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TAWANA RESOURCES NL - Tawana acquires second lithium project

Release Date: 23/09/2016 10:40:00      Code(s): TAW       PDF(s):  
Tawana acquires second lithium project

Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
Share code on the Australian Securities Exchange Limited: TAW
(“the Company” or “Tawana”)


Tawana Resources NL (“Tawana” or the “Company”) is pleased to announce it has entered into an
agreement to acquire mining rights to the giant Uis pegmatite tailings stockpile (“Uis Project” or
“Project”) in Namibia.


The Uis Project is a unique opportunity representing an estimated 20Mt of tailings stockpile derived
from one of the largest pegmatite tin mines in the world.

The Project meets Tawana’s lithium selection criteria of:

- Jurisdiction – Namibia is ranked fourth in Africa on the 2015 Investment Attractiveness Index by
the Fraser Institute and ninth in the World for Mining Investment in 2014 by Behre Dolbear.

- Potential Size – the stockpile is estimated to be about 20 million tonnes.

- Lithium grade – limited sampling to date indicates potentially attractive

lithium grades.

- Drill ready and known target – initial drilling of the tailings stockpile will test the lithium grade and
is expected to commence in October 2016.

- Low cost to test – initial drilling and metallurgical test-work is expected to cost less than
A$200,000. Namibia is a relatively low-cost country with a currency linked to the South African Rand.

- Location – only 220km from port with excellent road access.

- Infrastructure – the Uis area has excellent infrastructure for power, water, accommodation and
local workforce.

- Short term production potential – subject to grade, engineering simplicity and environmental
certification the brown-fields Uis Project could be taken to production within a relatively short time.

- Low Capex – with no mining or crushing required, the level of infrastructure and location,
development capex would be expected to be significantly reduced.

- Staged entry – the terms of the Agreement are linked to achieving success with certain project
milestones, thus allowing Tawana to balance risk/project entry costs with potential reward.
Tawana’s CEO Mark Calderwood stated: “The Uis project represents a unique and exciting
opportunity to assess one of the world’s largest stockpiles of crushed pegmatites containing lithium

The low-cost first drilling program and metallurgy test work should give an excellent understanding
of the potential of the project to produce a lithium concentrate in a short period of time.”


Tawana has entered into an agreement to purchase all the shares in Lithium Africa No 1 (“LA1”),
which has rights (via an option agreement) to acquire mining rights to the Uis pegmatite tailings
stockpile in Namibia.

The consideration for LA1 is as follows:

- 5,000,000 Tawana shares and $100,000 in cash;

- Deferred consideration as follows:

a) 5,000,000 Tawana shares on successful completion of drilling, analysing and metallurgical test
work (to Tawana’s satisfaction) by 30 June 2017; and

b) 5,000,000 Tawana shares on a decision to mine on or before 31 December 2018.

Uis Project

The Uis Project located in Namibia comprises large coarse and fine tailings stockpiles from the Uis tin
mine which operated between 1924 and 1990. The Project is located close to the former mining
town of Uis some 165km NNE of the coast city of Swakopmund, 270km NW of the capital Windhoek.

Geology and Mineralogy

The Stockpiles comprise unweathered pegmatite material that was mined by open cut, hauled to a
processing plant where the ore was crushed and ground and cassiterite (tin concentrate) was
extracted by gravity. The main plant operated between 1953 and 1990 at a nominal rate of about
120 tonnes per hour (1mtpa) between 1968 and 1990. The mine produced about 33,000 tonnes of
cassiterite concentrate after 1953. Detailed production records have been lost though based on
reported head grades and recoveries total ore processed is calculated at between 20Mt and 30Mt.

The most common lithium minerals reported from the unzoned albite rich Uis pegmatites are:

- Amblygonite (Li,Na)AlPO4(F,OH), contains 7.3-10.0% Li2O;

- Petalite LiAlSi4O10, contains 3.4-4.9% Li2O; and

- Spodumene LiAl (SiO3)2, contains 8% Li2O.

The pegmatites contain less than 5% mica and apparently little or no lepidolite. The pegmatites
contain significant quantities of tantalum minerals much of which is believed to remain in the
Stockpile along with about 30% of the original contained cassiterite.

