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TAW - Tawana Resources NL - Annual report for the year ended 31 December

Release Date: 29/03/2012 12:21:47      Code(s): TAW
TAW - Tawana Resources NL - Annual report for the year ended 31 December        
2011                                                                            
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")                                                     
ABN 69 085 166 721                                                              
ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2011                               
CONTENTS                                                                        
Corporate Directory                               3                             
Chairman`s Statement                              4                             
Directors` Report                                 5                             
Corporate Governance Statement                    23                            
Auditor`s Independence Declaration                28                            
Statement of Comprehensive Income                 29                            
Statement of Financial Position                   30                            
Statement of Changes in Equity                    31                            
Statement of Cash Flows                           32                            
Notes to the Financial Statements                 33                            
Directors` Declaration                            53                            
Independent Auditor`s Report to the Members       54                            
Schedule of Mining Tenements                      56                            
ASX Additional Information                        57                            
Directors                                                                       
Mr Warwick Grigor        Non-Executive Chairman                                 
Mr Lennard Kolff         Managing Director                                      
Mr Euan Luff             Non-Executive Director                                 
Mr Julian Babarczy       Non-Executive Director                                 
Mr Matthew Bowles        Non-Executive Director                                 
Joint Company Secretaries                                                       
Mr Winton Willesee                                                              
Mr Aaron Finlay                                                                 
Principal Place of Business                                                     
and Registered Office                                                           
Suite 25                                                                        
145 Stirling Highway                                                            
Nedlands WA 6009                                                                
Contact Details                                                                 
Website:  www.tawana.com.au                                                     
Tel: +61 8 9389 3140                                                            
Fax: +61 8 9389 3199                                                            
Solicitors to the Company                                                       
Wilmoth Field Warne                                                             
Level 13                                                                        
440 Collins Street                                                              
Melbourne VIC 3000                                                              
Share Registry                                                                  
Computershare Investor Services Pty Ltd                                         
GPO Box 2975                                                                    
Melbourne VIC 3001                                                              
Tel: +61 3 9415 5000                                                            
Fax: +61 3 9473 2500                                                            
Auditor                                                                         
William Buck                                                                    
Level 1                                                                         
465 Auburn Road                                                                 
Hawthorn East VIC 3123                                                          
Stock Exchange                                                                  
Australian Securities Exchange                                                  
ASX Code:  TAW                                                                  
JSE Limited                                                                     
JSE Code:  TAW                                                                  
CHAIRMAN`S STATEMENT                                                            
Dear Shareholders                                                               
The year that we are reporting on, to December 2011, has been a testing one     
- not just for Tawana, but for the entire world of stock exchange traded        
companies.  Never has the adage "sell in May and go away" been more             
appropriate than it was last year.  After reporting to you strong confidence    
in the future of Tawana, aided by a $4.5m capital raising and the Liberia       
initiative, we all tumbled headlong into a bear market driven by fears of a     
European banking meltdown.                                                      
The bear market reached its nadir in mid-December, when equities everywhere     
in the world were being shunned.  Since then there has been a steady rise in    
markets, on reduced volumes and volatility, to the point that it is almost      
back to normal.                                                                 
Your Company was fortunate that it didn`t have to go cap in hand to the         
market to raise additional working capital during this period of bearish        
sentiment.  Instead, we concentrated on negotiating and building the            
Company`s portfolio of exploration gold assets in Liberia, being careful to     
not let the money that we had burn a hole in our pockets.                       
So, we now have a company with a portfolio of promising gold exploration        
projects in Liberia, with the added sweetener of potentially very profitable    
iron ore assets.  We have commenced field activities and we will rapidly        
progress to the drilling stage this year.  The news flow promises to be         
strong.  Liberia is rapidly becoming a hot spot for junior mining companies     
in West Africa, and we are positioned for success as well as anyone.            
Strong companies are built by good management, and while good luck is a         
desirable ingredient, it is also true that it is up to management to            
manufacture its own good luck.  In this regard we are fortunate to have Len     
Kolff continue as CEO of the Company, and the Board was pleased to recently     
announce that Len was promoted to the position of Managing Director.  His       
professional and capable management style will stand the Company in good        
stead going forward.  We are pleased with the positive feedback we receive      
from shareholders and investors regarding his capabilities and credibility.     
Whilst mentioning management, I would like to take this opportunity to thank    
the Board of Tawana for continuing to work cohesively and constructively        
during the year.  Every board member is strongly focused on creating wealth     
for Tawana shareholders, which should give all shareholders, large and          
small, good comfort going forward.                                              
I would also like to thank Euan Luff for his efforts on the Board and his       
help in steering Tawana along a new path with a bright new future.  Euan has    
chosen to retire from the Board at the Annual General Meeting to pursue         
other interests.  We wish him well in the future.                               
Warwick Grigor                                                                  
Non-Executive Chairman                                                          
DIRECTORS` REPORT                                                               
Your directors submit their report for the year ended 31 December 2011 for      
Tawana Resources NL ("the "Company") and its controlled entities (the           
"Consolidated Entity").                                                         
Directors                                                                       
The names and details of the Company`s directors in office during the           
financial year and until the date of this report are as follows.  Directors     
were in office for the entire period unless otherwise stated.                   
Mr Warwick Grigor - Non-Executive Chairman                                      
Appointed 20 April 2010                                                         
Mr Grigor is a veteran of 30 years in Australian stockbroking, analysis and     
corporate advisory functions, having first commenced employment with            
Hamersley Iron Pty Ltd after completing degrees in law and economics. His       
most recent venture is Canaccord BGF, a stockbroking business established in    
2008. Mr Grigor is Executive Chairman and Head of Research.                     
Over the past 3 years, Mr Grigor has held directorships with the following      
ASX-listed companies:                                                           
Company                    Commenced     Ceased                                 
Heritage Gold NZ Limited   19 Apr 2007   7 April 2010                           
Peninsula Energy Limited   11 Apr 2005   -                                      
Mr Lennard Kolff - Managing Director                                            
Appointed 27 October 2011                                                       
Mr Kolff joined Tawana initially as Chief Executive Officer in July 2010,       
having worked at Rio Tinto over the past decade, where he was involved in a     
range of high profile projects including the Simandou iron ore project and      
the Northparkes Cu-Au mine.  His responsibilities have encompassed a broad      
range of disciplines, including the design, implementation and supervision      
of multi-commodity exploration and pre-feasibility study resource drilling      
programs, management of geological teams and collaboration with the mine        
planning and development functions of major project teams.                      
Over the past 3 years, Mr Kolff has held no other directorships with ASX-       
listed companies.                                                               
Mr Euan Luff - Non-Executive Director                                           
Appointed 16 November 1998                                                      
Mr Luff is a Senior Partner of Wilmoth Field Warne, Solicitors.  In his         
professional capacity he acts as a legal adviser to a number of private and     
public companies.                                                               
Over the past 3 years, Mr Luff has held no other directorships with ASX-        
listed companies.                                                               
Mr Julian Babarczy - Non-Executive Director                                     
Appointed 9 December 2009                                                       
Mr Babarczy is currently a Portfolio Manager at Regal Funds Management,         
where he has primary responsibility for investments within the mining and       
oil and gas sectors.  Prior to this role, Mr Babarczy worked in investment      
banking for Lazard, where he provided advice to both listed and unlisted        
companies on capital raising and merger and acquisition transactions.           
Before joining Lazard, Mr Babarczy held several roles in corporate finance,     
where he was instrumental in a range of successful transactions including       
IPOs, secondary market capital raisings, listed company advisory mandates       
and equities research across a broad range of industry sectors.  Julian         
holds a Bachelor of Business from Monash University in Melbourne, is a          
Chartered Financial Analyst charterholder, and has a graduate diploma in        
Applied Finance and Investment from the Securities Institute of Australia.      
Over the past 3 years, Mr Babarczy has held no other directorships with ASX-    
listed companies.                                                               
Mr Matthew Bowles - Non-Executive Director                                      
Appointed 30 May 2011                                                           
Mr Bowles has extensive commercial and corporate finance experience within      
the resource sector, formerly being an Executive Director, Mergers and          
Acquisitions with global advisory firm Ernst & Young.  Prior to joining         
Ernst & Young in 2004, Mr Bowles spent 8 years with Rio Tinto Limited in a      
number of senior financial roles and 4 years in London in corporate finance     
and investment banking.                                                         
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 Industry of Australasia.                 
Over the past 3 years, Mr Bowles has held no other directorships with ASX-      
listed companies.                                                               
Mr Harry Hill - Non-Executive Director                                          
Appointed 21 August 2009                                                        
Resigned 27 May 2011                                                            
Mr Hill is a Certified Practising Accountant and a Fellow of the Chartered      
Institute of Secretaries.  He has over 30 years` experience having been a       
director of several Australian publicly listed companies involved in            
minerals exploration, mine development and mining operations, where he was      
involved in restructuring corporations and re-purposing businesses and          
initial public offers.  His skills encompass business and strategic             
planning, finance and corporate secretarial functions.                          
Over the past 3 years, Mr Hill has held directorships with the following ASX-   
listed companies:                                                               
Company                    Commenced     Ceased                                 
Future Corporation         17 Jun 2008   -                                      
Australia Limited                                                               
Hawk Resources Limited     19 Apr 2006   28 July 2008                           
Interests in the shares and options of the Company                              
As at the date of this report, the interests of the directors in the shares     
and options of Tawana Resources NL were:                                        
Name             Number of       Number of                                      
                ordinary        options over                                    
                shares          ordinary                                        
shares                                          
Mr W Grigor      27,850,000      -                                              
Mr L Kolff       -               10,000,000                                     
Mr E Luff        21,589,740      6,104,150                                      
Mr J Babarczy    25,173,288      -                                              
Mr M Bowles      -               15,000,000                                     
Company Secretaries                                                             
Mr Winton Willesee                                                              
Mr Willesee is an experienced Director in the small and medium                  
capitalisation sector of ASX.  Mr Willesee brings a broad range of              
experience in strategy, company administration, corporate governance,           
company public listings, merger and acquisition transactions,                   
reconstructions and corporate finance from his background with listed and       
unlisted public and other companies.                                            
Mr Willesee holds a Master of Commerce, Post-Graduate Diploma in Business       
(Economics and Finance), a Diploma in Education and a Bachelor of Business.     
He is a Fellow of the Financial Services Institute of Australasia, a Member     
of CPA Australia and a Chartered Secretary.                                     
Mr Willesee is also the Chairman of BioProspect Limited, Cove Resources         
Limited and Mining Group Limited, a Director of Coretrack Limited and           
Torrens Energy Limited, a Director and Company Secretary of Base Resources      
Limited, Newera Resources Limited and Otis Energy Limited, and Company          
Secretary of Greenvale Mining NL and Mantle Mining Corporation Ltd, along       
with a number of private and unlisted public companies.                         
Mr Aaron Finlay                                                                 
Mr Finlay is a Chartered Accountant and Chartered Company Secretary with        
over 20 years` experience in the accounting and finance profession.             
Mr Finlay is Finance Director and Company Secretary for ASX-listed Cleveland    
Mining Company Limited.  Prior to this he was Chief Financial Officer and       
Company Secretary for ASX listed Mayne Pharma Group Limited and previously      
INVESCO Australia`s Chief Financial Officer where he had responsibility for     
the operations of finance, as well as the compliance, legal, and human          
resources functions.  Prior to that position, Mr Finlay was head of group       
tax and treasury for INVESCO`s global operations in London.  Prior to           
joining INVESCO, Mr Finlay worked for PricewaterhouseCoopers (then Price        
Waterhouse) in London and Perth for 7 years.                                    
Operating results                                                               
The loss of the Consolidated Entity for the year ended 31 December 2011         
after providing for income tax amounted to $10,102,492 (2010: $2,214,397).      
Financial position                                                              
The net assets of the Consolidated Entity are $8,918,805 as at 31 December      
2011 (2010: $6,906,424).                                                        
Principal activities and significant changes in affairs                         
Tawana Resources NL`s principal activities consisted of mineral exploration,    
in particular diamond and gold exploration.  There were no significant          
changes in the nature of the activities of the consolidated entity during       
the year that have not been covered in this Annual Report.                      
REVIEW OF OPERATIONS                                                            
HIGHLIGHTS                                                                      
Corporate                                                                       
$4.5 million raised via placement of 100 million shares at 4.5c                 
Three permits granted; Nimba, Lofa and Mofe Creek                               
Binding Heads of Agreement for option to purchase outright Sinoe permit         
New Managing Director and Non-Executive Director appointed                      
Sinoe Gold Project                                                              
Initial 800 x 100m soil sampling programme completed                            
Highly encouraging extensive artisanal alluvial and eluvial workings noted      
in north of license area                                                        
Extensive outcropping pegmatites mapped within more prospective areas           
Nimba/Lofa Gold Project                                                         
High-priority BLEG stream sediment anomalies defined                            
10 km strike length target generated at Nimba; 6 km strike length target at     
Lofa                                                                            
Soil sampling commenced                                                         
Mofe Creek Iron Ore Project                                                     
285 km2 Mineral Reconnaissance License granted (100% TAW)                       
10 km along strike from historic Bomi Hills mine; minimum 50 Mt high-grade      
DSO magnetite lump produced                                                     
25 km from coast, adjacent to abandoned heavy-haul railway and 65 km from       
deep sea port of Monrovia                                                       
Potential for rapid development of low capital intensity DSO Fe ore project     
generating significant cash flow                                                
Thabazimbi JV                                                                   
Positive DFS completed over Gravenhage Manganese resource                       
Corporate                                                                       
As a first move under the Strategic Alliance with Gryphon Minerals, two         
mineral permits issued in December 2010 were formally approved to Gryphon       
Minerals Ltd (ASX: GRY) on 23 February 2011.                                    
On 16 March 2011 the Company raised $4.5 million via share placement of 100     
million shares at 4.5 cents with BGF Equities Pty Ltd acting as the lead        
manager.                                                                        
Tawana Resources Liberia was incorporated in Liberia and is 100% held by        
Kenema-Man Holdings Liberia Pty Ltd; an Australian subsidiary wholly owned      
by Tawana Resources NL.                                                         
On 27 May 2011 Tawana Resources NL 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.  Mr Harry Hill stepped down as a Non-      
Executive Director of the Company at the Annual General Meeting.                
On 30 May 2011 Matthew Bowles was appointed a Non-Executive Director of the     
Company.  Mr Bowles who is currently the Chief Development Officer for          
Gryphon Minerals Limited, joined 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.  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.                 
The Company and Global Mineral Investments LLC (`GMI`), a private Liberian      
company signed a binding Heads of Agreement on 28 June 2011 for an option to    
purchase outright the mineral exploration licence over the Sinoe Project        
held by GMI.  Under the terms of the agreement the Company has the option to    
purchase outright the mineral exploration licence after meeting the             
following terms and conditions:                                                 
US$10,000 Option payment to secure exclusivity - PAID                           
US$40,000 Execution payment on successful due diligence - PAID                  
US$50,000 Execution payment within 6 months of the commencement of              
exploration or announcing to market a significant exploration target - PAID     
The Company is to fund exploration during the first year after which it has     
the right to purchase the licence outright or walk away unencumbered.           
Should the Company choose to purchase the licence outright it does so at the    
following terms:                                                                
US$350,000 payment and 6 million shares in the Company                          
US$1 million payment at announcement of 1 Moz JORC compliant resource           
Additional US$1 million payments for each additional 500 Koz JORC compliant     
resource announced to market up to a maximum JORC compliant resource of 2.5     
Moz                                                                             
US$5 million payment at pouring first gold from a mining operation within       
the licence area.                                                               
The Company adopted its renewed Corporate Governance Policy on 18 October       
2011.                                                                           
Len Kolff was appointed as a Managing Director on 27 October 2011 after         
serving as CEO since 12 July 2010.                                              
The Mofe Creek Mineral Reconnaissance license was awarded to Tawana Liberia     
Inc., a locally incorporated company 100% owned by Tawana Resources NL.  The    
license covers a total area of 285 km2 approximately 100 km north-west of       
the capital city of Monrovia.                                                   
Liberia                                                                         
Grid soil sampling and geological mapping was completed over the Sinoe Gold     
Project.  Significant and prolific artisanal gold workings; both alluvial       
and eluvial were discovered in the central northern portion of the license      
area.  Approximately 3500 soil samples were collected during the year on an     
800x100m grid over the target areas and all samples submitted to SGS            
laboratory in Monrovia for gold analysis.                                       
The Company secured and commenced field exploration activities on the Mofe      
Creek Iron ore Project in Western Liberia.  Geological mapping and rock chip    
sampling defined a 35 km long iron bearing unit within the reconnaissance       
permit.  The License is 10 km along strike from the historic Bomi Hills Fe      
ore mine with historic production of 50 Mt high-grade DSO magnetite at 64-      
66% Fe, 4-6% SiO2, 0.75-1.50% Al2O3 and 0.09-1.00% P. The License is            
prospective for high-grade Direct Shipping Ore (DSO) lump magnetite and         
weathered soft itabirite for beneficiation. Potential exists for rapid          
development of a low capital intensity DSO Fe ore project generating            
significant cash flow.                                                          
Several high priority stream sediment BLEG anomalies were identified on the     
companies Nimba and Lofa projects during the year; two mineral permits          
issued in December 2010 and formally approved to Gryphon Minerals Ltd (ASX:     
GRY) on 23 February 2011.  A large scale robust 10 km strike length target      
was identified at Nimba and a 6 km strike length target at Lofa. Anomalous      
target areas were enhanced by coincident artisanal workings, favourable         
geology and major structures that host the 5 Moz Ity mine and 1.52 Moz New      
Liberty resource.                                                               
(Map showing granted licenses (1880 km2) and JV license (400 km2)has been       
removed for SENS purposes)                                                      
Sinoe Gold Project                                                              
Tawana has secured binding exclusivity and exclusive rights to purchase         
outright the Sinoe license pending results of the first year field              
exploration programme.                                                          
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.                                                 
The project area is 25 km along strike from Hummingbird`s (AIM: HUM) 1.8 Moz    
Dugbe Project and 40 km along strike from Equator Resources (ASX: EQU) Bukon    
Jedeh Project.  Both projects are hosted along secondary and tertiary           
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.  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.                                  
(Image of Artisanal workings observed within the Sinoe project area has been    
removed for SENS purposes)                                                      
(Sinoe Project area on regional total aeromagnetic imagery showing              
approximate locations of advanced projects along strike to the east and         
accesshas been removed for SENS purposes).                                      
Since field work commenced in late August 2011, field teams have completed      
soil sampling over the target area for a total of 3500 samples on an 800x100    
m sampling grid during the reporting period.  All samples were submitted to     
SGS Laboratory Liberia for gold analysis by Aqua Regia.                         
Field mapping of access, artisanal workings and geology continued in            
parallel with sampling activities. Mapping highlighted an interpreted fold      
closure within biotite and biotite-garnet schists and increased pegmatite       
intrusive sills and dykes in the central-northern portion of the license        
area.  This area coincides with increased artisanal activity over several       
kilometres in both alluvial and eluvial settings.  This area is considered      
highly prospective with reconnaissance sampling returning up 1g/t gold in       
soil samples.                                                                   
Mofe Creek Iron Project                                                         
The mineral reconnaissance license covers 285 km2 over Grand Cape Mount and     
Bomi Counties in Western Liberia and is approximately 100 km drive from         
Monrovia on well-maintained sealed roads, 10 km from an historic heavy-haul     
iron ore railway and deep sea port and 25 km from the coast.  Access to the     
project area is excellent with both sealed and laterite roads traversing the    
license area which is characterised by low, undulating topography and           
widespread shrub.                                                               
(Image of Project location relative to coast, infrastructure and Bomi Hills     
