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TAWANA RESOURCES NL - New Discovery Significant Friable Itabirite and DSO Intersected at 100% Owned Mofe Creek Project

Release Date: 12/03/2013 08:54:00      Code(s): TAW       PDF(s):  
New Discovery
Significant Friable Itabirite and DSO Intersected at 100% Owned Mofe Creek Project

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”)

COMPANY HIGHLIGHTS
•    New West African Gold and Iron Frontier
•    Experienced Board and Management
•    Alliance with Gryphon Minerals

Mofe Creek Iron Ore Project, Liberia
•      High grade +40 to +60% Fe, 65 km strike
•      20km to coast, adjacent to rail alignment to port (65km)
•      25km along strike from +50 Mt historic Bomi Hills DSO mine
Sinoe Gold Project, Liberia
•      Highly prospective Birimian gold structures on Dugbe shear
•      Along strike from 3.8Moz Dugbe gold project
Rakana JV (6.7%), South Africa
•      Meletse Iron Ore and Avontuur Manganese JV managed by Aquila Resource

New Discovery
Significant Friable Itabirite and DSO Intersected at 100% Owned Mofe Creek Project, Liberia, West Africa

   - Maiden drill programme completed
   - DSO and near DSO grades intersected
   - Two targets drilled – covering only 3km of 65km strike
   - Significant intersections at the Gofolo target include:
          * 40m at 50% Fe with low contaminants from surface, including 14m at 58% Fe from 12m down hole
          * 40m at 46% Fe with low contaminants from surface
          * 57m at 33.6% Fe with low contaminants from 70m down hole
   - Significant intersections at the Koehnko target include:
          * 34m at 42.8% Fe with low contaminants from surface, including 8m at 53.5% Fe from 12m down hole
          * 10m at 43% Fe with low contaminants from surface
          * 38m at 37.7% Fe with low contaminants from surface
   - Significant potential upside for blind, high-grade DSO magnetite in similar settings to +50Mt DSO Bomi Hills mine
   - Low infrastructure cost – only 20km from Liberian coast
   - Potential low mining and processing cost – soft friable ore upgradable to +60% sinter feed as per Bomi Hills#
   - Final drill results expected within the week – exploration target sizes to be calculated and announced mid-March


Tawana Resources NL (ASX: TAW) is pleased to announce results of its maiden 2,500m reverse circulation (RC) drill programme completed at the
Company’s 100% owned Mofe Creek project in Liberia, West Africa.

‘We believe Mofe Creek represents a new discovery with intersections in excess of 40m of friable itabirite with low contaminants from surface including
DSO intersections. This clearly demonstrates the potential of the Mofe Creek discovery’ said Managing Director Len Kolff, ‘We are very pleased and
encouraged with the results of our maiden drill programme; especially as they represent only 3km strike length of a total 65km prospective strike within
the project area’ he added.


Drilling Results

A total of 2,418m of a planned 2,500m programme was drilled with 834m for 7 holes at the Gofolo Main target and 1,584m for 15 holes at the Koehnko
target. Drilling was completed using a track mounted reverse circulation (RC) rig with 4 ½? RC drill rods and a face sampling hammer.
The following significant mineralised intersections are reported with a full listing of results in the appendix:


Hole ID     FROM      To        Intersection    Lithology    Fe%       SiO2% Al2O3% P%                Lol%         TiO2% S%      Mn%
                                m
GMRC001 0             56        56              ITS          37.9      36.6      4           0.06     3.96
GMRC003 0             40        40              ITS          46        24        3           0.07     5.75
GMRC004 0             40        40              ITS/AMPH     30.3      30.7      11.3        0.02     10           0.28   0.28   0.8

GMRC004     70        127       57              ITH/AMPH     33.6      44.6      1.1         0.06     BD                         0.22
GMRC005     0         32        32              ITS/AMPH     34.3      25        12.5        0.03     11           0.46
GMRC005     46        70        24              ITH/AMPH     35.4      42.8      0.95        0.04     BD
GMRC006     0         40        40              ITS          49.9      19.3      2.6         0.06     6.14
GMRC006     12        26        14              ITS          57.5      6.7       2           0.09     8.8

