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TAW - Tawana Resources NL - Quarterly Activities Report 1 January - 31 March

Release Date: 02/05/2012 08:57:03      Code(s): TAW
TAW - Tawana Resources NL - Quarterly Activities Report 1 January - 31 March    
Tawana Resources NL                                                             
(Incorporated in Australia)                                                     
(Registration number ACN 085 166 721)                                           
Share code on the JSE Limited: TAW                                              
ISIN: AU000000TAW7                                                              
Share code on the Australian Stock Exchange Limited: TAW                        
ISIN: AU000000TAW7                                                              
("Tawana" or "the Company")                                                     
Tawana Resources NL (ASX: TAW) is pleased to present the report on activities   
for the period January to March 2012.                                           
Sinoe Gold Project                                                              
Two significant +30 ppb soil anomalies defined with up to 1 g/t gold in soils on
a broad 800 x 100m reconnaissance grid                                          
Southern anomaly 8 km long by 400 - 1400m wide, Northern anomaly 9 km long by   
400 - 1600m wide                                                                
25 km along strike from 3.8 Moz Dugbe discovery (AIM: HUM)                      
200 x 50m infill soil sampling completed on Southern anomaly, underway on       
Northern anomaly; results pending                                               
400m of trenching completed; results pending                                    
Cape Mount Gold Project (pending legal DD)                                      
Binding HoA to acquire the Gold Rights over 1,996 km2 of highly prospective     
Archean geology signed                                                          
Historical drilling results of 9.9 m at 5.4 g/t, 12.5 m at 3.1 g/t and 21.4 m at
2.4 g/t                                                                         
Target areas along strike and adjacent to 1.5 Moz New Liberty                   
Reconnaissance rock chip sampling returns 6 m at 23.6 g/t of gold, including 2 m
at 53.8g/t                                                                      
Mofe Creek Iron Ore Project                                                     
Application lodged to transfer 285 km2 Mineral Reconnaissance License (100% TAW)
into MEL                                                                        
Finalising aeromagnetics survey for second quarter 2012                         
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                                                            
Nimba/Lofa Gold Exploration                                                     
Phase 1 soil sampling completed at Nimba and underway at Lofa; results pending  
Thabazimbi JV                                                                   
Avontuur Manganese Resource increased                                           
Binding HoA signed to acquire gold rights to highly prospective land package    
Third quarter retainer paid under Sinoe Project JV                              
CA signed on Daniel project                                                     
The Company signed 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.                       
Under the terms of the Sinoe Project Joint Venture, the Company paid Global     
Mineral Investments LLC (`GMI`) a US$9,000 retainer payment during the quarter. 
This represents the third quarterly payment under the agreement terms. The      
Company will continue to fund exploration during the first year after which it  
has the right to purchase the licence outright or walk away unencumbered.       
Soil sample results were received from the maiden 800 x 100 m soil sampling     
programme over the Sinoe Gold Project area during the quarter. Results to date  
have defined two large coherent and continuous +30 ppb soil anomalies with      
results up to 1 g/t Au in soils. The Northern anomaly is approximately 9 km long
and between 400 m to 1600 m wide whilst the Southern anomaly is approximately 8 
km long and between 400 m to 1400 m wide. Infill soil sampling was completed on 
the Southern anomaly and is underway on the Northern anomaly and approximately  
400m of trenching was completed on the Southern anomaly during the quarter.     
Results are pending.                                                            
The Company 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. Legal due diligence and 
drafting of the definitive agreement are well advanced.                         
The Company continued field exploration activities on the Mofe Creek Iron ore   
Project in Western Liberia. Geological mapping and rock chip sampling has       
defined 35 km strike length of iron formation. 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 magnetite Direct Shipping Ore (DSO)   
lump and weathered soft iron formation for beneficiation. The Company is        
securing an airmagnetics survey and is in the process of transferring the       
license into a mineral exploration license.                                     
Reconnaissance 400 x 50 m spaced soil sampling over high priority stream        
sediment BLEG anomalies identified on the companies Nimba and Lofa projects was 
commenced during the quarter. Sampling was completed over the Nimba target and  
is underway over the Lofa target. Results are pending.                          
