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TAWANA RESOURCES NL - Mineralisation Extended at Mofe Creek

Release Date: 03/12/2012 10:00:00      Code(s): TAW       PDF(s):  
Mineralisation Extended at Mofe Creek

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”)

Mineralisation Extended at Mofe Creek


   -   Additional results confirm and extend mineralization at the Koehnko target
   -   5.2km long x 100-400m wide friable iron formation target defined and open to the
   -   south
   -   Average 42% Fe with low contaminants intersected in 50 auger holes to date
   -   Average 3m to maximum 5.5m auger hole depth with all holes open in
   -   Results represent only 1 of 5 target areas tested by hand auger drilling to date
   -   DSO lump magnetite and hematite mineralization in rock chips
   -   RC drilling planned for Q1 2013
   -   Tawana Resources NL (ASX: TAW) is pleased to announce additional results of the hand auger and
       mapping programme at the Company’s 100% owned Mofe Creek project.

   The Mofe Creek Project is located within one of Liberia’s historic premier iron ore mining districts. The
   project is 10km along strike from the abandoned Bomi Hills iron ore mine. Historic production at Bomi
   Hills is estimated by the Government of Liberia at 50Mt of high-grade DSO magnetite lump in addition to
   high-grade sinter feed beneficiated from friable iron formation. Reconnaissance rock-chip sampling by
   Tawana has confirmed the presence of DSO magnetite, hematite and friable iron formation 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 transshipment via barge to deeper water for onward shipment.

   Len Kolff, MD Tawana Resources ‘Additional hand auger results continue to confirm and extend the
   target with a large area of high-grade friable iron formation discovered and the added bonus of potential
   blind DSO; this all within easy reach of the coast, rail alignment and port’.

   ‘Rock chip results along the license area confirm continuation of the iron formation and additional
   targets’ he said.

  Detailed Aeromagnetics Interpretation and Target Areas
   Detailed aeromagnetics interpretation of the 200m line spacing survey flown in July 2012 has been
   completed by Southern Geoscience Consultants (SGC) over the license area. Interpretation has confirmed
   the geological mapping to date and the five key target areas defined; Koehnko, Zaway, Gofolo, Gofolo
   West and Gofolo North-West in addition to other target areas in the south.

   [Image of SGC aeromagnetics geology interpretation and BELOW: structural interpretation over analytical signal
   aeromagnetics image; both showing key target areas and rock chip Fe% assays removed for SENS purposes]

   Koehnko Target Auger Drilling

   Assay results for an additional 41 hand auger holes drilled on a 400 x 100m grid into the Koehnko target
   have been received. All holes terminated in mineralization with an average hole depth of 3m and up to
   5.5m deep. The friable iron formation intersected to date averages 42% Fe and up to 53% Fe with low
   contaminants over an interpreted footprint of 5.2km strike and 100m to 400m width. Mineralisation
   remains open to the south where hand auger drilling continues. Average end of hole grades from the 50
   holes received over the Koehnko target to date are detailed below.

SiO    depth      Fe %    SiO%        Al2O3%    P%      S%         LOl1000%   CR2O3%   TiO2%   V2O5%    MnO%
Avg          3    41.75     27.46      7.12     0.03       0.05       3.29      0.06    0.22     0.01      0.02
Max        5.5    52.97     53.54     17.09     0.07       0.13       9.94      0.30    1.09     0.07      0.05
Min        0.3    24.06       4.75     1.51     0.01       0.00       0.00      0.00    0.03     0.00      0.01
Average grades   of Koehnko target hand auger   drilling to date

[Image of Koehnko target auger sampling results by Fe% to date. Background image analytical signal aeromagnetics;
hotter colors represent more magnetic lithologies has been removed for SENS purposes.]

[Image of Koehnko target auger sampling results by Fe% to date. Background image digital terrain model (DTM); hotter
colors represent higher topography removed for SENS purposes.]

