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TAWANA RESOURCES NL - Quarterly Activities Report

Release Date: 30/01/2014 12:01:00      Code(s): TAW       PDF(s):  
Quarterly Activities Report

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”)


                     Quarterly Activities Report
                     For the period ending 31 December 2013

   Please note: all graphics as well as appendix 2, have been removed for 
   sens purposes. please refer to Tawana website for the complete
   announcement.


                                     Highlights

Mofe Creek Iron Ore Project

   -   Gofolo Main strike continuity extended by an additional 125% from 0.8Km to
       1.8Km, whilst mineralisation width has increased by an additional 50m in
       the central portion of the prospect
      Significant drilling intersections reported at Gofolo Main including 62m @
       38.8% Fe from surface, including 18m @ 49.5% Fe from 16m
   -   Extensive high-grade (+50% Fe up to 60% Fe) “DSO – potential” zone defined
       at Gofolo Main over >1km strike including 12-26m @ 57.5% Fe
   -   New discovery at Gofolo North-East (NE); significant intersections reported
       confirming and enhancing regional exploration potential
   -   Only 8km of a potential total 65km interpreted prospective strike drilled to
       date
   -   Follow-up metallurgical testwork on RC samples have achieved a 63% to 68%
       Fe - premium quality product at 58% to 68% mass recovery with
       exceptionally low SiO2 and Al2O3 levels (<3.0% combined)
   -   Exceptional product grade from low grade (36% Fe) feed achieved at 1.0mm
       crush; significant resource opportunity
   -   Maiden resource statement targeted for early Q2 2014 and Scoping Study
       release mid-2014

Scoping Study

   -   Tenova Australia awarded principal role of managing and coordinating the
       plant design and logistics components of the Study
   -   Coffey International (“Coffey”) of Perth to lead the development of the
       maiden resource program, mine planning and mining methodologies studies –
       as part of deliverables for the Study
   -   Earth Systems of Perth and Africa in conjunction with EarthCons of Liberia
       to lead the environmental, social and community studies

Corporate

   -   The Company successfully completed a capital raise for AU$2.92m for
       resource drilling and the development of the Mofe Creek Scoping Study


Corporate, Strategic and Financials

The Company successfully completed a capital raise for AU$2.92m in October.
Funds raised are currently being used primarily for the Maiden Resource drilling
program at the Company’s Mofe Creek Iron Ore project in Liberia, on-going
metallurgical test work programs, working capital and the initiation of a Scoping
Study for the Project.
The Placement was strongly supported by both existing and new investors and
Institutions, which reflected the quality of the Company’s Mofe Creek Iron Ore
Project.

The Company was present at the Mines and Money Conference in London between
02 and 05 December 2013, to promote the Tawana Business Plan. The Company
presented to a significant number of very interested London-based funds and
institutional investors.

The Company held a General Meeting on 12 December 2013 where all resolutions
were passed. 

A Strategic Planning Session and Risk Workshop for the Mofe Creek Project was
initially undertaken in early January, and a subsequent follow-up session was held
on Tuesday 28 January.

The Company recently recruited the full-time services of an Executive Assistant for
the Executive team and at the time of preparing this report, an “in-Country”
Manager had just been appointed.

The Executive Chairman and Managing Director will both be present at the Mining
Indaba conference in South Africa, during early February.

Mofe Creek Iron Ore Project

Drilling:

A multi-purpose reverse circulation (RC) and diamond coring drill rig was mobilised
to site and commenced resource drilling at the Gofolo Main prospect within the
Company’s 100% owned Mofe Creek Iron Ore Project during the quarter. Infill and
extensional RC resource drilling for the Scoping Study was completed at Gofolo
Main and Zaway during the quarter to define a JORC compliant resource in the
Inferred and Indicated category.

A total of 4,829m for 65 RC resource drill holes were completed during this phase
at Gofolo Main and Zaway completing the RC component of the resource evaluation
programme on those prospects. Additionally, RC exploration drilling was completed
at the Gofolo NE prospect for a total of 492m in 9 holes during the quarter.

Drill access onto the Zaway and Gofolo North-East prospects was completed during
the quarter and exposed friable itabirite mineralisation along the bulldozed track
and along strike from outcropping high-grade, coarse grained itabirite at Zaway.

Subsequent to the quarter, metallurgical and quality control HQ diamond core
drilling was completed at Gofolo Main for a total of 781m in 11 holes. The drill rig
has been converted back to RC and will complete the resource drilling programme
at the Koehnko prospect to finalise the planned drill programme by the end of
January 2014.


 Prospect     Hole_ID      From   To   Interval(m)    Fe     SiO2    Al2O3     P       S     TiO2  LOI 1000
Gofolo Main   GMRC026        0     8        8        37.01   32.22    7.46   0.034   0.013   0.39     5.83
Gofolo Main   GMRC028        0     6        6        28.07   29.89   16.63   0.024   0.137   0.51    11.25
Gofolo Main   GMRC028       12    28        16       28.59   36.74   11.75   0.037   0.076   0.43     8.17
Gofolo Main   GMRC029        0    24        24       26.87   26.88   20.09   0.026   0.117   0.66    12.47
Gofolo Main   GMRC030        0    18        18       36.09   29.28   10.66   0.023   0.054   0.36     7.05
Gofolo Main   GMRC031        0    34        34       40.20   33.54    3.33   0.039   0.033   0.12     4.97
Gofolo Main   GMRC032        0    62        62       38.79   31.91    5.87   0.075   0.041   0.22     6.27
Gofolo Main   incl.GMRC032  16    34        18       49.50   19.52    3.27    0.15    0.01   0.12     6.81
Gofolo Main   GMRC034        0    60        60       28.17   40.94    9.83   0.048   0.088   0.38     4.91
Gofolo Main   GMRC035        0    20        20       27.66   28.20   17.21   0.031   0.145   0.57    13.96
Gofolo Main   GMRC039        0    10        10       30.24   20.57   19.82   0.022   0.132   0.57    14.18
Gofolo Main   GMRC040        0    42        42       27.86   42.77    9.60   0.034   0.066   0.34     5.69

Table 1 | Significant intersections from RC resource drilling assay results over Gofolo Main prospect

Results received from the extension and infill drilling at the Gofolo Main prospect
confirmed the presence of extended mineralisation at the prospect. Strike was
extended by an additional 1km to the east, whilst the surface width of the
mineralisation was increased by an additional 50m within the central-west portion
of the prospect. Good geological continuity was observed between the original and
newly drilled holes. All RC drilling intersections are listed in the appendices.

