Competent Person as defined in the 2004 Edition of the `Australasian Code of    
Reporting of Exploration Results, Mineral Resources and Ore Reserves`. Mr Green 
consents to the inclusion in the presentation of the matters based on the       
information in the form and context in which it appears.                        
Aquila Resources Ltd consents to the information, insofar as it relates to the  
Gravenhage Manganese and Meletse Resource to be included in Tawana Resources NL 
April - June 2010 ASX Quarterly Report.                                         
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Appendix 5B                                                                     
Mining exploration entity quarterly report                                      
Introduced 1/7/96.  Origin:  Appendix 8.  Amended 1/7/97, 1/7/98, 30/9/2001,    
01/06/10.                                                                       
Name of entity                                                                  
Tawana Resources NL                                                             
ABN                                               Quarter ended                 
                                               ("current quarter")              
69 085 166 721                                    30 June 2010                  
Consolidated statement of cash flows                                            
Current        Year to date     
Cash flows related to operating activities       quarter        (12 months)     
                                                $A`000         $A`000           
1.1   Receipts from product sales and related    -              -               
debtors                                                                    
1.2   Payments for                                                              
     (a exploration & valuation                 (8)            (23)             
     (b)development                             -              -                
(c)production                              -              -                
     (d)administration                          (215)          (461)            
1.3   Dividends received                         -              -               
1.4   Interest and other items of a similar                                     
nature received                            10             19               
1.5   Interest and other costs of finance paid                                  
                                                -              -                
1.6   Income taxes paid                          -              -               
1.7   Other (provide details if material)                                       
                                                9              9                
                                                                                
     Net Operating Cash Flows                   (204)          (456)            

     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                      7              7                
1.10  Loans to other entities                    -              -               
1.11  Loans repaid by other entities                                            
                                                -              -                
1.12  Other (provide details if material)                                       
                                                -              -                

     Net investing cash flows                   7              7                
1.13  Total operating and investing cash flows                                  
     (carried forward)                                                          
(197)          (449)            
1.13  Total operating and investing cash flows                                  
     (brought  forward)                         (197)          (449)            
                                                                                
Cash flows related to financing                                           
      activities                                                                
1.14  Proceeds from issues of shares, options,                                  
     etc.                                       -              1,042            
1.15   Proceeds from sale of forfeited shares                                   
                                                -              -                
1.16   Proceeds from borrowings                  7              74              
1.17   Repayment of borrowings                   -              -               
1.18   Dividends paid                            -              -               
1.19   Other - share issue costs                 -              (214)           
      Net financing cash flows                  7              902              
                                                                                
Net increase (decrease) in cash held                                      
                                                (190)          453              
1.20   Cash at beginning of quarter/year to                                     
      date                                      991            349              
1.21   Exchange rate adjustments to item 1.20                                   
                                                -              (1)              
1.22   Cash at end of quarter                                                   
                                                801            801              
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                                                 50               
                                                                                
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.  Loan facilities                              -              -               
1                                                                               
3.  Credit standby arrangements                  -              -               
2                                                                               
Estimated cash outflows for next quarter                                        
                                                $A`000                          
4.  Exploration and evaluation                   10                             
1                                                                               
4.  Development                                  -                              
2                                                                               
4.  Production                                   -                              
3                                                                               
4.  Administration                               375                            
4                                                                               
                                                                                
Total                                        385                             
Reconciliation of cash                                                          
Reconciliation of cash at the end of the quarter Current        Previous        
(as shown in the consolidated statement of cash  quarter        quarter         
flows) to the related items in the accounts is   $A`000         $A`000          
as follows.                                                                     
5.1  Cash on hand and at bank                      801            991           
5.2  Deposits at call                              -              -             
5.3  Bank overdraft                                -              -             
5.4  Other (provide details)                       -              -             
    Total: cash at end of quarter (item 1.22)     801            991            
Changes in interests in mining tenements                                        
Tenement     Nature of  Interest   Interest   
                                  reference    interest   at         at end of  
                                               (note      beginning  quarter    
                                               (2))       of                    
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     Number quoted  Issue price    Amount paid     
                                                 per security   up per          
(see note 3)   security (see   
                                                 (cents)        note 3)         
                                                                (cents)         
7.1  Preference                                                                 
+securities                                                                 
7.2  Changes                                                                    
    during                                                                      
    quarter                                                                     
7.3  +Ordinary    441,416,029      441,216,029                                  
    securities                                                                  
                                                                                
7.4  Changes                                                                    
during                                                                      
    quarter                                                                     
    (a)                                                                         
    Increases                                                                   
through                                                                     
    issues                                                                      
    (b)                                                                         
    Decreases                                                                   
through                                                                     
    returns of                                                                  
    capital,                                                                    
    buy-backs                                                                   
7.5  +Convertibl  6,666,667        -                                            
    e debt                                                                      
    securities                                                                  
7.6  Changes      -                -                                            
during                                                                      
    quarter                                                                     
7.7  Options                                      Exercise       Expiry date    
    Unlisted     1.420,000        -              price          30 Nov 2011     
options      6,750,000        -              $0.35          17 Jan 2014     
    Unlisted     4,000,000        -              $0.10          18 Jun 2012     
    options      6,000,000        -              $0.07          17 Jan 2013     
    Unlisted     6,750,000        -              $0.10          17 Jan 2013     
options      50,000,000       -              $0.07          23 Feb 2013     
    Unlisted     13,240,053       13,240,053     $0.01          1 Apr 2011      
    options                                      $0.10                          
    Unlisted                                                                    
options                                                                     
    Unlisted                                                                    
    options                                                                     
    Listed                                                                      
options                                                                     
7.8  Issued       -                -                                            
    during                                                                      
    quarter                                                                     
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 hereAaron Finlay..............................................             
Date: 29 July 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 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows 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.                                                              
Date: 30/07/2010 10:33:02 Supplied by www.sharenet.co.za                     
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