mine. Image of Well-maintained sealed main road from Monrovia through           
license area. Both images removed for SENS purpses)                             
The Mofe Creek license is 10 km along strike from the abandoned Bomi Hills      
iron ore mine.  Historic production at Bomi Hills is poorly documented;         
however estimated historic production by the Government of Liberia is 50 Mt     
of high-grade magnetite (Elenilto Minerals and Mining website).                 
Bomi Hills produced high-grade direct shipping ore (DSO) magnetite lump in      
addition to magnetite concentrate beneficiated from itabirite (metamorphosed    
and re-crystallised banded iron formation).  DSO magnetite lump averaged        
64.5% Fe, 4.5% SiO2, 1.5% Al2O3 and 0.13% P, of which 53% formed lump           
material (average 11-37mm) and 47% formed fines (<11mm).  The beneficiated      
low grade itabirite concentrate averaged 64% Fe, 6% SiO2 and 0.04-0.05% P       
and was used to produce sinter feed.                                            
The genesis of the Bomi Hills magnetite deposit is not clearly understood,      
however, general consensus is that it is hypogene and represents an             
itabirite that has come into direct contact with rising gneissic fronts and     
deep seated intrusions causing enrichment to coarse massive magnetite by        
metamorphic differentiation.  Alternate genetic models suggest a supergene      
origin where enrichment to magnetite has been caused by continued flushing      
of gangue minerals by meteoric fluids over a long time frame.  Magnetite        
mineralisation is in direct contact with gneissic basement and is partially     
blind.  Similar settings are noted at Mofe Creek.                               
(License area and sampling results relative to Bomi Hills mine and              
infrastructure; underlay aeromagnetics analytical signal base map removed       
for SENS purposes).                                                             
The iron formation is medium to coarse grained, sugary laminated quartz-        
magnetite +/- hematite with an average grain size of 3-10mm at varying          
degrees of weathering.  Where strongly weathered, the material is less          
magnetic and easily crumbled by hand to liberate iron oxides from quartz        
gangue. From approximately 70 rock chips sampled to date, the iron formation    
averages 35-50% Fe, 45-20% SiO2, 0.7% Al2O3, <0.01% P2O5, 1.32% LOI and has     
been mapped over 35 km of strike.  No sulphur and below detection or at         
detection limit Ti, V or Cr was recorded within the samples.                    
Metre scale outcrops of massive magnetite were also observed within the         
license area further enhancing the exploration model for massive magnetite      
bodies like Bomi Hills.  High-grade weathered friable hematite/magnetite and    
massive magnetite sampled in outcrop within the license area returned on        
average 63.8% Fe, 3% SiO2, 2.4% Al2O3, 0.08% P and 2.6% LOI in 2 samples.       
This demonstrates the magnetite potential similar to Bomi Hills and further     
enhances prospectivity.                                                         
(Image of coarse grained, laminated quartz-magnetite iron formation. Image      
of weathered variety of similar rock type crushed by hand forming soft,         
friable quartz-magnetite sands easily beneficiated by magnet pen.Both images    
removed for SENS purposes)                                                      
(Image of outcropping iron formation with large magnetite segregations.         
Image of weathered, softened magnetite from outcrop forming high-grade,         
clean magnetite/hematite fines. Both images removed for SENS purposes)          
All samples were assayed by SGS Liberia and were sourced from in-situ           
outcropping material, were dried and crushed to a nominal 2 mm using a jaw      
crusher then the whole sample pulverised in a LM2 to a nominal 85% passing      
75 Picam.  A 200g sample was then scooped, with iron ore analysis of majors     
and minors by borate fusion-XRF.                                                
On the basis of preliminary reconnaissance mapping and analogies drawn with     
Bomi Hills 10 km along strike, the Company is targeting both massive, high-     
grade DSO magnetite lump mineralisation and weathered, easily beneficiated      
`soft` iron formation for high-grade beneficiated fines.                        
Both styles of mineralisation have been confirmed in the project area.          
There is significant potential for this project to provide a rapid              
development timeframe, with low capital intensity utilising the extensive       
existing infrastructure and close proximity to major deep water ports and/or    
transhipment solutions. Subject to further detailed geological confirmation,    
a conceptual target is to quickly develop a high margin, low tonnage            
operation that could generate significant cash flows for the Company.           
The license area is well positioned for possible future infrastructure          
scenarios; road or rail to the Monrovia deep sea port or road to coast and      
transhipment via barge to deeper water for onward shipment.  A well-            
maintained 100 km long sealed road exists from the central licence area to      
the city of Monrovia.  In addition to this an historic heavy-haul iron ore      
railway exists from the Bomi Hills mine to the port of Monrovia; 20 km east     
from the easternmost magnetic anomaly.  Rail distance from Mofe Creek to the    
port of Monrovia is 65 km.                                                      
Nimba and Lofa Gold Project                                                     
Results for the stream sediment BLEG sampling programmes over Nimba and Lofa    
were received during the year.  Clustering of gold anomalies was observed in    
the south of the Nimba tenement area. In addition gold anomalies were           
scrutinised and ranked by evaluating their multi-element geochemical            
signatures based on relative metal concentrations.  Clear multi-element         
geochemical signatures (Au+Ba+Ga/La+Pb and Au+Cu+Fe+Pb+Ti+V) were observed      
with peak gold anomalism, providing confidence that the stream sediments        
substantially sampled bedrock and that the gold anomalies are genuine. Peak     
anomalies were recorded at 16 ppb; 16 times higher than background gold         
levels of around 1ppb.  These factors combined provide confidence that          
results are robust and defining anomalism associated with upstream gold         
mineralisation.                                                                 
The strongest gold response in the SW corner of Nimba defined a +10 km          
strike length ridge and two smaller sub-parallel ridges on either side of       
the main trend.  These target areas are further enhanced by increased           
artisanal mining activity downstream, coincident topographic and magnetic       
highs and favourable structural and lithological settings.                      
(Close up view of SW corner of Nimba license looking SW, along primary          
central 10 km target ridge (white dashed line) and area for soils follow-up     
(pink highlighted area). Secondary target area shown on western flank.          
Catchments coloured by Au anomalism (pink, red, yellow, green, light blue,      
dark blue, highest to lowest), sample point (floating ball) and Au assay (in    
ppb). Note clustered anomalism in streams draining the southern and central     
portions of the ridge line with dominant anomalism along the eastern flank.     
Image draped over Google Earth imagery.Image removed for SENS purposes)         
At Lofa peak gold anomalism was reported at 8.6 ppb; 8.5 times higher than      
background gold levels of around 1ppb. Clustering of anomalies was observed     
within streams draining a discrete 6x3 km area of hills in the north-west of    
the tenement area.  Anomalies were scrutinised further and multi-element        
geochemical signatures defined, with the strongest gold response associated     
with a Au+Ba+Ga/La+Pb signature as per Nimba in addition to a Cu-Ni-Cr-V-Ti-    
Fe metal association suggesting a mafic/ultramafic lithological host.           
Ultramafics have not been recorded on the government USGS regional              
geological map; however, native Cu mineral occurrences are recorded on the      
northern licence boundary immediately adjacent, further supporting and          
enhancing the anomalous area.                                                   
(Lofa license overview looking SW draped over Google Earth imagery with         
anomalous catchments circled (in white) and  associated discrete 6x3 km area    
of hills. License boundary in black, catchments coloured by Au anomalism        
(red-orange-yellow-green-light blue-dark blue; highest to lowest), sample       
point (floating ball) and Au assay (in ppb).Image removed for SENS purposes)    
Stream sediment samples were collected using a Bulk Leach Extractable Gold      
(BLEG) methodology which is designed to minimise "nugget effect" sampling       
issues and increase repeatability. The BLEG methodology used was                
specifically designed to highlight mineralisation signatures from large         
hydrothermal gold systems whilst filtering out the effects of small, high-      
grade systems that can generate costly and time consuming false anomalies.      
It is effective in tropical environments where there has been long lived        
deep weathering and erosion creating significant dispersion trains.             
All samples were submitted to OMAC Stewart Group laboratory for gold and        
multi-element geochemical analysis.  Gold analysis was by low level BLEG        
using accelerated active leach with leach aid (DL 0.1ppb) and multi-element     
geochemical analysis was by Aqua Regia digest and combined Inductively          
Coupled Plasma with Atomic Emission Spectrometry or Mass Spectrometry           
(ICPAES/MS) finish.                                                             
Results received passed internal and external QA/QC procedures and are          
within reporting error limits of certified standards providing confidence in    
reported results.                                                               
Work Plan going forward                                                         
Infill soil sampling on a 400x50m and 200x50m grid in conjunction with          
trenching is planned at Sinoe over the following quarter.  Pending results      
drilling of subsequent target areas is planned.                                 
Field mapping will be completed at Mofe Creek along the western portion of      
the license area. Pending results of mapping and rock chip sampling, an         
aeromagnetic survey is planned over the license area to define iron             
formation limits, lithology, structure and degree of weathering.  Both the      
geological mapping and airborne survey will be used to plan pitting and         
trenching and pending results drilling of subsequent target areas is            
planned.                                                                        
A soil sampling programme has been planned to cover the newly identified        
target areas at Nimba and Lofa.  Field teams are currently being mobilised.     
Pending results, infill soil sampling and trenching followed by drilling of     
subsequent target areas is planned.                                             
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 and        
recently re-elected in November 2011 for her second term. The country is        
hugely prospective and hosts several world class iron ore deposits but yet      
is completely underexplored for gold and non-ferrous metals.  Historically      
Liberia was the major iron exporting hub of West Africa but Civil War and       
dwindling reserves crippled the industry and export came to a standstill.       
Subsequently Arcelor Mittal has rehabilitated the Nimba-Buchanan railway and    
is currently mining and exporting iron ore, putting Liberia back in             
business.  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 (`TJV`). The Avontuur Manganese project which      
includes the Gravenhage manganese resource and the Meletse iron ore resource    
are incorporated under the TJV.                                                 
(Ownership structure of Rakana assets image removed for SENS purposes)          
Avontuur Manganese Project (TAW indirect interest 6.7%)                         
The Avontuur high-grade Manganese Project is located in the Northern Cape       
Province, South Africa and approximately 30 km north of the Kalahari            
Manganese Field, South Africa`s premier manganese producing area.               
Aquila Resources Ltd completed a Definitive Feasibility Study for the           
Gravenhage Manganese Project during the quarter. In addition to this, Aquila    
announced a resource upgrade for Gravenhage from 107 Mt to 117.9 Mt at 38.3%    
Mn. For further technical detail please refer to Aquila`s Gravenhage DFS        
completion announcement of 30th November 2011.                                  
The Avontuur Project is incorporated under the Thabazimbi Joint Venture.        
Category    Tonnes       Mn           Fe           Sio2                         
           `000T        %            %            %                             
Measured    31,924       39.35        12.24        8.96                         
Indicated   47,627       36.72        11.86        9.53                         
Inferred    38,321       36.91        12.07        11.03                        
Total       117,872      38.30        12.05        9.89                         
Category    LOI          CaO          MgO          AI2O3                        
                        %            %            %                             
Measured    8.07         6.76         3.25         0.33                         
Indicated   8.30         7.22         3.79         0.32                         
Inferred    8.38         7.35         4.17         0.32                         
Total       8.26         7.14         3.77         0.32                         
Category    K2O          P            RD                                        
           %            %                                                       
Measured    0.22         0.03         3.73                                      
Indicated   0.14         0.03         3.72                                      
Inferred    0.09         0.02         3.64                                      
Total       0.15         0.03         3.70                                      
Avontuur Resource Statement (>34 wt% Mn, AQA 30 Nov 2011)                       
Aquila announced in its December 2011 Quarterly Report that the divestment      
process for the Avontuur Manganese Project continued during the Quarter and     
final bids were expected during the March Quarter 2012.                         
Thabazimbi Iron Ore Project (TAW indirect interest 6.7%)                        
The Meletse Iron Ore Project has a JORC compliant indicated and inferred        
resource estimate of 47.6 Mt 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         AI2O3                     
Classification Mt           %            %            %                         
Indicated      15.9         63.6         6.22         1.07                      
Inferred       31.7         62.5         8.89         0.82                      
Total          47.6         62.9         8.00         0.91                      
MELETSE IRON ORE RESOURCES                                                      
Resource       P         S        MnO       MgO       LOI                       
Classification %         %        %         %         %                         
Indicated      0.031     0.045    0.783     0.076     1.00                      
Inferred       0.044     0.041    1.078     0.54      1.19                      
Total          0.040     0.043    0.979     0.061     1.13                      
Meletse Iron Ore Project Resource Estimate (AQA 30th Nov 2010)                  
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 25 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 ZAR 25 million to ZAR 22 million due to an      
expectation of a lower grade as announced in the previous quarter.              
Bar the first two monthly installments, Rolatseng failed to meet monthly        
instalments as per the revised agreement due to delays in securing funding.     
A 31 May 2011 deadline to secure guaranteed funding for the purchase price      
was agreed. As this was not met Tawana exercised its right to terminate         
exclusivity of the agreement.                                                   
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.                                                     
Perdevlei Kimberlite Project, Kimberley Region (TAW 100%)                       
Closure was applied for over the Perdevlei kimberlite project during the        
December Quarter as the license term expired in December 2011.                  
St Augustine (TAW 30%) and Lexshell Projects, Kimberley Region                  
The St Augustine kimberlite project is located approximately 600 m west of      
the Big Hole in Kimberley. It is a historic surface and underground mine        
reportedly mined to a depth of 800 ft (242 m). 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.              
The Company is seeking divestment opportunities for its South African           
diamond projects as part of its ongoing rationalisation.                        
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 of     
Lelthalkane and under joint venture with Firestone Diamonds (AIM: FDI).         
Under the JVA 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.                       
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.                                    
For further information, please contact Lennard Kolff van Oosterwijk,           
Managing Director.                                                              
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.                                                
Subsequent events                                                               
On 6 February 2012, the Company announced it has identified several high        
priority soil anomalies from its maiden geological exploration program on       
the Company`s Sinoe project in Liberia, West Africa.  Coherent gold in soil     
anomalies are open in multiple directions and further sampling and trenching    
is underway to fast track target generation for future drilling.                
On 15 February 2012, the Company announced it had entered into a binding        
Heads of Agreement with a private Liberian company, to acquire the Gold         
Rights to 1,996 km2 of highly prospective Archean geology in Grand Cape         
Mount County, north-west Liberia, West Africa.  The project hosts numerous      
target areas, has historical drilling and sampling and access to                
infrastructure.                                                                 
On 12 March 2012, the Company announced, following further results, it has      
extended and identified several high priority soil anomalies from its maiden    
geological exploration program on the Company`s Sinoe project in Liberia,       
West Africa.                                                                    
Dividends paid or recommended                                                   
The Directors do not recommend the payment of a dividend and no amount has      
been paid or declared by way of a dividend to the date of this report.          
Future developments, prospects and business strategies                          
The consolidated entity will continue to concentrate on mineral exploration     
particularly diamond exploration with emphasis on the development of its        
existing projects.                                                              
Environmental issues                                                            
The Company is aware of its environmental obligations with regards to its       
exploration activities and ensures that it complies with all regulations at     
all times.                                                                      
REMUNERATION REPORT (audited)                                                   
This report details the nature and amount of remuneration for each Director     
of Tawana Resources NL, and for the executives receiving the highest            
remuneration.                                                                   
Remuneration policy                                                             
The Board policy for determining the nature and amount of remuneration of       
Directors and Executives is agreed by the Board of Directors as a whole.        
The Board obtains professional advice where necessary to ensure that the        
Company attracts and retains talented and motivated Directors and employees     
who can enhance Company performance through their contributions and             
leadership.                                                                     
Remuneration policy is based on industry practice rather than Company           
performance and takes into account the risks and liabilities assumed by the     
directors and executives as a result of their involvement in the activities     
undertaken by the Company.                                                      
Executive Director Remuneration                                                 
In determining the level and make-up of executive remuneration, the Board       
negotiates remuneration to reflect the market salary for a position and         
individual of comparable responsibility and experience.  Remuneration is        
compared with the external market by reference to industry salary surveys.      
If required, the Board may engage an external consultant to provide             
independent advice in the form of a written report detailing market levels      
of remuneration for comparable executive roles.                                 
Remuneration consists of a fixed remuneration component as considered           
appropriate.                                                                    
Non-Executive Director Remuneration                                             
Non-Executive Directors` fees are paid within an aggregate limit which is       
approved by the shareholders from time to time.  Retirement payments, if        
any, are determined in accordance with the rules set out in the Company`s       
Constitution and the Corporations Act at the time of the Director`s             
retirement or termination.  Non-Executive Directors remuneration may include    
an incentive portion consisting of bonuses and/or options, as considered        
appropriate by the Board, which is subject to shareholder approval in           
accordance with the ASX Listing Rules.                                          
The aggregate remuneration, and the manner in which it is apportioned           
amongst Non-Executive Directors, is reviewed annually.  The Board considers     
the amount of director fees being paid by comparable companies with similar     
responsibilities and levels of experience of the Non-Executive Directors        
when undertaking the annual review process.                                     
The current maximum amount of Non-Executive Directors fees payable is fixed     
at $300,000 in total, for each 12 month period commencing 1 January each        
year, until varied by ordinary resolution of shareholders.                      
Executive Remuneration                                                          
Executive remuneration is paid according to experience and market               
conditions.  Executive remuneration is reviewed annually by the Board.          
Remuneration may include an incentive portion consisting of bonuses and/or      
options, as considered appropriate by the Board, which may be subject to        
shareholder approval in accordance with the ASX Listing Rules.  There is        
currently no formal bonus scheme in place.                                      
The Board considers the amount of executive remuneration being paid by          
comparable companies with similar responsibilities and levels of experience     
of the executive when undertaking the annual review process.                    
Details of remuneration for year ended 31 December 2011                         
Details of the remuneration of the Directors of Tawana Resources NL and its     
controlled entities, are set out in the following tables.                       
Details of remuneration for years ended 31 December 2011 and 31 December        
2010                                                                            
           Short-term benefits   Post   Share-  Total  Perfor                   
                                 employ based          m-ance                   
                                 ment   paymen         relate                   
ts             d                        
           Salary Cash   Non-    Super-                                         
           and    bonus  cash    annuat                                         
           fees          benefi  ion                                            
ts                                                     
2011        $      $      $       $      $       $      %                       
Directors                                                                       
Mr W        40,000 -      -       3,600  -       43,600 -                       
Grigor                                                                          
Mr L        54,167 -      -       4,875  -       59,042                         
Kolff (1)                                                                       
Mr E Luff   40,000 -      -       -      -       40,000 -                       
Mr J        40,000 -      -       -      -       40,000 -                       
Babarczy                                                                        
Mr H Hill   16,667 -      -       -      -       16,667 -                       
(3)                                                                             
Mr M        23,333 -      -       2,100  -       25,433 -                       
Bowles                                                                          
(4)                                                                             
Key                                                                             
Managemen                                                                       
t                                                                               
Personnel                                                                       
Mr L        142,50 25,00  -       13,650 75,619  256,76 39.2                    
Kolff (2)   0      0                             9                              
           356,66 25,00  -       24,225 75,619  481,51                          
           7      0                             1                               
Remuneration from appointment as a Director on 27 October 2011                  
Remuneration while Chief Executive Officer to 26 October 2011.  Share-based     
payments during this period relates to options issued in the prior year that    
vested during this period.                                                      
Resigned 27 May 2011                                                            
Appointed 30 May 2011                                                           
           Short-term benefits   Post      Share-   Total  Perform-             
                                 employme  based           ance                 
                                 nt        payment         related              
s                                    
           Salary Cash   Non-    Super-                                         
           and    bonus  cash    annuatio                                       
           fees          benefi  n                                              
ts                                                     
2010        $      $      $       $         $        $      %                   
Directors                                                                       
Mr W        27,889 -      -       -         -        27,889 -                   
Grigor                                                                          
Mr E Luff   63,000 -      -       -         11,513   74,513 15.5                
Mr J        42,521 -      -       -         -        42,521 -                   
Babarczy                                                                        
Mr H Hill   40,000 -      -       -         -        40,000 -                   
Mr S        4,166  -      -       -         -        4,166  -                   
Horne                                                                           
Key                                                                             
Managemen                                                                       
t                                                                               
Personnel                                                                       
Mr L        89,842 -      -       21,971    34,208   146,02 23.4                
Kolff                                                1                          
           267,41 -      -       21,971    45,721   335,11                      
           8                                        0                           
Options granted as remuneration                                                 