Initial review of Gofolo Main results show a ‘DSO – potential’ high-grade zone
developing over a >1km strike along the southern flank of the Gofolo Main hill in
holes GMRC013, GMRC031, GMRC003, GMRC032, GMRC006 moving from west to
east. Surface to near-surface friable iron formation intersections vary from 49.5%
Fe to 57.5% Fe over 8m to 20m drill depth intersections. Good continuity over
current 200m line spacing, high Fe% grade, coarse grained mineralisation and
potential low-stripping ratios suggest this could be the potential start-up mine for
the Mofe Creek Project.

 Prospect     Hole_ID     From    To     Interval(m) Fe     SiO2  Al 2O3    P       S     TiO2   LOI 1000
Gofolo Main   GMRC003       0     20         20     52.5    9.21   4.74   0.098    0.08   0.18     9.66
Gofolo Main   GMRC006      12     26         14     57.5    6.56   2.2    0.100    0.04   0.05     9.14
Gofolo Main   GMRC013       2     20         18     48.76   15.69  4.42   0.070    0.08   0.15     9.59
Gofolo Main   GMRC031       4     12          8     49.74   19.29  2.73   0.051   0.034   0.08     7.61
Gofolo Main   GMRC032      16     34         18     49.50   19.52  3.27   0.148   0.010   0.12     6.81

Table 2 | High-grade intersections along >1km strike and 200m line spacing at Gofolo Main prospect

Gofolo North-East’ Results

Subsequent to the quarter, assay results were received for a 9 hole 492m
exploration programme leading to a new discovery at the Gofolo NE prospect along
strike from Gofolo Main. Significant drill intersections were reported of similar
coarse recrystallised friable itabirite at Gofolo NE with similar potential low
stripping ratios as at Gofolo Main.

 Prospect      Hole_ID     From    To     Interval(m)    Fe     SiO2    Al2O3    P       S      TiO2   LOI 1000
Gofolo NE     GNERC001      16     28         12        34.15   35.99   7.02   0.127   0.070    0.23     7.00
Gofolo NE     GNERC006      18     32         14        34.02   37.02   7.78   0.063   0.051    0.43     4.60
Gofolo NE     GNERC009      14     26         12        32.75   44.14   4.78   0.027   0.015    0.14     3.83

Table 3 | Significant intersections from RC exploration drilling at Gofolo NE prospect

Confirmation of coarse-grained friable itabirite intersections and the new
discovery of Gofolo NE enhances and confirms the regional exploration potential
within the license and project areas. To date only an 8km strike length of a total
60km prospective strike within the Mofe Creek Project tenement has been drill
tested, providing significant potential upside for ongoing exploration. All
intersections are listed in the appendices.

All RC samples at Gofolo Main and Gofolo NE were submitted to SGS Laboratories in
Liberia and assayed on 2m intervals. A field duplicate, certified standard and blank
was inserted every 50th sample. All samples were dried and crushed to 75% passing
2mm, 1.5kg split by a riffle splitter and pulverised to 85% passing 75µm through a
ring and puck pulveriser with a 200g split sent for assay of major and minor
elements by X-Ray Florescent (XRF) fusion and Loss on Ignition (LOI) by Thermo
Gravimetric Analysis (TGA). The batch passed internal and external Quality
Assurance (QA) and Quality Control (QC) procedures.

Metallurgical Testwork

Previous high-grade friable itabirite samples collected from the first RC
reconnaissance drilling program undertaken at the Gofolo Main prospect in
January/February last year (with in-situ head grades ranging from 30% to 57% Fe),
demonstrated that a +60% Fe product with low contaminant levels (i.e. silica,
alumina phosphorous and sulphur) and a mass recovery of 27% to 57% could be
achieved with minimal crushing (3.35mm), screening and simple gravity separation
beneficiation. (Refer ASX release 25 June 2013)

 Composite Hole_ID  Depth_From  Depth_To  Interval  Fe    SiO2   Al2O3   P      S    TiO2     LOI 1000
           GMRC001       22       36       14      41.30  34.41   1.91  0.089  0.01  0.033     3.32
  Comp 2   GMRC003       12       26       14      49.88  18.62   1.50  0.090  0.04  0.043     7.28
           GMRC006        8       30       22      54.90  11.50   1.84  0.089  0.04  0.045     8.23
           KRC001        22       28        6      29.59  47.10   7.00  0.016  0.12  0.050     2.57
           KRC002         6       36       30      36.71  39.13   5.08  0.017  0.06  0.045     2.61
           KRC003         2       10        8      42.45  29.38   6.48  0.046  0.12  0.034     3.48
           KRC004         4       24       20      35.35  34.63   9.38  0.045  0.22  0.039     4.52
  Comp 5   KRC006         8       24       16      40.41  36.69   2.62  0.014  0.05  0.024     1.98
           KRC012         4       34       30      43.09  28.74   5.64  0.017  0.06  0.042     2.92
           KRC014        10       12        2      36.07  37.30   5.99  0.038  0.10  0.030     4.35
           KRC015        22       38       16      28.76  48.60   6.40  0.009  0.05  0.052     3.42 

Subsequent to the quarter, metallurgical testwork was conducted by ALS
Metallurgy – Iron Ore Technical Centre of Perth, on two RC drill composites from
the first phase drill programme. Composite 2 and Composite 5 are representative
samples from drilling completed at Gofolo Main and Koehnko within ‘high-grade’
friable itabirite that were part of the first phase metallurgical testwork
programme reported in 2013. (Refer ASX release of 25th June 2013).

The testwork was designed to explore beneficiation options by ‘assay, by size’
fractioning and heavy liquid separation (HLS) at a 1.0mm crush size. First phase
metallurgical testwork reported in June 2013 was completed at a 3.35mm crush to
define the ‘minimum’ amount of work required to generate a +60% Fe product.
Follow-up testwork was designed to assess what potential product grades could be
achieved at a 1mm crush (i.e. no particulate grinding). In-situ R/C head grades for
both composites are shown in Table 5.

Composite               Fe%                     SiO2%                   Al2O3%

Comp 2                  50.4                    19.49                   1.87

Comp 5                  36.5                    38.16                   6.07

Table 5 | Composite head grades for Comp 2 (Gofolo Main) and Comp 5 (Koehnko)

A representative portion of the crushed -1.0mm material was de-slimed at
0.045mm and the -1.0 +0.045mm fraction was submitted for HLS at various specific
gravities to test for the amenability to beneficiate by gravity process.