The Stockpiles have been surveyed, however there are no records of the ground surface below the
stockpiles so preliminary volumes have been estimated assuming a planer surface between survey
points from the intersection of the stockpile surface and ground level and by cross section

 Stockpile Type             Surveyor estimate        Check Minimum              Check Maximum

 Sands                      8.0M m3 (14.4Mt)         7.6M m3                    9.4M m3

 Fines                      3.0M m3 (6.9Mt)                            Not estimated

 Total                      11.0M m3 (21.3Mt)

Based on survey data it is calculated that about 60-65% of the stockpile is coarse (“Sands”) ranges
from 0.25 to 5mm and appears to average about 1-2mm. About 30-35% of the stockpiles is fine
(“Fines”) nominally below 0.25mm or 250 microns. The Sands occur as free standing dumps up to
60m high whilst the Fines were deposited separately into dams.

Four shallow auger drill holes were recently completed, samples were assayed for lithium only

 Fines Hole 1               0-1m                      1-2m                      2-3m
 Li2O                       0.71%                     0.85%                     0.92

 Fines Hole 2               0-1m                     1-2m                       2-3m
 Li2O                       0.80%                    0.89%                      0.95%

 Sands Hole1                0-1m                     1-2m                       2-2.5m
 Li2O                       0.50%                    0.43%                      0.43%

 Sands Hole 2               0-1m                      1-2m                      2-3m
 Li2O                       0.54%                     0.62%                     0.62%

Because ore at Uis was mined from several different pegmatite bodies lithium grades are expected
to vary in the dumps. Unlike hard rock operations, re-treatment of tailings stockpiles is significantly
less expensive and requires much lower economic cut-off grades of recoverable minerals to be
profitable, subject to complexity of retreatment process and available infrastructure.

Access and Infrastructure

The project is located 220km by road NNE of Namibia’s main port of Walvis Bay. The travel time
from Walvis Bay to Uis is about two and half hours and includes 106km of sealed roads and 114km
of high quality unsealed roads. Walvis Bay in Namibia’s largest commercial port, receiving
approximately 3,000 vessel calls each year and handling about 5 million tonnes of cargo. Windhoek,
the capital of Namibia is located 335km by road from the Project.

Uis is connected to the State power grid and a 66/11kV substation is situated near the stockpile.
Namibia is part of the Southern African Power Pool (“SAPP”) and is a net importer of power. The
country is working towards self-sufficiency with gas/steam, solar and wind projects to support
supply from the large Ruacana Hydroelectric Station in the north of the country.
Rainfall is low however there is significant quantities brackish ground water available at about 25m.
The water is not potable but would be suitable for mining and processing. The old open pits are used
for small scale fish farming.

The area has 2G cell phone coverage.

Uis is a small town with a local council, the town is bisected by the old tin mine, the two sections
(East and West) of the town have populations of about 3000 and 250 respectively. The East part is
mainly comprised of former mineworkers and their families who have since settled in the area and
the West section is geared towards the tourist industry, here there is good motel accommodation as
well as a grocery shop, fuel, restaurants etc. A significant portion in this part of town is made up
houses owned by seasonal European visitors. The town also has an airstrip.

Project Potential

The project was selected on the basis that it comprises an already defined large tonnage of mined
and partly processed (fine crushed) unweathered lithium bearing pegmatite stockpile.

Significant uncertainty exists with recoverable lithium grade and potential by-product tin and
tantalum and likely treatment method, however with limited expenditure an understanding of grade
and metallurgy can be attained. For this reason, the terms of the Agreement are linked to achieving
success with certain project milestones, thus allowing Tawana to balance risk/project entry costs
with potential reward.

The project is well located, Namibia is a stable, mining friendly jurisdiction with an excellent
international reputation. The Project is located close to port linked by good roads, has grid power,
water, a town and local workforce.

Close links between Namibia and neighbouring South Africa is currently very beneficial to industry
with the weak Rand and Namibian Dollar (against the USD) significantly reducing costs of equipment
fabrication and construction in this part of Southern Africa. In addition, the operating costs are
expected to be significantly more competitive than other parts of Africa.