KRC002      0         34        34              ITS/AMPH     38        36.3      5.8         0.04     3.16
KRC003      0         10        10              ITS/AMPH     43        28.8      6.2         0.03     3.5
KRC004      0         24        24              ITS/AMPH     35.7      32.8      10          0.04     5            0.24

KRC006      0         38        38              ITS/AMPH     33.6      41        5.9         0.03     3.5          0.14
KRC012      0         34        34              ITS/AMPH     42.8      27.8      6.3         0.04     3.6
KRC012      12        20        8               ITS          53.5      17.7      3.1         0.02     2.7



Significant drill intersections (ITS= Friable Itabirite, ITH= Hard Itabirite, AMPH= Amphibolite).

[Gofolo Main target drill hole locations and intersections on topography have been removed for SENS purposes.]
[Images of Gofolo Main Section 1 and Gofolo Main Section 2 have been for SENS purposes.]
[Koehnko target drill hole locations and intersections on topography have been removed for SENS purposes.]
[Images of Koehnko Section 1 and Koehnko Section 2 have been for SENS purposes.]


All holes were logged on 1m intervals and assayed at 2m intervals. Field duplicates and certified standards were inserted every 50th sample. All samples
were dried and matt rolled to 3.35mm with a 200g split retained for Davis Tube Recovery (DTR) testwork and a second split sent for assay of major and
minor elements by XRF fusion. All batches passed internal and external QAQC.

Discussion

All drill holes intersected variable widths of friable itabirite or friable intermixed itabirite and amphibolite from surface passing downwards into a mixed
sequence of granodiorites and amphibolites that are variably garnetiferous before passing into basement gneiss.

Higher-grade mineralisation appears to be associated with a folded 35-45m thick upper itabirite unit occurring within a mixed sequence of itabirites and
amphibolites. Where folded and at surface, mineralisation is characterised by coarse-grained magnetite and quartz (hole GMRC006, 0-40m and KRC012,
0-34m) and attains greater thicknesses due to folding. At depth where the itabirite is not folded or weathered it is characterised by extremely high
magnetic susceptibility readings averaging 2,000 SI units and up to 7,000 SI units.

Lower-grade mineralisation appears to be associated with a mixed sequence of itabirite and amphibolite; where weathered at surface it is characterised
by elevated Al2O3 (hole GMRC004, 0-40m and GMRC005, 0-32m).

DSO and near DSO grades intersected in holes GMRC006 and KRC012 respectively are interpreted to be associated with more massive crystalline
magnetite occurring at fold closures within the upper itabirite sequence. Similar structural and lithological settings are recorded at Bomi Hills where heat
from rising gneissic fronts is also considered to be a control. Target areas with the right lithological, structural and potential heat sources below have
been defined within the Mofe Creek project area. The potential for blind DSO magnetite discovery in the project area is considered to be high.

Although no metallurgical test work has been completed at this stage, it is thought that the higher-grade mineralisation is likely to be easily upgradeable
to a high-grade sinter feed through rolls crushing and combination of gravity and magnetic separation; very similar to the spiral concentrators and
magnetic separators used to produce +65% Fe sinter feed at the historic Bomi Hills mine#.

Project Targets
The recent drilling programme has provided a better understanding of the controls on mineralisation allowing for key target areas hosting high-grade
itabirite type material to be defined. They occur as a cluster within the central area of the license area; within 8km of each other and within 20km of the
coast. To date only 3km of the total 65km interpreted strike of prospective iron formation has been drill tested.

[High priority target areas defined from mapping, magnetics and topography signature: Gofolo Main, Gofolo NE, Zaway, Gofolo West and Koehnko targets
over grey scale topography image has been removed for SENS purposes.]

Highly Prospective District Geology

[Historic ‘Western Cluster’ iron ore province and associated deposits and infrastructure 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 mine (>50Mt DSO @ 65% Fe plus SF), 80km along strike from the historic Bong Mine (>275Mt @ 38% Fe), 45km from the Mano River mine
(100Mt @ 52% Fe) and 20km from the Bea Mountain resource (>100Mt @ 45% Fe).