All options issued to Directors and Key Management Personnel are issued for     
nil consideration.                                                              
All options issued have been granted for up to a five year period, vesting      
within 12 and 24 months from contract or issue date.                            
All options issued carry no dividend or voting rights.  When exercised, each    
option is converted into one ordinary share pari passu with existing            
ordinary shares.                                                                
During the year ended 31 December 2011, no options were issued to Directors     
or Key Management Personnel as remuneration.                                    
Shares issued on exercise of compensation options                               
During the years ended 31 December 2011 and 2010, no share options were         
exercised by Directors or Key Management Personnel.                             
Employment contracts of directors and senior executives                         
There are no contracts between the Company and the Directors.  The Company      
has entered into a standard appointment agreement with Mr Len Kolff which       
provides for an appointment term of two years from 14 June 2010 and a notice    
period of three months, together with an issue of options over fully paid       
ordinary shares in the Company as noted above.                                  
Meetings of directors                                                           
During the financial year, 13 meetings of Directors were held.  Attendances     
by each Director during the year were as follows:                               
             Board meetings                                                     
             Number    Number                                                   
             attended  eligible                                                 
to                                                       
                       attend                                                   
Mr W Grigor   13        13                                                      
Mr L Kolff    1         2                                                       
Mr E Luff     12        13                                                      
Mr J          13        13                                                      
Babarczy                                                                        
Mr M Bowles   5         5                                                       
Mr H Hill     7         7                                                       
Options                                                                         
At the date of this report, the unissued ordinary shares of Tawana Resources    
NL under option are as follows:                                                 
Grant date    Date of        Exercise      Number                               
             expiry         price         under                                 
                                          option                                
18 Jun 2008   18 Jun 2012    $0.07         4,000,000                            
17 Jan 2009   17 Jan 2013    $0.10         6,000,000                            
17 Jan 2009   17 Jan 2013    $0.07         6,750,000                            
17 Jan 2009   17 Jan 2014    $0.10         6,750,000                            
23 Feb 2010   23 Feb 2013    $0.01         50,000,000                           
9 Sep 2010    31 Jul 2012    $0.01         20,000,000                           
9 Sep 2010    9 Sep 2012     $0.03         5,000,000                            
9 Sep 2010    30 Jul 2013    $0.01         50,000,000                           
9 Sep 2010    9 Sep 2014     $0.05         5,000,000                            
8 Mar 2011    8 Mar 2014     $0.01         25,000,000                           
10 Nov 2011   10 Nov 2013    $0.03         1,250,000                            
10 Nov 2011   10 Nov 2015    $0.05         1,250,000                            
                                          181,000,000                           
During the year ended 31 December 2011, 30,000,000 options were exercised at    
a price of $0.01 per option.  During the year ended 31 December 2010 no         
options were exercised.                                                         
No person entitled to exercise an option had or has any right by virtue of      
the option to participate in any share issue of any other body corporate.       
Indemnifying officers or auditor                                                
In accordance with the constitution, except as may be prohibited by the         
Corporations Act 2001 every officer of the Company shall be indemnified out     
of the property of the Company against any liability incurred by him in his     
capacity as officer, auditor or agent of the Company or any related             
corporation in respect of any act or omission whatsoever and howsoever          
occurring or in defending any proceedings, whether civil or criminal.  The      
terms of the policy prevent disclosure of the amount of the premium payable     
and the level of indemnification under the insurance contract.                  
Proceedings on behalf of the Company                                            
No person has applied for leave of Court to bring proceedings on behalf of      
the Company or intervene in any proceedings to which the Company is a party     
for the purpose of taking responsibility on behalf of the Company for all or    
any part of these proceedings.                                                  
The Company was not a party to any such proceedings during the year.            
Non-audit services                                                              
CORPORATE GOVERNANCE STATEMENT                                                  
CORPORATE GOVERNANCE STATEMENT                                                  
The Company did not engage its external auditor to provide any non-audit        
services during or since the end of the financial year.                         
Auditor`s independence declaration                                              
The lead auditor`s independence declaration for the year ended 31 December      
2011 has been received and is attached to this Directors` Report.               
Signed in accordance with a resolution of the Board of Directors.               
Mr Warwick Grigor                                                               
Non-Executive Chairman                                                          
Dated at Melbourne this 29th day of March 2012                                  
The Board members of Tawana Resources NL are committed to achieving and         
demonstrating the highest standards of corporate governance.  An extensive      
review of the Company`s corporate governance framework was completed in         
light of the best practice recommendations released by the Australian           
Securities Exchange (ASX) Corporate Governance Council in March 2003.  In       
August 2007, the ASX Corporate Governance Council released a second edition     
of the principles, which was subject to further amendments in 2010.  The        
Board continues to review the framework and practices to ensure they meet       
the interests of shareholders.  The Company and its controlled entities         
together are referred to as the consolidated entity in this statement.          
The relationship between the Board and Senior Management is critical to the     
consolidated entity`s long-term success.  The Directors are responsible to      
the shareholders for the performance of the Company in both the short and       
the longer term and seek to balance sometimes competing objectives in the       
best interests of the consolidated entity as a whole.  Their focus is to        
enhance the interests of shareholders and other key stakeholders and to         
ensure the consolidated entity is properly managed.                             
Day to day management of the consolidated entity`s affairs and the              
implementation of the corporate strategy and policy initiatives are formally    
delegated by the Board to the Managing Director and Senior Executives as set    
out in the consolidated entity`s Delegated Authority Policy.                    
A description of the Company`s main corporate governance practices is set       
out below.  All of these practices, unless otherwise stated, were in place      
for the entire year.                                                            
Foundations for management and oversight                                        
The Board has the overall responsibility to shareholders for all governance     
matters of the consolidated entity.  The Board remains primarily responsible    
for the strategic direction and financial aspirations of the consolidated       
entity, whilst delegating the responsibility of management to the Managing      
Director and/or the senior management team.                                     
The Board aims to fulfill its responsibilities by creating value for all        
stakeholders that is sustainable and beneficial.  Stakeholders include          
shareholders, employees, customers, the community and the environment.  The     
Board has adopted a Charter that includes amongst other items, the specific     
roles and responsibilities of the Board.  Without limiting the Board`s          
function, their specific responsibilities include:                              
Approving objectives, strategies and financial plans and monitoring the         
Company`s performance against these plans;                                      
Appointment of the Managing Director and reviewing his performance and          
remuneration;                                                                   
Monitoring compliance with the regulatory requirements, ensuring all            
consolidated entity employees act with integrity and due diligence in the       
interests of the Company and stakeholders; and                                  
Review and approval of all significant policies and procedures across the       
consolidated entity.                                                            
Board composition                                                               
The Board reviews from time to time the size, structure and composition of      
the Board, taking into consideration the balance of skills, experience and      
knowledge of Board members.                                                     
The Company has adopted a definition of independence consistent with the        
guidance provided by the ASX Corporate Governance Council.  Such a              
definition provides that an Independent Director is a Non-Executive Director    
and is not a member of management and:                                          
    -    is not a substantial shareholder of the Company or an officer of,      
         or otherwise associated directly with, a substantial shareholder       
         of the Company;                                                        
-    within the last three years has not been employed in an executive      
         capacity by the Company or another member of the consolidated          
         entity, or been a Director after ceasing to hold such employment;      
    -    within the last three years has not been a principal or a material     
adviser or a material consultant to the Company or member of the       
         consolidated entity, or an employee materially associated with the     
         service provided;                                                      
    -    is not a material supplier or customer of the Company or other         
member of the consolidated entity, or an officer of or otherwise       
         associated directly with a material supplier or customer;              
    -    has no material contractual relationship with the Company or           
         another member of the consolidated entity other than as a Director     
of the Company;                                                        
    -    has not served on the Board for a period which could, or could         
         reasonably be perceived to, materially interfere with the              
         Director`s ability to act in the best interests of the Company;        
and                                                                    
    -    is free from any interest and any business or other relationship       
         which could, or could reasonably be perceived to, materially           
         interfere with the Director`s ability to act in the best interests     
of the Company.                                                        
A substantial shareholder is defined to be a person or Company that has an      
interest of 5% or more of the voting rights of the Company.                     
The Board has reviewed the position of all current directors in light of the    
Company`s adopted definition of independence.                                   
Throughout the whole of the financial year the Board was chaired by a Non-      
executive (Independent) Chairman, and was comprised of a majority of            
independent non-executive Directors.                                            
The following were Directors during the 2011 year:                              
Director Capacity          Position     Held       Held                         
                                       office     office                        
                                       from       to                            
W Grigor Non-Executive     Independent  20 Apr     Current                      
        Chairman                       2010                                     
L Kolff  Managing          Non-         27 Oct     Current                      
        Director          Independent  2011                                     
E Luff   Non-Executive     Non-         20 Apr     Current                      
        Director          Independent  2010                                     
        Executive         Non-         31 Jul     20 Apr                        
        Chairman          Independent  2009       2010                          
Non-Executive     Non-         16 Nov     31 Jul                        
        Director          Independent  1998       2009                          
J        Non-Executive     Independent  9 Dec      Current                      
Babarczy Director                       2009                                    
M Bowles Non-Executive     Independent  30 May     Current                      
        Director                       2011                                     
H Hill   Non-Executive     Independent  21 Aug     27 May                       
        Director                       2009       2011                          
At each annual general meeting one-third of the Directors or, if their          
number is a multiple of three, then the number nearest to but not more than     
one-third of the Directors (excluding the Managing Director) must retire        
from office as follows:                                                         
The directors to retire by rotation at an annual general meeting are those      
directors who have been longest in office since their last election or          
appointment.                                                                    
Directors elected or appointed on the same day may agree among themselves       
which of them must retire.                                                      
A director must retire from office at the conclusion of the third annual        
general meeting after which the director was elected, even if his or her        
retirement results in more than one-third of all directors retiring from        
office.  A retiring director will be eligible for re-election.                  
Responsibilities                                                                
The responsibilities of the board include:                                      
providing strategic guidance to the Company;                                    
reviewing and approving business and financial plans;                           
monitoring strategy implementation and financial performance;                   
liaising with the Company`s auditors;                                           
appointing the Managing Director and reviewing his performance;                 
enhancing and protecting the reputation of the organisation, and                
overseeing the operation of the systems and processes for compliance and        
risk management reporting to shareholders.                                      
Independent professional advice                                                 
Directors and Board committees have the right, in connection with their         
duties and responsibilities, to seek independent advice at the Company`s        
expense.  Prior written approval of the Chairman is required, but this will     
not be unreasonably withheld.                                                   
Performance assessment                                                          
The full Board is responsible for reviewing the performance of the Chairman.    
It is the responsibility of the Chairman, to assess the performance of each     
of the Directors.  Due to the changes to the Board, the Board did not           
conduct performance reviews during the 2011 year.                               
Corporate reporting                                                             
The Chairman and Company Secretary have made attestations recommended by the    
ASX Corporate Governance Council as to the Company`s financial condition        
prior to the Board signing this report.                                         
Board committees                                                                
In view of the Company`s current stage and the small size of the Board, the     
roles that would otherwise be performed by an audit committee, remuneration     
committee and nomination committee are performed by the full Board.             
External auditors                                                               
Company policy is to appoint external auditors who clearly demonstrate          
quality and independence.  The performance of the external auditor is           
reviewed annually and applications for tender of external audit services are    
requested as deemed appropriate, taking into consideration assessment of        
performance, existing value and tender costs.  William Buck Audit (Vic) Pty     
Ltd was appointed as the external auditor in 2009.  It is William Buck Audit    
(Vic) Pty Ltd policy to rotate audit engagement partners on listed companies    
at least every five years.                                                      
An analysis of fees paid to the external auditors, including a breakdown of     
fees for non-audit services, is provided in the Directors` Report and in the    
notes to the financial statements.  It is the policy of the external auditor    
to provide an annual declaration of their independence to the Board.            
The external auditor is requested to attend the annual general meeting and      
be available to answer shareholder questions about the conduct of the audit     
and the preparation and content of the audit report.                            
Risk assessment and management                                                  
The Board is responsible for ensuring there are adequate policies in            
relation to risk management, compliance and internal control systems. In        
summary, the Company policies are designed to ensure strategic, operational,    
legal, reputation and financial risks are identified, assessed, effectively     
and efficiently managed and monitored to enable achievement of the Company`s    
business objectives.                                                            
Considerable importance is placed on maintaining a strong control               
environment.  There is an organisational structure with clearly drawn lines     
of accountability and delegation of authority.  Adherence to the Code of        
Conduct is required at all times and the Board actively promotes a culture      
of quality and integrity.                                                       
The Company`s risk management policy and the operation of the risk              
management and compliance system is managed by the Board.                       
Detailed control procedures cover management accounting, financial              
reporting, project appraisal, environment, health and safety, IT security,      
compliance and other risk management issues.                                    
In addition, the Board requires that each major proposal submitted to the       
Board for decision is accompanied by a comprehensive risk assessment and,       
where required, management`s proposed mitigation strategies.                    
Safety, Health and Environment Management System (SHEMS)                        
The Company recognises the importance of environmental and occupational         
health and safety (OH&S) issues and is committed to the highest levels of       
performance.  To help meet this objective the SHEMS was established to          
facilitate the systematic identification of environmental and OH&S issues       
and to ensure they are managed in a structured manner.  This system has been    
operating for a number of years and allows the Company to:                      
-    monitor its compliance with all relevant legislation;                      
-    continually assess and improve the impact of its operations on the         
    environment;                                                                
-    encourage employees to actively participate in the management of           
environmental and OH&S issues; and                                          
-    use energy and other resources efficiently.                                
Information on compliance with significant environmental regulations is set     
out in the Directors` Report.                                                   
Code of conduct                                                                 
These policies set out the ethical standards that govern the conduct of all     
Directors and employees.  The Company recognises the interests of all           
stakeholders in the community and their role in creating shareholder value.     
Every Director and employee is required at all times, to conduct themselves     
in a manner consistent with the principles of honesty and integrity.            
The Code requires Directors and employees, amongst other things, to comply      
with the law, to disclose relevant interests that they may have and to act      
in the best interests of the Company.  The Code also covers confidentiality     
of information and respect of privacy.                                          
Diversity policy                                                                
The Company has established a Workplace Diversity Policy which outlines the     
Board`s commitment to promoting a corporate culture that is supportive of       
diversity.  This policy outlines the Company`s strategies for achieving         
diversity within the Company.                                                   
Given the Company`s size and stage of development, the Company has not          
adopted targets for the proportion of female employees within the               
organisation as proportional targets are difficult to achieve with such low     
employee numbers.  However Company policy for vacancies at the Board and        
Senior Management level is to ensure that a diverse candidate pool is           
sought.                                                                         
As at 31 December 2011 there were not any female employees within the           
Company.                                                                        
Continuous disclosure and shareholder communication                             
The Company has policies and procedures on information disclosure that focus    
on continuous disclosure of any information concerning the consolidated         
entity that a reasonable person would expect to have a material effect on       
the price of the Company`s securities.  These policies and procedures also      
include the arrangements the Company has in place to promote communication      
with shareholders and encourage effective participation at general meetings.    
When analysts are briefed on aspects of the Company`s operations, the           
material used in the presentation is released to the ASX.  Procedures have      
also been established for reviewing whether any price sensitive information     
has been inadvertently disclosed and, if so, this information is also           
immediately released to the market.                                             
Securities policy                                                               
This policy provides guidance to all Directors`, officers and staff dealing     
in Tawana`s securities.  The Securities Policy prohibits trading for all        
persons aware of unpublished price sensitive information about the Company.     
In addition, it specifically limits the trade of Tawana`s securities by the     
Company`s officers during certain periods of time prior to the release of       
both the half-year and full year results.                                       
Significant accounting policies                                                 
Details of significant accounting policies are set out in Note 1 of the         
notes forming part of the financial statements.                                 
Directors` and executives` remuneration                                         
The performance of the Company depends upon the quality of its Directors and    
executives.  To prosper, the Company must attract, motivate and retain          
highly skilled Directors and executives.                                        
The Board undertakes a review of the remuneration packages of all Directors     
and executive officers on an annual basis.  Remuneration packages are           
reviewed with due regard to performance and other relevant factors.             
In order to retain and attract executives of sufficient experience to           
facilitate the efficient and effective management of the Company`s              
operations, the Board may seek the advice of external advisors in connection    
with the structure of remuneration packages.                                    
Remuneration packages contain the following key elements:                       
Primary benefits, including salary/fees;                                        
Post employments benefits, including superannuation and prescribed              
retirement benefits, and                                                        
Other benefits                                                                  
Details of Directors and Key Management Personnel are contained within the      
Directors` Report.                                                              
Non-Executive Directors` fees are determined by the Board based on external     
advice that is received from time to time and with reference to fees paid to    
other Non-Executive Directors of comparable companies, taking account of the    
specific duties in relation to the Company.  Non-Executive Director`s fees      
are within the limit agreed to by shareholders and represent the                
responsibilities of the time spent by the Non-Executive Directors` in           
fulfilling their duties to the Board.                                           
Publicly available information                                                  
In accordance with the ASX Corporate Governance Council, the best practice      
recommendations provide that specific documents should be publicly              
available.                                                                      
All policies referred to in this section are available by contacting the        
Company.                                                                        
AUDITOR`S INDEPENDENCE DECLARATION                                              
AUDITOR`S INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE CORPORATIONS       
ACT 2001 TO THE DIRECTORS OF TAWANA RESOURCES NL                                
I declare that, to the best of my knowledge and belief, during the year         
ended 31 December 2011 there have been:                                         
No contraventions of the auditor independence requirements as set out in the    
Corporations Act 2001 in relation to the audit; and                             
No contraventions of any applicable code of professional conduct in relation    
to the audit                                                                    
William Buck Audit (Vic) Pty Ltd                                                
ABN 59 116 151 136                                                              
JC Luckins                                                                      
Director                                                                        
Dated this day 29th day of March 2012                                           
STATEMENT OF COMPREHENSIVE INCOME                                               
FOR THE YEAR ENDED 31 DECEMBER 2011                                             
Note  Consolidated                                
                                    2011         2010                           
                                    $            $                              
                                                                                
