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TAWANA RESOURCES NL - Tawana Resources Awards Mofe Creek Pre-Feasibility Study to Tenova and Engenium

Release Date: 02/09/2014 08:41:00      Code(s): TAW       PDF(s):  
Tawana Resources Awards Mofe Creek Pre-Feasibility Study to Tenova and Engenium

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”)

             Tawana Resources Awards Mofe Creek
          Pre-Feasibility Study to Tenova & Engenium

Iron ore developer Tawana Resources NL (ASX: TAW) (“the Company” or “Tawana”)
is pleased to announce it has appointed two firms to manage and coordinate the
major design and logistics components of a Pre-Feasibility Study (“PFS”) for its Mofe
Creek Project in Liberia, West Africa.

Globally recognised mining and minerals design and development groups Tenova
Mining and Minerals (“Tenova”) and Engenium (“Engenium”) will manage the PFS for
Mofe Creek.

Tenova has a strong track record in delivering projects similar to Mofe Creek and
recently completed a Scoping Study for the project. Engenium is a leading project and
study management delivery company servicing the mining and resource sectors with a
specific focus on mine, port and rail projects.

The PFS, led by Tawana’s Project Director, Noel O’Brien will build on the results of
Mofe Creek’s Scoping Study which indicated a very positive economic potential and
will focus on the key aspects of the development of a successful project including:

   -   Marine infrastructure and logistics including barging solutions for transhipment
       and direct ship-loading facilities
   -   Landside logistics including the evaluation of road and rail links from mine to
   -   Logistics permitting
   -   Hydrology and water management
   -   Process engineering including metallurgical test work
   -   Mining engineering
   -   Tailings engineering
   -   Geotechnical investigations
   -   Environmental and social impact assessment

Tawana will announce the appointment of major sub-contractor groups in the coming
weeks that will complement Tenova and Engenium in the development of the PFS. These
groups will be industry specialists in resource development, mine planning and
scheduling, economic studies and transport logistics, including barging, transhipment and
direct-loading optionality.

Executive Chairman Wayne Richards said: “We are very pleased to have assembled
such a strong contingent of mining development and engineering firms to work with
the Company on the Mofe Creek PFS. This will ensure that we will be equipped to
design a high value low risk project for the benefit of Tawana shareholders.”
The results of the PFS are anticipated to be available in Quarter 2 of calendar year
2015, following completion of the current resources infill and step-out drilling
program, along with the advancement of the Mineral Development Agreement
(“MDA”) and the Environmental and Social Impact Assessment (“ESIA”).

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 85km 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 its 100% owned 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

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 (Mtpa).

For further information please contact:
Wayne Richards                                                       Len Kolff
Executive Chairman                                                   Managing Director
Tel +61 8 9287 4344                                                  Tel: +61 7 3510 2115

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.

02 September 2014

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

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