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

Release Date: 25/07/2011 10:00:09      Code(s): TAW
TAW - Tawana Resources NL - Quarterly Activities and Cash Flow Report           
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 - 30 June 2011                                                          
Tawana Resources NL (ASX: TAW) is pleased to present the report on activities   
for the period April to June 2011.                                              
HIGHLIGHTS                                                                      
-    Project Acquisition                                                        
-    Secured rights to the Sinoe Gold Project in SE Liberia.                
    -    400 Km2 of highly prospective Birimian geology.                        
    -    20 Km along strike from Hummingbird`s (AIM: HUM) Dugbe Resource (0.8   
         Moz) and 40 Km along strike from NT Resources (ASX: NTR) Bukon Jedeh   
project.                                                               
    -    Due diligence underway.                                                
-    Nimba/Lofa Gold Exploration                                                
    -    Ongoing geochemical sampling and mapping has identified additional     
artisanal workings.                                                    
    -    Stream sediment sampling is to be completed by mid-July and assay      
         results expected late August.                                          
-    Meletse Iron Ore Deposit in South Africa  (6.7% indirect)                  
-    Positive scoping study results confirm the technical and financial     
         viability of a development.                                            
-    Corporate Developments                                                     
    -    Appointment of Matthew Bowles a Non-Executive Director as part of      
the strategic alliance agreement with Gryphon Minerals and brings to   
         Tawana a wealth of expertise in strategy development and domestic      
         and cross border corporate transactions.                               
Recruitment of highly experienced Senior Geologist to manage field exploration  
activities in Liberia, target generation and due diligence on prospective       
opportunities both in Liberia and throughout West Africa.                       
Corporate                                                                       
On 27th May 2011 Tawana Resources NL (the `Company`) held its Annual General    
Meeting of Members at Level 15, 9 Castlereagh Street, Sydney, New South Wales.  
All Resolutions were passed unanimously on a show of hands; adoption of         
Remuneration Report, re-election of Warwick Grigor as Chairman and increase in  
Non-executive Directors` Fee Cap.                                               
On 30th May 2011 Matthew Bowles was appointed a Non-Executive Director of the   
Company. Mr Bowles joins the Board as part of the strategic alliance agreement  
with Gryphon Minerals and brings to Tawana a wealth of expertise in strategy    
development and domestic and cross border corporate transactions. Mr Bowles is  
currently the Chief Development Officer for Gryphon Minerals Limited. He is a   
Member of the Australian Society of Certified Practising Accountants and the    
Financial Services Institute of Australasia.                                    
The Company recruited a Senior Geologist, Rockson Coffie accountable for field  
programmes and target generation in Liberia as well as review and assessment    
of prospective opportunities throughout West Africa. Rockson is a Ghanaian      
national with in excess of 10 years` experience in grassroots exploration,      
resource evaluation and mine geology in Archean and Birimian settings both in   
Ghana and Liberia.                                                              
Liberia                                                                         
The Company secured binding exclusivity and exclusive rights to due diligence   
on a significant, highly prospective Birimian land package in Sinoe County,     
South-Eastern Liberia on 13th July referred to as the Sinoe Project. The Sinoe  
Project area covers 400 Km2 within arguably one of the most prospective         
Birimian gold structures currently being explored in Liberia; the Dugbe Shear.  
Exploration activities continued on the Nimba and Lofa licenses; two mineral    
permits issued in December 2010 and formally approved to Gryphon Minerals Ltd   
(ASX: GRY) on 23rd February 2011. The Lofa License covers 596 Km2 and is along  
strike from the 1.52 Moz New Liberty gold deposit and the Nimba License covers  
995 Km2 and is adjacent to the 5.0 Moz Ity gold mine. Both licenses host        
highly prospective Archean greenstone belts that have had no modern day         
exploration and have confirmed artisanal workings.                              
An additional two applications are pending. The Nimba North application (478    
Km2) is an extension of the geological features favourable to the Nimba         
license and provides operational synergies with Nimba. The Vaiidi Mountain      
application (986 Km2) hosts a significant package of folded and sheared         
greenstone and banded iron formations prospective for gold. Both applications   
have reported extensive artisanal gold workings.                                