Infrastructure and Access

The Project is approximately 20km from the coast and the most likely development scenario would see construction of a haul-road for trucking of
product to the coast and transhipment via barge to deeper water for on shipment. Other possible infrastructure solutions exist; road or rail to the deep
water port of Monrovia; a 100km long sealed road exists from the central licence area to the city of Monrovia. In addition to this a decommissioned
standard-gauge 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.

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

Ongoing Work Plan

Hand auger drilling has re-commenced to prioritise exploration targets for drilling in areas of poor outcrop. Existing drill samples will be defined and
composited for DTR metallurgical test work with results expected during second half 2013.

Work is underway to assess exploration target size potential and will be reported by mid-March.
A 10,000m RC and diamond resource programme is being planned for Gofolo and Koehnko. An additional 5,000m RC exploration programme is being
planned for other regional targets. Drilling is expected to commence during Q2 2013 with a JORC compliant resource defined and high-level Desktop PFS
by end 2013.


For further information please contact:

Tawana Resources (ASX: TAW)       MAGNUS Investor Relations + Corporate Communication
Lennard Kolff van Oosterwijk
Office: +61 424942589      John Gardner / Dudley White
Tel: +61 8 9212 0101 / + 61 2 8999 1010

12 March 2013

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd

FAST FACTS
Issued Shares:   876m
Market Cap: $18m
Cash (Q4 2012):  $1.6m

ASX CODE: TAW

CORPORATE DIRECTORY
David Frances                               Len Kolff
Executive Chairman                          Managing Director

Julian Babarczy                             Matthew Bowles
Non-Executive Director                      Non-Executive Director
Winton Willesee /Aaron Finlay
Joint Company Secretary


CONTACT DETAILS
Principal & Registered Office:
Suite 25, 145 Stirling Highway
Nedlands, Western Australia

Email:        admin@tawana.com.au
Website:      www.tawana.com.au
Phone:        +61 8 9389 3140
Facsimile:    +61 8 9389 3199


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).

#Results of metallurgical test work are pending and any reference to processing is purely speculative at this stage.

+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.

Maiden RC Drill intersections; Mofe Creek Project, Liberia

Target   Hole ID   From To    Intersection Lithology   Fe     SiO    Al2O3   P      Lol    TiO2   S      Mn     MgO MagSu Comments
                              m                        %      2      %       %      %      %      %      %          s
                                                              %
Gofolo   GMRC001   0     56     56         ITS          37.9   36.6    4       0.06   3.96                              100    non incl&
Main                                                                                                                         16m
                                                                                                                             dolente
Gofolo   GMRC003   0     40     40         ITS          46      24     3       0.07   5.75                              30
Main
Gofolo   GMRC003   140   148    8           ITH          35.3   44.7   1.4     0.05   BD                          2.5   2861
Main  
Gofolo   GMRC004   0     40     40          ITS/AMPH     30.3   30.7   11.3    0.02   10     0.28   0.28 0.8      1.1   5
Main
Gofolo   GMRC004   70    127    57          ITH/AMPH     33.6   44.6   1.1     0.06   BD                   0.22   4.4   1530   70-76m
Main                                                                                                                         avg 35%
                                                                                                                             Fe, 2400
                                                                                                                             MS 104-
                                                                                                                             127m avg
                                                                                                                             37%
                                                                                                                             Fe,2600 MS
Gofolo   GMRC005   0     32   32           ITS/AMPH    34.3   25     12.5    0.03   11                                1.5
Main
Gofolo   GMRC005   46    70   24           ITH/AMPH 35.4      42.8   0.95    0.04   BD                          3.4   1300
Main
Gofolo   GMRC005   100   116 16            ITH         33.9   45.6   1.8     0.06   BD                          2.2   2440
Main
Gofolo   GMRC006   0     40   40           ITS         49.9   19.3   2.6     0.06   6.14                              74
Main
Gofolo   GMRC006   12    26   14           ITS         57.5   6.7    2       0.09   8.8                               2.4
Main
Gofolo   GMRC006   52    58   6            ITH/AMPH 29.2      46.6   4.5     0.05   BD            0.16          3.2   1415
Main
Gofolo    GMRC008                                                                                     no
Main                                                                                                  significant
                                                                                                      intersectio
                                                                                                      ns

