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TAWANA RESOURCES NL - Drilling to commence at Mofe Creek

Release Date: 11/01/2013 09:40:00      Code(s): TAW       PDF(s):  
Drilling to commence 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”)



Drilling to Commence at Mofe Creek

HIGHLIGHTS


    -   RC drill rig currently mobilizing for 2,500m of drilling at the Koehnko and Gofolo
        targets
    -   Drilling program oriented by 50 previous auger holes averaging 42% Fe with low
        contaminants
    -   Friable iron formation and DSO mineralization being targeted
    -   Depth extent of the friable iron formation likely to be known shortly after
        commencement of drilling
    -   Initial assay results expected within one month of commencement of drilling


Tawana Resources NL (ASX: TAW) is pleased to announce that it plans to commence RC drilling at the Mofe
Creek project during January 2013 after it was granted the Mofe Creek mineral exploration license by the
Ministry of Lands Mines and Energy late last year.

Approximately 2,500m of RC drilling is planned over the Koehnko and Gofolo targets as a reconnaissance
programme to test depth extent and continuity of mineralisation in addition to favourable DSO structural
settings within the targets. A total of 20 holes have been planned with hole depths varying from 60 to 150m
dependent on results encountered. Access has been completed on the Koehnko target and the drill
contractor is currently mobilizing the rig in country.

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 and hand auger
drilling on the project has confirmed the presence of DSO magnetite, hematite and friable iron formation.
The Project is well positioned for possible future infrastructure scenarios; road or rail to the Monrovia deep
sea port or road to coast and trans-shipment via barge to deeper water for onward shipment.

Planned Drilling and Timing
The company plans to drill the Koehnko target first where over 5km strike length of friable iron formation at
average 42% Fe and low contaminants has been defined over 100m to 400m widths. Approximately 1800m of
RC drilling is planned at Koehnko in 14 holes. An additional 6 holes for 700m of RC drilling is planned over
the Gofolo target where outcropping coarse grained +45% Fe iron formation has been mapped and sampled
over a 3km strike length.

Drilling is planned to commence during January 2013 with depth extent known shortly after commencement
of drilling and initial assay results expected within 1 month of commencement of drilling.


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

[Image of Key target areas and rock chip Fe% assays over project area. Preliminary drill target areas circled red has been
removed for SENS purposes.]

Depth Potential
Depth potential of the friable iron formation defined at Koehnko and Gofolo 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 iron formation 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 favourable structural settings is a possibility as seen at Bomi Hills.

[Image of Stylised cross-section showing surface enriched and deeper structural enriched iron formation targets and blind
DSO lump targets has been removed for SENS purposes.]

Highly Prospective District Geology

[Historic ‘Western Cluster’ iron ore province and associated deposits over regional aeromagnetics image has been
removed for SENS purposes.]

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. DSO magnetite
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). Friable iron formation was beneficiated through Humphrey Spirals
and a magnetic separator to produce sinter feed concentrate averaging 64% Fe, 6% SiO2 and 0.04-0.05% P
(Gruss, 1973).

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.

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 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 is approximately 25km from the coast for possible stand-alone haul road construction, trucking
and transhipment via barge to deeper water for on shipment.

[Images of (LEFT) Aerial view of Monrovia port, and (RIGHT) Decommissioned railway bridge next to national highway
have been removed for SENS purposes.]

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

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 alignment falls under the Western Cluster project currently joint ventured with Sesa Goa; India’s largest
producer and exporter of iron ore in the private sector.

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.

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

11 January 2013

Date: 11/01/2013 09:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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