Should drilling and metallurgical test-work confirm an acceptable recoverable grade Tawana sees
the potential for a low capex/opex operation because:

- No mining required – mining normally represents 30-60% of the operating cost of a mine and can
be a significant capital cost with mobilisation and pre-strip;

- No ore haulage required – simple feed straight into final plant feed-bin;

- No crushing required – saves a significant capital and operating cost components;

- Limited (if any) additional grinding likely to be required – overall the stockpiles averages about
>80% passing 2mm reducing significantly the size of mills if at required;

- Power and Water – power requirements would likely to be modest and is expected to attainable
off the grid, Namibian grid power reliability is good, a sample from a bore water close to the project
site contained TDS of 6,171 is not potable but acceptable for processing;

- Workforce – given the mining history of the area and the lack of local competing industry it is
envisaged that a semi-skilled workforce can be obtained from the local population. High-skill
workforce may be available locally or from Namibia and/or South Africa. Given no drilling, blasting,
mining, ore hauling or crushing would be required the workforce number should be limited; and
- Accommodation – given the level and quality of housing in West Uis it is anticipated that sufficient
rental hotel and housing can be obtained for the limited sized skilled workforce requirements for
both construction and operations. The saving on capital and operating overhead costs could be

Proposed Work

An Air-Core rig is expected to arrive on site in October 2016. Air core drilling is considered
appropriate as it minimises or eliminates contamination as it is effectively Reverse Circulation
drilling. A total of 21 deeper holes and 45 shallow holes are planned totalling about 1500m. Samples
will be assayed at Swakopmund. Subject to the results composite samples will be sent to Australia
from mineralogical and metallurgical characterisation test-work.

Consideration for the Purchase of Lithium Africa No 1

Tawana has entered into an agreement to purchase all the shares in Lithium Africa No 1 (“LA1”),
which has rights (via an option agreement) to acquire mining rights to the Uis pegmatite tailings
stockpile in Namibia.

The consideration for LA1 is as follows:

- 5,000,000 Tawana shares and $100,000 in cash;

- Deferred consideration as follows:

a) 5,000,000 Tawana shares on successful completion of drilling, analysing and metallurgical test
work (to Tawana’s satisfaction) by 30 June 2017; and

b) 5,000,000 Tawana shares on a decision to mine on or before 31 December 2018.

The deferred consideration will be subject to shareholder approval, and if Tawana’s shareholders do
not approve the deferred consideration shares, cash consideration to the value of the shares at the
date the milestone was achieved (based on a VWAP) will be paid.

Terms of the Option Agreement to Acquire the Uis Pegmatite Tailings Stockpile Under the terms of
the existing agreement between LA1 and Namibia Silica CC (being the current owner of the Uis
pegmatite tailings stockpile) (Namibia Silica), LA1 is required to pay US$1,375,000 together with a
(5%) net profit interest royalty.

The cash payments are to be made on a staged basis as follows:

- US$275,000 upon completion of drilling, analysing and metallurgical test work;

- US$250,000 upon completion of an environmental impact study and associated clearance;

- US$350,000 upon completion of a definitive feasibility study and receipt of key approvals; and

- US$500,000 upon commencement of commercial production.

Tawana will assume these payment obligations.

In addition there is another party which indirectly owns 5% of the Uis pegmatite tailings stockpile
which can be purchased by LA1 for US$500,000. This person is a local Namibian and not a related
party of the Company.

For further information, please contact:
 Mark Calderwood                                    Nathan Ryan
 Chief Executive Officer                            Investor Relations
 Tawana Resources NL                                NWR Communications
 T: +61 8 9489 2600 E:                              T: +61 407 440 882
 mark.calderwdood@tawana.com.au                     E: Nathan.ryan@nwrcommunications.com.au

Competent Persons Statement

The information in this news release that relates to Exploration Results is based on and fairly
represents information and supporting documentation compiled by Mr Mark Calderwood, an
employee of the Company. Mr Calderwood is a member of The Australasian Institute of Mining and
Metallurgy. Mr Calderwood has sufficient experience relevant to the style of mineralisation under
consideration and to the activity which they are 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”. Mr Calderwood consents to the inclusion in this report of the matters
based on their information in the form and context in which it appears.

Forward Looking Statement

This report may contain certain forward looking statements and projections regarding estimated,
resources and reserves; planned production and operating costs profiles; planned capital
requirements; and planned strategies and corporate objectives. Such forward looking
statements/projections are estimates for discussion purposes only and should not be relied upon.
They are not guarantees of future performance and involve known and unknown risks, uncertainties
and other factors many of which are beyond the control of Tawana Resources NL. The forward
looking statements/projections are inherently uncertain and may therefore differ materially from
results ultimately achieved.

