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TAW - Tawana Resources NL - Half-Year Financial Report For the half-year ended

Release Date: 13/09/2010 17:46:53      Code(s): TAW
TAW - Tawana Resources NL - Half-Year Financial Report For the half-year ended  
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"                                                      
Tawana Resources NL                                                             
ABN 69 085 166 721                                                              
Half-Year Financial Report For the half-year ended 30 June 2010                 
Corporate Directory                               3                             
Directors` Report                                 4                             
Auditor`s Independence Declaration                7                             
Consolidated Statement of Comprehensive Income    8                             
Consolidated Statement of Financial Position      9                             
Consolidated Statement of Cash Flows              10                            
Consolidated Statement of Changes in Equity       11                            
Notes to the Financial Statements                 12                            
Directors` Declaration                            16                            
Independent Auditor`s Review Report               15                            
Directors                       Solicitors to the Company                       
                                                                                
Mr Warwick Grigor   Non-        Wilmoth Field Warne                             
Executive Chairman              Level 13                                        
Mr Euan Luff   Non-Executive    440 Collins Street                              
Director                        Melbourne VIC 3000                              
Mr Julian Babarczy  Non-                                                        
Executive Director              Share Registry                                  
Mr Harry Hill  Non-Executive                                                    
Director                        Computershare Investor                          
                               Services Pty Ltd                                 
Joint Company Secretaries       GPO Box 2975                                    
Melbourne VIC 3001                               
Mr Winton Willesee                                                              
Mr Aaron Finlay                 Tel: +61 3 9415 5000                            
                               Fax: +61 3 9473 2500                             
Principal Place of Business                                                     
and Registered Office           Auditors                                        
                                                                                
Level 1                         William Buck                                    
2 Ross Place                    Level 1                                         
South Melbourne VIC 3205        465 Auburn Road                                 
                               Hawthorn East VIC 3123                           
Contact Details                                                                 

Website:  www.tawana.com.au     Stock Exchange                                  
Tel: +61 3 9602 4133                                                            
Fax: +61 3 9670 6643            Australian Securities Exchange                  
ASX Code:  TAW                                   
                                                                                
Your Directors present their report on the Company and its controlled entities  
("consolidated entity") for the half-year ended 30 June 2010.                   
Directors                                                                       
The names of the Directors in office at any time during or since the end of the 
half-year are as follows.  All Directors have been in office for this entire    
period unless otherwise stated.                                                 
Mr Warwick Grigor - Non-Executive Director (appointed 20 April 2010)            
Mr Euan Luff - Non-Executive Director                                           
Mr Julian Babarczy - Non-Executive Director                                     
Mr Harry Hill - Non-Executive Director                                          
Results                                                                         
The loss of the consolidated entity for the half-year ended 30 June 2010 after  
providing for income tax amounted to $553,571 (30 June 2009: $476,256).         
No dividends were declared or paid during the half-year ended 30 June 2010.     
Review of Operations                                                            
Background                                                                      
Tawana was incorporated as a public company on 16 November 1998 in Australia.   
Tawana listed on the ASX (as a primary listing) in April 2001 and JSE (as a     
secondary listing) in November 2005. The Company`s head office is located in    
Melbourne, Australia. Operating through its various subsidiaries, the Company is
involved in the exploration of diamondiferous kimberlites and alluvials, in     
South Africa, Botswana and Australia.                                           
The Company is in the process of rationalising its diamond projects and         
reviewing gold and base metal projects throughout Africa on a continuing basis. 
Brief overviews of Tawana`s diamond projects, which are all located in          
prospective areas, follow.                                                      
South Africa                                                                    
Kareevlei Wes Project, Kimberley Region                                         
(Operated by Tawana; 100% owned by Tawana)                                      
No field work was carried out on this project during the reporting period. The  
Company is holding discussions with different groups regarding possible joint   
ventures on this project.                                                       
Tawana Alluvial Project, Lime Acres District, Kimberley Region                  
(Operated by Tawana; 100% owned by Tawana)                                      
The Tawana Alluvial Project encompasses three alluvial deposits; the Feeder     
Channel, Main Channel and Eastern Gravels, which extend from 300 meters from the
De Beers owned Finsch Mine for a distance of approximately 18 kilometres from   
the mine. This deposit was discovered after airborne geophysics surveys         
exploring for kimberlites with BHP Billiton.                                    