(Map showing granted licenses (1591 Km2), JV license and remaining              
applications, have been removed for SENS purposes, but can be found on the      
Company`s website)                                                              
The Company moved quickly to commence field exploration programmes and secured  
the services of SEMS Exploration Services Ltd of Ghana. Field work commenced    
end March with the mobilisation of four sampling teams, securing of two field   
base houses, completion of community liaison meetings, identification of        
alluvial gold workings, mapping of road and track network and collection of     
stream sediment and soil samples.                                               
Sinoe Project                                                                   
Tawana Resources has paid an initial exclusivity option fee to Global Mineral   
Investment Incorporated, the tenement holder of the Sinoe Project area,         
securing binding exclusivity and exclusive rights to due diligence.  The        
details of the transaction remain commercial-in-confidence with full            
acquisition details to be provided on completion of successful due diligence    
by Tawana.                                                                      
Access is via paved and laterite road from Monrovia to Greenville and laterite  
road from Greenville to the project area. Under the terms of the agreement,     
the Company has secured the services of the vendor`s expatriate site manager    
to build access tracks, additional camp facilities and maintain logistical      
supplies to facilitate exploration activities.                                  
The mineral exploration license covers 400 Km2 of Birimian aged rocks along     
arguably the most prospective gold mineralised structure being explored in      
Liberia today; the Dugbe Shear.                                                 
(Map showing Project location in SE Liberia showing road access, removed for    
SENS purposes, but can be found on the Company`s website)                       
The project area is 25 Km along strike from Hummingbird`s (AIM: HUM) 0.8 Moz    
Dugbe Project and 40 Km along strike from NT Resources (ASX: NTR) Bukon Jedeh   
Project. Both projects are hosted along secondary and tertiary order            
structures adjacent to the main Dugbe Shear. Similar structural targets have    
been defined in the government regional aeromagnetics data over the Sinoe       
Project area.                                                                   
The area is characterised by numerous artisanal alluvial and eluvial gold       
workings observed in the field during recent site due diligence activities.     
The area is also characterised by numerous quartzite, graphite and manganese    
occurrences on the USGS Geological map of Liberia; all favourable indications   
for gold prospectivity.                                                         
(Map showing Sinoe Project area on regional total aeromagnetic imagery          
showing approximate locations of advanced projects along strike to the east,    
removed for SENS purposes, but can be found on the Company`s website)           
Nimba License                                                                   
Field work has progressed well since commencing end March 2011. Access roads,   
tracks and paths have been mapped, approximately 350 of the planned 400 stream  
sediment samples have been collected and additional artisanal gold workings     
located and sampled within the license area.                                    
Numerous artisanal alluvial gold workings have been located and confirmed       
within streams draining coincident topographic, aeromagnetic high anomalies     
and favourable greenstone lithological and structural settings in the south,    
central and northern zones of the Nimba license. The southern area defines a    
30 Km strike length ridge that represents a high priority target for immediate  
follow up with wide spaced soil traverses and geological mapping.               
(Maps showing Nimba license area over USGS geology  and government              
aeromagnetic survey total magnetic intensity , removed for SENS purposes, but   
can be found on the Company`s website)                                          
The Nimba license area is considered highly prospective for multi  Moz gold     
deposits due to:                                                                
i.   Proximity to and on splays off the Cestos Shear; a major scale crustal     
    structure which hosts known gold deposits and projects                      
ii.  Proximity to the Ity Gold Mine (5 Moz)                                     
iii. Structurally complex zone at contact between the Archean Craton to the     
west and Birimian complex to the east with inferred in-folding of           
    Birimian aged rocks into Archean Craton and emplacement of                  
    Palaeoproterozoic granitoids into the folded rock package along major       
    splay structures of the Cestos Shear.                                       
Recent mapping along soil traverses cut on the Nimba prospect has identified    
younger hematite dusted porphyritic alkaline feldspar-quartz-mica granites      
cross cutting the gneiss basement further enhancing the prospectivity of this   
area. Assay results for the full programme are expected late August.            