(Map showing granted licenses (1880 km2), and JV licenses pending legal DD (2400
km2)  - 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) recently   
increased 3.8 Moz Dugbe discovery 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.                                                                   
Results were received from the maiden 800 x 100m soil sampling programme and    
defined two large coherent and continuous +30 ppb soil anomalies with results up
to 1 g/t Au in soils. The Southern anomaly is approximately 8 km long and       
between 400 m to 1400 m wide, whilst the Northern anomaly is 9 km long and      
between 400 m to 1600 m wide.                                                   
Additional smaller soil anomalies occur between and sub-parallel to the primary 
anomalies. All soil anomalies strike roughly north-east, in a similar           
orientation to the Dugbe 1.8 Moz and recently announced Tuzon 2.05 Moz maiden   
resource (AIM: HUM). The north-easterly strike direction is evident on regional 
government geophysical data sets and major river drainage orientations and is   
interpreted to represent north-easterly striking secondary shears off the major 
Dugbe Shear.                                                                    
The geology of the Sinoe North area is characterised by a package of gently     
dipping biotite and garnet-biotite schists, intruded by cm to >10 m scale       
pegmatite dykes and sills, mafics and late granitic intrusives. The pegmatite   
sills appear to be intimately associated with areas of enhanced gold anomalism. 
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.                                             
(Artisanal alluvial workings encountered within the project area and medium     
grained gold produced by the local miners- Image removed for SENS purposes)     
The streams and headwaters draining the anomalous areas are characterised by    
intensive artisanal alluvial and eluvial mining activity. Fine to medium grained
gold won by the artisanals was observed as well as reports of nugget gold within
the strongest defined soil anomalies to date.                                   
Infill 200 x 50 m soil sampling was completed on the southern anomaly and       
commenced on the Northern anomaly during the quarter. Trenching was commenced on
the Southern anomaly along lines of strongest anomalism and due to easier       
access. A total of 400 m was completed during the quarter. Results from both the
infill soil sampling and trenching are pending.                                 
(Sinoe project location relative to recent discoveries, projects, major town and
Dugbe shear. Image underlay on USGS airmagnetics total magnetic intensity -     
Image removed for SENS purposes)                                                
(Overview of Sinoe soil anomalies and project location relative to other        
advanced projects in the area. Reported +30 ppb soil anomalies highlighted in   
dashed white and other advanced projects in red polygons. Gridded soil          
geochemistry by inverse distance squared and NE trending search ellipsoid; image
overlay on SRTM grey scale image - Image removed for SENS purposes)             
(Detail of Sinoe north area soil geochemistry and anomalies defined - Image     
removed for SENS purposes)                                                      
Sampling and Assay Methodology                                                  
Soil samples were collected on a nominal 800 x 100m grid. Lines were cut and    
surveyed using hand held GPS. Approximately 1.5kg of B horizon soil was         
collected below the surface vegetation and humus layer; generally around the    
30cm depth profile. Sample sites that occurred within close proximity to        
transported stream sediments were moved to the nearest available site to avoid  
sampling stream sediment and target in-situ weathered soil horizons. Ground     
conditions, regolith profile, soil composition and slope direction were recorded
at each sample site and the location surveyed using hand held GPS. Alternating  
field duplicates and certified standards at various analytical levels were      
inserted every 25th sample for QA/QC purposes.                                  
All samples were submitted to SGS Laboratory in Monrovia for sample preparation 
and gold analysis. The entire sample was crushed to a nominal 2mm by jaw crusher
then pulverised to a nominal 85% passing 75Picam and a 200g scoop sub-sample    
taken for analysis. Laboratory preparation equipment was flushed using barren   
material between each sample run. Gold analysis was by Aqua Regia digest and    
Solvent Extraction AAS finish (DL 0.002 ppm).                                   
Results received to date have passed internal QA/QC procedures and are within   
reporting error limits (+/-95% CL) of certified standards and duplicates        
inserted by the Company providing confidence in the reported results.           
(Trenching, mapping and sampling currently underway on the Southern anomaly.    