Continuing operations                                                           
Revenue                        4     173,413      68,751                        
                                                                                
Corporate costs                      (534,557)    (1,291,848)                   
Depreciation                         (4,230)      (99,496)                      
Employee benefits expense      5     (502,333)    (454,986)                     
Exploration expenses written         -            (259,754)                     
off                                                                             
Finance costs                        -            (54,779)                      
Other expenses                       (109,052)    (55,109)                      
Loss before income tax               (976,759)    (2,147,221)                   
expense                                                                         
Income tax expense             6     -            -                             
Net loss for the period after        (976,759)    (2,147,221)                   
tax from continuing                                                             
operations                                                                      
Loss from discontinued         15    (9,125,733)  (67,176)                      
operations after tax                                                            
Net loss for the period              (10,102,492) (2,214,397)                   
attributable to Tawana                                                          
Resources NL                                                                    
                                                                                
Other comprehensive income /                                                    
(loss)                                                                          
Gain / (loss) on translation         2,734,408    (199,348)                     
of foreign operations                                                           
Other comprehensive income /         2,734,408    (199,348)                     
(loss) for the period, net of                                                   
tax                                                                             
Total comprehensive income /         (7,368,084)  (2,413,745)                   
(loss) for the period                                                           
attributable to Tawana                                                          
Resources NL                                                                    
                                                                                
Earnings per share from                                                         
continuing and discontinuing                                                    
operations                                                                      
Basic and diluted loss         22    (1.26)       (0.47)                        
(cents)                                                                         
                                                                                
Earnings per share from                                                         
continuing operations                                                           
Basic and diluted loss         22    (0.12)       (0.46)                        
(cents)                                                                         

Earnings per share from                                                         
discontinued operations                                                         
Basic and diluted loss         22    (1.14)       (0.01)                        
(cents)                                                                         
The above Statement of Comprehensive Income should be read in conjunction       
with the accompanying notes.                                                    
STATEMENT OF FINANCIAL POSITION                                                 
AS AT 31 DECEMBER 2011                                                          
                              Note  Consolidated                                
                                    2011          2010                          
                                    $             $                             

Current assets                                                                  
Cash and cash equivalents      20(a) 3,722,991     835,470                      
Trade and other receivables    7     42,326        48,945                       
Other financial assets         8     -             2,960,354                    
Inventories                    9     -             75,641                       
Assets held for sale           10    133,478       -                            
Total current assets                 3,898,795     3,920,410                    

Non-current assets                                                              
Trade and other receivables    7     39,787        42,323                       
Investment in associate              -             16,640                       
Property, plant and equipment        7,534         186,892                      
Exploration expenditure        11    5,081,927     2,923,147                    
Total non-current assets             5,129,248     3,169,002                    
                                                                                
Total assets                         9,028,043     7,089,412                    
                                                                                
Current liabilities                                                             
Trade and other payables       12    83,223        148,726                      
Provisions                           26,015        6,875                        
Total current liabilities            109,238       155,601                      
                                                                                
Non-current liabilities                                                         
Provisions                           -             27,387                       
Total non-current liabilities        -             27,387                       
                                                                                
