TASMAN RESOURCES LTD — Capital/Financing Update 2006

Nov 27, 2006

TASMAN RESOURCES NL

ACN 009 253 187

Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866

Website: www.tasmanresources.com.au

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT

28^th November 2006

AEM SURVEY DEFINES MULTIPLE URANIUM TARGETS AND PERMIAN COAL POTENTIAL

• Data from an airborne EM survey flown in August has defined +80km of the uranium prospective Tertiary Garford palaeochannel within Tasman's 100% owned Central Gawler Craton tenements.
• Interpretation of the data indicates the presence of deeper Mesozoic and Permian palaeochannels which are also uranium targets.
• The survey has highlighted a separate NW-SE trending trough of probable Permian age with obvious coal potential and strong similarities to the Lake Phillipson coal deposit 10 km to the east.

Tempest Airborne EM Survey Completed

Processing, imaging and interpretation of the data from Tasman's recent airborne EM (TEMPEST) survey flown over the northern portion of its 100% owned Central Gawler project approximately 80km southwest of Coober Pedy in South Australia has now been completed. The survey totalling 1450 line km was flown for Tasman by Fugro Airborne Surveys on north-south lines spaced 1km apart to better define the uranium - prospective Garford palaeochannel which trends in a generally east-west direction across Tasman's tenements (Figure 1).

Uranium Targets

Interpretation of the TEMPEST conductivity images suggests that in excess of 80 kilometres of the Garford palaeochannel exists within Tasman's tenements to depths of around 40 to 50m (Figure 2). Tertiary palaeochannels are known hosts to uranium mineralisation elsewhere on the Gawler Craton e.g. the Beverley and Warrior deposits.

A similar length of deeper linear TEMPEST conductors to maximum depths of 130m located partially beneath the Garford channel (Figure 3) are interpreted to represent older buried Mesozoic -Permian palaeodrainages, based on the available stratigraphic drilling data. As the latter are also draining Precambrian crystalline basement rocks (potential uranium source rocks) and are known to contain carbonaceous material (potential uranium traps) they are also considered prospective for the sandstone/palaeochannel hosted style of uranium deposit identified in the younger Tertiary palaeodrainages. A typical conductivity depth image cross section at 430000mE is attached $(Figure 4)$ .

Coal Potential

A strong NW-SE trending conductor (Figure 3) from 70 to 130m depth is believed to be indicative of a Permian trough very similar to several narrow linear troughs further to the east which host the Lake Phillipson and Penrhyn coal deposits. These are located within the upper portions of the Mt Toondina Formation within the Permian Arckaringa Basin and according to government reports contain in excess of 5 billion tonnes of sub bituminous coal (PIRSA Report Book 96/25, 1996).

The potential for other troughs to the west of Lake Phillipson was alluded to by a PIRSA magnetic/ gravity interpretation and from three holes drilled in 1996. One of these holes (CPC 16, Figure 3) lies at the northern end of the interpreted trough and intersected several coal seams up to 2m in thickness within the Mt Toondina Formation from 54 to 100m. The EM data implies a broader, potentially more favourable portion of the trough up to 8.5km in width within Tasman's EL 3532. The Mt Toondina Formation however is possibly missing from hole CPC15 which was drilled at the southern end of this feature. This hole, which intersected carbonaceous sediments interpreted to belong to the older Permian Stuart Range Formation, may be on a local structural high between two sub basins.

Future Program

Tasman is currently finalising a uranium exploration strategy for the Wynbring and Garford palaeochannels within its Central Gawler tenement portfolio. An RC drilling program is also planned to test the coal potential of the recently interpreted Permian trough.

Any future coal discovery by Tasman could benefit from its close proximity to the existing Lake Phillipson deposits and the Alice Springs – Adelaide railway line which is located approx. 30km to the east. A potential market for the coal would be the Port Augusta power station which is serviced by rail access and is anticipated to exhaust its own coal reserves at Leigh Creek within approximately 10 to 15 years.

Greg H. Solomon $\overline{Executive}$ Chairman

The interpretations and conclusions reached in this report are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken on the basis of interpretations or conclusions contained in this report will therefore carry an element of risk.

The information in this announcement, insofar as it relates to Mineral Exploration activities, is based on information compiled by Michael J Glasson, who is a member of the Australian Institute of Geoscientists, and who has more than five years experience in the field of activity being reported on. Mr Glasson is a full-time employee of the company. Mr Glasson has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Persons as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Glasson consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.

It should not be assumed that the reported Exploration Results will result, with further exploration, in the definition of a Mineral Resource.

Figure 1 Location Plan Showing Tasman's Central Gawler Tenements, Interpreted Palaeochannels, Permian Trough and Coal Deposit Locations

Figure 2 Conductivity Depth Image at 40m and Interpreted Garford Palaeochannel

Figure 3 Conductivity Depth Image at 70m, Older Palaeochannel and Interpreted Permian Age Trough with Coal Potential

Figure 4 Conductivity Depth Image Cross Section Line 430000mE (Line 10110) Refer location in Figure 3)