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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tawa | TAW | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 13.50 | 13.50 |
| Top Posts |
|---|
Posted at 13/6/2005 15:01 by ianwc 6 June 2005PLACEMENT SUCCESS Placement On Friday 3 June, Tawana Resources NL ("The Company") placed 2,666,667 shares with sophisticated investors raising $2,000,000 to supplement the Company's working capital. Of the total shares placed Tawana directors contributed 666,667 November 2005 $0.75 options into the raising. As a result, and by procuring those options' early exercise, the dilutionary effect of the placement has been limited to 2,000,000 shares. Purpose of raising To accelerate the Company's two main programs for: achieving diamond mining producer status, including engaging professional mining consultants the rapid drilling and assessment of the kimberlite targets in the vicinity of De Beers' Finsch diamond mine in South Africa. Kareevlei Wes and Perdevlei Owned 100% by Tawana. 7 pipes with a total surface area of ~ 12 hectares. Earlier drill-indicated grades strongly suggested the potential for a diamond mining operation on a significant scale. The already commissioned special Dense Media Separation ("DMS") plant is treating the 2004 Bauer- drilled 6500 tonne Kareevlei Wes kimberlite sample. This is to refine and confirm the earlier grade estimates. As part of this process, the next stage would be to mine much larger bulk samples, involving a simple bolt-on scale-up of the DMS plant. At the same time, Snowden Mining Consultants ("Snowdens") have been appointed to complete a pre-feasibility study aimed at confirming project economics, scale, and estimated capital and operating costs. The Tawana Alluvials Owned 100% by the Company. Processing of the drill samples is continuing. A larger scale pit, or costean, will be excavated. This trial mining will go some way towards overcoming the difficulties associated with assessing alluvial grades, notably the "nugget effect". Snowdens have been contracted to do a scoping study to determine what further work may be required to take the project to a stage where the overall economics can be assessed. The Daniel Project A joint venture between BHP Billiton and the Company. The Company is operator. The kimberlite exploration component of the joint venture requires the Company to drill-test a minimum number of the 25 Falcon®- generated potential targets within a TAWANA RESOURCES NL Suite 213, Level 2, 530 Little Collins St., Melbourne, VIC 3000 Telephone: (03) 99097551 www.tawana.com TAWANA RESOURCES Suite 213, Level 2, 530 Little Collins St., Melbourne, VIC 3000 Telephone: (03) 99097551 www.tawana.com defined area around the Finsch mine. Permitting is in process over tenements which contain attractive targets. Managing Director, Wolf Marx said: "Access to additional kimberlite targets within the BHP Billiton joint venture area will be facilitated in the near future, as one of the benefits of our recently completed Black Empowerment Agreement is realized. There are several very exciting targets that we will move on as soon as the tenements are granted." The services of the Bauer drill are being retained. After small diameter drilling of the targets, and where appropriate, the Bauer will enable selected minibulk samples to be rapidly procured. Mr. Marx summed up: "The Snowdens studies will be reviewed in the December quarter. Positive outcomes could see the Company move to larger scale mining, particularly of the Kareevlei Wes kimberlites. We welcome the enthusiastic response to our placement. The additional funds will ensure that the Company's accelerated program is funded to year end, by which time further working capital requirements may be satisfied by the exercise of the November 2005 $0.75 options. |
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