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TAW - Tawana Resources NL - Update on Liberian Projects

Release Date: 07/06/2012 09:04:01      Code(s): TAW
TAW - Tawana Resources NL - Update on Liberian Projects                         
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")                                                     
Update on Liberian Projects                                                     
Cape Mount Project                                                              
Tawana Resources NL (ASX: TAW) announced on 15th February 2012 that it had      
signed a Heads of Agreement ("HOA") to acquire the gold rights to the Cape Mount
Gold Project.                                                                   
Progression of the transaction required negotiation and signing of a Definitive 
Agreement and was subject to, amongst other things, satisfactory due diligence  
by Tawana.                                                                      
After conducting its due diligence investigations, Tawana have elected not to   
proceed with the transaction.                                                   
Mofe Creek Iron Ore Project                                                     
Tawana is pleased to provide an update on the Mofe Creek Iron Ore Project.      
After announcing on 8th May 2012 the acquisition of strike extensions (via      
Option Agreement) to the Company`s existing 100% owned Mofe Creek Iron Ore      
Project, Tawana is now securing Liberian Regulatory Authority approval for the  
aeromagnetic surveys over the Company`s project areas. Tawana has contracted an 
airborne geophysical service provider to fly air magnetics over the project area
currently scheduled for mid-July 2012. Field mapping, rock-chip sampling and    
pitting has commenced and will be carried out in parallel with the air magnetics
survey in order to define target areas for further pitting and drilling.        
The Mofe Creek Project is located within one of Liberia`s historic premier iron 
ore mining districts. The project is 10 km along strike from the abandoned Bomi 
Hills iron ore mine. Historic production at Bomi Hills is estimated by the      
Government of Liberia at 50 Mt of high-grade magnetite lump in addition to      
magnetite concentrate sinter feed beneficiated from itabirite. Reconnaissance   
rock-chip sampling by Tawana has already confirmed the presence of high-grade   
DSO lump magnetite in outcrop.                                                  
The Project 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.                                      
Gold Exploration Projects                                                       
The Company is also awaiting additional assay results from recent geochemical   
surveys at its Sinoe, Nimba and Lofa gold exploration projects. Assay results   
will be made available at the earliest opportunity.                             
For further information please contact:                                         
Tawana Resources (ASX: TAW)                                                     
Lennard Kolff van Oosterwijk                                                    
Office: +61 424942589                                                           
MAGNUS Investor Relations + Corporate Communication                             
John Gardner / Dudley White                                                     
Tel: +61 8 9212 0101 / + 61 2 8999 1010                                         
The information in this report that relates to 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.           
7 June 2012                                                                     
PricewaterhouseCoopers Corporate Finance (Pty) Ltd                              
Date: 07/06/2012 09:04:00 Supplied by www.sharenet.co.za                     
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