Total liabilities                    109,238       182,988                      

Net assets                           8,918,805     6,906,424                    
                                                                                
Equity                                                                          
Contributed equity             13    45,431,150    36,482,279                   
Reserves                       14    2,884,143     (281,859)                    
Accumulated losses                   (39,396,488)  (29,293,996)                 
Total equity                         8,918,805     6,906,424                    
The above Statement of Financial Position should be read in conjunction with    
the accompanying notes.                                                         
STATEMENT OF CHANGES IN EQUITY                                                  
FOR THE YEAR ENDED 31 DECEMBER 2011                                             
Consolidated                                            
                        Issued    Reserves Accumula  Total                      
                        capital            ted                                  
                                           losses                               
$         $        $         $                          
                                                                                
Balance at 1 January     36,482,2  (281,859 (29,293,  6,906,42                  
2011                     79        )        996)      4                         

Loss for the period      -         -        (10,102,  (10,102,                  
                                           492)      492)                       
Other comprehensive      -         2,734,40 -         2,734,40                  
income for the period              8                  8                         
Total comprehensive loss -         2,734,40 (10,102,  (7,368,0                  
for the period                     8        492)      84)                       
Transactions with owners                                                        
in their capacity as                                                            
owners                                                                          
Shares issued, net of    8,948,87  (398,290 -         8,550,58                  
costs                    1         )                  1                         
Share options issued and -         829,884  -         829,884                   
vested                                                                          
Balance at 31 December   45,431,1  2,884,14 (39,396,  8,918,80                  
2011                     50        3        488)      5                         

Balance at 1 January     35,356,3  (2,397,1 (27,079,  5,879,62                  
2010                     74        52)      599)      3                         
                                                                                
Loss for the period      -         -        (2,214,3  (2,214,3                  
                                           97)       97)                        
Other comprehensive      -         (199,348 -         (199,348                  
income for the period              )                  )                         
Total comprehensive loss -         (199,348 (2,214,3  (2,413,7                  
for the period                     )        97)       45)                       
Disposal of foreign      -         454,759  -         454,759                   
operations                                                                      
Transactions with owners                                                        
in their capacity as                                                            
owners                                                                          
Shares issued, net of    1,125,90  -        -         1,125,90                  
costs                    5                            5                         
Share options issued and -         1,859,88 -         1,859,88                  
vested                             2                  2                         
Balance at 31 December   36,482,2  (281,859 (29,293,  6,906,42                  
2010                     79        )        996)      4                         
STATEMENT OF CASH FLOWS                                                         
FOR THE YEAR ENDED 31 DECEMBER 2011                                             
The above Statement of Changes in Equity should be read in conjunction with     
the accompanying notes.                                                         
                             Note   Consolidated                                
                                    2011         2010                           
                                    $            $                              

Cash flows from operating                                                       
activities                                                                      
Receipts from customers              31,388       26,696                        
Payments to suppliers and            (1,549,471)  (1,172,155)                   
employees                                                                       
Interest received                    169,277      41,325                        
Interest paid                        -            (25,666)                      
Net cash flows used in        20(b)  (1,348,806)  (1,129,800)                   
operating activities                                                            
                                                                                
Cash flows from investing                                                       
activities                                                                      
Proceeds from sale of plant          34,653       9,276                         
and equipment                                                                   
Purchase of plant and                (11,764)     (2,425)                       
equipment                                                                       
Proceeds from sale of                13,906       57,544                        
discontinued operation                                                          
Payments for exploration             (592,366)    (11,527)                      
Net cash flows used in               (555,571)    52,868                        
investing activities                                                            
                                                                                
Cash flows from financing                                                       
activities                                                                      
Proceeds from issue of shares        5,050,000    1,851,670                     
Capital raising costs                (256,350)    (137,036)                     
Repayment of borrowings              -            (120,000)                     
Net cash from financing              4,793,650    1,594,634                     
activities                                                                      
                                                                                
Net increase in cash and cash        2,889,273    517,702                       
equivalents                                                                     
Cash and cash equivalents at         835,470      348,609                       
beginning of period                                                             
Effects of exchange rates on         (1,752)      (30,841)                      
cash holdings in foreign                                                        
currencies                                                                      
Cash and cash equivalents at         3,722,991    835,470                       
end of period                                                                   
NOTES TO THE FINANCIAL STATEMENTS                                               
FOR THE YEAR ENDED 31 DECEMBER 2011                                             
The above Statement of Cash Flows should be read in conjunction with the        
accompanying notes.                                                             
Summary of significant accounting policies                                      
The principal accounting policies adopted in the preparation of these           
financial statements are set out below.  These policies have been               
consistently applied to all the years presented, unless otherwise stated.       
The financial statements include the consolidated entity consisting of          
Tawana Resources NL and its subsidiaries.                                       
(a)  Basis of preparation                                                       
This general purpose financial report has been prepared in accordance with      
Australian Accounting Standards, other authoritative pronouncements and the     
Australian Accounting Standards Board, Urgent Issues Group Interpretations      
and the Corporations Act 2001.                                                  
The financial report is presented in Australian dollars and rounded to the      
nearest dollar.                                                                 
The financial report is prepared on a going concern basis.                      
These financial statements have been prepared under the historical cost         
convention.                                                                     
Compliance with International Financial Reporting Standards                     
These financial statements comply with Australian Accounting Standards          
("AASBs").  Compliance with AASBs ensures that these financial statements,      
comprising the financial statements and notes thereto, comply with              
International Financial Reporting Standards ("IFRS").                           
Critical accounting estimates                                                   
The preparation of financial statements in conformity with AASBs requires       
the use of certain critical accounting estimates.  It also requires             
management to exercise its judgement in the process of applying the             
consolidated entity`s accounting policies.  The areas involving a higher        
degree of judgement or complexity, or areas where assumptions and estimates     
are significant to the financial statements, are disclosed in Note 3.           
(b)  Principles of consolidation                                                
Subsidiaries                                                                    
The consolidated financial statements incorporate the assets and liabilities    
of all subsidiaries of Tawana Resources NL as at 31 December 2011 and the       
results of all subsidiaries for the year then ended.  Tawana Resources NL       
and its subsidiaries together are referred to in these financial statements     
as the Group or the consolidated entity.                                        
Subsidiaries are all those entities, including special purpose entities,        
over which the consolidated entity has the power to govern the financial and    
operating policies, generally accompanying a shareholding of more than one-     
half of the voting rights.  The existence and effect of potential voting        
rights that are currently exercisable or convertible are considered when        
assessing whether the consolidated entity controls another entity.              
Subsidiaries are fully consolidated from the date on which control is           
transferred to the consolidated entity.  They are de-consolidated from the      
date that control ceases.                                                       
Intercompany transactions, balances and unrealised gains on transactions        
between consolidated entity companies are eliminated.  Unrealised losses are    
also eliminated unless the transaction provides evidence of the impairment      
of the asset transferred.  Accounting policies of subsidiaries have been        
changed where necessary to ensure consistency with the policies adopted by      
the consolidated entity.                                                        
1.   Summary of significant accounting policies (continued)                     
(b)  Principles of consolidation (continued)                                    
Associates                                                                      
Associates are all entities over which the consolidated entity has              
significant influence but not control, generally accompanying a shareholding    
of between 20% and 50% of the voting rights.  Investments in associates are     
accounted for in the consolidated financial statements using the equity         
method of accounting, after initially being recognised at cost.                 
The consolidated entity`s share of its associates` post acquisition profits     
or losses is recognised in the Statement of Comprehensive Income, and its       
share of post-acquisition movement in reserves is recognised in reserves.       
The cumulative post-acquisition movements are adjusted against the carrying     
amount of the investment.  Dividends receivable from associates reduce the      
carrying amount of the investment.                                              
When the consolidated entity`s share of losses in an associate equals or        
exceeds its interest in the associate, including other unsecured long-term      
receivables, the consolidated entity does not recognise further losses,         
unless it has incurred obligations or made payment on behalf of the             
associate.                                                                      
Unrealised gains on transactions between the consolidated entity and its        
associates are eliminated to the extent of the consolidated entity`s            
interest in the associate.  Unrealised losses are also eliminated unless the    
transactions provide evidence of an impairment of the asset transferred.        
Accounting policies of associates have been changed where necessary to          
ensure consistency with the policies adopted by the consolidated entity.        
(c)  Foreign currency translation                                               
The presentation currency of Tawana Resources NL and its subsidiaries is        
Australian Dollars (A$).  The functional currency of Tawana Resources NL is     
Australian Dollars and the functional currency of the overseas subsidiaries     
is South African Rand (Tawana Resources SA (Pty) Ltd and Diamond Resources      
(Pty) Ltd), Botswana Pula (Seolo Botswana Pty Ltd) and US Dollars (Kenema-Ma    
Holdings Liberia Pty Ltd).                                                      
Transactions in foreign currencies are initially recorded in the functional     
currency at the exchange rates prevailing at the date of the transaction.       
Monetary assets and liabilities denominated in foreign currencies are           
revalued at the rate of exchange prevailing at the end of the reporting         
period.  Foreign exchange gains and losses resulting from the settlement of     
such transactions and from translation at financial year end exchange rates     
are recognised in the profit and loss.                                          
As at the end of the reporting period the assets and liabilities of overseas    
subsidiaries are translated into the presentation currency of Tawana            
Resources NL at the rate of exchange prevailing at the end of the reporting     
period and the Statement of Comprehensive Income is translated at the           
weighted average exchange rates for the period.  All translation differences    
are recognised in the foreign currency translation reserve.                     
On disposal of a foreign entity, the deferred cumulative amount recognised      
in equity relating to that particular foreign entity is recognised in the       
Statement of Comprehensive Income.                                              
1.   Summary of significant accounting policies (continued)                     
(d)  Revenue recognition                                                        
Revenue is measured at the fair value of consideration received or              
receivable.  Revenue is recognised to the extent that it is probable that       
the economic benefits will flow to the consolidated entity and the revenue      
can be reliably measured.  The following specific recognition criteria must     
also be met before revenue is recognised.                                       
Sale of goods and provision of services                                         
Revenue is recognised when the significant risks and rewards of ownership of    
the goods have passed to the buyer or when the service has been provided,       
and can be measured reliably.  Risks and rewards are considered passed to       
the buyer at the time of delivery of the goods to the customer or on            
provision of the services.                                                      
Interest                                                                        
Interest is recognised as it accrues using the effective interest method.       
(e)  Income tax                                                                 
The income tax expense or revenue for the period is the tax payable on the      
current period`s taxable income based on the applicable income tax rate for     
each jurisdiction adjusted by changes in deferred tax assets and liabilities    
attributable to temporary differences and to unused tax losses.                 
Deferred income tax is provided in full using the liability method on           
temporary differences arising between the tax bases of assets and               
liabilities with the carrying amounts in the consolidated financial             
statements.  However, the deferred income tax is not accounted for if it        
arises from initial recognition of an asset or liability in a transaction       
other than a business combination, that at the time of the transaction,         
affects neither accounting nor taxable profit or loss.  Deferred income tax     
is determined using tax rates (and laws) that have been enacted or              
substantially enacted at the reporting date and are expected to apply when      
the related deferred income tax asset is realised or the deferred income tax    
liability is settled.                                                           
Deferred tax assets are recognised for deductible temporary differences and     
unused tax losses only if it is probable that future taxable amounts will be    
available to realise those temporary differences and losses.                    
Deferred tax liabilities and assets are not recognised for temporary            
differences between the carrying amount and the tax base of investments in      
controlled entities where the parent entity is able to control the timing of    
the reversal of temporary differences and it is probable that the               
differences will not be reversed in the foreseeable future.                     
Deferred tax assets and liabilities are offset when there is a legally          
enforceable right to offset current tax assets and liabilities, and when the    
deferred tax balances relate to the same taxation authority.  Current tax       
assets and tax liabilities are offset where the entity has a legally            
enforceable right to offset and intends either to settle on a net basis, or     
to realise the asset and settle the liability simultaneously.                   
Current and deferred tax balances that are attributable to amounts              
recognised directly in equity, are also recognised directly in equity.          
1.   Summary of significant accounting policies (continued)                     
(f)  Impairment of assets                                                       
Assets, except for exploration and evaluation (refer to Note 1(g)) are          
reviewed for impairment whenever events or changes in circumstances indicate    
that the carrying amount may not be recoverable.  An impairment loss is         
recognised for the amount by which the asset`s carrying amount exceeds its      
recoverable amount.  The recoverable amount is the higher of an asset`s fair    
value less costs to sell and value in use.  For the purposes of assessing       
impairment, assets are grouped at the lowest levels for which there are         
separately identifiable cash inflows which are largely independent of the       
cash inflows from other assets or groups of assets (cash-generating units).     
Non-financial assets, other than goodwill that suffered an impairment, are      
reviewed for possible reversal of the impairment at each subsequent             
reporting date.                                                                 
(g)  Exploration and evaluation expenditure                                     
Exploration and evaluation expenditure incurred is accumulated in respect of    
each identifiable area of interest.  The costs are only carried forward to      
the extent that they are expected to be recouped through the successful         
development of the area or where activities in the area have not yet reached    
a stage that permits reasonable assessment of the existence of economically     
recoverable resources and further work is intended to be performed.             
Accumulated costs in relation to an abandoned area will be written off in       
full against the profit and loss in the year in which the decision to           
abandon the area is made.                                                       
When production commences, the accumulated costs for the relevant area of       
interest will be amortised over the life of the area according to the rate      
of depletion of the economically recoverable resources.                         
A regular review is undertaken of each area of interest to determine the        
appropriateness of continuing to carry forward costs in relation to that        
area of interest.                                                               
(h)  Property, plant and equipment                                              
Plant and equipment and buildings are stated at cost less accumulated           
depreciation and any impairment losses.  Land is stated at cost less any        
impairment losses.  Depreciation is calculated on a straight line basis over    
the estimated useful life of the asset except for motor vehicles which is on    
a diminishing value as follows:                                                 
Freehold buildings            over 10 years                                     
Plant and equipment           over 7 years                                      
Motor vehicle (Australia)     22.5%                                             
Motor vehicle (overseas)      over 4 years                                      
The carrying values of all assets are reviewed for impairment when events or    
changes in circumstances indicate the carrying value may not be recoverable     
in accordance with Note 1(f).                                                   
The residual value, useful lives and depreciation methods are reviewed and      
adjusted if appropriate, at the end of each reporting period.                   
Gains and losses on disposals are determined by comparing proceeds with the     
carrying amount.  These are included in the Statement of Comprehensive          
Income.                                                                         
1.   Summary of significant accounting policies (continued)                     
(i)  Other financial assets                                                     
Investments in subsidiaries are accounted for at cost.  Such investments        
include both investments in shares issued by the subsidiary and other parent    
entity interests that in substance form part of the parent entity`s             
investment in the subsidiary.  These include investments in the form of         
interest-free loans which have no fixed repayment terms and which have been     
provided to subsidiaries as an additional source of long term capital.          
(j)  Inventories                                                                
Inventories consisting of rough diamonds are stated at lower of cost or         
estimated net realisable value.  Cost comprises direct materials, direct        
labour, and an appropriate proportion of variable and fixed overhead            
expenditure.                                                                    
(k)  Trade and other receivables                                                
Trade receivables are recognised initially at fair value and subsequently       
measured at amortised cost using the effective interest method, less            
provision for impairment.  Trade receivables are generally due for              
settlement within 30 days.                                                      
Collectability of trade receivables is reviewed on an ongoing basis.  Debts     
which are known to be uncollectible are written off by reducing the carrying    
amount directly.  An allowance account is used when there is objective          
evidence that the consolidated entity will not be able to collect all           
amounts due according to the original terms of the receivables.  Significant    
financial difficulties of the debtor, probability that the debtor will enter    
bankruptcy or financial realisation, and default or delinquency in payments,    
are considered indicators that the trade receivable is impaired.  The amount    
of the impairment allowance is the difference between the asset`s carrying      
amount and the present value of estimated future cash flows, discounted at      
the original effective interest rate.  Cash flows relating to short-term        
receivables are not discounted if the effect of discounting is immaterial.      
The amount of the impairment loss is recognised in the Statement of             
Comprehensive Income within other expenses.                                     
When a trade receivable, for which an impairment allowance had been             
recognised, becomes uncollectible in a subsequent period, it is written off     
against the allowance account.  Subsequent recoveries of amounts previously     
written off are credited against other expenses in the Statement of             
Comprehensive Income.                                                           
(l)  Cash and cash equivalents                                                  
Cash and short-term deposits in the Statement of Financial Position comprise    
cash at bank and in hand and short-term deposits with an original maturity      
of three months or less that are readily converted into known amounts of        
cash.  For the purposes of the statement of cash flows, cash and cash           
equivalents consist of cash and cash equivalents as defined above, net of       
outstanding bank overdrafts.                                                    
(m)  Employee entitlements                                                      
Wages and Salaries, Annual Leave and Sick Leave                                 
Liabilities for wages and salaries, including non-monetary benefits and         
annual leave expected to be settled within 12 months of the reporting date      
are recognised in other payables in respect of employees` services up to the    
reporting date and are measured at the amounts expected to be paid when the     
liabilities are settled.                                                        
1.   Summary of significant accounting policies (continued)                     
(m)  Employee entitlements (continued)                                          
Share-based payments                                                            
Share-based compensation benefits are provided to employees in accordance       
with the Tawana Resources Employee Option Plan, an employee share scheme.       
The fair value of options granted under the Tawana Resources Employee Option    
Plan is recognised as an employee benefit expense with a corresponding          
increase in equity.  The fair value is measured at grant date and recognised    
over the period during which the employees become unconditionally entitled      
to the options.                                                                 
Long Service Leave                                                              
Liabilities for long service leave are recognised, and are measured as the      
present value of expected future payments to be made in respect of services     
provided by employees.                                                          
(n)  Provisions                                                                 
Provisions are recognised when the consolidated entity has a present            
obligation, legal or constructive, as a result of a past event and it is        
probable that an outflow of resources embodying economic benefits will be       
required to settle the obligation and a reliable estimate can be made of the    
amount of the obligation.                                                       
(o)  Leases                                                                     
Leases in which a significant portion of the risks and rewards of ownership     
are retained by the lessor are classified as operating leases.  Payments        
made under operating leases, net of any incentives received from the lessor,    
are charged to the Statement of Comprehensive Income on a straight-line         
basis over the period of the lease.                                             
(p)  Provision for rehabilitation                                               
Environmental obligations associated with the retirement or disposal of long    
lived assets will be recognised when the disturbance occurs and is based on     
the extent of damage incurred.  The provision is measured at the present        
value of the future expenditure, and a corresponding rehabilitation asset is    
also recognised.  On an ongoing basis, the rehabilitation liability will be     
re-measured in line with the changes in the time value of money (recognised     
as an expense in the Statement of Comprehensive Income and an increase in       
the provision), and additional disturbances will be recognised as additions     
to a corresponding asset and rehabilitation liability.  The rehabilitation      
asset will be accounted for in accordance with the accounting policy            
applicable to the asset to which it relates (i.e. exploration expenditure).     
(q)  Trade and other payables                                                   
These amounts represent liabilities for goods and services provided to the      
consolidated entity prior to the end of financial year which are unpaid.        
The amounts are unsecured and are usually paid within 30 days of                
recognition.                                                                    
(r)  Other taxes                                                                
Revenues, expenses and assets are recognised net of the amount of GST or VAT    
except:                                                                         
where the GST / VAT incurred on a purchase of goods and services is not         
recoverable from the taxation authority, in which case the GST / VAT is         
recognised as part of the cost of acquisition of the asset or as part of the    
expense item as applicable; and                                                 
receivables and payables are stated with the amount of ST / VAT included.       
1.   Summary of significant accounting policies (continued)                     
(r)  Other taxes (continued)                                                    
The net amount of GST recoverable from, or payable to, the taxation             
authority is included as part of receivables or payables in the Statement of    
Financial Position.                                                             
Cash flows are included in the Statement of Cash Flows on a gross basis and     
the GST / VAT component of cash flows arising from investing and financing      
activities, which is recoverable from, or payable to, the taxation              
authority, are classified as operating cash flows.                              
Commitments and contingencies are disclosed net of the amount of GST / VAT      
recoverable from, or payable to, the taxation authority.                        
(s)  Contributed equity                                                         
Ordinary shares are classified as equity. Incremental costs directly            
attributable to the issue of new shares are shown in equity as a deduction,     
net of tax, from the proceeds. Incremental costs directly attributable to       
the issue of new shares for the acquisition of a business are not included      
in the cost of the acquisition as part of the purchase consideration.           
(t)  Earnings per share                                                         
Basic earnings per share                                                        
Basic earnings per share is calculated by dividing the profit/(loss)            
attributable to equity holders of the Company, excluding any costs of           
servicing equity other than ordinary shares, by the weighted average number     
of ordinary shares outstanding during the financial year, adjusted for bonus    
elements in ordinary shares issued during the year.                             
Diluted earnings per share                                                      
Diluted earnings per share adjusts the figures used in the determination of     
basic earnings per share to take into account the after income tax effect of    
interest and other financing costs associated with dilutive potential           
ordinary shares and the weighted average number of shares assumed to have       
been issued for no consideration in relation to dilutive potential ordinary     
shares.                                                                         
(u)  Preparation of financial statements in relation to the consolidated        
entity                                                                          
From 28 June 2010, the Corporations Act 2001 no longer requires the             
preparation of parent entity accounts, for the purpose of streamlining          
parent entity reporting.  Where the entity is required to prepare financial     
statements in relation to the consolidated entity, the Corporations             
Regulations 2001 (the Principal Regulations) specify supplementary              
information about the parent entity that is to be included in a note to the     
consolidated financial statements. This information is disclosed in Note 25.    
(v)  New accounting standards and interpretations                               
The AASB has issued new and amended accounting standards and interpretations    
that have mandatory applications for the current and reporting periods.         
With the exception of those standards not available for early adoption for      
these financial statements, the consolidated entity has decided to adopt all    
of these accounting standards and interpretations.  There was no significant    
change to these financial statements arising from the adoption of those         
standards and interpretations.                                                  
2.   Financial risk management                                                  
The consolidated entity`s exploration activities are being funded by equity     
and do not expose the consolidated entity to significant financial risks.       
There are no speculative or derivative financial instruments.  Funds are        
invested for various short term periods to match forecast cash flow             
requirements.                                                                   
(a)  Market risk                                                                
Foreign currency risk                                                           
The consolidated entity has foreign operations with functional currencies in    
the South African Rand, the Botswana Pula and the United States Dollar.         
Both the parent company and each subsidiary transacts predominantly in its      
own functional currency with little or no foreign currency risk.  Cash          
invested into each foreign operation through intercompany loan accounts,        
with no fixed date of maturity on those loans, from the parent to its           
foreign operations is considered to form part of the parent company`s net       
investment in its foreign operations and therefore is considered by the         
parent company to not represent a foreign currency risk.                        
Cash flow and fair value interest rate risk                                     
As the consolidated entity has no significant interest-bearing assets or        
liabilities, the consolidated entity`s income and operating cash flows are      
not materially exposed to changes in market interest rates.                     
(b)  Credit risk                                                                
Management does not actively manage credit risk.                                
The consolidated entity has no significant exposure to credit risk from         
external parties at period end given all the counterparties to its credit       
exposures are related entities of the consolidated entity.  The maximum         
exposure to credit risk from related entities of the consolidated entity at     
the reporting date is equal to the carrying value of financial assets at 31     
December 2011.                                                                  
Other receivables are of a low value.  Activity with trade debtors is           
limited and the recoverability has not been brought into question.  There is    
no history of bad debts.                                                        
(c)  Liquidity and capital risk management                                      
The consolidated entity`s objectives when managing capital are to safeguard     
their ability to continue as a going concern, so that they can continue to      
provide returns for shareholders and benefits for other stakeholders and to     
maintain an optimal capital structure to reduce the cost of capital.  In        
order to maintain or adjust the capital structure, the consolidated entity      
may adjust the amount of dividends paid to shareholders, return capital to      
shareholders, issue new shares or sell assets to reduce debt.                   
During 2011, the consolidated entity`s strategy, which was unchanged from       
2010, was to keep borrowings to a minimum.  The Company`s equity management     
is determined by funds required to undertake exploration activities and meet    
its corporate and other costs.  Where joint venture partners participate in     
particular projects the partners contribute monthly cash calls in proportion    
to their respective interests or as agreed under any buy-in agreement.          
(d)  Fair value estimation                                                      
The carrying amount of financial assets and financial liabilities recorded      
in the financial statements approximate their respective fair values            
determined in accordance with the accounting policies disclosed in Note 1.      
3.   Critical accounting estimates and judgements                               
Estimates and judgements are continually evaluated and are based on             
historical experience and other factors, including expectation of future        
events that may have a financial impact on the entity and that are believed     
to be reasonable under the circumstances.                                       
Critical accounting estimates and assumptions                                   
The consolidated entity makes estimates and assumptions concerning the          
future.  The resulting accounting estimates, will by definition, seldom         
equal the related actual results.  The estimates that have a significant        
risk of causing a material adjustment to the carrying amounts of assets and     
liabilities within the next financial year are discussed below.                 
(i)  Recoverability of exploration expenditure                                  
The consolidated entity tests annually whether the exploration and              
evaluation expenditure incurred in identifiable areas of interest is            
expected to be recouped through the successful development of the area or       
where activities in the area have not yet reached a stage that permits          
reasonable assessment of the existence of reserves and further work is          
expected to be performed.  All expenditure that does not meet these criteria    
is expensed in accordance with Note 1(g).                                       
(ii) Share based payment valuations                                             
Details relating to the shares based payment valuations are detailed in Note    
23.                                                                             
4.   Revenue and other income                                                   
Consolidated                                
                                    2011         2010                           
                                    $            $                              
  Revenue from continuing                                                       
operations                                                                    
  Interest received                 169,253      41,325                         
  Other revenue                     4,160        27,426                         
                                    173,413      68,751                         
5.   Expenses                                                                   
  Expenses from continuing                                                      
  operations includes:                                                          
  Auditors` remuneration            67,032       51,725                         
Compliance and regulatory         101,203      85,147                         
  fees                                                                          
  Consultancy and legal fees        143,879      1,050,664                      
  Travel expenses                   106,554      61,188                         