No field work has been completed during the reporting period. The Company is    
seeking joint venture partners to conduct trial mining on this project.         
St Augustine Kimberlite Project, Kimberley                                      
(Operated by Tawana; Tawana 30% equity in Kimberley Diamond Mining and          
Exploration (formerly Vecto Trade 436 (Pty) Ltd)                                
No field work has been completed during the reporting period. The Company is    
reviewing the project.                                                          
Lexshell Alluvial Project, Kimberley Region                                     
(Tawana 50% and operator / Guma Resources 50%)                                  
The project is held under a Mining Right by Lexshell 366 Mining (Pty) Ltd ("the 
Holder"). Tawana and Guma have entered into a Contractor`s Agreement with the   
Holder which will enable Tawana to assess the economic potential of the deposit 
and if warranted mine diamonds on behalf of the joint venture partners. The     
Holder will retain a 12% share of revenue after State royalties and cost of     
sales.                                                                          
The project is located on a PALAEO-channel of the Vaal and Harts Rivers adjacent
to established alluvial diamond mines.                                          
No work has been conducted on this project during the reporting period.         
Perdevlei Kimberlite Project, Kimberley Region                                  
(Tawana owner and operator)                                                     
No work has been completed on this project during the reporting period. The     
Company is seeking a joint venture partner to progress the project.             
Rakana Consolidated Mines Pty Ltd (26% owned by Tawana; 74% owned by Seven      
Falls)                                                                          
Rakana owns 26% of a joint venture with Aquila Resources Limited in the         
Thabazimbi Joint Venture including the Avontuur Manganese Project and Meletse   
Iron Ore Project. This gives Tawana an indirect interest of 6.8% in the         
projects.                                                                       
On 11 May 2010 Aquila Resources announced a JORC compliant resource upgrade at  
Avontuur of 66.7Mt at 39.3% Mn at a >35wt% Mn cut-off. A maiden JORC compliant  
resource of 21.9Mt of 63.2% Fe Direct Shipping Ore was announced at the Meletse 
Iron Ore Project by Aquila Resources on 15 April 2010.                          
Botswana                                                                        
Orapa Diamond Project                                                           
(100% owned by Tawana; Firestone Diamonds Plc operator and earning in 70% by    
carrying out exploration costs)                                                 
In December 2009 Tawana entered into a Joint Venture Agreement with Firestone   
Diamonds Plc ("Firestone"), a diamond and exploring company, over its kimberlite
exploration and evaluation projects in Botswana. Under this agreement Firestone 
has the right to earn up to a 70% interest in any kimberlites in the prospecting
licences controlled by Tawana. The Orapa Diamond Project covers the Orapa and   
Francistown prospecting licences.                                               
Firestone conducted a review of the historical data available from work carried 
out by Tawana and other operators in this area. No field work has been completed
during the reporting period. On 18 May 2010 Firestone notified Tawana that they 
did not wish to proceed work on the Francistown prospecting licence, after the  
renewal submission date. Tawana subsequently submitted a licence renewal        
application for Francistown on 29th June 2010.                                  
Australia                                                                       
Flinders Island / Venus Bay Projects, South Australia                           
(80% owned by Tawana and 20% owned by Orogenic Exploration, Flinders Mines Ltd  
operator and earning in 50%)                                                    
Flinders Mines have not completed any work on these projects during the         
reporting period. Flinders Mines have spent over 970,000AUD to date, nearly     
fulfilling their farm-in agreement of 1,000,000AUD expenditure over 4 years to  
earn a 50% project interest.                                                    
Auditor`s independence declaration                                              
The lead auditor`s independence declaration for the half-year ended 30 June 2010
is included within this half-year report.                                       
Signed in accordance with a resolution of the Board of Directors.               