The HLS results indicated excellent upgradability for both composites with Fe
grades continuing to increase up to 63.2% and 67.7% Fe respectively, as the
specific gravity increased to 3.6, whilst the levels of contaminants decreased to
approximately <2.0% SiO2 and <1.0% Al2O3.

Composite       SG (µm)      Mass            Feed Mass Fe %             SiO2 %       Al2O3 %
                             Recovery        Recovery
                             %               %

Comp 2          +3.6         67.6            50.3            63.2       1.9          0.92

Comp 5          +3.6         57.5            40.7            67.7       2.0          0.64

Table 6 | Mass recovery and product grade of the -1.0+0.045mm using heavy liquid separation

The sizing results indicated that the coarser particles at the Gofolo Main prospect
tend to have high Fe grades for Composite 2, whilst the mid-sized particles tend to
contain even higher Fe grades for composite 5 at the Koehnko prospect. Full
summary sizing and HLS results for both composites are included in the
appendices.

HLS and sizing results confirmed that a high-grade +62% Fe to 68% Fe ‘premium’
product with low impurities can be produced at a +58% to 68% (de-slimed) mass
recovery rate, from 1.0mm crushed material. Material was derived from +37% Fe to
50% Fe head grade, friable itabirite from the Gofolo Main and Koehnko deposits.

Total plant feed mass recoveries for Composites 2 and 5 were between 40% to 50%
when retaining material deemed to be ultrafines, i.e. -45µm material. Final mass
recoveries for the Mofe Creek Project will optimally occur within the range of 40%
to 68% (of the processing plant feed) due to the inferred increase in
material/particle coarseness, from diamond core or bulk samples, i.e. in-situ
samples. Note the RC samples contain a higher percentage of ultrafines, as
compared with in-situ material, due to the destructive percussion effect of the RC
hammer during drilling. (Refer ASX release of 25th June 2013).

The results confirm the potential for the design and development of a low capital
intensity process plant with simple gravity beneficiation equipment. Visual drill
core observations at the Zaway prospect suggest similar material is present at this
deposit and should upgrade/beneficiate in a manner similar to the Gofolo Main
deposit samples.

Results also demonstrate that an exceptional product grade can be achieved from
low-grade feed (36% Fe) at a 1.0mm crush. This is significant result as it confirms
the favourable physical characteristics of the mineralisation; coarse grained and
friable, allows for simple upgrade to a premium product. Coarseness of the
mineralisation could also potentially lead to the development of a simple
benefication process for the ‘hard’ below base of oxidation ‘fresh’ material - as its
current coarseness leads to a ‘weaker’ therefore softer, rock mass. The planned
metallurgical testwork programme will assess the upgradeability of the ‘fresh’
below base of oxidation mineralisation in the coming months.

Mineralisation from both composites is representative of the ‘central’ portion of a
typical high-grade friable itabirite profile where the surface crust of weathering
related material has been removed as it has the transitional hematitic to magnetic
itabirite at the base. It typically represents the ‘higher-grade’ portion of the
friable itabirite profile. A representative 1 kg split of material was used for each
composite. Testwork samples for this metallurgical programme were derived from
RC drill chips that are not entirely representative of the in-situ physical rock
properties. Testwork in support of the Scoping Study will be derived from full HQ
diamond drill core to address this.

A comprehensive diamond drill core metallurgical test-work program with ALS –
Iron Ore Technical Centre in Perth, Western Australia was designed during the
quarter. The test work program is designed to optimise the processing parameters
required to beneficiate the medium and high-grade friable itabirite mineralisation
present at the Mofe Creek prospects to produce the optimal quality iron ore
product at the most viable particle sizing and Fe grade, with the minimal amount
of plant and equipment. The program is structured to confirm the design criteria
necessary for the Mofe Creek Scoping Study, including a preliminary plant design
for the early start-up options being scoped, and the longer-term, larger-scale
processing facility.

Infrastructure and Logistics

Meetings were held with the Ministry of Lands, Mines and Energy, the Ministry of
Transport and the National Port Authority during the quarter by the Executive
Chairman and Managing Director. Proposals for road, rail and port
access/developments were initiated. 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
were conducted.

An informative meeting with (Konblo Bumi Inc - “KBI” - Tawana’s Joint Venture
partner for the surrounding tenement (shown in green in Figure 10 below) was held
during the quarter. 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.

The construction of China Union’s Bong mine iron ore handling facilities at the
Freeport of Monrovia in addition to the expansion 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.

Administration:

Key Contracts Awarded

The Company awarded the principal role of managing and coordinating the major
design and logistics components of the Scoping Study to globally recognised mining
and minerals design and development group, Tenova Australia.

Tenova Mining and Minerals (“Tenova”) is part of the global Tenova Group, which has
offices in Australia and Africa. Tenova is a worldwide supplier of advanced
technologies, products and engineering service, with relevant experience in iron ore
and the steel mining industry. Tenova has recently completed study and detailed
design and engineering work on Vedanta’s Bomi Hills Project, located near-by to
Tawana’s, Mofe Creek Project.
The Company also awarded two key contracts for the maiden resource/mine
planning components and environmental, social and community studies during the
subsequent quarter. The outcomes of these studies will generate key inputs into
the Scoping Study for Tawana’s 100% owned Mofe Creek Iron Ore Project.

The first strategic appointment was to Coffey International Limited (Perth office)
for the completion of the maiden resource and mine planning. The second
appointment was to Earth Systems (Perth and Africa offices) in conjunction with
EarthCons of Liberia for the completion of environmental, community and social
studies in support of the Scoping Study.

Both Coffey and Earth Systems have demonstrated expertise in the country and
commodity, with key management personnel located in Perth and Liberia.

Coffey International Limited is a specialist professional services consultancy with
expertise in geosciences, international development, and project management.
With more than 50 years of experience, Coffey is well known in their markets for
deep technical skills and market-leading solutions to complex tasks.

Earth Systems, an Australian company established in 1993 has global operations
including an established ESIA accredited office in Dakar, Senegal. The consultancy
has extensive experience in the mining and resource development sector working
with major players in the mining industry in West Africa, Australia and globally.
Earth Systems specialises in environmental and social impact assessments to IFC
and World Bank standards and has experience in resettlement and livelihood
restoration, natural resource monitoring and management, geochemical
characterisation, and surface and groundwater protection.

Earth Systems will partner with a local multidisciplinary consultancy Group -
EarthCons, based in Monrovia. EarthCons has provided environmental and social
inputs to a number of projects throughout Liberia including those regionally
relevant to the Mofe Creek

Forward Work Plan
The Maiden Resource drilling program is forecast to be completed by the end of
January 2014. Metallurgical and quality control twin diamond core HQ drilling have
also been completed during the March quarter. Both the resource RC and
metallurgical diamond drilling program has been designed to deliver a maiden
JORC compliant resource by April 2014.

The follow-up metallurgical testwork programme scheduled for February, in
support of the Scoping Study, will be performed on representative full HQ drill
core samples. Approximately 2,500-3,000kg of full HQ drill core will be sent to ALS
on completion of the diamond programme.

The pending metallurgical test-work programme will optimise the plant “feed”
crush size to produce the most economic, high- grade Fe product with the highest
mass recovery. The metallurgical testwork and development programme for the
Scoping Study is forecast to be completed by April-end, 2014.

Engineering and consulting groups will commence resource modelling, mine design
plant engineering, infrastructure reviews and barging studies in the coming weeks,
to deliver a Scoping Study by July 2014.

Environmental, social and community baseline studies will kick-off during the
March quarter, with on-site surveys commencing on 05 February.

The Scoping Study will jointly and collectively study, design and financially model
two Project development scenarios – 1. A low capital intensity start-up option at a
nominal production rate of 1-2mtpa (of final product) and; 2. A larger, longer-
term, major project with a potential production rate of 5-10 Mtpa (of final
product). The specifics of these two operational strategies will be further defined
in the coming months.

Further meetings with the National Port Authority of Monrovia, the Ministry of
Transport and the Ministry of Lands, Mines and Energy will be held at the upcoming
Indaba Conference and/or in early February, whilst the Tawana executive team is
in Liberia.

The development of a Financial Model for the Scoping Study (and on-going Studies)
will commence on or around the beginning of the June quarter, to assist with the
economic modelling of the two operational strategies being considered.

The Executive Chairman will be presenting the Company’s credentials at an
upcoming GMP Securities Conference in South Africa in late January, and will
further promote the Project alongside the Managing Director at the Indaba Mining
Conference in Capetown, in early February. Both the Chairman and Managing
Director will travel to Liberia during the second week of February, to assist with
the initiation of the environmental studies, ongoing development of the geological
programme and to work with the newly appointed “In-Country” Manager.

Further engagement with the newly established Road Transport Committee
(Liberian Ministry of Transport) will be progressed, to assist with the application
and forecast receipt of licenses for the road transport of 1-2 Mtpa of Mofe Creek
final product, to the port of Monrovia.

Work will commence on the development of a Pre-Feasibility Study drilling
program in the forthcoming months. The PFS drilling program could commence as
early as May.

The barging and transhipment Study work has commenced and will be finalised
over the coming quarter.

The close-out of “legacy” diamond assets is being progressed by the company,
whilst the repatriation of funds held in South Africia is currently being
coordinated.

As of 31 December 2013, Tawana had completed its 2013 Fiscal reporting year, and
will consequently prepare and execute the relevant annual reports, audits, tax
returns and R&D claims over the forthcoming quarter.

About the Mofe Creek Iron Ore Project

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), 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).

The project is characterised by exceptionally coarse grained, high-grade itabirite
that has the potential to deliver a high-grade product (63%Fe – 68%Fe) at a coarse
crush sizing, with high mass recoveries, and potentially low mine stripping ratios
and free-dig material.

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 or barging to the port of
Monrovia. Other possible infrastructure solutions exist; road or rail to the deep
water port of Monrovia via a 80km sealed road from the central licence area or a
65km decommissioned standard-gauge iron ore railway alignment2 from the Bomi
Hills mine to the port of Monrovia; 17km east from the easternmost magnetic
anomaly.

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 in mid 2013 on
representative samples from the maiden 2,500m reverse circulation drill
programme 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. Subsequent metallurgical testing has confirmed that crushing
the same material to a 1.0mm size fraction generates a 63% Fe to 68% Fe
‘Premium’ product with a 58-68% mass recovery, at a 3.6 SG.

Proximity to the coast and positive initial metallurgical test-work results suggests
the potential for an early start-up, low capital intensity project, with low
operating costs.

About Tawana (ASX & JSE: TAW)
Tawana Resources NL (“Tawana” or “the Company”) is an iron ore focused ASX and
JSE-listed Company with its principal project in Liberia, West Africa. Tawana’s
100% owned Mofe Creek Project (“the Project”) is a new discovery in the heart of
Liberia’s historic iron ore district, located 20km from the coast and 80km from the
country’s capital city and major port, Monrovia.

Tawana is committed to becoming a mid-tier iron ore producer through the
development of the Mofe Creek Project, which covers 285km2 of highly prospective
tenements in Grand Cape Mount County. The Project hosts high-grade friable
itabirite mineralisation which can be easily upgraded to a superior quality iron ore
product of +60% Fe, for which there is consistent global demand.

The Company is currently completing its maiden resource drilling program and
recently commenced its Scoping Study on the Mofe Creek Project. The Scoping
Study will consider both an early start-up, low capital cost project with a
production rate of 1-2 million tonnes per annum (Mtpa), as well as a longer-term
project capable of producing 5-10 Mtpa of iron ore product. Additionally, Tawana
has a joint venture agreement with Konblo Bumi Inc for the adjoining tenement
covering 624km2, for which Tawana has 100% of the iron ore mineral rights.

About Liberia
Liberia is a democratic West African country with a modern and transparent mining
code and a government proactively engaged with the mining industry to help
unlock the value of its potential mineral wealth. Her Excellency President Ellen
Johnson Sirleaf was Africa’s first elected female head of state in 2005 and was re-
elected in November 2011 for a second term. The country is hugely prospective for
minerals exploration and production, hosting several world-class iron ore deposits.
Liberia has historically been the largest exporter of iron ore in Africa and was the
5th largest iron ore producer globally during the 1960’s to 1980’s.

Lennard Kolff van Oosterwijk
Managing Director
Tawana Resources NL
Tel: +61 7 3510 2115
Mob: +61 424 942 589

Detailed information on all aspects of Tawana’s projects can be found on the
Company’s website www.tawana.com.au.

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 2012 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.


30 January 2014

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd



APPENDIX 1: All intersections from Gofolo Main RC resource drilling (non-inclusive
previous reported drilling intersections), Gofolo NE RC exploration drilling and
Zaway RC resource drilling to date.

Hole_ID      Depth_From   Depth_To Interval   Fe      SiO2    Al2O3    P       S     TiO2  LOI 1000
GMRC009                0        18       18   30.80   25.51   17.82   0.043   0.11   0.62   11.39
GMRC010                0        16       16   25.96   30.96   18.29   0.039   0.12   0.60   12.05
GMRC011                0        24       24   27.29   29.03   17.92   0.029   0.11   0.69   11.85
GMRC012                0        18       18   28.64   28.00   17.96   0.045   0.08   0.63   10.26
GMRC013                0        46       46   40.42   29.86   5.36    0.047   0.05   0.17    6.46
inc. GMRC013           2        20       18   48.76   15.69   4.42    0.070   0.08   0.15    9.59
GMRC015                0        26       26   34.74   42.32   4.58    0.016   0.03   0.19    3.57
GMRC016                0        40       40   25.40   42.81   11.54   0.022   0.07   0.51    7.49
inc. GMRC016           0        28       28   26.93   42.33   10.68   0.017   0.07   0.43    7.66
GMRC017                0        34       34   26.50   37.61   13.69   0.032   0.07   0.46    9.32
inc. GMRC017           0        18       18   30.24   29.10   15.37   0.016   0.07   0.56   11.08
GMRC017               54        74       20   31.84   46.99    2.05   0.052   0.06   0.14    0.66
GMRC020                0        26       26   26.74   38.57   13.40   0.046   0.07   0.51    8.68
GMRC021                0        18       18   26.36   33.88   16.38   0.027   0.10   0.54   10.93
GMRC022                0        20       20   26.21   33.31   17.13   0.033   0.07   0.70   11.11
GMRC024                0        18       18   29.17   30.53   15.59   0.026   0.08   0.64   10.64
GMRC025                0        50       50   31.01   37.03   10.41   0.023   0.04   0.32    7.20

Prospect          Hole_ID           From       To          Interval (m)    Fe        SiO 2       Al 2O3      P           S         TiO 2    LOI 1000     Comments
Gofolo Main    GMRC026                  0              8             8     37.01         32.22     7.46      0.034      0.013        0.39        5.83
Gofolo Main    GMRC026                 14             32            18     21.64         37.77    17.93      0.032      0.090        0.58       10.79
Gofolo Main    GMRC027                 36             60            24     34.85         29.01     8.10      0.030      0.061        0.30        8.26
Gofolo Main    GMRC028                  0              6             6     28.07         29.89    16.63      0.024      0.137        0.51       11.25
Gofolo Main    GMRC028                 12             28            16     28.59         36.74    11.75      0.037      0.076        0.43        8.17
Gofolo Main    GMRC028                 56             88            32     30.23         48.61     3.92      0.043      0.066        0.16    BD
Gofolo Main    GMRC029                  0             24            24     26.87         26.88    20.09      0.026      0.117        0.66       12.47
Gofolo Main    GMRC029                 46             60            14     31.98         46.23     2.28      0.038      0.042        0.09        1.03       EOH
Gofolo Main    GMRC030                  0             18            18     36.09         29.28    10.66      0.023      0.054        0.36        7.05
Gofolo Main    GMRC031                  0             34            34     40.20         33.54     3.33      0.039      0.033        0.12        4.97
Gofolo Main    GMRC031                 62             74            12     23.38         47.46    10.93      0.055      0.075        0.37    BD
Gofolo Main    GMRC031                 86            104            18     30.70         46.78     3.97      0.040      0.066        0.11    BD             EOH
Gofolo Main    GMRC032                  0             62            62     38.79         31.91     5.87      0.075      0.041        0.22        6.27
Gofolo Main    inc.GMRC032             16             34            18     49.50         19.52     3.27       0.15       0.01        0.12        6.81
Gofolo Main    GMRC032                 76             96            20     24.68         46.09    10.31      0.039      0.169        0.37    BD             EOH
Gofolo Main    GMRC033                 12             44            32     29.22         37.11     8.80      0.031      0.060        0.24        9.58
Gofolo Main    GMRC033                 80             94            14     29.57         46.10     3.09      0.050      0.079        0.11        1.71       EOH
Gofolo Main    GMRC034                  0             60            60     28.17         40.94     9.83      0.048      0.088        0.38        4.91
Gofolo Main    GMRC035                  0             20            20     27.66         28.20    17.21      0.031      0.145        0.57       13.96
Gofolo Main    GMRC036                  0              4             4     37.83         23.74    10.58      0.064      0.078        0.37       11.31
Gofolo Main    GMRC037                 30             42            12     19.99         49.31    12.25      0.046      0.121        0.54    BD
Gofolo Main    GMRC037                 66             90            24     19.85         52.24    10.03      0.034      0.169        0.49    BD             EOH
Gofolo Main    GMRC039                  0             10            10     30.24         20.57    19.82      0.022      0.132        0.57       14.18
Gofolo Main    GMRC039                 52             77            25     33.85         45.42     1.56      0.051      0.073        0.10    BD             EOH
Gofolo Main    GMRC040                  0             42            42     27.86         42.77     9.60      0.034      0.066        0.34        5.69
Gofolo Main    GMRC041                  0             32            32     24.19         30.67    19.55      0.026      0.143        0.57       13.74
Gofolo Main    GMRC041                 42             50             8     24.13         46.18    10.53      0.036      0.168        0.40    BD
Gofolo Main    GMRC041                 60             76            16     29.10         49.20     3.26      0.044      0.028        0.19    BD
Gofolo Main    GMRC041                 86             90             4     40.44         37.70     1.21      0.077      0.003        0.21    BD             EOH
Gofolo NE      GNERC001                16             28            12     34.15         35.99     7.02      0.127      0.070        0.23        7.00
Gofolo NE      GNERC002                52             56             4     35.87         45.90     1.43      0.033      0.059        0.06    BD
Gofolo NE      GNERC003                32             42            10     29.97         44.73     6.06      0.017      0.027        0.18        4.97
Gofolo NE      GNERC003                48             54             6     21.39         54.28     7.55      0.024      0.111        0.19        1.50
Gofolo NE      GNERC003                66             74             8     31.74         47.56     3.59      0.042      0.060        0.19    BD
Gofolo NE      GNERC004                22             38            16     23.75         48.11     9.11      0.038      0.150        0.29        4.69
Gofolo NE      GNERC006                18             32            14     34.02         37.02     7.78      0.063      0.051        0.43        4.60
Gofolo NE      GNERC007                42             48             6     34.26         40.71     3.56      0.138      0.091        0.28        1.22
Gofolo NE      GNERC007                60             66             6     25.81         51.86     9.12      0.025      0.126        0.21                   EOH
Gofolo NE      GNERC009                14             26            12     32.75         44.14     4.78      0.027      0.015        0.14        3.83


Hole location data:

 DataSet     Prospect   Hole_ID   Hole_type  UtmE29N    UtmN_29N   Reg_RL Plan_dip Plan_Azim   Hole_depth(m)  Log_Company  Hole_Diameter  Hole_Start Hole_Finish     Drill_Prog
Mofe Creek  Gofolo Main  GMRC009   RC         253038     761486      66     -50       24           70           Tawana              5.25  27/09/2013 27/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC010   RC         253052     761537      63     -50       24           72           Tawana              5.25  27/09/2013 28/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC011   RC         253075     761593      62     -50       24           60           Tawana              5.25  28/09/2013 28/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC012   RC         253104     761644      65     -50       24           60           Tawana              5.25  28/09/2013 29/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC013   RC         252632     761628      48     -50       24           60           Tawana              5.25  29/09/2013 29/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC014   RC         252646     761700      33     -50       24           42           Tawana              5.25  29/09/2013 29/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC015   RC         253422     761315      60     -50       24           48           Tawana              5.25  29/09/2013 30/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC016   RC         253801     761146      39     -50       24           54           Tawana              5.25  30/09/2013 30/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC017   RC         253790     761072      46     -50       24           78           Tawana              5.25  30/09/2013 30/09/2013  Phase I-Resources
Mofe Creek  Gofolo Main  GMRC018   RC         253787     761015      23     -50       24           60           Tawana              5.25  30/09/2013 1/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC019   RC         253814     761199      32     -50       24           48           Tawana              5.25  1/10/2013  1/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC020   RC         254097     761229      36     -50      340           54           Tawana              5.25  1/10/2013  1/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC021   RC         254111     761178      48     -50      340           60           Tawana              5.25  1/10/2013  1/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC022   RC         254270     761344      35     -50      340           60           Tawana              5.25  2/10/2013  2/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC023   RC         254251     761410      21     -50      340           54           Tawana              5.25  2/10/2013  2/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC024   RC         253998     761150      43     -50      340           72           Tawana              5.25  2/10/2013  2/10/2013   Phase I-Resources
Mofe Creek  Gofolo Main  GMRC025   RC         253607     761180      43     -50       24           66           Tawana              5.25  2/10/2013  2/10/2013   Phase I-Resources

 DataSet     Prospect    Hole_ID  Hole_type  UtmE_29N UtmN_29N  Reg_RL Plan_dip Plan_Azim  Hole_depth(m)  Hole_Start   Hole_Finish      Drill_Prog
Mofe Creek   Gofolo Main GMRC026     RC       253618   761236    59      -50       24          60        3/10/2013     3/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC027     RC       253588   761125    36      -50       24          72        3/10/2013     4/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC028     RC       252846   761560    62      -50       24          90        4/10/2013     4/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC029     RC       252850   761599    51      -50       24          60        4/10/2013     4/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC030     RC       252859   761680    44      -50       24          54        5/10/2013     5/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC031     RC       252818   761493    54      -50       24         106        5/10/2013     6/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC032     RC       253224   761318    49      -50       24          96        8/10/2013     8/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC033     RC       253205   761263    41      -50       24          96        8/10/2013     9/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC034     RC       253238   761385    55      -50       24          72        9/10/2013     9/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC035     RC       253252   761432    59      -50       24          72        9/10/2013     9/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC036     RC       252888   761737    26      -50       24          66        9/10/2013     9/10/2013    Phase I-Resources
Mofe Creek   Gofolo Main GMRC037     RC       254018   761091    39      -50       24          90        10/10/2013    10/10/2013   Phase I-Resources
Mofe Creek   Gofolo Main GMRC038     RC       253979   761212    37      -50       24          66        10/10/2013    10/10/2013   Phase I-Resources
Mofe Creek   Gofolo Main GMRC039     RC       253600   761185    48      -90       24          77        10/10/2013    11/10/2013   Phase I-Resources
Mofe Creek   Gofolo Main GMRC040     RC       253418   761312    55      -90       24          72        15/10/2013    15/10/2013   Phase I-Resources
Mofe Creek   Gofolo Main GMRC041     RC       252844   761600    58      -90       24          90        15/10/2013    16/10/2013   Phase I-Resources
Mofe Creek    Gofolo NE  GNERC001    RC       256464   761784    56      -50      327          48        16/10/2013    16/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC002    RC       256495   761749    47      -50      327          66        16/10/2013    16/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC003    RC       256766   762041    50      -50      327          78        17/10/2013    17/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC004    RC       256787   762004    44      -50      327          42        17/10/2013    17/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC005    RC       256820   761963    44      -50      327          36        17/10/2013    17/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC006    RC       257080   762211    39      -50      327          54        17/10/2013    17/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC007    RC       257110   762171    33      -50      327          66        17/10/2013    17/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC008    RC       257054   762258    31      -50      327          54        18/10/2013    18/10/2013      Recon RC
Mofe Creek    Gofolo NE  GNERC009    RC       257056   762334    34      -50      327          48        18/10/2013    18/10/2013      Recon RC



APPENDIX 2: Process flowsheet and summary metallurgical testwork results
removed for SENS purposes

APPENDIX 3: JORC Table; Sampling techniques and data – Reporting of Exploration
Results

