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Release Date: 15/09/2015 09:05:00      Code(s): TAW       PDF(s):  
Company Update

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
                                Company Update


Tawana Resources NL (ASX: TAW) (the “Company”) is pleased to provide the following
update on the Company’s principal growth activities and strategic direction:
• Advancement of the Mineral Development Agreement (MDA) for the Mofe Creek
  project (the Project), representative of both the northern and southern tenements
  and a potential early start-up project for Direct Shipping Ore (DSO).
• Advancement of the Port Infrastructure Cooperation Agreement with WISCO CAD,
  following the recent signing of the Memorandum of Understanding (refer ASX release
  18th May 2015).
• Advancement of discussions with international and domestic Mining & Services
  provider groups with interests in the co-development of the Mofe Creek project, by
  way of either: equity investment; farm-in arrangements at the asset level; and/or
  joint funding at the asset development level. These discussions are ongoing and have
  not resulted in a material agreement to date.
• Preparation of a trenching/low capital-intensive exploration program for the potential
  qualification and quantification of the DSO discovery at the Goehn project area, on the
  southern tenement.
• Submission of the Environmental Protection Agency (EPA) renewal licence and
  annual report for Tawana’s northern licence (MEL 12029).
• Submission of the first Quarterly Exploration report for the southern licence (MEL
• Finalisation of the geochemical and geophysical report for the analysis of the
  mineralisation within the proposed future ore bodies within the tenements: this is
  the culmination of almost 15 months of detailed and selective work.
• Submission of the EPA Terms of Reference document and Scoping Study for the
  development of the Environmental and Social Impact Assessment (ESIA) program –
  document forecast to be returned in September.
• Receipt of R&D refund and reduction in corporate operating costs and staff salaries
  (including principal contractors).
• Completion of a strategic review of the Company’s forward development program
  for both the Mofe Creek project and other potential projects representative of
  Australian dollar explorers/developers/producers linked to US dollar income – to
  capitalise on the current exchange rate and A$:US$ trending.
• Commencement of a process of identifying counter cyclical investments that
  complement Tawana’s core competencies, capabilities and market trends.
• Commencement of Michael Bohm as a Non-executive Director in August.

Tawana’s Executive Chairman and CEO, Wayne Richards commented that “to grow our
business and market capitalisation while minimising our corporate and commodity risk,
the company will review further opportunities reflective of the Company’s core
competencies and skills that reside with the board and management. The Mofe Creek
project will remain our principal project of development, and all low-cost activities
will be advanced during the negotiation of the MDA”.

Mr Richards added, “While the Company’s current valuation is not reflective of the
Project’s value in iron ore, it is imperative as a board we look for value-enhancement
Australian dollar opportunities within our industry”.

Mr Richards concluded, “The Company’s Mofe Creek project is a very valuable and
viable asset, even at today’s commodity pricing of USD$58/tonne (for 62%Fe – CFR
Tianjin), due to its potential to produce high-grade product(s), and its close proximity
to existing working infrastructure. With the stabilisation of the iron ore sales price,
complemented by the decreasing valuation of the Australian dollar against the United
States dollar, the Company will maintain its focus on progressing the MDA, ESIA and
DSO programs in Liberia, while reviewing strategic commodity development
opportunities within Australia”.

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 85km from the country’s capital city and major port, Monrovia.
Tawana is committed to advance the development of its 100% owned Mofe Creek
project, which covers 475km2 of highly prospective tenements in Grand Cape Mount
County. The project hosts high-grade DSO (62-66%Fe) and 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.
Detailed information on all aspects of Tawana’s project can be found on the Company’s
website www.tawana.com.au.

For further information, contact:
Wayne Richards
Executive Chairman &CEO
Ph: +61 8 9489 2600

15 September 2015

PricewaterhouseCoopers Corporate Finance (Pty) Ltd

  The Mineral Resource estimate for the Mofe Creek project of 61.9Mt @ 33% Fe comprises Indicated Mineral
Resources of 16.2Mt @35.4% Fe and inferred Resources of 45.7Mt @32.1% Fe. For more information on the Resource
estimate, refer to ASX announcement dated 31 March 2014. Tawana Resources is not aware of any new information
or data that materially affects the information included in the said announcement.

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