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

Release Date: 25/01/2011 10:20:01      Code(s): TAW
TAW - Tawana Resources NL - Quarterly Activities and Cash Flow Report 1 October 
2010 - 31 December 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 October 2010 - 31 December 2010                                               
Tawana Resources NL (ASX: TAW) is pleased to present the report on activities   
for the period October to December 2010.                                        
Highlights                                                                      
-    Strategic Alliance with Gryphon Minerals Ltd announced                     
-    Acquisition of two highly prospective permits and three applications       
    pending in Liberia, West Africa; signifying the benefits of the Alliance    
-    Resource upgrade to 47.6Mt at Meletse Iron Ore project, a project          
incorporated in the Thabazimbi Joint Venture, South Africa                  
-    Addendum to Kareevlei Wes diamond project sale signed with Rolatseng Mining
    and second payment received                                                 
-    Review of mineral opportunities in Africa continuing                       
-    Rationalisation of diamond projects continuing                             
Corporate                                                                       
During the quarter the Company announced a Strategic Alliance with Gryphon      
Minerals Ltd (ASX: GRY) and the acquisition of five permit applications in      
Liberia, West Africa. Under the terms of the Alliance Gryphon will assist Tawana
with the identification, acquisition and exploration of mineral permits in West 
Africa which are outside Gryphon`s core growth strategy. Gryphon will also      
assist Tawana establish itself in West Africa and provide high level technical, 
operational and logistical advice.                                              
As part of the agreement, subject to shareholder approval, Tawana will issue    
Gryphon 100,000,000 fully paid ordinary shares, representing approximately 16%  
of the issued capital on an undiluted basis and offer Gryphon the right to      
nominate one nominee to the Board of Directors.                                 
The Company continued the review and to prioritize its existing diamond projects
within Africa and Australia as well as a number of complementary opportunities  
within Africa.                                                                  
Liberia                                                                         
Two licences were issued to Gryphon in the north east of the country adjacent to
the 5.0Moz Ity Gold Mine and 1.52Moz New Liberty deposit. These, in addition to 
the three permits currently under application cover approximately 3800km2 of    
underexplored and highly prospective Archean and Birimian greenstone belts      
within Liberia.                                                                 
Under the terms of the agreement, field work will commence on these prior to the
onset of the wet season in June 2011 and in parallel to the licences being      
transferred from Gryphon to Tawana.                                             
Work will commence on defining a reconnaissance mapping, sampling and remote    
sensing data acquisition program. This will be done in conjunction with SEMS    
Exploration Services Ltd of Ghana and exploration programs will be designed to  
rapidly assess ground holding and advance prospective targets. Field activities 
to be undertaken will include:                                                  
-    Review of available geophysical remote sensing imagery.                    
-    Identification of areas of artisanal activity and nature of mineralisation 
confirmed.                                                                  
-    Stream sediment and soil sampling programmes to be designed.               
-    Reconnaissance mapping of areas of interest.                               
-    Ongoing community liaison.                                                 
South Africa                                                                    
Kareevlei Wes Project, Kimberley Region (TAW 100%)                              
During the quarter an Addendum to the Heads of Agreement (HoA) for the sale of  
Kareevlei was signed with Rolatseng Mining of South Africa. The Purchase price  
was revised from R25,000,000 to R22,000,000 due to an expectation of a lower    
grade as announced in the previous quarter. The revised terms of the HoA are as 
follows:                                                                        
1.   Payment of a R150,000 non-refundable deposit within 14 days of the signing 
of the HoA                                                                  
2.   Payment of a R250,000 non-refundable deposit on 30th November              
3.   Payment of R1,100,000 in five monthly installments commencing 31 January   
    2011 into trust or escrow and released to the vendor on transfer of the     
Mining Right                                                                
4.   Payment of R20,500,000 within seven days of completion of the Trial Mining 
    and reporting exercise and to be held in trust or escrow pending transfer   
    of the Mining Right.                                                        
The first two payments of R150,000 and R250,000 have has been received by the   
Company and steps are underway to transfer the Mining Right.                    
Daniels Alluvial Project, Kimberley Region (TAW 100%)                           
During the quarter license renewals were submitted and accepted by the DMR for  
the Daniels Alluvial Project.                                                   
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.                                                                  
Thabazimbi Iron Ore Project (TAW indirect interest 6.7%)                        
On 30 November 2010 Aquila released a revised JORC compliant indicated and      
inferred resource estimate of 47.6Mt at 62.9% Fe at the Meletse Iron Ore Project
in the Limpopo Province, South Africa. Significant expansion potential exists as
the deposit remains open at depth and along strike. The Meletse Project is      
incorporated in the Thabazimbi Joint Venture.                                   
MELETSE ORE RESOURCES                                                           
Resource       Tonne  Fe%     SiO2 %  Al2O  P%      S%     MnO %   MgO %  LOl%  
Classifi-      s Mt                   3  %                                      
cation                                                                          
Indicated      15.9   63.6    6.22    1.07  0.031   0.45   0.783   0.076  1.00  
inferred       31.7   62.5    8.89    0.82  0.041   0.041  1.078   0.54   1.19  
Total          47.6   62.9    8.00    0.91  0.040   0.43   0.979   0.061  1.13  
Avontuur Manganese Project (TAW indirect interest 6.7%)                         
The Avontuur high-grade Manganese Project in Northern Cape Province, South      
Africa has a JORC compliant resource estimate of 66.7 Mt at 39.3% Mn as         
announced by Aquila on 10th May 2010. The Avontuur Project is incorporated in   
the Thabazimbi Joint Venture.                                                   
Botswana                                                                        
Moshaiwa-Borolong Projects (100% owned by Seolo Pty Ltd, a wholly owned         
subsidiary)                                                                     
Moshaiwa licenses 86-87/2007 and Borolong license 37/2004 were relinquished     
during the quarter as part of Tawana`s ongoing project prioritization.          
For further information, please contact:                                        
Lennard Kolff van Oosterwijk                                                    
Chief Executive Officer                                                         
Tel: +61 7 35102115                                                             
Competent Persons Statements                                                    
The information in this report, insofar as it relates to the Meletse Iron Ore   
Resource was prepared under the supervision of Mr Brent E Green who is a member 
of the Australian Institute of Geoscientists and Mr Bernhard Siebrits who is a  
member of the Australasian Institute of Mining and Metallurgy. Mr Green is full-
time employee of Aquila Resources Ltd and Mr Siebrits is a full-time employee of
Golder Associates Africa Ltd. Mr Green and Mr Siebrits have sufficient          
experience which is relevant to the style of mineralisation and type of deposit 
under consideration and to the activity which they are undertaking to qualify as
Competent Persons as defined in the 2004 Edition of the `Australasian Code of   
Reporting of Exploration Results, Mineral Resources and Ore Reserves`.          
The information in this report, insofar as it relates to the Avontuur 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.                                                
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 
Oct - Dec 2010 ASX Quarterly Report.                                            
25 January 2011                                                                 
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 25/01/2011 10:20:00 Supplied by www.sharenet.co.za                     
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