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TAWANA RESOURCES NL - Maiden Resource Drilling Commences at Mofe Creek Iron Ore Project, Liberia

Release Date: 02/10/2013 08:50:00      Code(s): TAW       PDF(s):  
Maiden Resource Drilling Commences at Mofe Creek Iron Ore Project, Liberia

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”)

 Maiden Resource Drilling Commences at Mofe Creek Iron Ore Project, Liberia


   - Resource drilling commenced at Gofolo Main target
   - High-grade friable itabirite and potential DSO intersected (assays pending)
   - Access onto exciting Zaway target underway with high-grade
      mineralisation exposed in road cuttings
   - Positive meetings with Ministry of Lands, Mines and Energy and Ministry of Transport recently undertaken
   - Meetings and site visits held with Vedanta/Sesa Goa; initial discussions regarding collective development and/or
      infrastructure sharing of long-term rail and/or port infrastructure initiated
   - Weather station installed; baseline environmental data acquisition and monitoring commenced
   - Discussions continue with engineering firms to assist with development of a low capital start-up project


Tawana Resources (ASX: TAW, the ‘Company’) is pleased to report resource
drilling has commenced at the Gofolo Main iron ore target within the Company’s
100% owned Mofe Creek Iron Ore Project in Liberia, West Africa.

Len Kolff, Managing Director Tawana Resources said “The commencement of
drilling marks an important step towards defining our maiden resource at Mofe
Creek and testing additional high-priority exploration targets”

“We continue to be excited by the overall potential of Mofe Creek further
demonstrated by the exposure of friable itabirite mineralisation in road cuttings
and drill pads as we prepare to drill the high-grade Zaway prospect” he said.

Project Update –Gofolo Drilling:

A multi-purpose reverse circulation (RC) and diamond coring drill rig has been
mobilised to site and has commenced resource RC drilling at the exciting Gofolo
Main prospect within the Company’s 100% owned Mofe Creek Iron Ore Project.
Infill and extensional drilling will be completed at Gofolo Main and Koehnko to
define a JORC compliant resource in the Inferred and Indicated category.
One of the first extensional resource drill holes at Gofolo Main (GMRC013) has
intersected high-grade, coarse itabirite with potential DSO (assays pending) from
surface. Hole GMRC013 was collared above a large +45% Fe high-grade, coarse
itabirite outcrop with +60% Fe DSO accumulations within.

Drilling continues along strike to the east to confirm length and width prior to infill
sections and metallurgical diamond core drilling at the Gofolo Main target.

Zaway Drilling:

Zaway access has exposed mineralisation along the bulldozed track and along
strike from outcropping high-grade, coarse grained itabirite. 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 2013).

Whilst access completion at Zaway is underway, an additional bulldozer will
commence access preparation at the Gofolo North-East target along strike from
the Gofolo Main prospect where hand auger and rock-chip sampling has defined
additional high-grade, coarse itabirite in outcrop (refer to ASX announcement 13th
September 2013).

Exploration drilling will be completed at the exciting Zaway discovery in addition
to the Gofolo NE target to test for high-grade mineralisation. Pending initial visual
results at Zaway, infill and extensional resource drilling will be completed. The
order in which targets are drilled is speculative and weather dependent on access

Infrastructure Update:

Meetings with the Ministry of Lands, Mines and Energy, and the Ministry of
Transport were undertaken during the recent visit to Liberia by the Executive
Chairman and Managing Director, and proposals for road, rail and port
access/developments will be progressed in the upcoming months. An extensive
inspection of the Freeport of Monrovia was conducted and a fly-over of the entire
Project site including potential mine(s) and transport corridors to the coast and/or
the Port of Monrovia was conducted.

An informative meeting with KBI, Tawana’s Joint Venture partner for the
surrounding tenement (shown in green in Figure 5 below) was recently held whilst
the Executives were in Liberia during September. An initial discussion on the
process of preparing and presenting a Mining Development Agreement (“MDA”) to
the Liberian regulatory authorities for the Mofe Creek Project was undertaken.

Liberia continues to reinstate itself as a global iron ore producer and exporter with
the construction of China Union’s Bong mine iron ore handling facilities at the
Freeport of Monrovia in addition to expansions of Arcelor Mittal’s 4mtpa
Nimba/Buchanan mine are well underway. The Freeport of Monrovia is located
within 80km of the Mofe Creek project along a sealed bitumen road.

Environmental Baseline Update:

A weather station is currently being installed on the project site to commence
base line environmental data acquisition. Slotted and closed PVC pipe has been
ordered for piezometer installation concurrent with the drilling programme and a
local consulting firm mobilised to install v-notch weirs at the key project areas for
baseline hydrology/hydrogeology data acquisition.
The Company continues its detailed assessment of potential Engineering and
Design/Construction Groups to assist Tawana in the preparation of the Mofe Creek
Scoping Study and Mineral development Agreement application.

About the 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 only 3.35mm, 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.

2 October 2013

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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