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TAW - Tawana Resources NL - Len Kolff appointed as Managing Director

Release Date: 27/10/2011 10:02:13      Code(s): TAW
TAW - Tawana Resources NL - Len Kolff appointed as Managing Director            
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")                                                     
Len Kolff appointed as Managing Director                                        
The Directors of Tawana Resources NL (ASX: TAW) are pleased to announce         
that Len Kolff has been appointed as a director of the Company.                 
Mr Kolff has been the Company`s Chief Executive Officer since joining           
Tawana in July last year.                                                       
For further information, please contact:                                        
Lennard Kolff van Oosterwijk                                                    
Managing Director                                                               
Warwick Grigor                                                                  
Chairman                                                                        
Appendix A                                                                      
Details of Managing Director`s Remuneration                                     
In accordance with ASX guidelines requiring listed entities to disclose         
the relevant terms of the Managing Directors remuneration, Tawana               
reports the following relevant terms of its employment agreement with           
Mr. Len Kolff as amended today.                                                 
Duration of       3.5 years from June 2010 or longer as agreed between the      
Contract          parties                                                       
Services          Those services usually required of a Managing Director of     
                 a company the size and nature of Tawana                        
Remuneration      $230,000 per annum plus superannuation                        
Performance       Iron Ore Bonus                                                
Related           Upon the Company establishing a JORC compliant inferred       
                 resource of 50,000,000 tonnes of direct shipping iron ore      
                 or 100,000,000 tonnes soft itabirite then, subject to the      
                 Employee`s continued employment with the Company, the          
Company will pay to the Employee a pre-tax bonus of            
                 A$120,000 (exclusive of superannuation) and issue to the       
                 Employee or his nominee 20,000,000 options (or other           
                 agreed instruments subject to taxation advice) to acquire      
ordinary fully paid shares in the Company with an exercise     
                 price to be agreed and an expiry date no less than three       
                 years from the date of issue that will not vest until such     
                 time as the Company completes a Definitive Feasibility         
Study  confirming the project can sustain a production         
                 rate of 1,000,000 tonnes per annum of direct shipping iron     
                 ore or 2,000,000 tonnes per annum of soft itabirite; and       
                 Gold Bonus                                                     
Upon the Company establishing a JORC compliant resource of     
                 500,000 ounces (at a 0.5 gpt cut-off grade and where 25%       
                 of the JORC resource must qualify for inclusion in the         
                 indicated category) of gold then, subject to the               
Employee`s continued employment with the Company, the          
                 Company will pay to the Employee a bonus of $120,000           
                 (exclusive of superannuation)                                  
Termination       The agreement provides that the employment of Len Kolff       
can be terminated by either party giving 3 months notice.      
                 No termination payments are payable except in the event        
                 that Tawana is the subject of a successful takeover and        
                 where Len Kolff subsequently does not agree to ongoing         
employment.  In this instance Len Kolff is entitled to a       
                 termination payment equal to 3 months salary.                  
Appendix 3X                                                                     
Initial Director`s Interest Notice                                              
Information or documents not available now must be given to ASX as soon         
as available.  Information and documents given to ASX become ASX`s              
property and may be made public.                                                
Introduced 30/9/2001.                                                           
Name of entity         Tawana Resources NL                                      
ABN      69 085 166 721                                                         
We (the entity) give ASX the following information under listing rule           
3.19A.1 and as agent for the director for the purposes of section 205G          
of the Corporations Act.                                                        
Name of Director        Lennard Alexander Kolff van                             
                       Oosterwijk                                               
Date of appointment     27 October 2011                                         
Part 1 - Director`s relevant interests in securities of which the               
director is the registered holder                                               
In the case of a trust, this includes interests in the trust made               
available by the responsible entity of the trust                                
Note: In the case of a company, interests which come within paragraph           
(i) of the definition of "notifiable interest of a director" should be          
disclosed in this part.                                                         
Number & class of securities                                                    
Nil                                                                             
Part 2 - Director`s relevant interests in securities of which the               
director is not the registered holder                                           
In the case of a trust, this includes interests in the trust made               
available by the responsible entity of the trust                                
Name of holder & nature of interest   Number & class of Securities              
Note: Provide details of the                                                    
circumstances giving rise to the                                                
relevant interest.                    5,000,000 Unlisted Options (3c, 9         
                                     Sept 2012)                                 
Securities are held by Mr Kolff`s     5,000,000 Unlisted Options (5c, 9         
spouse.                               Sept 2014)                                

Part 3 - Director`s interests in contracts                                      
Note: In the case of a company, interests which come within paragraph           
(ii) of the definition of "notifiable interest of a director" should be         
disclosed in this part.                                                         
Detail of contract                                                              
Nature of interest                                                              
Name of registered holder                                                       
(if issued securities)                                                          
No. and class of securities to which interest relates                           
27 October 2011                                                                 
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 27/10/2011 10:02:13 Supplied by www.sharenet.co.za                     
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