All samples were assayed by SGS Liberia and were sourced from in-situ outcropping material. Samples 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 µm. A 200g sample was then scooped, with iron ore analysis of majors and minors by
borate fusion-XRF.

Discussion and Exploration Potential

Depth potential of the friable iron formation defined at Koehnko remains unknown until drill tested; however
a minimum depth of 5.5m has been confirmed in hand auger drilling and analogies drawn with Bomi Hills
suggests potential enrichment weathering depths of up to 25-30m may be achieved. Greater depths and even
blind friable itabirite targets may be encountered due to structural preparation by the cross-cutting Todi
Shear zone. The potential for blind DSO magnetite mineralization along the footwall contact at depth or
other favorable structural settings is a possibility as seen at Bomi Hills.

[Image of Koehnko target exploration model and conceptual cross section removed for SENS purposes]

Highly Prospective District Geology

The Mofe Creek Project is located within one of Liberia’s historic premier iron ore mining districts. The
project is 10km 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 50Mt of high-
grade DSO lump magnetite in addition to high-grade beneficiated sinter feed concentrate.

[Historic ‘Western Cluster’ iron ore province and associated deposits over regional aeromagnetics image removed for
SENS purposes]
[Image of Typical cross section through Bomi Hills mine after Gruss (1973). Note DSO magnetite at depth along footwall
contact and friable itabirite weathering horizon above hard itabirite unit removed for SENS purposes]

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 causing
enrichment to coarse massive magnetite by metamorphic differentiation (Gruss, 1973). Magnetite
mineralisation is in direct contact with gneissic basement and is partially blind.


The Company received the Mofe Creek license fees notice and has paid to the Ministry of Finance the first
year exploration license surface fees. The Company is now awaiting the Exploration License certificate from
the Ministry of Lands Mines and Energy for the transfer of our 100% owned Mofe Creek Reconnaissance permit
into a Mineral Exploration license.

Infrastructure and Access

The Project is well positioned for possible future infrastructure scenarios; road or rail to the deep water port
of Monrovia or road to coast and transhipment via barge to deeper water for onward shipment. A well-
maintained 100km long sealed road exists from the central licence area to the city of Monrovia. In addition
to this a decommissioned iron ore railway alignment* exists from the Bomi Hills mine to the port of Monrovia;
20km east from the easternmost magnetic anomaly. Rail distance from Mofe Creek to the port of Monrovia is
65km. Alternatively the Project area is approximately 25km from the coast for possible stand-alone haul
road construction, trucking and transhipment via barge to deeper water for on shipment.

[Image of Aerial view of Monrovia port looking south-west. RIGHT: Decommissioned railway bridge next to national
highway has been removed for SENS purposes]

[Image of License area relative to historic Bomi Hills mine, coast, decommissioned rail alignment, roads and port of
Monrovia has been removed for SENS purposes]

Next Steps

The company will continue its infill mapping and hand auger drilling programme along Koehnko south and
across additional key target areas. Pending receipt of the license certificate and government approvals,
drilling is planned to commence during Q1 2013.

For further information please contact:

Tawana Resources (ASX: TAW)                         MAGNUS Investor Relations + Corporate Communication

Lennard Kolff van Oosterwijk                        John Gardner / Dudley White

Office: +61 424942589                               Tel: +61 8 9212 0101 / + 61 2 8999 1010

Reference: Gruss, H, 1973. Itabirite iron ores of the Liberia and Guyana Shields. In: Genesis of Precambrian iron and manganese
deposits; Proc. Kiev. Symp., 1970 (Earth Sciences 9).
*Footnote: the railway line/alignment falls under the Western Cluster project currently owned by Elenilto Minerals and Mining and
subject to a Joint Venture with India’s largest producer and exporter of iron ore in the private sector; Sesa Goa.

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.


PricewaterhouseCoopers Corporate Finance (Pty) Ltd

03 December 2012

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