Drilling and           -   All drilling was conducted by reverse circulation
Sampling                   drilling with sampling conducted by riffle splitting to
Techniques                 2-3kg for dispatch to the assay laboratory
                       -   All sampling conducted on a 1m basis and composited
                           to 2m intervals for assay
Drill Sample           -   Moisture content and recovered sample weight were
Recovery                   recorded at time of sample recovery on a 1m basis
                       -   Data used to verify recoveries and sample quality
                       -   No sample recovery or quality issues were
                           encountered during the current drill program likely to
                           impact on the quality of data derived
                       -   Lower RC drill chip recovery was recognised in the top
                           10 to 15m from surface and twinned diamond core
                           holes planned at each prospect to check for any
                           potential sample bias
Logging                -   All drill chips logged on site for lithology and
                           mineralisation. A representative sample of the chips
                           on a 1m basis retained on site.
                       -   All RC chips are photographed for digital storage
Sub-sampling           -   Assaying and sample preparation conducted at SGS
techniques and             laboratory in Monrovia
sample preparation     -   2-3kg samples as received from Tawana Resources are
                           dried and crushed to 75% passing 2mm
                       -   1.5kg riffle split is then pulverised by ring & puck mill
                           to 85% passing 75µm and 200g recovered for analysis
Quality of Assay       -   All assaying conducted by Lithium metaborate
and laboratory             /lithium tetraborate mixture digest and XRF finish for
tests                      major elements and Thermo Gravimetric Analyser
                           (TGA) for loss on ignition
                       -   Blind standards, blanks and field duplicates inserted
                           every 50th sample by Tawana Resources in the field.
                           Acceptable accuracy and precision have been
                           established for all samples reported
                       -   SGS laboratory conducts internal QA/QC on sample
                           preparation;
                       -   Every 50th sample screened to confirm % passing 2
                           mm and 75 um
                       -   Crusher and pulverisers cleaned with barren material
                           at the start of every batch
                       -   % dust loss determined once per week.
                       -   SGS laboratory conducts QA/QC on sample analysis;
                       -   1 Reagent Blank in 40
                       -   1 Preparation Blank (prep process blank) in 40
                       -   1 Weighed replicate in 40
                       -   1 Preparation Duplicate (resplit) in 40
                       -   1 SRM’s in 40
Verification of        -   All sampling data is recorded in hardcopy format
sampling and               before data entry on site.
assaying
Location of Data       -   Collar surveys conducted by DGPS survey after hole
points                     completion. Down hole surveys conducted at collar
                           and hole bottom and at 5m intervals downhole by
                           Reflex gyroscopic tool
                       -   Drill results reported in UTM 29N
Data Spacing and       -   Drilling conducted on 400 x 60m and 200 x 60m
Distribution               nominal grid for resource drilling at Gofolo Main and
                           Zaway
                       -   Drilling conducted on a nominal 400 x 60m grid for
                           exploration drilling at Gofolo NE
Orientation of data    -   Drilling has been conducted inclined 50o towards 024
in relation to             at Gofolo Main and Koehnko
geological structure   -   Drilling has been conducted inclined 50o towards 007
                           UTM at Zaway
                       -   Drilling has been conducted inclined 50o towards 327
                           UTM at Gofolo NE
                       -   The orientations are essentially perpendicular to the
                           main structural trends at the prospects.
Sample Security        -   All samples are stored in a secure and gated
                           compound at Tawana Resources Camp facility until
                           handover to the independent laboratory in Monrovia
Audits or Reviews      -   Field duplicates are reviewed periodically by Tawana
                           Resources technical staff and confirm the validity of
                           the current sampling practice
Mineral tenement       -   All drilling has been conducted on the Mofe Creek
and land tenure            exploration license MEL-12029.
status                 -   Tawana Resources is 100% holder of the Mofe Creek
                           exploration license.
Exploration done by    -   No other parties have conducted exploration on the
other parties              license
Geology                -   Mineralization is associated with moderately to
                           steeply dipping iron formation; likely metamorphosed
                           BIF to itabirite and recrystallised within a package of
                           intermixed      itabirite   and     amphibolite    and
                           hanging/footwall basement granite-gneiss. The
                           itabirite is medium to coarse grained with relict
                           banded texture and is friable where weathered from
                           surface to an average depth of 25-45m vertical. In-situ
                           iron grades are increased where weathered to form an
                           enrichment blanket from surface to average 25-45m
                           vertical depth and locally higher iron grades are
                           associated with primary magnetite accumulations.
Data Compositing       -   Data composited using weighted average and a
                           maximum of 4m of consecutive internal dilution
Relationship           -   Drilling has been planned to intersect mineralisation
between                    perpendicular to strike and as near as possible to true
mineralisation             thickness of the lithological units hosting iron
widths and                 formation
intercept lengths      -   Intersections through friable mineralisation associated
                           with the weathering profile are typically 25% longer
                           than vertical depth
Balanced reporting     -   All drill intersections have been included in the
                            appendices for received and QA/QC reviewed results
Other substantive      -   For initial exploration drilling conducted, refer to ASX
exploration data           release of 12th March 2013 and subsequent Gofolo Main
                           drilling intersections refer to ASX release of 20th
                           November 2013
Further Work           -   Further work will include diamond core drilling for
                           metallurgical test-work and twinning of RC drilling for
                           QA/QC

Appendix 4: Licenses, location and ownership structure

Tenement                    Location                     Structure
MEL-12029                   Liberia                      100% Tawana Resources
                                                         through its 100% owned
                                                         Liberian subsidiary
MEL-11025                   Liberia                      Joint venture with KBI; a
                                                         Liberian        registered
                                                         company with option to
                                                         secure 100% of Fe ore
                                                         rights
NC30/5/1/2/2/081MR          South Africa                 Mining Right transfer to
                                                                                                        Blue Rock Diamonds (AIM:
                                                                                                         BRD) underway as part of
MTR371/2007PR               South Africa                 100% Tawana Resources
                                                                                                      sale of Kareevlei project                                                                                                         SA and its BEE partner
                                                                                                        Seven Falls
NC30/5/1/1/088PR            South Africa                 100% Tawana Resources
                                                                                                        SA and its BEE partner
                                                                                                        Seven Falls
PL61/2007                   Botswana                     100% Seolo Botswana Ltd;
                                                                                                        a wholly owned subsidiary
                                                                                                        of Tawana Resources
                                                                                                                                     Rule 5.3

                                                        Appendix 5B
                                  Mining exploration entity quarterly report
  Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10



  Name of entity
   Tawana Resources NL

  ABN                                                                                   Quarter ended (“current quarter”)
   69 085 166 721                                                                        31 December 2013


  Consolidated statement of cash flows
                                                                                   Current quarter                Year to date
Cash flows related to operating activities                                            $A’000                      (12 months)
                                                                                                                    $A’000
1.1       Receipts from product sales and related debtors                                  -                           -

1.2       Payments for     (a) exploration & evaluation                               (1,019)                      (1,976)
                           (b) development                                                 -                            -
                           (c) production                                                  -                            -
                           (d) administration                                           (690)                      (1,790)
1.3       Dividends received                                                               -                            -
1.4       Interest and other items of a similar nature
          received                                                                         8                           24
1.5       Interest and other costs of finance paid                                         -                            -
1.6       Income taxes paid                                                                -                            -
1.7       Other (provide details if material)                                              -                            -

          Net Operating Cash Flows                                                    (1,701)                      (3,742)

          Cash flows related to investing activities
1.8       Payment for purchases of:
                         (a) prospects                                                     -                            -
                         (b) equity investments                                            -                            -
                         (c) other fixed assets                                          (40)                         (40)
1.9     Proceeds from sale of:
                        (a) prospects                                                                    
                        (b) equity investments                                              -                           -
                        (c) other fixed assets                                              -                           -
1.10    Loans to other entities                                                             -                           -
1.11    Loans repaid by other entities                                                      -                           -
1.12    Other (provide details if material)                                                 -                           -