Quartz veining with limonite and goethite staining occurring within metre scale 
pegmatite vein swarms - Image removed for SENS purposes)                        
Cape Mount Gold Project                                                         
Cape Mount Gold Project comprises two exploration licenses (the `licenses`)     
covering approximately 2,000 km2 of highly prospective Archean geology in north-
west Liberia. The licenses are directly adjacent to Aureus Mining`s Bea Mountain
Mining License and along strike from the 1.57 Moz New Liberty gold deposit.     
The licenses are located within the Archean Man Craton of West Africa; a high   
potential yet underexplored gold district. The 1.57 Moz New Liberty gold deposit
and Leopard Rock-Ndablama-Gondoja gold corridor sit directly adjacent to and    
along strike from the licenses. Mineralisation in these geological settings is  
often characterised by high-grade intersections over variable widths.           
Drill ready targets have been identified at the Soso Hill - Fula Camp trend     
where recent artisanal mining has uncovered a high-grade amphibolite schist     
structure similar to the New Liberty setting, returning rock chip samples of    
23.6 g/t of gold over 6m, including 2m at 53.8 g/t of gold. Previous drilling by
Mano River further south along the same trend but not within this newly         
identified zone returned intersections of 9.9m at 5.4 g/t, 12.5m at 3.1 g/t and 
21.4m at 2.4 g/t gold providing high encouragement for future exploration       
success along an already defined >4 km strike length.                           
(Soso Hill artisanal hard rock working with rock chip channel samples up to 53.8
g/t gold over 2m and 23.6 g/t over a 6m composite. Visible gold observed from   
panned weathered amphibolite taken within the artisanal pit - Image removed for 
SENS purposes)                                                                  
At the Gondoja target within the south-east of the license area, reconnaissance 
drilling by Aureus directly adjacent to the target area has returned            
intersections including 36m at 3.3 g/t gold. Gold in soil anomalies appear open 
along the license boundary to the east into the target area, in addition to     
continuation of favorable lithologies and structural settings further enhancing 
the prospectivity and supporting commencement of soil sampling.                 
Areas for immediate soil sampling follow-up have been defined within the license
area on the basis of extensive artisanal workings, favorable geological settings
and directly adjacent to and along strike from known gold mineralized corridors.
(Large scale hard rock artisanal gold workings in the Fula Camp area. Pit faces 
up to 15m vertical were observed (right) and adits into rock faces (left) -     
Image removed for SENS purposes)                                                
The Licenses are located in Grand Cape Mount County in the north-west of        
Liberia; approximately 125 km north-north-west of Monrovia Access is via a well 
maintained, sealed road from Monrovia to Tubmanburg and laterite and unsealed   
roads into the license areas. Access into the Northern license is more          
challenging; however, the majority of field work is currently planned for the   
Southern license. Dependent on project area, drive time varies between 3 to 5   
hours from Monrovia.                                                            
The Company has signed a binding Heads of Agreement with a private Liberian     
company to acquire the gold rights over the Cape Mount Gold Project licenses.   
Under the terms of the agreement Tawana will acquire the gold rights to the Cape
Mount Gold Project exploration licenses under the following terms and           
US$500,000 payable on signing of the Definitive Agreement; plus                 
US$500,000 payable 12 months after the signing of the Definitive Agreement      
Tawana grants the Vendor a 2.5% NSR Gold Royalty;                               
The Vendor grants Tawana a first right of refusal  to acquire the Gold Royalty  
and base metal rights to the licenses                                           
The Vendor is permitted to continue alluvial mining for gold and diamonds on its
Class B Mining licenses and eluvial gold mining to a maximum depth of 15 meters 
from the natural surface exclusively within the Soso Camp License only (0.64    
km2).  Any gold extracted under this clause is excluded from the Gold Rights.   
The terms of this agreement are subject to the completion of its exclusive due  
diligence period and execution of a Definitive Agreement within 45 days.        
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, 20 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.            
(Left: Well-maintained sealed main road from Monrovia through license area.     