Tawana Resources NL does not make any representations and provides no warranties concerning
the accuracy of the projections, and disclaims any obligation to update or revise any forward looking
statements/projects based on new information, future events or otherwise except to the extent
required by applicable laws. While the information contained in this report has been prepared in
good faith, neither TAW or any of its directors, officers, agents, employees or advisors give any
representation or warranty, express or implied, as to the fairness, accuracy, completeness or
correctness of the information, opinions and conclusions contained in this presentation. Accordingly,
to the maximum extent permitted by law, none of TAW, its directors, employees or agents, advisers,
nor any other person accepts any liability whether direct or indirect, express or limited, contractual,
tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or
for any of the opinions contained in this presentation or for any errors, omissions or misstatements
or for any loss, howsoever arising, from the use of this presentation.

Appendix 1

Section 1 Sampling Techniques and Data

 Criteria              JORC Code Explanation                          Commentary
 Sampling techniques   Nature and quality of sampling (e.g. cut       Relevant sampling with the Uis
                       channels, random chips, or specific            Project area is limited to four
                       specialised industry standard measurement      Auger drill holes totalling
                       tools appropriate to the minerals under        11.5m.
                       investigation, such as down hole gamma
                      sondes, or handheld XRF instruments, etc.).
                      These examples should not be taken as
                      limiting the broad meaning of sampling.
                      Include reference to measures taken to            Based on available data, there
                      ensure sample representivity and the              is nothing to indicate that
                      appropriate calibration of any measurement        drilling practices were not to
                      tools or systems used.                            normal industry standards for
                                                                        the type of drilling.
                      Aspects of the determination of                   Given the purpose of first pass
                      mineralisation that are Material to the Public    exploration work, sampling
                      Report. In cases where ‘industry standard’        practices were normal industry
                      work has been done this would be relatively       standard and appropriate.
                      simple (e.g. ‘reverse circulation drilling was    None of the drilling sampling is
                      used to obtain 1 m samples from which 3 kg        appropriate or was or is
                      was pulverised to produce a 30 g charge for       intended to be used for
                      fire assay’). In other cases more explanation     Resource estimates.
                      may be required, such as where there is
                      coarse gold that has inherent sampling
                      problems. Unusual commodities or
                      mineralisation types (e.g. submarine nodules)
                      may warrant disclosure of detailed
Drilling techniques   Drill type (e.g. core, reverse circulation,       The four shallow holes
                      openhole hammer, rotary air blast, auger,         completed were drilled using
                      Bangka, sonic, etc.) and details (e.g. core       hand held mechanical auger
                      diameter, triple or standard tube, depth of       equipped with spiral rods.
                      diamond tails, facesampling bit or other type,    No drill holes have been
                      whether core is oriented and if so, by what       surveyed, they have been
                      method, etc.).                                    located using hand held GPS
Drill sample          Method of recording and assessing core and        There are no records of sample
recovery              chip sample recoveries and results assessed.      recovery.
                      Measures taken to maximise sample recovery        There are no records of drill
                      and ensure representative nature of the           sample quality or potential
                      samples.                                          contamination
                      Whether a relationship exists between             There are no records for
                      sample recovery and grade and whether             sample recovery for the
                      sample bias may have occurred due to              various types of previous
                      preferential loss/gain of fine/coarse material.   drilling conducted.
                                                                        Consequently, it is not possible
                                                                        to review grade bias in relation
                                                                        to sample recovery.
Logging               Whether core and chip samples have been           Logging was not undertaken
                      geologically and geotechnically logged to a       however all samples were
                      level of detail to support appropriate Mineral    from stockpile material
                      Resource estimation, mining studies and
                      metallurgical studies.                            No resources estimates were
                      Whether logging is qualitative or quantitative    Not applicable
                      in nature. Core (or costean, channel, etc.)
                     The total length and percentage of the          Not applicable
                     relevant intersections logged.
Sub-sampling         If core, whether cut or sawn and whether        No core drilling has been
techniques and       quarter, half or all core taken.                undertaken.
sample preparation
                     If non-core, whether riffled, tube sampled,     Sampling was by grab sampling
                     rotary split, etc. and whether sampled wet or   of drill cuttings at 1m (or part
                     dry.                                            thereof) intervals
                     For all sample types, the nature, quality and   Auger samples were bagged,
