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TAWANA RESOURCES NL - Tawana Commence Assessment Studies for Mofe Creek ASIA

Release Date: 26/08/2014 08:48:00      Code(s): TAW       PDF(s):  
Tawana Commence Assessment Studies for Mofe Creek ASIA

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 to commence assessment studies for Mofe Creek ESIA

Tawana Resources NL (ASX: TAW) (‘the Company’ or ‘Tawana’) is pleased to announce
that a Notice of Intent (‘NOI’) has been broadcast through local media within Liberia as a
prerequisite for commencing baseline studies to support the Company’s Environmental and
Social Impact Assessment (‘ESIA’) for the Mofe Creek project (‘the Project’).

The NOI is a public briefing document and an integral step in commencing the environmental
and social baseline studies whilst the Liberian Environmental Protection Agency (‘EPA’)
reviews the Company’s Briefing Document for the Project’s Environmental and Social Impact
Assessment (‘ESIA’). The ESIA and the Mineral Development Agreement (‘MDA’) are key
steps towards the granting of a Mining Licence for the Project.

Managing Director Len Kolff said, “This represents an important step towards
commencement of the ESIA for the Project, and provides the opportunity for principal
stakeholders and communities to confirm their support for the Project’s development.

“Compilation of in-country data, and the acquisition and review of remote sensing data form
an integral part of the baseline studies.”

Consulting companies Earth Systems Pty Ltd (Australia) in collaboration with Earth
Environmental Consultancy, Inc. (EEC of Liberia) have commenced work in support of the
baseline studies.

The Company released a Scoping Study for the Project in July, which delivered excellent
technical and financial results for development of a 2.5 million tonne per annum (‘Mtpa’)
project, and is continuing with the award of Pre-Feasibility Study (‘PFS’) design and
engineering studies. The successful engineering firm for the PFS will be announced in the
coming weeks. Land-side and maritime studies on the proposed long-term coastal site for a
transhipment and direct loading wharf are also progressing as part of the PFS award. A suite
of international port development companies, with the ability to design, construct and/or
finance a port site (including stockyards) are currently preparing “expressions of interest” for
this work.

The Company will continue to closely monitor the Ebola virus situation within Liberia over the
coming weeks, whilst it advances the ESIA applications and baseline monitoring as well as
the ongoing MDA application.

About Tawana (ASX & JSE: TAW)

Tawana Resources NL 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 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 premium quality iron ore product of +64-68% Fe grade, via simple,
low capital intensity beneficiation.

The Company has recently concluded its successful and financially robust Scoping Study on
the Mofe Creek Project. The Scoping Study considered an early start-up, low capital cost
project with a production rate of up to 2.5 million tonnes per annum.

For further information please contact:

Wayne Richards                                    Len Kolff
Executive Chairman                                Managing Director
Tel +61 8 9287 4344                               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.

Cautionary Statement

Full details of the Scoping Study referred to in this announcement were initially released to the
ASX in an announcement dated 3 July 2014, and should be read in conjunction with this
announcement. All material assumptions underpinning the Scoping Study, production targets
and forecast financial information derived from the production targets as well as any
cautionary statements and disclosures as required under the ASX Listing Rules and 2012
JORC Code are set out in the announcement dated 3 July 2014 and continue to apply and
have not materially changed.

The Scoping Study referred to in this announcement is preliminary in nature as its conclusions
are drawn on inferred (74%) and indicated mineral resources (26%). The Scoping Study is
based on lower-level technical and economic assessments, and are insufficient to support
estimation of Ore Reserves or to provide assurance of an economic development case at this
stage, or to provide certainty that the conclusions of the Scoping Study will be realised.
There is a low level of geological confidence associated with inferred mineral resources and
there is no certainty that further exploration work will result in the determination of indicated
mineral resources or that the production target itself will be realised. There is also no certainty
that the forecast financial information derived from the production targets will be realised.

Competent Persons Statement

The information in this report that relates to Mineral Resources or Ore Reserves is based on
information compiled by Len Kolff and Iain Macfarlane, who are members of the Australian
Institute of Geoscientists. Len Kolff 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’. Iain Macfarlane is a full-time employee of Coffey
Mining Pty Ltd 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’ Len Kolff and Iain Macfarlane
consent 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

This announcement contains certain forward looking statements. These forward-looking
statements are not historical facts but rather are based on the Company’s current
expectations, estimates and projections about the industry in which Tawana Resources NL
operates, and beliefs and assumptions regarding the Company’s future performance. Words
such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” “potential”
and similar expressions are intended to identify forward-looking statements.                These
statements are not guarantees of future performance and are subject to known and unknown
risks, uncertainties and other factors, some of which are beyond the control of the Company,
are difficult to predict and could cause actual results to differ materially from those expressed
or forecasted in the forward-looking statements. Tawana Resources NL cautions shareholders
and prospective shareholders not to place undue reliance on these forward-looking
statements, which reflect the view of Tawana Resources NL only as of the date of this
presentation. The forward-looking statements made in this release relate only to events as of
the date on which the statements are made. Tawana Resources NL will not undertake any
obligation to release publicly any revisions or updates to these forward-looking statements to
reflect events, circumstances or unanticipated events occurring after the date of this
presentation except as required by law or by any appropriate regulatory authority.

26 August 2014

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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