  Employee benefits expense                                                     
  includes:                                                                     
  Salaries and wages                240,806      174,256                        
Superannuation                    24,225       15,096                         
  Directors` fees                   160,000      177,575                        
  Share-based payments              75,619       86,083                         
  Other employee expenses           1,683        1,976                          
502,333      454,986                        
6.   Income tax                                                                 
Tax losses                                                                      
The Group has unused tax losses for which no benefit has been recognised,       
however the Directors are of the opinion that, given uncertainty around the     
amount of such losses, it would be misleading to quantify these losses.         
The future income tax benefit attributable to these losses has not been         
brought to account because the benefit is not probable of realisation.  The     
potential future income tax benefits which may arise from these losses will     
only be realised if:                                                            
-    the consolidated entity derives future assessable income of a nature       
    and sufficient amount to enable the benefit of losses to be realised;       
-    the consolidated entity continues to comply with the conditions of         
    deductibility imposed in each legislative environment, and                  
-    no changes in tax legislation adversely affect the consolidated entity     
    in realising the benefit from the deduction for the losses.                 
7.   Trade and other receivables                                                
                                    Consolidated                                
                                    2011         2010                           
                                    $            $                              
Current                                                                       
  Trade debtors                     10,686       5,175                          
  GST and VAT receivable            7,226        19,043                         
  Prepayments                       24,414       24,727                         
42,326       48,945                         
                                                                                
  Non-current                                                                   
  Other deposits                    39,787       42,323                         
8.   Other financial assets                                                     
  Receivable for disposal of        -            2,960,354                      
  Kareevlei Project - at net                                                    
  present value                                                                 
Refer to Note 15 for further information on the write down of the Kareevlei     
receivable.                                                                     
9.   Inventories                                                                
  Rough diamonds - at lower         -            75,641                         
of cost and recoverable                                                       
  value                                                                         
10.  Assets held for sale                                                       
  Property, plant and               126,689      -                              
equipment                                                                     
  Other assets                      6,789        -                              
                                    133,478      -                              
11.  Exploration expenditure                                                    
The exploration and evaluation expenditure relates to the consolidated          
entity`s projects in South Africa and Botswana.                                 
Movement in carrying values                                                     
                                    Consolidated                                
2011         2010                           
                                    $            $                              
  Balance at beginning of           2,923,147    5,950,734                      
  year                                                                          
Expenditure during the            5,081,927    11,527                         
  year                                                                          
  Disposal of exploration           -            (2,633,499)                    
  projects during the year                                                      
Expenditure written off           (2,923,147)  (259,754)                      
  during the year                                                               
  Foreign currency                  -            (145,861)                      
  translation                                                                   
Balance at end of year            5,081,927    2,923,147                      
12.  Trade and other payables                                                   
  Current                                                                       
  Trade creditors                   19,757       56,878                         
Other creditors and               63,466       91,848                         
  accruals                                                                      
                                    83,223       148,726                        
13.  Contributed equity                                                         
(a)  Issued capital                                                             
  Ordinary shares, fully            45,431,150   36,482,279                     
  paid                                                                          
(b)  Movements in share capital                                                 
2011        2010        2011     2010                         
                  Number      Number      $        $                            
                                                                                