WARWICK GRIGOR                                                                  
Director                                                                        
Dated at Melbourne this 13th day of September 2010                              
Auditor`s Independence                                                          
In accordance with section 307C of the Corporations Act 2001, I am pleased to   
provide the following declaration of independence to the directors of Tawana    
Resources NL.                                                                   
As lead audit partner for the review of the financial report of Tawana Resources
NL for the half-year ended 30 June 2010, I declare that to the best of my       
knowledge and belief, there have been no contraventions of :                    
the auditor independence requirements of the Corporations Act 2001 in relation  
to the review; and                                                              
any applicable code of professional conduct in relation to the review           
Yours Faithfully                                                                
Jeffrey Luckins                                                                 
Director                                                                        
William Buck Audit (VIC) Pty Ltd                                                
Dated in Melbourne, Australia on this 13th day of September 2010                
Consolidated Statement of Comprehensive Income                                  
For the half-year ended 30 June 2010                                            
                      30-Jun        30-Jun                                      
                      2010          2009                                        
                      $             $                                           
Revenue                27,855        16,903                                     
Other income           -             41,174                                     
Corporate costs        -387,807      -177,794                                   
Depreciation expense   -60,634       -94,628                                    
Employee benefits      -126,822      -97,961                                    
expense                                                                         
Finance costs          -             -4,043                                     
Occupancy costs        -             -65,527                                    
Other expenses         -6,163        -94,380                                    
Loss before income tax -553,571      -476,256                                   
expense                                                                         
Income tax expense     -             -                                          
Loss after income tax  -553,571      -476,256                                   
expense attributable                                                            
to members of the                                                               
Company                                                                         
Other comprehensive                                                             
income                                                                          
Foreign currency       -87,363       129,574                                    
translation                                                                     
Total comprehensive    -640,934      -346,682                                   
income for the period                                                           
Total comprehensive    -640,934      -346,682                                   
income attributable to                                                          
members of the Company                                                          
Basic and diluted loss -0.13         -0.42                                      
per share (cents)                                                               
The accompanying notes form part of these financial statements.                 
Consolidated Statement of Financial Position                                    
For the half-year ended 30 June 2010                                            
                 Note       30-Jun      31-Dec                                  
                            2010        2009                                    
$           $                                       
Current assets                                                                  
Cash and cash     2          799,706     348,609                                
equivalents                                                                     
Trade and other              45,654      55,474                                 
receivables                                                                     
Inventories                  77,939      77,131                                 
Other current                10,080      -                                      
assets                                                                          
Total current                933,379     481,214                                
assets                                                                          
Non-current                                                                     
assets                                                                          
Trade and other              42,083      43,021                                 
receivables                                                                     
Investment in                16,640      16,640                                 
associate                                                                       
Property, plant              245,543     310,769                                
and equipment                                                                   
Exploration                  5,819,055   5,950,734                              
expenditure                                                                     
Total non-current            6,123,321   6,321,164                              
assets                                                                          
Total assets                 7,056,700   6,802,378                              
Current                                                                         
liabilities                                                                     
Trade and other              307,586     357,763                                
payables                                                                        
Borrowings                   200,000     200,000                                
Provisions                   -           14,992                                 
Total current                507,586     572,755                                
liabilities                                                                     
Non-current                                                                     
liabilities                                                                     
Borrowings                   350,000     350,000                                
Provisions                   28,219      -                                      
Total non-current            378,219     350,000                                
liabilities                                                                     
Total liabilities            885,805     922,755                                
Net assets                   6,170,895   5,879,623                              

Equity                                                                          
Contributed       4          36,261,007  35,356,374                             
equity                                                                          
Reserves                     -2,456,942  -2,397,152                             