                     appropriateness of the sample preparation       no splitting or composting was
                     technique.                                      undertaken. Given the purpose
                                                                     of first pass exploration work,
                                                                     the sampling technique were
                     Quality control procedures adopted for all      no QAQC procedures were
                     subsampling stages to maximise                  adopted.
                     representivity of samples.
                     Measures taken to ensure that the sampling      No duplicate sampling was
                     is representative of the in situ material       undertaken
                     collected, including for instance results for
                     field duplicate/second-half sampling.
                     Whether sample sizes are appropriate to the     The sampling method was
                     grain size of the material being sampled.       likely appropriate for the
                                                                     material being sampled given
                                                                     the purpose of sampling.
Quality of assay     The nature, quality and appropriateness of      A total of 12 drill samples were
data and             the assaying and laboratory procedures used     assayed by Bureau Veritas
laboratory tests
                     and whether the technique is considered         Namibia Pty Ltd in
                     partial or total.                               Swakopmund. The samples
                                                                     have been split with a riffle
                                                                     splitter and a portion then
                                                                     dried and pulverised in a
                                                                     vibrating pulveriser. The
                                                                     samples were digested with a
                                                                     mixture of acids including
                                                                     Hydrofluoric, Nitric,
                                                                     Hydrochloric and Perchloric
                                                                     acids. Li was determined by
                                                                     ICP Optical Emission
                     For geophysical tools, spectrometers,           Not applicable
                     handheld XRF instruments, etc., the
                     parameters used in determining the analysis
                     including instrument make and model,
                     reading times, calibrations factors applied
                     and their derivation, etc.
                     Nature of quality control procedures adopted    No QAQC procedures were
                     (e.g. standards, blanks, duplicates, external   adopted apart from ‘inhouse’
                     laboratory checks) and whether acceptable       laboratory repeats and
                     levels of accuracy (i.e. lack of bias) and      standards
                     precision have been established.
 Verification of         The verification of significant intersections by   No verification exploration
 sampling and assaying   either independent or alternative company          work has been undertaken.
                         The use of twinned holes.                          No twin holes were drilled
                         Documentation of primary data, data entry          The assay data from the
                         procedures, data verification, data storage        drilling was presented in digital
                         (physical and electronic) protocols.               and hard copy formats.
                         Discuss any adjustment to assay data               No data has been adjusted
 Location of data        Accuracy and quality of surveys used to            Drill hole locations are
 points                  locate drill holes (collar and down-hole           considered approximate
                         surveys), trenches, mine workings and other        though sufficiently accurate
                         locations used in Mineral Resource                 given the wide spaced nature
                         estimation.                                        of programmes. The holes
                                                                            were located using a handheld
                         Specification of the grid system used.             WGS 84/ Zone 33 south.
                         Quality and adequacy of topographic control.       No survey of drill holes
                                                                            appears to have been
 Data spacing and        Data spacing for reporting of Exploration          Not applicable
 distribution            Results.
                         Whether the data spacing and distribution is       Not applicable
                         sufficient to establish the degree of
                         geological and grade continuity appropriate
                         for the Mineral Resource and Ore Reserve
                         estimation procedure(s) and classifications
                         Whether sample compositing has been                No samples were composited
 Orientation of          Whether the orientation of sampling                Not applicable
 data in relation to     achieves unbiased sampling of possible
 geological structure
                         structures and the extent to which this is
                         known, considering the deposit type.
                         If the relationship between the drilling           There is no apparent bias in
                         orientation and the orientation of key             the drilling orientation used.
                         mineralised structures is considered to have
                         introduced a sampling bias, this should be
                         assessed and reported if material.
 Sample security         The measures taken to ensure sample                Not applicable.
 Audits or reviews       The results of any audits or reviews of            The historic drill data were not
                         sampling techniques and data.                      independently audited

