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TAWANA RESOURCES NL - Iron Mineralisation extended & Metallurgical Test-work underway

Release Date: 29/05/2013 16:27:00      Code(s): TAW       PDF(s):  
Iron Mineralisation extended & Metallurgical Test-work underway

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”)

Iron Mineralisation extended & Metallurgical Test-Work Underway
Mofe Creek Iron Ore Project
Liberia, West Africa

   -   Results from Metallurgical test-work expected in coming weeks

   -   Iron formation footprint extended to 2000m x 400m at Koehnko South target

   -   Broad iron mineralisation in hand auger sampling across 400m at Gofolo North-East

   -   Exceptionally coarse grained +45% Fe itabirite outcrops defined over 3km strike
       length at Zaway target; scale and grade potential similar to Gofolo Main target (40-
       75Mt exploration target*1)

   -   Euroz Securities Limited Perth appointed as corporate adviser to assist with a
       Strategic Review of funding options following substantial interest from senior iron
       mining and investment companies

Tawana Resources NL (ASX: TAW) is pleased to announce the extension of mineralization
at the Koehnko South target for an additional 2km strike, broad ~400m wide mineralized
hand-auger sections at Gofolo NE and over 3km strike length of coarse grained and high-
grade itabirite outcrops on the Zaway targets at the Company’s 100% owned Mofe Creek
project in Liberia, West Africa.

Managing Director Len Kolff said ‘these new target areas continue to deliver grade and
scale potential through ongoing hand-auger and mapping projects’.

He also said ‘Mofe Creek represents an exciting new iron ore discovery in Liberia with
maiden drill intersections of 40m at 50% Fe and low contaminants from surface, which is
only 20km from the coast’.

Footnote 1 refer to ASX release 18/03/2013

Ongoing Hand-Auger and Mapping Continue to Deliver

Ongoing hand-auger and field mapping programmes continue to deliver encouraging results
at the Mofe Creek Iron Ore Project. An additional 378 hand auger holes have been
completed over the project area for a total of 680 auger holes. Average hole depth is 1.4m
with a maximum hole depth of 5.2m. All end of hole material within iron formation was
sent to SGS Laboratories in Monrovia for XRF multi-element geochemical assay.

{Photos of Hand Auger drilling and recovered samples removed}

In addition to hand auger drilling, ongoing mapping and low cost geological field work
utilizing our in-house local team has continued. Additional mineralization has been
defined at the Koehnko South target over a 2km x 400m footprint in hand-auger drilling
and similar in scale potential as the 70-110Mt exploration target size* of Koehnko,
potentially expanding the Exploration target size potential. Total strike length defined at
the Koehnko target (including Koehnko South) is now >8km and open to the east and
contains significant reported RC intersections such as 34m @ 43% Fe including 8m @ 53.5%
Fe from surface as announced on 12th March 2013.

{Photos removed}
Further mineralisation has been defined at the Gofolo and Zaway target cluster; both
within 4km strike of Gofolo Main with a reported exploration target size potential* of 40-
75Mt. Auger drilling has intersected broad 400m widths of iron formation from surface at
Gofolo NE and mapping has confirmed over 3km strike length of high-grade, coarse grained
itabirite very similar to that drilled at Gofolo Main (40m @ 50% Fe including 14m at 58% Fe
from surface).

{Photos of course grained, high grade itabirite Outcrops at Zaway target removed}

Metallurgical Test-Work Programme Underway

Approximately 80kg of representative RC drill cuttings have been received by ALS Iron Ore
Centre for metallurgical test-work in Perth, Western Australia. A comprehensive
programme designed for magnetite and hematite mineralisation has been designed
including sizing, dense liquid separation, DTR and XRD/optical microscopy characterisation
test-work. Results are expected within 5 weeks and should be announced shortly

Euroz Securities Appointed as Independent Corporate Advisor

The Company recently announced it has commenced a Strategic Review to evaluate
funding options for the development of the Mofe Creek Project and has appointed Euroz
Securities as a corporate advisor to this process. Multiple site visits and detailed due
diligence has commenced by a number of high quality and well-funded iron mining and
resource investment groups. The Company will keep investors informed of any material
developments during this process.

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 exceptionally well located being approximately 20km from the coast for
potential haul-road trucking or conveyor 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 via a 100km sealed road from the central
licence area or a 65km decommissioned standard-gauge iron ore railway alignment + from
the Bomi Hills mine to the port of Monrovia; 17km east from the easternmost magnetic

For further information please contact:

Lennard Kolff van Oosterwijk

MD Tawana Resources

Tel: +61 7 35102115, Mob: +61 424942589

*Note: Exploration Target Size Potential is based on geological observation and
interpretation from limited drilling, mapping, rock chip sampling and aeromagnetics. The
tonnage potentials defined are not JORC compliant and are 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

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.

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

Issued Shares:    927m
Market Cap: $5.6m
Cash (Q1 2013):   $1.25m


New Iron ore Discovery – Liberia, West Africa. >500Mt Exploration target*
Experienced Board and Management

Mofe Creek Iron Ore Project, Liberia

   -   High grade +40 to +60% Fe; 65 km prospective strike
   -   20km to coast, adjacent to rail alignment 65km to port
   -   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 Resources

Highpoint Plaza, Suite 4, ASO
240 Waterworks Rd, PO Box 551
Ashgrove, QLD 4060

Email: admin@tawana.com.au
Website: www.tawana.com.au
Phone:    +61 7 3510 2115
Facsimile: +61 8 9287 4334

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