Lofa License                                                                    
Field work has progressed well since commencing during the first week of April  
2011. All access roads, tracks and paths have been mapped; approximately 170    
of the 300 stream sediment samples have been collected. Artisanal alluvial      
workings have been confirmed in the Mavodo area outside of the licence area in  
streams draining the northern extension of the Kpo Range greenstone belt in     
the south-west of the licence area. This represents a similar geological        
setting to where a hard-rock artisanal gold workings (hammer and pick symbol    
on figure below) occurs within a competitors license area within strike         
continuations of the greenstone belt.                                           
Map showing Lofa license on geology (left) and on government total magnetic     
intensity aeromagnetic data (right). Competitors license occurs within central  
area with hard rock gold artisanal gold working shown by red hammer and pick    
symbol. Artisanal dredging operation described in report located in SE of Lofa  
license, red star. High priority 16 Km strike length target area along similar  
magnetic ridge in SW corner of Lofa license.                                    
(Map showing Lofa license on geology and on government total magnetic           
intensity aeromagnetic data , removed for SENS purposes, but can be found on    
the Company`s website)                                                          
Work Plan going forward                                                         
An aggressive field sampling and mapping programme is being designed on the     
Sinoe license to commence imminently pending successful due diligence.          
Blanket, wide spaced soil traverses within the license area and closer spaced   
soil traverses over high priority targets including eluvial artisanal workings  
are being planned. Assessment of access, artisanal workings in the area and     
geological mapping will also be undertaken.                                     
Alluvial gold workings have been confirmed on the Nimba license and from their  
distribution around coincident topographic highs, regional aeromagnetic         
anomalies and mapped Archean greenstone belts or major structures, will be      
targeted with widely spaced soil traverses. These areas represent high          
priority targets confirmed by the presence of alluvial gold workings in         
several rivers and streams draining from the target areas within the            
concession area.                                                                
Ongoing regional stream sediment sampling and targeted soil traverses remain    
the priority at Nimba and Lofa with approximately 180 stream sediment samples   
and 400 soil samples remaining. Sampling is being carried out in conjunction    
with geological mapping and identification and appraisal of artisanal workings  
as the field programmes progress.                                               
The Lofa and Nimba stream sediment sampling programme will be completed prior   
to the onset of the 2011 wet season which has been unusually late this year     
with site conditions still relatively dry in mid-July. Targeted soil sampling   
at Nimba and blanket sampling at Sinoe pending successful due diligence will    
be ongoing through the 2011 wet season where practical.                         
Community and stakeholder liaison will remain ongoing within all license        
areas. This is paramount to building good community relations, managing         
expectations, fostering ongoing community support and maintaining a social      
license to operate.                                                             
In addition to ongoing lobbying of the Ministry to finalise approval of         
remaining applications, the Company continues to evaluate a number of           
potential project acquisitions and farm-in opportunities in Liberia in its own  
right and is also working closely with Gryphon on other highly prospective      
West African opportunities.                                                     
About Liberia                                                                   
Liberia is a democratic country run by Her Excellency President Ellen Johnson   
Sirleaf; Africa`s first elected female head of state in 2005. The country is    
hugely prospective and hosts several world class iron ore deposits but yet is   
completely underexplored for gold and non-ferrous metals.  Liberia has a        
modern and transparent mining code and the government is supportive of foreign  
investment especially in the exploration and mining industry to help unlock     
the value of its potential mineral wealth. Tawana will be one of the first ASX  
listed junior companies into Liberia following in the footsteps of mining       
majors BHP Billiton, Arcelor-Mittal and Severstal.                              
