TASMAN RESOURCES LTD — Capital/Financing Update 2007

Feb 11, 2007

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

12 February 2007

Tasman to spinoff its SA and WA uranium assets into new

Fission Energy IPO and ASX listing

The Directors of Tasman Resources NL are pleased to announce that Fission Energy Ltd (Fission), currently a wholly owned subsidiary of Tasman, is to be the subject of a A\$4 million minimum Initial Public Offer (IPO) and planned listing on the Australian Stock Exchange as a uranium explorer.

Fission's uranium assets will comprise the total sediment hosted uranium exploration portfolio currently held by Tasman in South Australia, in addition to a selection of exploration licences made by Fission in its own right and covering a range of uranium prospective properties in Western Australia.

The proposed IPO will also provide for oversubscriptions of up to A\$2 million.

In South Australia, Tasman has a significant mineral tenement portfolio $(8,960 \text{km}^2, \text{Figure 1})$ covering several commodities. Under the terms of a new joint venture between Tasman and Fission. Fission will hold 100% of all sediment hosted uranium deposits discovered within these tenements. These tenements contain a range of uranium-prospective targets:-

• $1.$ Approximately 30km of untested Tertiary palaeochannels at Wynbring (Figure 2 and 3). Drill testing, mostly to the south of Tasman's tenement was conducted by a previous uranium explorer in the 1980's. This revealed radiometric responses in favourable geological conditions for paleochannel-hosted uranium inside the southern boundary of Tasman's tenement
• $\overline{2}$ . 80km of untested palaeochannels at Garford (Figure 4) which were better delineated by an extensive airborne EM survey conducted by Tasman in 2006.
• The basal unconformity of the Corunna Conglomerate at the Parkinson Dam prospect. This 3. contact is considered prospective for unconformity-style uranium deposits such as Ranger & Jabiluka in the Northern Territory. The Parkinson Dam epithermal area $(13km^2)$ as shown in Figure 5 is excluded from the Fission tenement package.

The prospectivity of this unconformity is enhanced by the discovery of outcropping uranium mineralisation by an earlier explorer, who obtained 970ppm uranium in a rock chip sample collected close to Corunna unconformity. Follow-up sampling by Tasman has identified pitchblende at this location.

Tasman's Lake Torrens Project tenements close to Olympic Dam are the subject of a previously announced joint venture with WCP resources, who may earn a 65% interest in basement-hosted deposits by spending \$6,500,000 over five years. Younger rocks above the basement will be available to Fission to explore for sediment-hosted uranium deposits.

In Western Australia, Fission has applied for, in its own name, nine new exploration licence areas which are considered prospective for uranium. Seven of these target calcrete-hosted uranium deposits (see Figure 6) associated with palaeochannels/playa lakes and exhibit elevated airborne radiometric signatures. One application is over a paleochannel east of Kalgoorlie. The final application targets unconformity related uranium mineralisation 40km east of the Kintyre deposit. The application covers a known uranium occurrence, but is partially located within a national park, and access is currently an issue.

In Fission. Tasman will hold 25,000,000 shares (representing between 45% and 55% of the shares on issue at the time of listing) and 12,500,000 options, exercisable at 20 cents up to and including 28 February 2011. A prospectus is to be issued to raise a minimum of \$4,000,000 (with up to \$2,000,000 in oversubscriptions) through the issue of $20,000,000$ fully paid ordinary shares at $20$ cents each (with up to 10,000,000 additional shares for oversubscriptions). Tasman shareholders at the record date, which will be determined after completion of the Fission prospectus, will be granted a priority entitlement in aggregate for up to 10,000,000 shares. Taylor Collison Ltd, stockbrokers in Adelaide, will be sponsoring brokers to the issue.

The Directors propose an option issue within three months of Fission's listing. This will be at an issue price of 1 cent per option to all Fission shareholders at the time, with one option for every two Fission shares held to acquire one fully paid Fission share at an exercise price of 20 cents at any time up until 28 February 2011.

It is hoped that the Fission prospectus will be completed within the next 6 to 8 weeks, after which it will be lodged with the Australian Securities & Investments Commission and the Australian Stock Exchange. The record date and timetable for the Fission float will be determined at that time.

Kyun, Troman

Gregory Solomon 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 Robert N. Smith and Michael J. Glasson, who are members of the Australian Institute of Geoscientists, and who have more than five vears experience in the field of activity being reported on. Mr Smith and Mr Glasson are full-time employees of the company. Mr Smith and Mr Glasson have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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 Smith and Mr Glasson consent 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 Tasman Resources Exploration

Figure 2 Wynbring: EL 3306 previous company drilling and interpreted palaeochannel location based on Hoistem survey.

Figure 3 Wynbring: Drill Hole Cross Section (section line is southernmost line of previous company drilling in EL 3306 Figure 2)

Figure 4 Garford: Conductivity depth image (Tempest survey) at 40m and Interpreted Garford Palaeochannel.

Figure 5 Parkinson Dam: Location of Corunna Conglomerate unconformity and uranium occurrence in relation to Tasman tenements.

Figure 6: Location of Fission WA uranium exploration licence applications.