Right: Laterite road, topography and vegetation within license area - Image     
removed for SENS purposes)                                                      
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   
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. 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- Image removed
for SENS purposes)                                                              
The iron formation is medium to coarse grained, sugary laminated quartz-        
magnetite +/- hematite with an average grain size of 2-5mm 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 hypogene, 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 hypogene magnetite potential similar to Bomi Hills and further 
enhancing prospectivity.                                                        
(Left: Coarse grained quartz-magnetite iron formation. Right: weathered variety 
of similar rock type crushed by hand forming soft, friable quartz-magnetite     
sands easily beneficiated by magnet pen- Image removed for SENS purposes)       
(Left: Outcropping iron formation with larger 10`s cm scale magnetite           
segregations. Right: Weathered, softened magnetite from outcrop forming high-   
grade, clean magnetite/hematite fines- Image 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 license area.                                             
On the basis of initial mapping and sampling results, the Company plans to fly a
detailed aeromagnetics survey to better define mineralisation distribution,     
structure and continuity below areas of thick vegetation and/or weathering. The 
Company has applied for a transfer of the mineral reconnaissance permit into a  
mineral exploration license at the Ministry of Lands Mines and Energy.          
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.                                                      
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.                                
Nimba and Lofa Gold Project                                                     
First phase 400 x 50 m soil sampling was completed over the Nimba target and    
commenced over the Lofa target during the quarter.                              
Previously reported stream sediment BLEG gold anomalies occur in the south of   
the Nimba tenement area. 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. Target areas were further enhanced by increased  
artisanal mining activity downstream, coincident topographic and magnetic highs 
and favourable structural and lithological settings.                            
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. 
(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.                                                                  
(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)        
Work Plan going forward                                                         
Infill 200 x 50m soil sampling has been completed on the Sinoe Gold project     
Southern anomaly and samples submitted to the laboratory. Sampling teams have   
now relocated to the Northern anomaly and commenced infill sampling. Trenching  
has commenced along highest tenor gold intervals from the existing soil grid on 
the Southern anomaly. Geological wall mapping and rock chip channel sampling of 
an initial 400m of trenching has been completed and samples submitted to the    
laboratory. Pending review of results, drilling is planned to commence during   
the second calendar quarter 2012.                                               
Legal due diligence will be completed over the Cape Mount Gold project          
acquisition in addition to finalising the Definitive Agreement. Trenching will  
commence on the Soso Hill - Fula Camp trend to plan initial drilling. Separate  
field teams will in parallel commence 400 x 50m soil sampling programmes over   
the target areas. Stream sediment BLEG sampling will be carried out by a        
dedicated team over the entire license area. Drilling is expected to commence   
during the second quarter of 2012 whilst results of the soil sampling programmes
are expected to be available during May 2012. BLEG sampling will remain ongoing 
through the 2012 field season and expected to be completed prior to the onset of
the wet season in August / September 2012.                                      
An aeromagnetic survey is planned over the Mofe Creek 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.   
Soil sampling will be completed over the Lofa target area. Pending results,     
infill soil sampling and trenching followed by drilling of subsequent target    
areas at Nimba and Lofa 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.  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  
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 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 announced a resource increase on the Avontuur Manganese Project during   
the quarter. For further technical detail please refer to Aquila`s announcement 
of 29th March 2012.                                                             
Aquila announced on 3rd April the termination of sale process for Avontuur      
Manganese Project in light of cash flow anticipated from other transactions and 
the flat manganese market conditions.                                           
The Avontuur Project is incorporated in the Thabazimbi Joint Venture.           
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.
A Confidentiality Agreement was signed with a listed South African company who  
are currently reviewing data on the Daniel project.                             
For further information, please contact:                                        
Lennard Kolff van Oosterwijk                                                    
Chief Executive Officer                                                         
Competent Persons Statements                                                    
The information in this report in so far that it relates to Liberian Project    
Exploration Results, Mineral Resources or Ore Reserves is based on information  
compiled by Lennard Kolff van Oosterwijk, who is a Member of the Australian     
Institute of Geoscientists included in a list promulgated by the ASX from time  
to time. Lennard Kolff van Oosterwijk is a full-time employee of the company and
has sufficient experience which is relevant to the style of mineralisation and  
type of deposit under consideration and to the activity which he is undertaking 
to qualify as a Competent Person as defined in the 2004 Edition of the          
`Australasian Code for Reporting of Exploration Results, Mineral Resources and  
Ore Reserves`. Lennard Kolff van Oosterwijk consents to the inclusion in the    
report of the matters based on his information in the form and context in which 
it appears.                                                                     
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 02/05/2012 08:57:02 Supplied by www.sharenet.co.za                     
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