Accumulated                  -           -27,079,599                            
losses                       27,633,170                                         
Total equity                 6,170,895   5,879,623                              
The accompanying notes form part of these financial statements                  
Consolidated Statement of Cash Flows                                            
For the half-year ended 30 June 2010                                            
                                    30-Jun       30-Jun                         
2010         2009                           
                                    $            $                              
Cash flows from                                                                 
operating activities                                                            
Receipts from                        8,896        10,961                        
customers                                                                       
Cash payments in the                 -467,772     -135,203                      
course of operations                                                            
Interest received                    18,959       5,942                         
Net cash (used in)                   -439,917     -118,300                      
operating activities                                                            
Cash flows from                                                                 
investing activities                                                            
Proceeds from sale                   6,671        41,174                        
of plant and                                                                    
equipment                                                                       
Payments for                         -20,215      -137,359                      
exploration                                                                     
Net cash (used in)                   -13,544      -96,185                       
investing activities                                                            
Cash flows from                                                                 
financing activities                                                            
Proceeds from issue                  1,041,670    -                             
of shares                                                                       
Share issue costs                    -137,037     -                             
Proceeds from                        -            200,000                       
borrowings                                                                      
Net cash provided by                 904,633      200,000                       
financing activities                                                            
Net increase /                       451,172      -14,485                       
(decrease) in cash                                                              
and cash equivalents                                                            
held                                                                            
Cash and cash                        348,609      18,090                        
equivalents at the                                                              
beginning of the                                                                
financial period                                                                
Net foreign exchange                 -75          -1,501                        
differences on cash                                                             
holdings                                                                        
The accompanying notes form part of these financial statements.                 
Consolidated Statement of Comprehensive Income                                  
For the half-year ended 30 June 2010                                            
                 Contributed   Reserves     Accumulated  Total                  
equity                     losses                              
                 $             $            $            $                      
Balance at 1      35,356,374    -2,397,152   -27,079,599  5,879,623             
January 2010                                                                    
Loss after income -             -            -553,571     -553,571              
tax expense                                                                     
Currency          -             -87,363      -            -87,363               
translation                                                                     
differences                                                                     
Shares / options  1,041,670     27,573       -            1,069,243             
issued                                                                          
Share issue costs -137,037      -            -            -137,037              
Balance at 30     36,261,007    -2,456,942   -27,633,170  6,170,895             
June 2010                                                                       
                                                                                
Notes to the Financial Statements                                               
For the half-year ended 30 June 2010                                            
1.   Basis of preparation                                                       
The half-year consolidated financial statements are general purpose financial   
statements prepared in accordance with the requirements of the Corporations Act 
2001, Australian Accounting Standard AASB 134: Interim Financial Reporting,     
Australian Accounting Interpretations and other authoritative pronouncements of 
the Australian Accounting Standards Board ("AASB").                             
It is recommended that these financial statements be read in conjunction with   
the annual financial report for the year ended 31 December 2009 and any public  
announcements made by Tawana Resources NL and its controlled entities during the
half-year in accordance with continuous disclosure requirements arising under   
the Corporations Act 2001.                                                      
The half-year financial statements do not include full disclosures of the type  
normally included in annual financial statements.                               
The same accounting policies and methods of computation have been followed in   
these interim financial statements as were applied in the most recent annual    
financial statements except for the adoption of the following new and revised   
Accounting Standards, as noted below:                                           
Accounting Standards not Previously Applied                                     
The consolidated entity has adopted the following new and revised Australian    
Accounting Standards issued by the AASB which are mandatory to apply to the     
current interim period. Disclosures required by these Standards that are deemed 
material have been included in these financial statements on the basis that they
represent a significant change in information from that previously made         
available.                                                                      
Operating Segments                                                              
From 1 January 2009, operating segments are identified and segment information  
disclosed on the basis of internal reports that are regularly provided to, or   
reviewed by, the consolidated entity`s chief operating decision maker which, for
the consolidated entity, is the board of directors. The company has only one    
operating segment which is presented in the Consolidated Statement of           
Comprehensive Income and Consolidated Statement of Financial Position.          
