TASMAN RESOURCES LTD — Interim / Quarterly Report 2007

Jul 30, 2007

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ACN 009 253 187 [TASMAN RESOURCES NL ]

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

Website: www.tasmanresources.com.au

ASX QUARTERLY EXPLORATION REPORT

FOR PERIOD ENDED 30TH JUNE 2007

HIGHLIGHTS

• High-grade gold and silver intersected at Parkinson Dam. Mineralisation associated with previously unrecognised, steeply-dipping, classic epithermalstyle quartz veins

Drill hole PD 63: 21m down hole at 21g/t Au and 83g/t Ag, including 9m at 31g/t Au and 152g/t Ag

Follow up drilling to commence in August 2007.

• Fission Energy Ltd lists on ASX after raising $6 million. Tasman retains a 52% interest (fully diluted).

• Drilling has resumed at Titan copper-gold-uranium prospect, 30km north of Olympic Dam. As 100% owner Tasman is currently free carried by JV partner.

MINERAL EXPLORATION ACTIVITIES

GOLD

Parkinson Dam Epithermal Gold-Silver (Lead-Zinc) Project (Tasman 100%)

As reported to the ASX in June, Tasman has intersected high-grade gold-silver mineralisation at the Parkinson Dam Project, located 60km west of Port Augusta in South Australia. The mineralised area at Parkinson Dam has not been fully defined but is at least 2.5km[2 ] in area.

During the quarter, Tasman completed an eight hole (RC percussion and diamond core) drilling programme at Parkinson Dam, and the high-grade assay results, from vertical drill hole PD 63, were the first received from this programme. The holes are widely spaced, with up to 650m between holes. Some of the holes were designed to delineate the dimensions and extent of the mineralisation and others were designed to follow-up higher-grade intersections from the previous drilling programmes. All holes in the current programme encountered varying degrees of alteration and mineralisation.

Drill hole PD 63 returned an average intersection of 21m downhole at 21g/t Au and 83g/t Ag from 179m to 200m ; including 9m downhole at 31g/t Au and 152g/t Ag from 179m to 188m .

Figure 1 illustrates this intersection. The location of PD 63 and its relationship to nearby holes is shown in Figure 2. This hole was designed to test for high-grade mineralisation. Individual silver and gold assays from a selected part of the hole (from 179m to 200m) are presented in Table 1. PD 63 was precollared by RC percussion drilling to 102m, and completed by NQ diamond core drilling to 421.6m depth.

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Figure 1: Parkinson Dam Project PD 63 results summary and proposed follow-up drilling.

Epithermal Deposits

Epithermal deposits are quartz vein and stockwork style mineralisation that generally form at shallow depths (<1km) when hot hydrothermal fluids associated with volcanic activity boil or encounter different chemical conditions. Epithermal deposits can vary considerably in size, grade and metal

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association. The grades of these epithermal veins are commonly in the range 10-30g/t Au and 200400g/t Ag.

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Figure 2: Parkinson Dam Project drill hole location plan. PD 63 is a vertical hole (as is PD 30). The other drill holes are inclined at -60º. N.B. AMG Zone 53 Grid shows 200m squares. North to top of image

Large examples include Pajingo (North Queensland, Australia; resources and production approximately 3M Oz Au), El Penon (Chile; reserves and resources approximately 2.5M Oz Au), Lihir (PNG; resources approx. 40M Oz Au), Hishikari (Japan; resources and production approx. 8.5M Oz Au) and Chatree (Thailand; resources plus production approximately 4.8M Oz). Note that significant portions of these deposits can be very steeply orientated and relatively narrow (e.g. the Nancy lode at Pajingo is sub-vertical and about 4m to 12m wide; at El Penon the lodes are steep and about 3m wide).

Geological Context

Tasman commenced exploration at Parkinson Dam in mid-2005, discovering previously unknown epithermal gold-silver mineralisation in outcrop. Subsequent PACE-supported drilling by Tasman intersected gold and silver mineralisation up to 3.4g/t Au and 80g/t Ag over 3m downhole in RC percussion drilling. Significant, associated epithermal lead and zinc mineralisation was also intersected over wide intervals (e.g. 96m at 0.2% Pb down hole and 27m at 0.4% Zn downhole). A higher grade interval of 7.6% Pb, 10.5% Zn, 1.2g/t Au and 120g/t Ag over 1.66m down hole was intersected and reported in late-2006.

