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TAWANA RESOURCES NL - Zaway Discovery: New High-Grade Itabirite Intersections With Significant Exploration Upside

Release Date: 03/02/2014 12:18:00      Code(s): TAW       PDF(s):  
Zaway Discovery: New High-Grade Itabirite Intersections With Significant Exploration Upside

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”)


      Zaway Discovery: New High-Grade Itabirite
   Intersections with Significant Exploration Upside
                                   
 HIGHLIGHTS

PLEASE NOTE: ALL GRAPHICS HAVE BEEN REMOVED FOR SENS
PURPOSES. PLEASE REFER TO TAWANA WEBSITE FOR THE COMPLETE
ANNOUNCEMENT

   -   Newly discovered multiple high-grade, coarse grained itabirite intersections
       at the Zaway prospect; part of the Mofe Creek Project, Liberia
   -   Excellent exploration upside with over 5km strike potential defined from
       rock chip assays up to 56.7% Fe within <1km of the Zaway deposit
   -   Strong continuity down and between drill holes with exceptionally low
       contaminant levels recorded over mineralised widths
   -   Significant intersections over 2km strike, up to 200m wide and open to the
       east:
          o ZRC001: 6-32m @ 39.5% Fe
          o ZRC006: 0-40m @ 34.6% Fe incl. 12-34m @ 40.6% Fe
          o ZRC004: 0-34m @ 37.1% Fe
          o ZRC018: 0-46m @ 36.2% Fe
          o ZRC011: 0-100m end of hole (EOH) @ 29.4% Fe
          o ZRC022: 0-4m @ 41.8% Fe, 16-26m @ 37.2% Fe & 36-64m @ 30.6% Fe
   -   High-grade, coarse grained itabirite intersected from surface in majority of
       drill holes; visually identical to Gofolo Main mineralisation – potential
       excellent upgradability to ‘Premium’ product
   -   Scoping Study underway; metallurgical testwork samples defined and en-
       route to ALS Perth, resource, environmental and social consultants engaged
       – Maiden resource on track for early second quarter release

Tawana Resources NL (ASX: TAW) (“Tawana” or “the Company”) is very pleased
to announce the discovery of new, multiple high-grade, coarse itabirite
intersections over the Zaway prospect at its flagship Mofe Creek Iron Ore Project in
Liberia.

Managing Director Len Kolff said “Surface mapping observations have been
confirmed with multiple high-grade, coarse grained itabirite intersections reported
in the maiden drilling programme.”

“Positive drilling observations in the first holes resulted in the planned programme
being extended and in-filled to 200m x 60m drill spacing in support of a maiden
inferred and indicated resource model” he said.

“Excellent geological continuity was observed within intersections and between
drill holes and high-grade itabirite was drilled over a 2km strike length with
surface widths of up to 200m defined and open to the east.”

“Additional exploration upside within the near vicinity of the Zaway prospect has
been confirmed in road cuttings and rock-chip sampling over a 5km strike,
providing excellent growth prospects and resource extensions for the project.”

“Visual observation of diamond drill core, excellent grade continuity and low level
contaminants within drill intersections at Zaway provides a high-degree of
confidence that the mineralisation will beneficiate to a premium product and as
well as the recently reported metallurgical results from Gofolo Main and Koehnko.”
(Refer ASX release of 14th January 2014).

Drilling Results

The Company is pleased to announce drilling results from its recently completed
reverse circulation (RC) resource drilling programme completed at the Zaway
prospect. A total of 32 RC holes for 2,572m was completed and all assays received.
Significant drilling intersections are reported in the table below with a complete
listing of intersections included in the appendices.

Prospect   Hole_ID       From  To Interval    Fe     SiO2   Al2O3     P       S      TiO2    LOI 1000     Comment
Zaway      ZRC001          6   32     26    39.50    39.10   2.21   0.027   0.019    0.13      1.80
Zaway      ZRC004          0   34     34    37.09    37.86   4.87   0.023   0.024    0.22      3.19
Zaway      ZRC006          0   40     40    34.58    35.95   8.30   0.024   0.034    0.26      5.30
Zaway      incl.ZRC006    12   34     22    40.59    33.10   4.97   0.030   0.010    0.12      3.65
                                                                                                         eoh; potentially
Zaway      ZRC011          0  100    100    29.38    49.76   4.61   0.021   0.039    0.23      0.82      drilling down-dip
Zaway      ZRC018          0    46    46    36.22    38.46   4.88   0.027   0.022    0.31      3.03
Zaway      ZRC022          0     4     4    41.76    17.68  11.94   0.046   0.022    0.47      7.97
Zaway      ZRC022         16    26    10    37.22    41.02   2.00   0.030   0.002    0.18      1.28
Zaway      ZRC022         36    64    28    30.55    47.95   2.85   0.041   0.063    0.17    BD
 
Table 1 | Significant intersections from maiden RC resource drilling at the Zaway prospect

Drilling results have defined a 2km strike length high-grade, coarse grained
itabirite deposit along the northern and southern flank of the Zaway Hill.
Mineralisation is open to the east along the northern flank and has been observed
in road cuttings to the east of hole ZRC008.

Combined mineralized surface widths of up to 200m were recorded on the western margin of the
deposit where both the northern and southern limbs almost coalesce.

Geological interpretation of results is ongoing; however, drilling intersections
suggest a folded sequence with the northern limb dipping at 60-70 degrees to the
south and the southern limb dipping more shallowly at 50-55 degrees towards the
north.

Contaminant levels within the reported drill intersections are very low in Al2O3 and
TiO2 levels (other than elevated Al2O3 associated with surface weathering) and
similar to the high-grade itabirite intersections reported at Gofolo Main.

An interval of 6m @ 50% Fe with low contaminants was intersected between 14-
20m in hole ZRC006. The represents the highest grade intersection to date and
occurred on the northern flank within close proximity to the surface DSO
magnetite boulder float. Although no consistent DSO intervals were intersected in
this phase of drilling, itabirite intersections were very consistent with low Al2O3, P,
S and TiO2 contaminants, excellent continuity down and between drill holes and
exceptionally coarse grained. Additional high-grade rock chips (up to 56.7% Fe) to
the north of the Zaway deposit also provide additional scope for DSO discovery.

This suggests that Zaway mineralisation will be very amenable to beneficiation and
potentially upgrade to a +63% to 68% Fe premium product as the recently
announced metallurgical testwork results announced for Gofolo Main and Koehnko
(Refer ASX release of 14th January 2014).

Exploration Potential

Significant exploration potential exists within hills to the north and east of the
main Zaway prospect. Mapping and rock chip sampling has defined over 5km of
additional prospective strike with coarse itabirite in outcrop returning assays
between 33% Fe and up to 56.7% Fe. An access track has exposed friable itabirite
in road cuttings along both the north and ‘far’ north anomaly areas with significant
widths over 120m exposed over a 4km strike. This represents an immediate walk-
up and drill target that has the potential to deliver significant resource upgrades
to the Zaway project area.

The northern limb of the Zaway prospect remains open to the east in current
drilling with an additional 1km of prospective strike untested (included within the
overall 5km figure).

All the Gofolo Main RC samples 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.


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.

For further information please contact:

Lennard Kolff van Oosterwijk
Managing Director
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.