Business Combinations and Consolidation Procedures                              
Revised AASB 3 is applicable prospectively from 1 July 2008. Changes introduced 
by this Standard, or as a consequence of amendments to other Standards relating 
to business combinations which are expected to affect the consolidated entity,  
include the following:                                                          
1.   Basis of preparation (continued)                                           
    All business combinations, including those involving entities under common  
control, are accounted for by applying the acquisition method which prohibits   
the recognition of contingent liabilities of the acquiree at acquisition date   
that do not meet the definition of a liability. Costs incurred that relate to   
the business combination are expensed instead of comprising part of the goodwill
acquired on consolidation. Changes in the fair value of contingent consideration
payable are not regarded as measurement period adjustments and are recognised   
through profit or loss unless the change relates to circumstances which existed 
at acquisition date.                                                            
    Unrecognised deferred tax assets of the acquiree may be subsequently        
realised within 12 months of acquisition date on the basis of facts and         
circumstances existing at acquisition date with a consequential reduction in    
goodwill. All other deferred tax assets subsequently recognised are accounted   
for through profit or loss.                                                     
The proportionate interest in losses attributable to non-controlling        
interests is assigned to non-controlling interests irrespective of whether this 
results in a deficit balance. Previously, losses causing a deficit to non-      
controlling interests were allocated to the parent entity.                      
Where control of a subsidiary is lost, the balance of the remaining         
investment account shall be remeasured to fair value at the date that control is
lost.                                                                           
Reporting Basis and Conventions                                                 
The half-year financial statements have been prepared on an accruals basis and  
are based on historical costs modified by the revaluation of selected non-      
current assets, financial assets and financial liabilities for which the fair   
value basis of accounting has been applied.                                     
2.   Cash and cash equivalents                                                  
For the purposes of the half-year statement of cash flows, cash and cash        
equivalents comprised of the following:                                         
                                    30 June      31 December                    
2010         2009                           
                                    $            $                              
   Cash at bank and in hand         799,706      348,609                        
3.   Dividends                                                                  
No dividend has been declared or paid during the half-year or the previous      
corresponding period.                                                           
The Company does not have any franking credits available for current or future  
years as it is not in a tax paying position.                                    
Contributed equity                                                              
(a)  Movements in share capital                                                 
   Ordinary shares, fully           36,261,007   35,356,374                     
   paid                                                                         

   Movement in ordinary                                                         
   shares on issue                                                              
                                    Number       $                              
Balance at beginning of          217,138,854  35,356,374                     
   period                                                                       
   Rights issue                     224,277,175  1,041,670                      
   Share issue costs                -            (137,037)                      
Balance at end of period         441,416,029  36,261,007                     
4.   Contributed equity (continued)                                             
(b)  Share options                                                              
              Exer  Expir  Balance  Issued   Expired  Balance                   
cise  y      at       during   or       at end                    
              pric  date   beginni  the      forfeit  of                        
              e            ng of    period   ed       period                    
                           period            during                             
the                                
                                             period                             
                           Number   Number   Number   Number                    
                                                                                
Listed     $0.1  1 Apr  13,240,  -        -        13,240,                   
   options    0     11     053                        053                       
   Unlisted   $0.3  30     1,420,0  -        -        1,420,0                   
   options    5     Nov    00                         00                        
11                                                          
   Unlisted   $0.1  17     6,750,0  -        -        6,750,0                   
   options    0     Jan    00                         00                        
                    14                                                          
Unlisted   $0.0  18     4,000,0  -        -        4,000,0                   
   options    7     Jun    00                         00                        
                    12                                                          
   Unlisted   $0.1  17     6,000,0  -        -        6,000,0                   
options    0     Jan    00                         00                        
                    13                                                          
   Unlisted   $0.0  17     6,750,0  -        -        6,750,0                   
   options    7     Jan    00                         00                        
13                                                          
   Unlisted   $0.0  23     -        50,000,  -        50,000,                   
   options    1     Feb             000               000                       
                    13                                                          
38,160,  50,000,  -        88,160,                   
                           053      000               053                       
                                                                                
5.   Segment reporting                                                          
The Board of Directors has considered the operating segments standard but does  
not currently have operating segments at this time.  As the Company operates    
wholly in one business segment, being mineral exploration and in one            
geographical segment, being Africa, the Company has not identified and          
therefore, not disclosed, any segment information on the basis of the internal  
reports being provided to the chief decision maker, which is the board as a     
whole.                                                                          
6.   Contingent assets and liabilities                                          
The consolidated entity does not have any material contingent assets or         
liabilities other than as disclosed in this report.                             
