Tawana has agreed to the terms of a joint venture with Nowak Investments (Pty) Limited 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 program to earn a 51% interest in the project.
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.
Nowak is a Botswana registered unlisted company.