ASX RELEASE: 03 Sept 2015
ASX : TAW
CORPORATE DIRECTORY Executive Chairman & CEO
Wayne Richards
Executive Director, CFO & Co. Sec.
Michael Naylor
Non- Executive Director
Michael Bohm
Mofe Creek Iron Ore Project - Liberia, West Africa
LIBERIA: Proven Iron Ore Country
LOCATION: Project located 20km from coast, adjacent to historic rail alignment, 85kmto Port of Monrovia
LITHOLOGY: High grade +33% Fe friable itabirite resource of
1
Research and Development Refund Received
Tawana Resources NL (ASX: TAW) (the "Company") is pleased to advise that it has received proceeds of $379,004 (net of fees) from the Australian Taxation Office in respect of Research and Development (R&D) conducted in the 2014 year.
The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake research and development in Australia. During the year ended 31 December 2014, Tawana incurred eligible R&D expenditure from which the tax rebate was calculated.
Reduced Operating Expenditure Program Implemented:
The Company has diligently continued to reduce corporate and Liberian expenditure (whilst advancing the Project's principal activities) to minimise cash outflow whilst maintaining key personnel.
Key corporate and senior executive officers of the Company (both
61.9Mt
with ability to produce a
permanent and contract personnel) have all in turn accepted a 20%
+64 to 68% Fe product
LOGISTICS: Private Haul Road, Transhipment or Direct ship loading
LEADERSHIP: Proven Executive Team with 'In-Country' Iron Ore expertise
Rakana JV (6.7%), South Africa Meletse Iron Ore and Avontuur Manganese JV managed by Baosteel Iron and Steel Group
Key Milestones:
- Scoping Study completion
- Maiden Resource Estimate announced
- Pre-Feasibility study commenced
- Mineral Development Application progressing
- Resource Mapping and prioritization of drilling targets on both tenements being assessed
- ESIA - Terms of Reference and
Scoping Report completed
CONTACT DETAILS
288 Churchill Avenue
Subiaco Perth WA 6008
Email: [email protected] Website: www.tawana.com.au Phone: +61 8 9489 2600
salary reduction in a bid to further reduce operating and governance expenditure whilst maximising the Company's healthy cash position.
The Company had a cash balance of circa $1.6 million (pre R&D refund)
as at 30 June 2015 and has no debt.
Executive Chairman & CEO Mr Wayne Richards said "I would personally like to thank staff who have all voluntarily agreed to this salary reduction during these challenging market conditions, and am very appreciative of their commitment to the Project and our fiscal management regime"
For further information, contact:
Wayne Richards
Executive Chairman and Chief Executive Officer
Tel +61 8 9489 2600
1 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 Mineral 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.