Liberia is located in West Africa dominantly within the Archean aged Kenema     
Man Domain and lesser Birimian sediments to the east.  There are a large        
number of world class mineral deposits located in the Archean and Birimian      
rock types throughout West Africa including Obuasi (40 Moz+) and Tasiast (18    
Moz+). West Africa is one of the fastest growing mineral provinces in the       
world and Liberia currently hosts several world class iron ore deposits and is  
underexplored for gold.                                                         
South Africa                                                                    
Rakana Consolidated Mining Pty Ltd (TAW 26%)                                    
The Company holds a 26% equity stake in Rakana Consolidated Mining Pty Ltd      
("Rakana") the joint venture partner of Aquila Resources Ltd ("Aquila") in the  
Thabazimbi Joint Venture. The Avontuur Manganese Project and Meletse Iron Ore   
Project are incorporated in the Thabazimbi Joint Venture.                       
(Ownership structure of Rakana assets, removed for SENS purposes, but can be    
found on the Company`s website)                                                 
Avontuur Manganese Project (TAW indirect interest 6.7%)                         
The Avontuur high-grade Manganese Project is located in the Northern Cape       
Province, South Africa. Aquila Resources (ASX: AQA) announced a JORC compliant  
resource upgrade of 108.9Mt at 38.6% Mn on 4th February 2011.                   
The Avontuur Project is incorporated in the Thabazimbi Joint Venture.           
Category  Tonnes   Mn %  Fe%    SiO2%                                           
         `000T                                                                  
Gravenhage                                                                      
Measures  26,245   39.25 12.48  8.96                                            
Indicated 34,493   38.7  12.24  9.65                                            
Inferred  46,332   37.95 11.41  10.31                                           
Sub-Total 107.07   38.51 11.94  9.77                                            
Eersbergint                                                                     
Inferred  1,800    45.5  13     4.63                                            
TOTAL     107,070  38.63 11.96  9.69                                            
Category  LoI%     CaO%  MgO%   AI,O2                                           
Gravenhage                                                                      
Measures  8.08     6.82  3.48   0.34                                            
Indicated 8.24     6.93  3.63   0.32                                            
Inferred  8.68     7.38  3.94   0.33                                            
Sub-Total 8.39     7.1   3.73   0.33                                            
Eersbergint                                                                     
Inferred  3.7      na    na     0.52                                            
TOTAL     8.31     na    na     0.33                                            
Category  K2O%     P%    RD     Thickness                                       
                               m                                                
Gravenhage                                                                      
Measures  0.19     0.03  3.73   3.28                                            
Indicated 0.18     3.68  3.72   3.13                                            
Inferred  0.14     0.03  3.68   3.03                                            
Sub-Total 0.16     0.03  3.7    3.12                                            
Eersbergint                                                                     
Inferred  0.01     0.01  4      4.02                                            
TOTAL     0.16     0.03  3.7    4.02                                            
na-not modelled                                                                 
Avontuur Resource Estimate (AQA, 4th Feb 201Aquila Resources (ASX: AQA)         
announced on 11th March 2011 an expanded Feasibility Study from a base case of  
1Mtpa to target an operation with an annual production of 2Mtpa is underway to  
initially mine the Gravenhage Deposit as an open pit, with subsequent           
underground mining from an open pit access. Strong exploration potential        
exists within the 10 Km long Avontuur Basin, which is wholly contained within   
the 370 Km2 Avontuur Prospecting Right.                                         
The Avontuur Project area is located approximately 30 Km north of the Kalahari  
Manganese Field, South Africa`s premier manganese producing area (see map       
below).                                                                         
(Map showing Avontuur Project location (AQA, 11th May 2010),removed for SENS    
purposes, but can be found on the Company`s website)                            
Thabazimbi Iron Ore Project (TAW indirect interest 6.7%)                        
The Meletse Iron Ore Project has a JORC compliant indicated and inferred        
resource estimate of 47.6Mt at 62.9% Fe in the Limpopo Province, South Africa.  
The Meletse Project is incorporated in the Thabazimbi Joint Venture.            
