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
Share code on the Australian Stock Exchange Limited: TAW
("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
Progression of the transaction required negotiation and signing of a Definitive
Agreement and was subject to, amongst other things, satisfactory due diligence
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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