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TAWANA RESOURCES NL - Mofe Creek EPA Approval Granted and Project Update

Release Date: 05/09/2013 09:57:00      Code(s): TAW       PDF(s):  
Mofe Creek EPA Approval Granted and Project Update

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”)

Mofe Creek EPA Approval Granted And Project


   - Receipt of Environmental Permit from the Environmental
     Protection Agency (EPA) of Liberia for upcoming exploration drill
   - Drill access to the high grade “Zaway” target area within the
     Mofe Creek Project Area is underway with bulldozer on-site
   - Multi-purpose drill (RC & Diamond) to be mobilised to site in the
     coming weeks
   - Drill programme designed to deliver a maiden JORC compliant
     resource at Mofe Creek Iron Ore Project
   - Initial drilling to test “Zaway” friable itabirite mineralisation and
     potential Direct Shipping Ore (DSO)
   - Assessment of Project Development and Engineering firms to
     assist Tawana with the preparation of the Mofe Creek Scoping
     Study has commenced

Tawana Resources NL (ASX: TAW, the ‘Company’) is pleased to announce the
receipt of its Environmental Permit from the EPA for the exploration phase of its
100% owned Mofe Creek Iron Ore Project in Liberia.

Len Kolff, Managing Director Tawana Resources said “This marks an important step
forward in the Company’s ongoing efforts to evaluate the Mofe Creek Iron Ore
Project in an environmentally sustainable manner commensurate with the Laws of

“The EPA approval allows us to now commence exploration drilling at Mofe Creek.
Drill access is now underway and a rig will be mobilised in the next few weeks. The
upcoming programme is designed to deliver a maiden JORC resource at Mofe Creek
and also to test the exciting new Zaway discovery for potential blind DSO; similar
to the historic Bomi Hills mine 20km along strike to the east” he said.
Project Update:
In addition to the receipt of EPA approvals allowing drilling to commence at the
project, the Company is pleased to provide an update on field activities.

A bulldozer has been mobilised to site and has commenced clearing drill access to
the Zaway target along an existing light vehicle track. Drilling will test
outcropping, exceptionally coarse grained friable itabirite identified at Zaway in
addition to potential blind DSO mineralisation (refer to ASX announcement 15th July

A multipurpose reverse circulation (RC) and diamond core (DD) drill rig is being
secured for drilling at site. This is the same rig that completed the maiden 2,500m
RC drill programme.

The drill rig is expected to be mobilised to site within the next few weeks and will
commence exploration diamond drilling at Zaway followed by
resource/metallurgical DD and RC drilling at the Gofolo and Koehnko prospects.

A total of 1,600m of DD and 5,100m to 7,200m of RC is planned for this programme
and is designed to deliver a maiden JORC compliant resource at the Gofolo and
Koehnko prospects in addition to exploration drilling at Zaway. Pending initial
results at Zaway, it too may be included within the resource model for the Mofe
Creek Project.

Mr Kolff said, “Drilling is expected to be completed within 3 months and although
we will be drilling through the rainy season, we are confident of achieving the
drilling timeline given the good all-year-round access the project affords and
previous drilling experience by the drill contractor on the project site”.

In addition to the up-coming drilling program, the Company has commenced a
detailed assessment of potential Engineering and Design/Construction Groups to
assist Tawana in the preparation of the Mofe Creek Scoping Study.

This review will consider both in-country and global iron ore expertise, including,
but not limited to, resource modelling, mine planning, metallurgy, plant
design,infrastructure logistics and project financials.

Strategic Review Update:

The Company recently completed a strategic review of potential funding proposals
and Joint Venture partners, coordinated by Euroz Securities Limited. The process
was undertaken to assess the interest by other resource and investment groups to
assist with future Project funding requirements for the Mofe Creek Project
including the associated study phases of Project development.

A number of significant and highly regarded global resource, mining and
investment companies confirmed their interest in the potential development and
funding of the Project Studies which led to several earn-in agreements and/or
potential JV structures, both at a Corporate and Project (asset) level being

However, whilst the Board of Tawana deemed the process a success, the Company
has decided to retain a 100% interest in the Mofe Creek Project, whilst the drilling
and Scoping Study are executed. The Board of Tawana believe that with continuing
exploration and development of the project, significant value can be generated for
its’ shareholders before re-engaging with the preferred parties to discuss project
financing. The Company will continue discussions with the preferred parties whilst
work continues on the project.

Mofe Creek Iron Ore Project, Liberia:

The Mofe Creek Project is a new iron ore discovery located 20km from the
coastline and within an historic premier iron ore mining district of Liberia, West

The project hosts a 95Mt high-grade +45% Fe friable itabirite exploration target
within a global exploration target of >500Mt of friable itabirite and intermixed
itabirite/amphibolite. Initial metallurgical test-work completed on representative
samples from the maiden 2,500m reverse circulation drill programme have
confirmed the potential to beneficiate through crushing to 3.35mm only, a +60% Fe
product with low contaminants and 44-57% mass recovery within the itabirite.

Proximity to the coast and positive initial metallurgical test-work results suggests
the potential for a low capital intensity project at low operating costs.

Detailed information on all aspects of Tawana’s projects can be found on the
Company’s website www.tawana.com.au. For further information please contact:
Lennard Kolff van Oosterwijk, Managing Director
Tel: +61 7 35102115, Mob: +61 424942589
Competent Persons Statement
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.

Forward Looking Statement
Statements regarding plans with respect to the Company’s mineral properties, including statements, assumptions and
targets relating to the Preliminary Assessment are forward looking statements. There can be no assurance that the
Company’s plans for development of its mineral properties will proceed as currently expected, nor in accordance with the
Preliminary Assessment. There can also be no assurance that the Company will be able to confirm the presence of a mineral
deposit, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the
Company’s mineral properties, either in accordance with the Preliminary Assessment or otherwise.

5 September 2013

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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