Section 2 Reporting of Exploration Results

  Criteria               Explanation                           Commentary

  Mineral       Type, reference name/number,          The tailings stockpile is no covered by a specific
  tenement and  location and ownership including      licence. The right to process the stockpiles is
                agreements or material issues         covered by various contractual agreements.

land tenure     with third parties such as joint
status          ventures, partnerships, overriding
                royalties, native title interests,
                historical sites, wilderness or
                national park and environmental

                The security of the tenure held at     See above, no other known impediments to
                the time of reporting along with      undertaking exploration work
                any known impediments to
                obtaining a licence to operate in
                the area.

Exploration     Acknowledgment and appraisal          There is no available sample data available from
done by other   of exploration by other parties.      the stockpile.

                                                      A detailed survey of the stockpiles was
                                                      undertaken by Strydom & Associates, licenced
                                                      land surveyors in February 2010. A total of
                                                      4,250 spot survey shots were taken to create a
                                                      detailed topographical survey over about 90
                                                      hectares. Volume calculations were undertaken
                                                      using ReGIS software to produce sections at a
                                                      30m interval. Several assumptions were
                                                      applied to estimate the base of the stockpile.
                                                      Until drilling is completed the volume estimate
                                                      is considered preliminary. Density of the
                                                      stockpiles were assumed to be 1,800kg/m3 for
                                                      sands and 2,296kg/m3 for fines stockpiles.

Geology         Deposit type, geological setting      The Project comprises a large +/- 20Mt crushed
                and style of mineralisation.          tailings stockpile comprising pegmatite material
                                                      containing minerals of lithium, tin and

Drill hole      A summary of all information          Location of 2016 Auger Drill holes
Information     material to the understanding of
                the exploration results including a
                tabulation of the following            Ref    East      North
                information for all Material drill
                holes:                                         48667     765210
                                                       AF01    6         1
                •         easting and northing of
                the drill hole collar                          48698     765205
                                                       AF02    8         9
Criteria         Explanation                           Commentary

                 •        elevation or RL (Reduced              48767    765291
                 Level – elevation above sea level      AS01    5        0
                 in metres) of the drill hole collar
                                                                48741    765290
                 •       dip and azimuth of the         AS02    5        5

                 •       down hole length and
                 interception depth

                 •       hole length.

                 If the exclusion of this information No material information was excluded.
                 is justified on the basis that the
                 information is not Material and
                 this exclusion does not detract
                 from the understanding of the
                 report, the Competent Person
                 should clearly explain why this is
                 the case.

Data             In reporting Exploration Results,     Not applicable
aggregation      weighting averaging techniques,
methods          maximum and/or minimum grade
                 truncations (e.g. cutting of high
                 grades) and cut-off grades are
                 usually Material and should be

                 Where aggregate intercepts            Not applicable
                 incorporate short lengths of high
                 grade results and longer lengths
                 of low grade results, the
                 procedure used for such
                 aggregation should be stated and
                 some typical examples of such
                 aggregations should be shown in

                 The assumptions used for any          Not applicable
                 reporting of metal equivalent
                 values should be clearly stated.

Relationship     These relationships are               None of the shallow holes came close to
between          particularly important in the         reaching the base of the stockpiles.
mineralisation   reporting of Exploration Results.
widths and
Criteria       Explanation                            Commentary

intercept      If the geometry of the
lengths        mineralisation with respect to the
               drill hole angle is known, its
               nature should be reported

               If it is not known and only the        Not applicable
               down hole lengths are reported,
               there should be a clear statement
               to this effect (e.g. ‘down hole
               length, true width not known’).

Diagrams       Appropriate maps and sections          Figures 2 show the locations of the four auger
               (with scales) and tabulations of       holes and the outline of the stockpiles.
               intercepts should be included for
               any significant discovery being
               reported These should include,
               but not be limited to a plan view
               of drill hole collar locations and
               appropriate sectional views.

Balanced       Where comprehensive reporting          All results have been included.
reporting      of all Exploration Results is not
               practicable, representative
               reporting of both low and high
               grades and/or widths should be
               practiced to avoid misleading
               reporting of Exploration Results.

Other          Other exploration data, if             There is no other exploration data which is
substantive    meaningful and material, should        considered material to the results or
exploration    be reported including (but not         statements reported in this announcement.
data           limited to): geological
               observations; geophysical survey
               results; geochemical survey
               results; bulk samples – size and
               method of treatment;
               metallurgical test results; bulk
               density, groundwater,
               geotechnical and rock
               characteristics; potential
               deleterious or contaminating

Further work   The nature and scale of planned        Further work will include aircore drilling of the
               further work (e.g. tests for lateral   stockpiles and metallurgical test-work.
               extensions or depth extensions or
               large-scale step-out drilling).
  Criteria          Explanation                       Commentary

                    Diagrams clearly highlighting the Figure 3 Shows proposed drill hole layout
                    areas of possible extensions,
                    including the main geological
                    interpretations and future drilling
                    areas, provided this information is
                    not commercially sensitive.

23 September 2016


PricewaterhouseCoopers Corporate finance (Pty) Ltd

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