03 February 2014

Pricewaterhousecoopers Corporate Finance (Pty) Ltd

APPENDIX 1: All intersections from Zaway RC resource drilling to date
Prospect   Hole_ID     From   To  Interval    Fe     SiO2   Al2O3     P       S     TiO2    LOI 1000         Comment
Zaway      ZRC001         6   32     26     39.50   39.10    2.21   0.027   0.019   0.13       1.80
Zaway      ZRC002        60   80     20     36.05   42.64    1.94   0.052   0.170   0.18    BD
Zaway      ZRC004         0   34     34     37.09   37.86    4.87   0.023   0.024   0.22       3.19
Zaway      ZRC005        42   48      6     33.40   44.62    3.87   0.034   0.036   0.13       2.10
Zaway      ZRC005        56   80     24     29.47   53.37    2.75   0.028   0.039   0.14    BD
Zaway      ZRC006         0   40     40     34.58   35.95    8.30   0.024   0.034   0.26       5.30
Zaway      Incl.ZRC006   12   34     22     40.59   33.10    4.97   0.030   0.010   0.12       3.65
Zaway      ZRC008         0   28     28     26.21   47.61    9.28   0.034   0.031   0.33       5.16
Zaway      ZRC009        74   82      8     28.55   55.61    2.89   0.036   0.050   0.10    BD
Zaway      ZRC010         0    4      4     30.73   45.42    6.46   0.043   0.010   0.27       4.47
Zaway      ZRC010        22   66     44     29.77   45.87    6.35   0.036   0.062   0.36       2.16
                                                                                                            eoh; potentially
Zaway      ZRC011         0   100   100     29.38   49.76    4.61   0.021   0.039   0.23       0.82         drilling down-dip
Zaway      ZRC012         0     8     8     23.29   32.39   19.87   0.019   0.042   0.73      13.60
Zaway      ZRC013         0    30    30     25.03   36.69   15.04   0.058   0.063   0.39      11.79
Zaway      ZRC014         0     8     8     27.54   43.70    8.62   0.024   0.025   0.38       7.56
Zaway      ZRC014        36    46    10     27.56   47.95    5.84   0.082   0.013   0.21       5.23
Zaway      ZRC015         0    10    10     36.99   28.28    9.41   0.052   0.055   0.42       9.48
Zaway      ZRC015        16    20     4     36.70   21.76   11.87   0.041   0.121   0.33      13.77
Zaway      ZRC015        66    78    12     30.11   47.29    2.53   0.032   0.065   0.08       3.61
Zaway      ZRC016         0     6     6     37.40   17.96   14.06   0.053   0.071   0.58      11.71
Zaway      ZRC016        32    52    20     21.39   40.11   16.41   0.032   0.032   0.58      10.02
Zaway      ZRC017         0    30    30     30.55   35.60    9.97   0.048   0.052   0.62       8.72
Zaway      ZRC018         0    46    46     36.22   38.46    4.88   0.027   0.022   0.31       3.03
Zaway      ZRC018        56    76    20     28.17   50.10    4.86   0.042   0.044   0.24    BD
Zaway      ZRC020        40    50    10     27.42   49.29    6.69   0.038   0.103   0.28       3.81
Zaway      ZRC021         0    16    16     43.42   24.79    6.40   0.034   0.029   0.41       4.77
Zaway      ZRC022         0     4     4     41.76   17.68   11.94   0.046   0.022   0.47       7.97
Zaway      ZRC022        16    26    10     37.22   41.02    2.00   0.030   0.002   0.18       1.28
Zaway      ZRC022        36    64    28     30.55   47.95    2.85   0.041   0.063   0.17    BD
Zaway      ZRC023         0    28    28     34.01   43.03    4.10   0.032   0.013   0.17       2.41
Zaway      ZRC023        36    40     4     35.72   42.88    2.78   0.034   0.039   0.11       0.87
Zaway      ZRC024        68    96    28     33.27   48.46    2.71   0.039   0.053   0.11    BD
Zaway      ZRC025        54    62     8     34.04   47.92    2.90   0.046   0.072   0.07    BD
Zaway      ZRC027         0     6     6     34.39   20.10   15.24   0.023   0.037   0.64      14.45
Zaway      ZRC027        28    40    12     33.69   35.05    6.87   0.058   0.054   0.18       8.87
Zaway      ZRC028         0    20    20     29.86   38.92    9.79   0.032   0.043   0.44       8.03
Zaway      ZRC028        80    84     4     23.17   49.96    4.95   0.046   0.403   0.22       7.22         eoh
Zaway      ZRC029         0     8     8     42.53   17.53    9.38   0.074   0.041   0.42      11.71
Zaway      ZRC029        58    82    24     26.70   54.36    3.41   0.038   0.172   0.19       1.88
Zaway      ZRC030B        0     6     6     27.47   36.83   13.99   0.036   0.077   0.61       8.94
Zaway      ZRC030B      134   158    24     27.54   49.87    4.71   0.040   0.094   0.20    BD
Hole location data:

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   Zaway     ZRC001     RC          262711     761761     65     -50         7           54            22/10/2013   23/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC002     RC          262709     761709     64     -50         7           86            23/10/2013   23/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC004     RC          262298     761686     60     -50         7           54            24/10/2013   24/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC005     RC          262296     761638     63     -50         7           90            25/10/2013   26/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC006     RC          262498     761732     62     -50         7           54            25/10/2013   25/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC007     RC          262502     761682     63     -50         7           84            25/10/2013   25/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC008     RC          262914     761827     56     -50         7           60            25/10/2013   25/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC010     RC          262075     761369     58     -50         7           72            26/10/2013   26/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC011     RC          262075     761324     45     -50         7          102            26/10/2013   27/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC012     RC          262093     761559     64     -50         7           60            28/10/2013   28/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC013     RC          262082     761506     58     -50         7           60            28/10/2013   28/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC014     RC          262078     761421     65     -50         7           73            28/10/2013   28/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC015     RC          261888     761455    `72     -50         7           84            28/10/2013   28/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC016     RC          261886     761407     54     -50         7           90            29/10/2013   29/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC017     RC          261885     761359     58     -50         7           66            29/10/2013   29/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC018     RC          261895     761306     45     -50         7           78            30/10/2013   30/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC019     RC          261799     761399     48     -50         7           66            30/10/2013   30/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC021     RC          262287     761398     82     -50         7           72            30/10/2013   31/10/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC022     RC          262296     761345     60     -50         7           84             1/11/2013    1/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC023     RC          262490     761409     60     -50         7           78             1/11/2013    2/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC024     RC          262492     761362     50     -50         7          101             1/11/2013    3/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC025     RC          262601     761410     44     -50         7           72             3/11/2013    4/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC026     RC          262591     761359     41     -50         7           78             4/11/2013    5/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC027     RC          261984     761571     72     -50         7           78             5/11/2013    5/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC028     RC          261981     761520     69     -50         7           84             6/11/2013    6/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC029     RC          261984     761422     76     -50         7           90             6/11/2013    9/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC030B    RC          262280     761433     68     -90         7          162             9/11/2013   11/11/2013    Resource RC Driling
Mofe Creek   Zaway     ZRC032     RC          262498     761632     75     -90         7          102             11/11/2013                Resource RC Driling



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 pulverizers 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                    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

Date: 03/02/2014 12:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.