  Balance at      601,455,75  217,138,85  36,482,2 35,356,3                     
beginning of    5           4           79       74                           
  year                                                                          
  Shares issued   255,173,28  384,316,90  9,955,22 2,402,97                     
  during year     8           1           1        5                            
Transaction     -           -           (1,006,3 (1,277,0                     
  costs relating                          50)      70)                          
  to share                                                                      
  issues                                                                        
Balance at end  856,629,04  601,455,75  45,431,1 36,482,2                     
  of year         3           5           50       79                           
(c)  Terms and conditions of contributed equity                                 
Holders of ordinary shares are entitled to receive dividends as declared        
from time to time and are entitled to one vote per share at shareholders`       
meetings in a poll or one vote per shareholder on a show of hands.              
In the event of winding up of the Company, ordinary shareholders rank after     
all other shareholders and creditors and are fully entitled to any proceeds     
of liquidation.                                                                 
14.  Reserves                                                                   
                              Note  Consolidated                                
                                    2011         2010                           
$            $                              
  Foreign currency            (a)   (555)        (2,734,963)                    
  translation                                                                   
  Options                     (b)   2,861,814    2,430,220                      
Asset revaluation           (c)   22,884       22,884                         
                                    2,884,143    (281,859)                      
(a)  Foreign currency translation reserve                                       
Exchange differences arising from the translation of foreign controlled         
entities are taken to the foreign currency translation reserve, as described    
in Note 1(c).                                                                   
(b)  Options reserve                                                            
The options reserve records the fair value of options issued but not            
exercised.                                                                      
  Balance at beginning of           2,430,220    570,338                        
  year                                                                          
  Options expense for year    23    829,884      1,859,882                      
Options exercised during          (398,290)    -                              
  year                                                                          
  Balance at end of year            2,861,814    2,430,220                      
(c)  Asset revaluation reserve                                                  
The asset revaluation reserve records revaluations of non-current assets.       
This is a historical reserve and there have been no movements in the years      
ended 31 December 2011 and 2010.                                                
  Balance at end of year            22,884       22,884                         
15.  Discontinued operations                                                    
On 9 March 2011 the Group announced that it had commenced an ongoing            
rationalisation program in respect of its existing interests in South Africa    
and Botswana.  The Group had originally announced a decision to sell its        
interest in the Kareevlei project on 18 August 2010, which had been             
classified as a discontinued operation in the prior financial year.  As at      
December 2011 the Group commenced a program to market and sell its remaining    
interests in South Africa and Botswana.  As such, the assets that formed        
part of the disposal group have been reclassified as Assets Held for Sale in    
the statement of financial position and all revenues and expenditures           
relating to the disposal group have been reclassified as a discontinued         
operation in the statement of comprehensive income.  The assets held for        
sale have been valued by the directors at cost, which in their estimation,      
is below their net fair value less distribution costs.  In the process of       
reviewing those recoverable values, amounts previously capitalised as           
exploration expenditure under tenements, which the Group still holds title      
to, have been written down by $2,923,147 to $nil.                               
In addition to the above, the Group considered the likelihood of recouping      
an amount receivable from Rolatseng Mining CC ("Rolatseng"), which at 31        
December 2010 was stated at a value of $2,960,354.  The receivable is           
secured by the underlying title against the Kareevlei interest.  Due to the     
delay in receipting further payments from Rolatseng or to progress the          
Kareevlei interest to trial mining phase which represents a key payment         
milestone for the interest, the Group has decided to write down the             
receivable to $nil.  This write-down forms part of the discontinued             
operation concerning the Kareevlei interest.                                    
15.  Discontinued operations (continued)                                        
The financial performance of the discontinued operations, which is included     
in the Statement of Comprehensive Income as loss from discontinued              
operations, and adjusted to the previous year`s comparatives, is as follows:    
                                    Consolidated                                
                                    2011         2010                           
$            $                              
  Sale of Kareevlei interest        -            3,017,792                      
  Other revenues                    51,617       26,696                         
                                                                                
Corporate costs                   (527,005)    (46,099)                       
  Employee benefits expense         (31,881)     -                              
  Foreign currency translation      (2,734,963)  (454,759)                      
  losses realised                                                               
Impairment of capitalised         (2,923,147)  (2,610,806)                    
  area of interest                                                              
  Impairment of receivable          (2,960,354)  -                              
  from Rolatseng Mining CC                                                      
(9,125,733)  (67,176)                       
16.  Key management personnel disclosures                                       
(a)  Directors and other key management personnel                               
The following persons were directors of Tawana Resources NL during the          
financial year:                                                                 
Warwick Grigor                                                                  
Lennard Kolff (appointed 27 October 2011)                                       
Euan Luff                                                                       
Julian Babarczy                                                                 
Matthew Bowles (appointed 30 May 2011)                                          
Harry Hill (resigned 27 May 2011)                                               
Key management personnel of the group for the year was as follows:              
Lennard Kolff (Chief Executive Officer, appointed director 27 October 2011)     
(b)  Compensation of key management personnel                                   
  Short-term employee               381,667      267,418                        
  benefits                                                                      
Post-employment benefits          24,225       21,971                         
  Share-based payments              75,619       45,721                         
                                    481,511      335,110                        
(c)  Equity instrument disclosures relating to key management personnel         
(i)  Option holdings                                                            
The number of options over ordinary shares in the Company held during the       
financial year by each director of Tawana Resources NL and other key            
management personnel of the Company, including their personally related         
parties, are set out below.                                                     
16.  Key management personnel disclosures (continued)                           
(c)  Equity instrument disclosures relating to key management personnel         
(continued)                                                                     
(i)  Option holdings (continued)                                                
2011                                                                            
  Name        Balance  Granted   Exercised  Other    Balance  Options           
              at       during    during     changes  at end   vested            
start    year as   year       during   of year  and               
              of year  remun-               year              exercisa          
                       eration                                ble at            
                                                              end of            
year              
              Number   Number    Number     Number   Number   Number            
  Directors                                                                     
  Mr W        -        -         -          -        -        -                 
Grigor                                                                        
  Mr L Kolff  10,000,  -         -          -        10,000,  10,000,0          
              000                                    000      00                
  Mr E Luff   6,104,1  -         -          -        6,104,1  6,104,15          
50                                     50       0                 
  Mr J        -        -         -          -        -        -                 
  Babarczy                                                                      
  Mr M        15,000,  -         -          -        15,000,  15,000,0          
Bowles *    000                                    000      00                
  Mr H Hill   -        -         -          -        -        -                 
              31,104,            -          -        31,104,  31,104,1          
              150                                    150      50                
*    Opening balance at date of appointment                                     
2010                                                                            
  Name        Balance  Granted   Exercised  Other     Balance  Options          
              at       during    during     changes   at end   vested           
start    year as   year       during    of year  and              
              of year  remun-               year               exercisa         
                       eration                                 ble at           
                                                               end of           
year             
              Number   Number    Number     Number    Number   Number           
  Directors                                                                     
  Mr E Luff   6,104,1  -         -          -         6,104,1  6,104,15         
50                                      50       0                
  Mr H Hill   -        -         -          -         -        -                
  Mr J        -        -         -          -         -        -                
  Babarczy                                                                      
Mr W        -        -         -          -         -        -                
  Grigor                                                                        
  Mr S Horne  -        -         -          -         -        -                
  Key                                                                           
management                                                                    
  personnel                                                                     
  Mr L Kolff  -        10,000,0  -          -         10,000,  -                
                       00                             000                       
6,104,1  10,000,0  -          -         16,104,  6,104,15         
              50       00                             150      0                
(ii) Shareholdings                                                              
The number of shares in the Company held during the financial year by each      
director of Tawana Resources NL and other key management personnel,             
including their personally related parties, is set out below.  There were no    
shares granted during the reporting year as remuneration (2010: Nil).           
16.  Key management personnel disclosures (continued)                           
(c)  Equity instrument disclosures relating to key management personnel         
(continued)                                                                     
(ii) Shareholdings (continued)                                                  
2011                                                                            
Name          Balance   Balance   Received  Other  Balance   Balance          
                at start  at date   during    acquis at date   at end           
                of the    of        the year  ition  of        of the           
                year      appoint-  on        of     resignat  year             
ment      exercise  shares ion                        
                                    of        during                            
                                    options   the                               
                                              year                              
Number    Number    Number    Number Number    Number           
  Directors                                                                     
  Mr W Grigor   27,850,0  -         -         -      -         27,850,          
                00                                             000              
Mr L Kolff    -         -         -         -      -         -                
  Mr E Luff     20,689,7  -         -         900,00 -         21,589,          
                40                            0                740              
  Mr J          25,000,0  -         -         173,28 -         25,173,          
Babarczy      00                            8                288              
  Mr M Bowles   -         -         -         -      -         -                
  Mr H Hill     -         -         -         -      -         -                
  Key                                                                           
management                                                                    
  personnel                                                                     
  Mr L Kolff    -         -         -         -      -         -                
                73,539,7  -         -         1,073, -         74,613,          
40                            288              028              
2010                                                                            
Name       Balance at  Balance    Received  Other     Balance   Balance         
           start of    at date    during    acquisit  at date   at end          
the year    of         the year  ion of    of        of the          
                       appoint-   on        shares    resignat  year            
                       ment       exercise  during    ion                       
                                  of        the year                            
options                                       
           Number      Number     Number    Number    Number    Number          
Directors                                                                       
Mr E Luff  7,344,870   -          -         13,344,8  -         20,689,         
70                  740             
Mr H Hill  -           -          -         -         -         -               
Mr J       5,000,000   -          -         20,000,0  -         25,000,         
Babarczy                                    00                  000             
Mr W       -           19,850,00  -         8,000,00  -         27,850,         
Grigor                 0                    0                   000             
Mr S       -           -          -         -         -         -               
Horne                                                                           
Key                                                                             
managemen                                                                       
t                                                                               
personnel                                                                       
Mr L       -           -          -         -         -         -               
Kolff                                                                           
           12,344,870  19,850,00  -         41,344,8  -         73,539,         
                       0                    70                  740             
(d)  Loans to key management personnel                                          
There were no loans to key management personnel of the consolidated entity,     
including their personally related parties, as at 31 December 2011 or 31        
December 2010.                                                                  
(e)  Other transactions with key management personnel                           
Mr E Luff, a director of the Company, is a senior partner of the legal firm     
Wilmoth Field Warne, which received $50,003 (2010: $229,630) in fees for the    
provision of legal services.  Payments were based on commercial terms and       
conditions.                                                                     
17.  Details of controlled entities                                             
Name                      Country of      Interest held by                      
                          incorporation   the consolidated                      
entity                                
                                          2011      2010                        
                                          %         %                           
Parent                                                                          
Tawana Resources NL       Australia                                             
                                                                                
Controlled entities                                                             
Seolo Botswana (Pty) Ltd  Botswana        100       100                         
Tawana Resources (Pty)    South Africa    100       100                         
Ltd                                                                             
Diamond Resources (Pty)   South Africa    100       100                         
Ltd                                                                             
Kenema-Man Holdings       Australia       100       -                           
Liberia Pty Ltd                                                                 
Tawana Liberia Inc        Liberia         100       -                           
18.  Contingent liabilities and commitments                                     
The consolidated entity does not have any material contingent assets or         
liabilities at 31 December 2011 (2010: Nil).                                    
The consolidated entity does not have any material commitments at 31            
December 2011 (2010: Nil).                                                      
19.  Segment information                                                        
The consolidated entity operates wholly in one business segment, being          
mineral exploration and within one geographical segment, being Africa.          
20.  Notes to the Statement of Cash Flows                                       
(a)  Reconciliation of cash and cash equivalents                                
For the purposes of the Statement of Cash Flows, cash includes cash on hand     
and at call in deposits with banks, net of bank overdrafts.  Cash at the end    
of the year is shown in the Statement of Financial Position as:                 
Consolidated                                
                                    2011         2010                           
                                    $            $                              
  Cash on hand and at bank          3,702,991    815,470                        
Cash on deposit                   20,000       20,000                         
                                    3,722,991    835,470                        
20.  Notes to the Statement of Cash Flows (continued)                           
(b)  Reconciliation of net loss after tax to net cash flows from operations     
Consolidated                                
                                    2011         2010                           
                                    $            $                              
  Net loss                          (10,102,492) (2,214,397)                    

  Adjustments for:                                                              
  Depreciation                      4,230        99,496                         
  Impairment and write off          9,998        259,754                        
of non-current assets                                                         
  Profit on sale of                 (6,300)      -                              
  property, plant and                                                           
  equipment                                                                     
Discontinued operation            8,696,090    67,176                         
  Share-based payments              79,884       799,564                        
  Interest paid through             -            29,113                         
  share issues                                                                  
Unrealised foreign                -            10,544                         
  currency gain / loss on                                                       
  translation                                                                   
                                                                                
Changes in assets and                                                         
  liabilities                                                                   
  (Increase) / decrease in:                                                     
  Trade and other                   (64,472)     7,227                          
receivables                                                                   
  Inventories                       17,171       1,490                          
                                                                                
  Increase / (decrease) in:                                                     
Trade and other payables          (26,163)     (209,037)                      
  Interest-bearing                  2,665        -                              
  liabilities                                                                   
  Provisions                        40,583       19,270                         
Net cash from operating           (1,348,806)  (1,129,800)                    
  expenses                                                                      
21.  Auditors` remuneration                                                     
  William Buck                                                                  
Audit services                    61,500       51,725                         
  Non-audit services                -            -                              
                                    61,500       51,725                         
  Auditor of subsidiaries                                                       
Pricewaterhouse Coopers                                                       
  Audit services                    5,532        8,142                          
  Non-audit services                -            -                              
                                    5,532        8,142                          
22.  Loss per share                                                             
Classification of securities as ordinary shares                                 
The Company has only one category of ordinary shares included in basic loss     
per share.                                                                      
Classification of securities as potential ordinary shares                       
There are currently no securities to be classified as dilutive potential        
ordinary shares on issue.                                                       
22.  Loss per share (continued)                                                 
2011           2010                           
                                  Number         Number                         
                                  801,529,216    468,512,169                    
  Weighted average number of                                                    
ordinary shares used in the                                                   
  calculation of basic loss per                                                 
  share                                                                         
                                                                                