Significant expansion potential exists as the deposit remains open at depth     
and along strike.                                                               
MELETSE IRON ORE RESOURCES                                                      
Resource       Tonnes  Fe%   SiO2%  AI2,O3 P%                                   
Classification Mt                                                               
Indicated      15,9    63.6  6.22   1.07   0.031                                
Inferred       32      62.5  8.89   0.82   0.044                                
Total          47.6    62,9  8      0.91   0.04                                 
Resource       S%      MnO%  MgO%   LOl%                                        
Classification                                                                  
Indicated      0.045   0.783 0.076  1                                           
Inferred       0.041   1.078 0.054  1.19                                        
Total          0.043   0.979 0.061  1.13                                        
Meletse Iron Ore Project Resource Estimate (AQA 30th Nov 2010)                  
(Map showing Meletse Iron Ore Project location plan (AQA, 15th April            
2010)removed for SENS purposes, but can be found on the Company`s website)      
Aquila Resources Ltd announced positive scoping study results on 13th May       
2011. The Scoping Study:                                                        
-    Confirms the technical and financial viability of a development of the     
    Meletse Iron Ore Deposit                                                    
-    Identified two preferred viable options at a production rate of 2 million  
    tonnes per annum with "direct shipped" product sold either into the         
    export market or domestically                                               
-    Confirmed that a larger Resource could support a 4 million tonne per       
annum Project with improved economic results                                
-    Recognised that the Meletse ore body remains open along strike and at      
    depth                                                                       
-    Estimated capital expenditure in the range of USD150 million to USD190     
million                                                                     
-    Estimated operating costs of USD55 per tonne FOB                           
-    Considered export of ore using existing infrastructure from Thabazimbi to  
    the port of Maputo in  Mozambique at benchmark pricing                      
-    Considered domestic ore sold at a rail siding at Thabazimbi at a           
    benchmark related price                                                     
Development (Details below are from Aquila`s ASX Release on 13th May 2011)      
The Scoping Study has evaluated an open pit mining operation with options for   
both direct shipping product and beneficiation of lower grade ores. Several     
modes of transport of ore from the deposit to the crushing and screening plant  
have been evaluated. These modes include truck haulage, conveyor and ore        
passes, all of which will be analysed in detail in subsequent studies.          
Options were considered for the transport of the product from the mine to a     
siding located at                                                               
Thabazimbi, the nearest point on Transnet Freight Rail`s ("TFR`s") rail         
network. These included rail, conveyor and truck haulage solutions, with truck  
haulage proving to be the most economic at 2 million tonnes per annum.          
Opportunities were identified for both the supply of ore to domestic steel      
mills and the export of iron ore from the eastern ports of Maputo and Richards  
Bay. An initial production rate of 2 million tonnes per annum has been          
considered, with the potential to increase this to 4 million tonnes per annum   
in the expectation of a larger final ore body.                                  
TFR is reviewing the infrastructure needs of the Project within the context of  
the broader expansion needs of the area, including the Waterberg Coal Field.    
The results of this review will provide input for further development studies.  
The Scoping Study has also canvassed the opportunity to beneficiate more        
marginal ore to increase the saleable product from the ore body. Further        
metallurgical test work will be required to establish the viability of such a   
beneficiation process and to establish the lump to fines ratio of the "direct   
shipped" product. Based on similar Thabazimbi ore bodies, lump ratios in        
excess of 60% are expected.                                                     
Kareevlei Wes Project, Kimberley Region (TAW 100%)                              
The Kareevlei Project Area is comprised of a cluster of five kimberlites        
located approximately 100 Km northwest of Kimberley.                            
On 25th January 2011 the Company announced that an Addendum to the Heads of     
Agreement for the sale of Kareevlei was signed with Rolatseng Mining CC. The    
Purchase price was revised from ZAR25 million to ZAR22 million due to an        
expectation of a lower grade as announced in the previous quarter.              
Bar the first two monthly installments, Rolatseng has not made monthly          
instalments as per the revised agreement due to delays in securing funding. A   
31st May 2011 deadline to secure guaranteed funding for the purchase price was  
agreed. As this has not been met Tawana has exercised its right to terminate    
exclusivity of the agreement, allowing for negotiation with other parties for   
the purchase of Kareevlei Wes.                                                  
Daniel Alluvial Project, Kimberley Region (TAW 100%)                            
The Daniel Alluvial Project is a large buried palaeo alluvial diamond project   
2 Km south of the Finsch kimberlite diamond mine. It was discovered in 2003     
following a FALCOMTM survey by BHPB targeting satellite kimberlite pipes        
around Finsch. The project consists of three diamondiferous palaeo gravel       
channels; Feeder Channel, Main Channel and Eastern Gravels. The Daniel          
diamonds are interpreted to be derived from eroded diamondiferous Finsch        
kimberlite material.                                                            
No work was carried out on the project during the reporting period.             