7.   Events subsequent to the end of the reporting period                       
On 20 July 2010, the Company announced that it had completed the placement of 66
million shares at 1 cent per share to raise $660,000 as announced to ASX on 1   
July 2010.  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.                                                               
On 18 August 2010, the Company announced that it had signed binding Heads of    
Agreement ("HoA") for the sale of its Kareevlei Wes Tenement in South Africa,   
the key terms of which are as follows:                                          
 1.   Payment of a R150,000, non-refundable deposit within 14 days of the       
signing                                                                         
    of the HoA;                                                                 
2.   Payment of R1,350,000 non-refundable sum within 30 days of the signing of  
the HoA, subject to the mining right being transferred to the purchaser; and    
3.   Payment of R23.5 million within seven days of the completion of a Trial    
Mining exercise.                                                                
The Trial Mining will involve the mining and processing of a 20,000 tonne bulk  
sample, at the cost of the purchaser. It must commence within 30 days of the HoA
signing and be completed no later than seven months after that signing.         
The final payment of R23,500,000 may vary up or down by 10% depending upon the  
results of the Trial Mining, with an expert valuator to determine the fair and  
equitable figure. The HoA price has been calculated on the assumption of an     
average grade of 10 cpht at an average value of US$145/ct.                      
The Purchaser shall hire Tawana`s plant and equipment at a cost of R40,000 per  
month and shall be responsible for rehabilitation of the site. Diamonds         
recovered during the exercise shall be pledged as security for the payment of   
the balance of the purchase price.                                              
Conditions precedent to the HoA becoming binding include;                       
 1.   approval by the board of Tawana (which has been achieved),                
 2.   Rolatseng Mining CC achieving funding approval, to the satisfaction of    
Tawana, within 30 days of signing,                                          
 3.   approval of an application for the transfer of title by the Department of 
    Minerals and Petroleum Resources Act 2002, within 30 days of signing, and   
 4.   the completion of a comprehensive transaction agreement within 30 days of 
funding approval.                                                           
The Kareevlei Project is not considered a core asset going forward. The proposed
sale represents another step in the rationalisation of the Company`s diamond    
projects as the Board seeks to strengthen its financial position.               
The funds derived from the sale will be earmarked for promising initiatives     
being considered by Tawana, including but not restricted to gold and base metal 
project throughout Africa.                                                      
Tawana maintains its valuable interests in iron ore and manganese projects in   
South Africa, held through its shareholding in Rakana.                          
On 9 September 2010, the Company announced that, pursuant to the resolutions    
passed at the General Meeting of Members held 30 August 2010, it had completed  
the placement of 23 million shares at 1 cent per share to raise $230,000 and    
granted 60 million Options.  It has also granted 50 million options (1c, 30 July
2013) pursuant to the Company`s capacity under Listing Rule 7.1.                
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.        
Director`s Declaration                                                          
In accordance with a resolution of the Board of Directors, I state that:        
In the opinion of the Directors:                                                
The financial statements and notes are in accordance with the Corporations Act  
2001 and:                                                                       
Comply with Accounting Standard AASB 134 Interim Financial Reporting and the    
Corporations Regulations 2001; and                                              
Giving a true and fair view of the financial position of the consolidated entity
as at 30 June 2010 and of its performance for the half-year ended on that date. 
There are reasonable grounds to believe that the Company will be able to pay its
debts as and when they become due and payable.                                  