        Net investing cash flows                                                         (40)                         276
1.13    Total operating and investing cash flows
        (carried forward)                                                             (1,741)                      (3,466)

1.13    Total operating and investing cash flows
        (brought forward)                                                             (1,741)                      (3,466)

        Cash flows related to financing activities
1.14    Proceeds from issues of shares, options, etc.                                  2,988                        3,988
1.15    Proceeds from sale of forfeited shares                                             -                            -
1.16    Proceeds from borrowings                                                           -                            -
1.17    Repayment of borrowings                                                            -                            -
1.18    Dividends paid                                                                     -                            -
1.19    Other – share issue costs                                                       (186)                        (211)
                                                                                       2,802                        3,777
        Net financing cash flows

        Net increase (decrease) in cash held                                           1,061                          311

1.20    Cash at beginning of quarter/year to date                                        955                        1,679
1.21    Exchange rate adjustments to item 1.20                                            28                           54
                                                                                       2,044                        2,044
1.22    Cash at end of quarter

  Payments to directors of the entity and associates of the directors
  Payments to related entities of the entity and associates of the related entities
                                                                                            Current quarter
                                                                                               $A'000

1.23     Aggregate amount of payments to the parties included in item 1.2                         156

1.24     Aggregate amount of loans to the parties included in item 1.10                            -

1.25     Explanation necessary for an understanding of the transactions

         Directors’ fees


  Non-cash financing and investing activities
2.1    Details of financing and investing transactions which have had a material effect on consolidated
       assets and liabilities but did not involve cash flows

       N/A



2.2    Details of outlays made by other entities to establish or increase their share in projects in which the
       reporting entity has an interest
       N/A


  Financing facilities available
  Add notes as necessary for an understanding of the position.

                                                                            Amount available               Amount used
                                                                                  $A’000                        $A’000
3.1    Loan facilities                                                                 -                             -

3.2    Credit standby arrangements                                                     -                             -



  Estimated cash outflows for next quarter
                                                                                                                $A’000
4.1    Exploration and evaluation                                                                                  700

4.2    Development                                                                                                   -

4.3    Production                                                                                                    -

4.4    Administration                                                                                              400


       Total                                                                                                     1,100

  Reconciliation of cash
 Reconciliation of cash at the end of the quarter (as                      Current quarter             Previous quarter
 shown in the consolidated statement of cash flows) to                           $A’000                       $A’000
 the related items in the accounts is as follows.
 5.1     Cash on hand and at bank                                                 2,024                          935
                                                                                     20                           20
 5.2     Deposits at call
                                                                                      -                            -
 5.3     Bank overdraft
                                                                                      -                            -
 5.4     Other (provide details)
                                                                                  2,044                          955
         Total: cash at end of quarter (item 1.22)


  Changes in interests in mining tenements
                                         Tenement         Nature of interest               Interest at   Interest at
                                         reference        (note (2))                       beginning     end of
                                                                                           of quarter    quarter
 6.1     Interests in mining
         tenements relinquished,
         reduced or lapsed
6.2   Interests in mining
      tenements acquired or
      increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

                               Total number           Number quoted          Issue price per        Amount paid up per
                                                                             security (see note     security (see note 3)
                                                                             3) (cents)             (cents)
7.1      Preference                               -                      -
         +securities

7.2      Changes during                       N/A                    N/A
         quarter
7.3      +Ordinary                 1,225,629,043          1,225,629,043
         securities
7.4      Changes during
         quarter
         (a) Increases               249,000,000            249,000,000      $0.012                 $0.012
          through issues
         (b) Decreases
         through returns
         of capital, buy-
         backs
7.5      +Convertible                             -                      -
         debt securities
7.6      Changes during                       N/A                    N/A
         quarter
7.7      Options                                                             Exercise price         Expiry date
         Unlisted options              6,750,000                         -   $0.10                  17 Jan 2014
         Unlisted options              5,000,000                         -   $0.05                  9 Sep 2014
         Unlisted options             25,000,000                         -   $0.01                  8 Mar 2014
         Unlisted options              1,250,000                         -   $0.05                  10 Nov 2015
         Unlisted options             28,500,000                         -   $0.036                 30 April 2015
         Unlisted options             10,000,000                         -   $0.0001                31 August 2014
         Unlisted options             10,000,000                         -   $0.0001                31 August 2015
         Unlisted options             10,000,000                         -   $0.0001                31 August 2016
         Unlisted options             31,500,000                         -   $0.015                 12 December 2016
         Unlisted options             10,000,000                         -   $0.046                 12 December 2016
         Unlisted options             10,000,000                         -   $0.018                 12 December 2016

7.8      Issued during                10,000,000                             $0.0001                31 August 2014
         quarter                      10,000,000                         -   $0.0001                31 August 2015
                                      10,000,000                             $0.0001                31 August 2016
                                      31,500,000                             $0.015                 12 December 2016
                                      10,000,000                             $0.046                 12 December 2016
                                      10,000,000                             $0.018                 12 December 2016
7.9      Exercised during                      -                         -   -                      -
         quarter
7.10     Expired during                 1,250,000                        -   $0.03                  10 Nov 2013
         quarter
7.11     Debentures                               -                      -

7.12     Unsecured                                -                      -
         notes

Compliance statement
1        This statement has been prepared under accounting policies which comply with accounting
         standards as defined in the Corporations Act or other standards acceptable to ASX (see note
         5).

2        This statement does give a true and fair view of the matters disclosed.


               [Signed]
Sign here:     ............................................................   Date: 30 January 2014
                    Company secretary



Print name:    Aaron Finlay

Notes
1        The quarterly report provides a basis for informing the market how the entity’s activities
         have been financed for the past quarter and the effect on its cash position. An entity wanting
         to disclose additional information is encouraged to do so, in a note or notes attached to this
         report.

2        The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining
         tenements acquired, exercised or lapsed during the reporting period. If the entity is involved
         in a joint venture agreement and there are conditions precedent which will change its
         percentage interest in a mining tenement, it should disclose the change of percentage interest
         and conditions precedent in the list required for items 6.1 and 6.2.

3        Issued and quoted securities The issue price and amount paid up is not required in items
         7.1 and 7.3 for fully paid securities.

4        The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
         Resources and AASB 107: Statement of Cash Flows apply to this report.

5        Accounting Standards ASX will accept, for example, the use of International Financial
         Reporting Standards for foreign entities. If the standards used do not address a topic, the
         Australian standard on that topic (if any) must be complied with.

                                                         == == == == ==

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