Perdevlei Kimberlite Project, Kimberley Region (TAW 100%)                       
The Perdevlei kimberlite project is located approximately 50 Km east of the     
Finsch diamond mine in the Kimberley Region of the Northern Cape Province. The  
kimberlite pipe is approximately 1.7Ha in size, drill confirmed to 150m depth   
and the project area is also prospective for alluvial diamonds.                 
No field work was undertaken during the reporting period.                       
St Augustine (TAW 30%) and Lexshell Projects, Kimberley Region                  
The St Augustine kimberlite project is located approximately 600m west of the   
Big Hole in Kimberley. It is a historic surface and underground mine            
reportedly mined to a depth of 800ft (242m). The conceptual target is primary   
kimberlite at depth below historic workings and remains untested.               
The Lexshell alluvial project is located 50 Km north-east of Kimberley, at the  
confluence of the Vaal and Harts rivers. The project has targeted and           
confirmed the presence of diamondiferous palaeo alluvial channels.              
No field work was undertaken on either project during the reporting period.     
Botswana                                                                        
Orapa Project (100% 0wned by Seolo Pty Ltd, a wholly owned subsidiary and       
Firestone Diamonds Ltd (AIM: FDI) having the right to initially earn 70%        
interest in the Project)                                                        
The Orapa project consists of the BK24 kimberlite 22 Km north-north-east from   
Lelthalkane in Botswana and under joint venture with Firestone Diamonds (AIM:   
FDI). Under the Exploration Joint Venture Agreement Firestone has the right to  
initially earn 70% in the Project through funding and execution of exploration  
activities including the collection and processing of a bulk sample of          
kimberlite material using a large diameter (24" or 36") drill rig of a minimum  
of 150 tonnes from kimberlites less than 1Ha in size, and a minimum of 250      
tonnes from kimberlites greater than 1Ha in size.                               
Large diameter drilling has been further delayed due to delays in the start-up  
of Firestone`s BK11 mine. Drilling is expected to commence during the third or  
fourth quarter of 2011.                                                         
Australia                                                                       
Flinders Island & Venus Bay Projects, South Australia (TAW 80%, 20% Orogenic    
Exploration with Flinders Mines earning in)                                     
The Flinders Island and Venus Bay Projects are located along the western Eyre   
Peninsula coast line, South Australia. Licenses are held by Tawana Resources    
NL (80%) and Orogenic Exploration Pty Ltd (20%) with Flinders Mines Ltd         
earning equity under a farm in JV.                                              
No field work was undertaken during the reporting period; however, Venus Bay    
licenses were renewed.                                                          
For further information, please contact:                                        
Lennard Kolff van Oosterwijk                                                    
Chief Executive Officer                                                         
Competent Persons Statements                                                    
The information in this report in so far that it relates to Liberian Project    
Exploration Results, Mineral Resources or Ore Reserves is based on information  
compiled by Lennard Kolff van Oosterwijk, who is a Member of the Australian     
Institute of Geoscientists included in a list promulgated by the ASX from time  
to time. Lennard Kolff van Oosterwijk is a full-time employee of the company    
and 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 for Reporting of Exploration Results, Mineral Resources  
and Ore Reserves`. Lennard Kolff van Oosterwijk consents to the inclusion in    
the report of the matters based on his information in the form and context in   
which it appears.                                                               
The information in this report, insofar as it relates to the Meletse Iron Ore   
Resource and the Gravenhage Manganese 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`. Both Mr  
Green and Mr Siebrits consent to the inclusion in the announcement of the       
above matters based on the information in the form and context in which it      
appears.                                                                        
25 July 2011                                                                    
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 25/07/2011 10:00:07 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          



                                        
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