On behalf of the Board.                                                         
WARWICK GRIGOR                                                                  
Chairman                                                                        
Dated at Melbourne this 13th day of September 2010.                             
Independent Auditor`s Report                                                    
Report on the Half-Year Financial Report                                        
We have reviewed the accompanying half-year financial report of Tawana Resources
NL and the entities it controlled during the period, which comprises the        
statement of financial position as at 30 June 2010, statement of comprehensive  
income, statement of changes in equity and statement of cash flows for the half-
year ended 30 on that date, a statement of accounting policies, other selected  
explanatory notes and director`s declarations.                                  
Director`s Responsibility for the Half-Year Financial Report                    
The directors of the company are responsible for the preparation and fair       
presentation of the half-year financial report in accordance with the Australian
Accounting Standards (including the Australian Accounting Interpretations) and  
the Corporations Act 2001. This responsibility includes designing, implementing 
and maintaining internal controls relevant to the preparation and fair          
presentation of the half-year financial report that is free from material       
misstatements, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the 
circumstances.                                                                  
Auditor`s Responsibility                                                        
Our responsibility is to express a conclusion on the half-year financial report 
based on our review. We conducted our review in accordance with Auditing        
Standard on Review Engagements ASRE 2410 Review of the Interim Financial Report 
Performed by the Independent Auditors of the Entity, in order to state whether, 
on the basis of the procedures described, we have become aware of any matter    
that makes us believe that the half-year financial report is not in accordance  
with the Corporations Act 2001 including: giving a true and fair view of the    
consolidated entity`s financial position                                        
S at 30 June 201- and its performance for the half-year ended on that date; and 
complying with Accounting Standard AAB134 Interim Financial Reporting and the   
Corporations Regulations 2001 and other mandatory financial reporting           
requirements in Australia. As the auditor of Tawana Resources NL and entities it
controlled during the period, ASRE 2410 requires that we comply with ethical    
requirements relevant to the audit of the annual financial report.              
A review of the half-year financial report consists of making enquiries,        
primarily of persons responsible for financial and accounting matters, and      
applying analytical and other review procedures. A review is substantially less 
in scope that the audit conducted in accordance with Australian Auditing        
Standards and consequently does not enable us to obtain assurance that we would 
become aware of all significant matters that might be identified in an audit.   
Accordingly, we do not express an audit opinion.                                
Matters Relating to the Electronic Presentation of the Audited Financial Report 
This review report relates to the financial report of the consolidated entity   
for the half-year ended 30 June 2010 included on the website of Tawana Resources
NL. The directors of the consolidated entity are responsible for the integrity  
of the website and we have not been engaged to report on its integrity.         
The review report refers only to the half-year financial report identified above
and it does not provide an opinion on any other information which may have been 
hyperlinked to or from the financial report. If users of this report are        
concerned with the inherent risks arising from electronic data communications   
they are advised to refer to the hard copy of the reviewed financial report to  
confirm the information included in the reviewed financial report presented on  
the company`s website.                                                          
Independence                                                                    
In conducting our review, which is not an audit, we have not become aware of any
matter that makes us believe that the half-year financial report of Tawana      
Resources NL and the entities it controlled during the period is not in         
accordance with:                                                                
a.                                                                              
the Corporations Act 2001, including                                            
(i)giving a true and fair view of the consolidated entity`s financial position  
    as at 30 June 2010 and its performance for the half-year ended on that      
date; and                                                                   
(ii)complying with Accounting Standard AAB134 Interim Financial Reporting and   
    Corporations Regulations 2001; and                                          
b.                                                                              
other mandatory financial reporting requirements in Australia.                  
Yours faithfully                                                                
Jeffrey Luckins                                                                 
Director                                                                        
William Buck Audit (VIC) Pty Ltd                                                
ABN 59 116 151 136                                                              
Date: 13/09/2010 17:46:52 Supplied by www.sharenet.co.za                     
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information disseminated through SENS.                                          



                                        
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