$              $                              
                                  (10,102,492)   (2,214,397)                    
  Net loss from continuing and                                                  
  discontinuing operations                                                      
(976,759)      (2,147,221)                    
  Net loss from continuing                                                      
  operations                                                                    
The loss per share calculation as disclosed on the Statement of                 
Comprehensive Income does not include instruments that could potentially        
dilute basic earnings per share in the future as these instruments were anti-   
dilutive in the periods presented.  A summary of such instruments is as         
follows:                                                                        
Equity securities                  Number of   Number of                      
                                     securities  potential                      
                                                 ordinary                       
                                                 shares                         
181,000,000 181,000,000                    
  Options over ordinary shares                                                  
No options have been issued subsequent to year end but prior to the date of     
issue of these financial statements.                                            
23.  Share-based payments                                                       
Summary of options on issue                                                     
  Issue date    Quantity    Grant date     Expiry date    Exercise              
                                                          price                 
18 Jun 2008   4,000,000   18 Jun 2008    18 Jun 2012    $0.07                 
  17 Jan 2009   6,000,000   18 Dec 2008    17 Jan 2013    $0.10                 
  17 Jan 2009   6,750,000   18 Dec 2008    17 Jan 2013    $0.07                 
  17 Jan 2009   6,750,000   18 Dec 2008    17 Jan 2014    $0.10                 
23 Feb 2010   50,000,000  23 Feb 2010    23 Feb 2013    $0.01                 
  9 Sep 2010    20,000,000  9 Sep 2010     31 Jul 2012    $0.01                 
  9 Sep 2010    5,000,000   9 Sep 2010     9 Sep 2012     $0.03                 
  9 Sep 2010    50,000,000  9 Sep 2010     30 Jul 2013    $0.01                 
9 Sep 2010    5,000,000   9 Sep 2010     9 Sep 2014     $0.05                 
  8 Mar 2011    25,000,000  8 Mar 2011     8 Mar 2014     $0.01                 
  10 Nov 2011   1,250,000   10 Nov 2011    10 Nov 2013    $0.03                 
  *                                                                             
10 Nov 2011   1,250,000   10 Nov 2011    10 Nov 2015    $0.05                 
  *                                                                             
                181,000,000                                                     
With the exception of the options marked with an asterisk, which vest on 10     
November 2012, all share options are exercisable.                               
During the year ended 31 December 2011, the following options were              
exercised:                                                                      
  9 Sep 2010  30,000,000  9 Sep 2010  31 Jul 2012   $0.01                       
23.  Share-based payments (continued)                                           
Fair value of options granted during the year                                   
The assessed fair value at grant date of options granted to individuals is      
allocated equally over the period from grant date to vesting date.  Fair        
values at grant date are independently determined using a Black Scholes         
option pricing model that takes into account the exercise price, term of the    
option, the share price at grant date and expected price volatility of the      
underlying share, the expected dividend yield and the risk free interest        
rate for the term of the option.                                                
The following options were issued during the year ended 31 December 2011:       
 Issue      Quantity   Grant date   Expiry     Exercise Fair     Total          
 date                               date       price    value    fair           
per      value          
                                                        option                  
 8 Mar 11   25,000,000 8 Mar 11     8 Mar 14   $0.01    $0.0300  $750,000       
 10 Nov 11  1,250,000  10 Nov 11    10 Nov 13  $0.03    $0.0110  $13,795        
10 Nov 11  1,250,000  10 Nov 11    10 Nov 15  $0.05    $0.0130  $16,225        
            27,500,000                                                          
The model inputs for the options granted during the year were as follows:       
                    A                B           C                              
Quantity          25,000,000       1,250,000   1,250,000                      
  Grant date        8 Mar 11         10 Nov 11   10 Nov 11                      
  Expiry date       8 Mar 14         10 Nov 13   10 Nov 15                      
  Grant date share  $0.051           $0.027      $0.027                         
price                                                                         
  Exercise price    $0.01            $0.03       $0.05                          
  Expected          120%             120%        120%                           
  volatility                                                                    
Option life       3.0              1.9         3.7                            
  (years)                                                                       
  Expected dividend 0%               0%          0%                             
  yield                                                                         
Risk free rate at 5.11%            3.46%       3.42%                          
  grant date                                                                    
The cost of the issue of options was recorded in the financial statements as    
follows:                                                                        
-    options issued during the financial year for consulting work, with a       
    cost of $4,265 (2010: $747,690) were charged to the profit or loss;         
-    options issued during 2010, and not yet vested at the commencement of      
    the financial year for employee remuneration, with a cost of $75,619        
(2010: $51,874) were charged to the profit or loss; and                     
-    options issued in satisfaction of capital raising costs, with a value      
    of $750,000 (2010: $1,060,317) were charged directly to equity.             
24.  Subsequent events                                                          
On 6 February 2012, the Company announced it has identified several high        
priority soil anomalies from its maiden geological exploration program on       
the Company`s Sinoe project in Liberia, West Africa.  Coherent gold in soil     
anomalies are open in multiple directions and further sampling and trenching    
is underway to fast track target generation for future drilling.                
On 15 February 2012, the Company announced it had entered into a binding        
Heads of Agreement with a private Liberian company, to acquire the Gold         
Rights to 1,996 km2 of highly prospective Archean geology in Grand Cape         
Mount County, north-west Liberia, West Africa.  The project hosts numerous      
target areas, has historical drilling and sampling and access to                
infrastructure.                                                                 
24.  Subsequent events (continued)                                              
On 12 March 2012, the Company announced, following further results, it has      
extended and identified several high priority soil anomalies from its maiden    
geological exploration program on the Company`s Sinoe project in Liberia,       
West Africa.                                                                    
25.  Supplementary information about the parent entity                          
                                    Parent                                      
                                    2011         2010                           
                                    $            $                              
Assets                                                                        
  Current assets                    3,724,429    865,010                        
  Total assets                      9,028,043    7,110,335                      
                                                                                
Liabilities                                                                   
  Current liabilities               77,549       103,425                        
  Total liabilities                 77,549       103,425                        
                                                                                
Net assets                        8,918,805    7,006,910                      
                                                                                
  Equity                                                                        
  Issued capital                    45,032,860   36,482,279                     
Reserves                          3,282,988    2,453,104                      
  Total equity                      8,918,805    7,006,910                      
                                                                                
  Profit and loss                                                               
Profit / (loss)                   (7,468,570)  (1,858,499)                    
                                                                                
  Comprehensive income                                                          
  Total comprehensive income        (7,468,570)  (1,858,499)                    
There were no contingent liabilities, guarantees or capital commitments of      
the parent entity not otherwise disclosed in these financial statements.        
DIRECTORS` DECLARATION                                                          
In accordance with a resolution of the directors of Tawana Resources NL, I      
state that:                                                                     
In the opinion of the directors:                                                
the financial statements and notes as set out on pages 29 to 52 of the          
Company and of the consolidated entity are in accordance with the               
Corporations Act 2001, including:                                               
-    giving a true and fair view of the Company`s and the consolidated          
    entity`s financial position as at 31 December 2011 and of their             
    performance for the year ended on that date; and                            
-    complying with Accounting Standards and Corporations Regulations 2001;     
    and                                                                         
-    there are reasonable grounds to believe that the Company will be able      
    to pay its debts as and when they become due and payable.                   
The attached financial statements and notes thereto comply with                 
International Financial Reporting Standards as issued by the International      
Accounting Standards Board as described in Note 1 to the financial              
statements.                                                                     
This declaration has been made after receiving the declarations required to     
be made to the directors in accordance with section 295A of the Corporations    
Act 2001 for the financial year ended 31 December 2011.                         
On behalf of the Board                                                          
Mr Warwick Grigor                                                               
Non-Executive Chairman                                                          
Melbourne, 29 March 2012                                                        
INDEPENDENT AUDITOR`S REVIEW REPORT TO THE MEMBERS OF TAWANA RESOURCES NL       
AND CONTROLLED ENTITIES                                                         
Report of the Financial report                                                  
We have audited the accompanying financial report of Tawana Resources NL        
(the Company), which comprises the statement of financial position as at 31     
December 2011, the statement of comprehensive income, the statement of          
changes in equity and the statement of cash flows for the year then ended,      
notes comprising a summary of significant accounting policies and other         
explanatory information, and the directors` declaration of the company and      
the consolidated entity comprising the company and the entities it              
controlled at the year`s end or from time to time during the financial year.    
Directors` Responsibility for the Financial Report                              
The directors of the Company are responsible for the preparation of the         
financial report that gives a true and fair view in accordance with             
Australian Accounting Standards and the Corporations Act 2001 and for such      
internal control as the directors determine is necessary to enable the          
preparation of the financial report that is free from material misstatement,    
whether due to fraud or error. In Note 1, the directors also state, in          
accordance with Accounting Standard AASB 101 Presentation of Financial          
Statements, that the financial statements comply with International             
Financial Reporting Standards.                                                  
Auditor`s Responsibility                                                        
Our responsibility is to express an opinion on the financial report based on    
our audit. We conducted our audit in accordance with Australian Auditing        
Standards. Those standards require that we comply with relevant ethical         
requirements relating to audit engagements and plan and perform the audit to    
obtain reasonable assurance about whether the financial report is free from     
material misstatement.                                                          
An audit involves performing procedures to obtain audit evidence about the      
amounts and disclosures in the financial report. The procedures selected        
depend on the auditors` judgement, including the assessment of the risks of     
material misstatement of the financial report, whether due to fraud or          
error. In making those risk assessments, the auditor considers internal         
control relevant to the entity`s preparation and fair presentation of the       
financial report in order to design audit procedures that are appropriate in    
the circumstances, but not for the purpose of expressing an opinion on the      
effectiveness of the entity`s internal control. An audit also includes          
evaluating the appropriateness of accounting policies used and the              
reasonableness of accounting estimates made by the directors, as well as        
evaluating the overall presentation of the financial report.                    
We believe the audit evidence we have obtained is sufficient and appropriate    
to provide a basis for our audit opinion.                                       
Independence                                                                    
In conducting our audit, we have complied with the independence requirements    
of the Corporations Act 2001.                                                   
Auditors opinion                                                                
In our opinion:                                                                 
-    The financial report of Tawana Resources NL is in accordance with the      
    Corporations Act 2011, including:                                           
-    Giving a true and fair view of the Company`s and consolidated entity`s     
    financial position as at 31 December 2011 and of its performance for        
    the year ended on that date; and                                            
-    Complying with Australian Accounting Standards (including the              
Australian Accounting Interpretations) and the Corporations Regulations     
    2011; and                                                                   
-    The financial report also complies with International Financial            
    Reporting Standards as disclosed in Note 1.                                 
Report on the Remuneration Report                                               
We have audited the Remuneration Report included in the directors` report       
for the year ended 31 December 2011. The directors of the Company are           
responsible for the preparation and presentation of the Remuneration Report     
in accordance with section 300A of the Corporation Act 2001. Our                
responsibility is to express an opinion on the Remuneration Report, based on    
our audit conducted in accordance with Australian Auditing Standards.           
Auditors Opinion                                                                
In our opinion the Remuneration report of Tawana Resources NL for the year      
ended 31 December 2011, complies with section 300A of the Corporations Act      
2001.                                                                           
Matters relating to the Electronic Presentation of the Reviewed Financial       
Report                                                                          
This auditor`s report relates to the financial report of Tawana Resources NL    
for the year ended 31 December 2011 included on Tawana Resources NL`s web       
site. The company`s directors are responsible for the integrity of the          
Tawana Resources NL web site. We have not been engaged to report on the         
integrity of the Tawana Resource NL web site. The auditor`s report refers       
only to the financial report. It does not provide an opinion on any other       
information which may have been hyperlinked to/from these statements. 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 audited financial report to confirm the information included in the         
audited financial report presented on this web site.                            
William Buck Audit (Vic) Pty Ltd                                                
ABN 59 116 151 136                                                              
JC Ludkins                                                                      
Director                                                                        
Dated this 29th day of March 2012                                               
SCHEDULE OF MINERAL TENEMENTS                                                   
Mining tenements currently held by the consolidated entity are as follows:      
Location    Title held by           % held by       Title                       
Tawana group                                 
                                                                                
Daniel      BHP Billiton World      Various         NC                          
Project     Exploration Inc                         30/5/1/1/088                
South                                               PR                          
Africa                                                                          
Kareevlei   Diamond Resources Pty   100%            NC                          
Wes         Ltd                                     30/5/1/2/2/081              
South                                               MR                          
Africa                                                                          
St          Vecto Trade 436 Pty     30%             NC                          
Augustines  Ltd                     (indirect)      30/5/1/1/5/402              
South                                               PR                          
Africa                                                                          
Flinders    Orogenic Exploration    80%             EL 3200                     
Island      Pty Ltd / Tawana                                                    
SA,         Resources NL                                                        
Australia                                                                       
Eyre        Orogenic Exploration    80%             EL 3928                     
Peninsula   Pty Ltd / Tawana                                                    
SA,         Resources NL                                                        
Australia                                                                       
Flinders    Orogenic Exploration    80%             ELA 06/648                  
Island      Pty Ltd / Tawana                                                    
SA,         Resources NL                                                        
Australia                                                                       
Orapa       Seolo Botswana (Pty)    100%            PL 61/2007                  
Botswana    Ltd                                                                 
Nimba       Gryphon Minerals Ltd    100%            MEL 11059                   
                                   (through                                     
                                   Gryphon                                      
                                   alliance)                                    

Lofa        Gryphon Minerals Ltd    100%            MEL 11060                   
                                   (through                                     
                                   Gryphon                                      
alliance)                                    
                                                                                
Sinoe       Global Mineral          Subject to      MEL 11009                   
           Investments LLC         option                                       
agreement to                                 
                                   purchase 100%                                
                                                                                
Mofe Creek  Tawana Liberia Inc      100%            MRL 13029                   
ASX ADDITIONAL INFORMATION                                                      
AS AT 27 MARCH 2012                                                             
Additional information included in accordance with the Listing Rules of the     
Australian Securities Exchange Limited.  The information is current as at 27    
March 2012.                                                                     
1.   Substantial shareholders                                                   
The names of substantial shareholders who had notified the Company in           
accordance with section 671B of the Corporations Act are:                       
Gryphon Minerals Limited 100,000,000 shares                                     
Chalmsbury Nominees Pty Ltd   67,844,432 shares                                 
Merriwee Pty Ltd    50,000,000 shares                  
Spring Plains Pastoral Co (VIC) Pty Ltd  40,000,000          
shares                                                                          
2.   Statement of issued capital                                                
(a)  Distribution of fully paid ordinary shareholders                           
  Size of holding       Number of        Shares held                            
holders                                                 
  1 - 1,000             184              112,935                                
  1,001 - 5,000         382              1,171,871                              
  5,001 - 10,000        276              2,208,812                              
10,001 - 100,000      705              28,941,814                             
  100,001 and over      428              824,193,611                            
                        1,975            856,629,043                            
(b)  All ordinary shares (whether fully paid or not) carry one vote per         
share without restriction.                                                      
(c)  At the date of this report there were 869 shareholders who held less       
than a marketable parcel of shares.                                             
3.   Options                                                                    
Exercise  Expiry date  Number of   Number of               
                     price                  options     holders                 
  Unlisted options   $0.07     18 Jun 2012  4,000,000   1                       
  Unlisted options   $0.10     17 Jan 2013  6,000,000   1                       
Unlisted options   $0.07     17 Jan 2013  6,750,000   6                       
  Unlisted options   $0.10     17 Jan 2014  6,750,000   6                       
  Unlisted options   $0.01     23 Feb 2013  50,000,000  1                       
  Unlisted options   $0.01     31 Jul 2012  20,000,000  1                       
Unlisted options   $0.03     9 Sep 2012   5,000,000   1                       
  Unlisted options   $0.01     30 Jul 2013  50,000,000  1                       
  Unlisted options   $0.05     9 Sep 2014   5,000,000   1                       
  Unlisted options   $0.01     8 Mar 2014   25,000,000  1                       
Unlisted options   $0.03     10 Nov 2013  1,250,000   1                       
  Unlisted options   $0.05     10 Nov 2015  1,250,000   1                       
4.   Quotation                                                                  
Listed securities in Tawana Resources NL are quoted on the Australian           
Securities Exchange and the Johannesburg Stock Exchange.                        
5.   Twenty largest shareholders                                                
The twenty largest shareholders hold 57.22% of the issued capital of the        
Company as at 27 March 2012.                                                    
No   Shareholder                  Number of         Percentage of             
                                    shares            issued                    
                                                      capital                   
                                                                                
1    Gryphon Minerals Limited     100,000,000       11.67%                    
  2    Merriwee Pty Ltd                                                           
  3    BT Portfolio Services        40,000,000        4.67%                     
Limited                                                                  
  4    Spring Plains Past Co (Vic)  40,000,000        4.67%                     
       PL                                                    
5    HSBC Custody Nominees        28,685,108        3.35%                     
       (Australia) Limited                                                      
  6    Mr Julian Babarczy           25,173,288        2.94%                     
  7    ABN Amro Clearing Sydney     24,423,998        2.85%                     
Nominees Pty Ltd                                                                      
  8    Trayburn Pty Ltd             20,350,000        2.38%                     
  9    Gregorach Pty Ltd                                                            
  10   Seven Falls Trading 155      17,626,354        2.06%                     
       (Pty) Ltd                                                                
  11   McTavish Industries Pty Ltd  15,000,000        1.75%                     
                                                
  12   Symorgh Investments Pty Ltd  15,000,000        1.75%                     
  13   Gryphon Minerals Limited     14,250,000        1.66%                     
  14   UBS Wealth Management        13,977,016        1.63%                     
Australia Nominees Pty Ltd                                               
  15   I E Properties Pty Ltd       13,000,000        1.52%                     
  16   RL Holdings Pty Ltd                                                                      
17   Baystreet Pty Ltd                                                                      
  18   Mrs Margot Louise            10,000,000        1.17%                     
       Brandenburg                                                           
  19   Cambus Equities Pty Ltd      9,220,000         1.08%                     
  20   Mr Neville James Miles       8,501,101         0.99%                     
                                    490,086,001       57.22%                    
Sponsor                                                                         
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 29/03/2012 12:21:39 Supplied by www.sharenet.co.za                     
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