The geological context of the current highly encouraging results is still to be fully assessed, and further information will be released in due course. It is clear however that the high-grade gold values from the hole are associated with epithermal-style, colloform-crustiform veining, similar-looking to mineralised veining previously intersected at the prospect. The veining associated with the high-grades in PD 63 is steeply dipping, and probably sub-parallel to this vertical hole (see Figure 3). This suggests that the

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mineralised zone is likely to be steeply dipping. Follow-up drilling is required to establish the true width of this zone.

This steep dip is also quite different to most of the other mineralised veins intersected to date, which appear to have gentler, northerly dips of around 20º to 30º. Tasman believes that the association of highgrade gold with steep veins opens up the potential of the prospect considerably, as most of the drilling to date has been focussed on testing targets with shallow-dipping orientations. Further drilling including angled holes is therefore planned.

It should be noted that some parts of the drill core covering the high-grade interval are quite broken, and as a result, core recoveries for several individual one-metre samples are less than 100%. The core is also locally stained with red, earthy, haematite, and this could indicate some late-stage remobilisation of metals. The presence of strong silver mineralisation associated with the high gold grades and the depth of the intersection (around 200m, compared to the depth of oxidation in most holes of 40m to 100m) suggests that supergene enrichment processes are unlikely to have occurred, and that the mineralisation is primary in origin.

Discussion

These latest results are encouraging, and while further exploration work is required to determine the orientation and controls on mineralisation, it is clear that the epithermal system discovered at Parkinson Dam is capable of hosting potentially economic gold and silver grades over significant (downhole) widths.

Drilling completed to date has probably not yet effectively tested for steep, potentially high-grade structures such as that intersected in PD 63, being focussed on testing around outcropping veins over a relatively wide area and evaluating the shallowing dipping veins identified prior to hole PD 63. The area of highest priority for epithermal veining defined by drilling to date covers around 2.5km[2] , but this zone has not been investigated for steeply dipping veins.

Follow-up Drilling

Follow-up drilling is due to commence in August 2007. A comprehensive programme is planned, and drilling will focus on determining the thickness, width and geometry of the high-grade mineralisation in PD 63. Drilling may also be directed at testing other parts of the project area for similar style high-grade gold and silver mineralisation. Figure 2 shows that the area surrounding PD 63 is largely untested.

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Figure 3: Parkinson Dam PD 63 drill core, close up photograph of NQ core showing nature of high-grade epithermal veining (core width 5cm).

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Table 1: Selected Gold and Silver assays from PD 63

From	To	Width	Gold	Gold	Silver	Silver
(m downhole)		(m)	A	B	C	D
			(g/t)	(g/t)	(g/t)	(g/t)
176	177	1	0.018		4.75*
177	178	1	0.069		10
178	179	1	0.024		21
179	180	1	11.9	10.8	87	90
180	181	1	105.3	100.9	449	410
181	182	1	14.1	12.4	499	513
182	183	1	11.3	8.66	55	63
183	184	1	67.5	66.8	109	120
184	185	1	44.9	43.6	54	64
185	186	1	9.53	8.43	49	52
186	187	1	13.9	12.2	48	52
187	188	1	2.01	1.9	19	21
188	189	1	0.177		17
189	190	1	0.119		4.86*
190	191	1	0.354		24
191	192	1	1.62	1.25	21
192	193	1	0.174		17
193	194	1	0.235		6
194	195	1	89.4	82.9	119	111
195	196	1	11.4	7.46	27
196	197	1	0.338		6.6*
197	198	1	27.8	23.4	63
198	199	1	23.2	20	46
199	200	1	4.17	3.58	22
200	201	1	0.166		3.25*
201	202	1	0.049		2.09*

Notes:

1. Down hole intercepts – true widths not known

2. Half core (sawn) samples of NQ diamond core. Several samples represent intervals of less than 100% core recovery. Broken core that could not be sawn was sampled by selecting pieces of core that represent approximately half the volume of each metre interval.

3. Core sampling has been done on even one metre intervals. 4. Assays:

4. a. (Column A) Gold assays determined by aqua regia digestion, solvent extraction and graphite furnace AAS (detection limit 0.001g/t).

5. b. (Column B) Repeat gold assays by fire assay with AAS finish (detection limit 0.01 g/t).

6. c. (Column C) Silver assays determined by multi-acid digestion, followed by AAS (detection limit 5g/t). Values flagged with * have been determined by aqua regia digestion, followed by ICPMS (detection limit 0.01g/t).

7. d. (Column D) Repeat silver assays determined by multi-acid digestion, followed by AAS (detection limit 5g/t).

8. e. