Tawana agreement with Nowak

Tawana has agreed to the terms of a joint venture with Nowak Investments (Pty) Limited (Nowak) to continue the exploration and evaluation of Tawana’s Orapa Diamond Project in Botswana. The agreement is subject to Ministerial approval.

Under the terms of the agreement Nowak will be required to conduct and sole fund the following program to earn a 51% interest in the project:

1) Review all the results from the work completed by Tawana.

2) Select kimberlites for mini-bulk sampling at the 30 metre level. For this purpose, the Management Committee, comprising members of Tawana and Nowak, will determine the selected kimberlites.

3) Excavate at least one pit per selected kimberlite to a depth of 30 metres.

4) Excavate from horizontal drives at the 30m level no less than 100 tonnes of kimberlite for processing from the selected kimberlites less than 1 hectare in surface area and no less than 200 tonnes of kimberlite from the selected kimberlites greater than 1 hectare in surface area.

A maximum of 1100 tonnes of kimberlite will be excavated for processing during this initial phase. If warranted additional bulk sampling up to 3000 tonnes per kimberlite could be excavated and processed in subsequent phases.

This phase of work is scheduled to commence immediately.

Nowak has also undertaken to conduct exploration on the Borolong and Moshaiwa projects.

At the completion of the above program Tawana will have the option to contribute 49% of ongoing expenditure or allow Nowak to continue sole funding to earn 70% interest in the projects by completing a bankable feasibility study. Thereafter both parties will contribute pro-rata to expenditures.

Story link: Tawana agreement with Nowak