Koehnko   KRC001    22    38   16   ITS        26.3   50.8   7.57   0.04   2.4                 125
Koehnko   KRC001    38    58   20   ITH        21.7   56.7   6.9    0.05   0.7           3.8   240
Koehnko   KRC001    72    82   10   ITH        25.5   53.5   5      0.05   0.4           4     206
Koehnko   KRC002    0     34   34   ITS        38     36.3   5.8    0.04   3.16                55
Koehnko   KRC002    76    84   8    ITS/AMPH   26.6   49.1   4.8    0.07   BD            3.7   460
Koehnko   KRC003    0     10   10   ITH        43     28.8   6.2    0.03   3.5                 55
Koehnko   KRC003    30    50   20   ITS        25.5   47.6   9.8    0.07   3.9    0.2          25     inc 4m
                                                                                                      dilution
Koehnko   KRC003    72    84   12   ITS/AMPH   33.5   46.9   2.2    0.06   BD                  685
Koehnko   KRC004    0     24   24   ITH        35.7   32.8   10     0.04   5      0.24         44
Koehnko   KRC004    28    44   16   ITH        24.3   47.8   11.1   0.05   4.5                 46
Koehnko   KRC004    76    82   6    ITS        25.2   50     5.3    0.04   0.96          4.4   245
Koehnko   KRC004    90    96   6    ITH        32.1   42.9   5.1    0.05   0.78          3     174
Koehnko   KRC006    0     38   38   ITS        33.6   41     5.9    0.03   3.5    0.14         107    includes
                                                                                                      two amph
                                                                                                      intervals 4-
                                                                                                      8m & 26-
                                                                                                      30m
Koehnko KRC006      74    80 6      ITH        34.4   44.4   2.23   0.06   BD                  1455
Koehnko KRC006      104   112 8     ITH        28.6   52     4.1    0.06   BD                  2043
Koehnko KRC007                                                                                        no
                                                                                                      significant
                                                                                                      intersectio
                                                                                                      n
Koehnko KRC008      0     24   24   ITS/AMPH   18.6   53.7   12.7   0.05   5.75   0.17         46     0-4m @
                                                                                                      26% Fe
Koehnko KRC009     0     16    16   ITS/AMPH   24.2   41.6   15.2   0.02    7.9    0.37         90    0-2m @
                                                                                                      26% Fe
Koehnko   KRC010   0     18    18   ITS/AMPH   25.6   35.7   16.9   0.03    10.1   0.43         5
Koehnko   KRC010   24    34    8    ITS/AMPH   25.1   51.4   7.25   0.06    4.1                 8.8
Koehnko   KRC010   38    58    20   ITS/AMPH   20.4   56.8   6.9    0.05    0.2    0.13   3.6   208
Koehnko   KRC011   0     12    12   ITS/AMPH   37.7   29.8   8.9    0.03    6      0.3          22
Koehnko   KRC012   0     34    34   ITS        42.8   27.8   6.3    0.04    3.6                 20    redrill of
                                                                                                      KRC006
Koehnko   KRC012   12    20    8    ITS        53.5   17.7   3.1    0.02    1.7                 23
Koehnko   KRC012   82    86    4    ITH        30.5   48     3.6    0.07    BD                  584
Koehnko   KRC012   110   120   10   ITH        33.7   45.7   2.9    0.05    BD                  882
Koehnko   KRC013   0     10    10   ITS/AMPH   37     27.7   11     0.02    7.4    0.25         6
Koehnko   KRC014   0     16    16   ITS        24.4   41     15     0.02    7.6    0.28         24
Koehnko   KRC014   30    40    10   ITS/AMPH   24.7   53     8      0.04    3.6                 46
Koehnko   KRC015   0     42    42   ITS        27.5   44.2   10.1   0.037   5.3    0.18         33

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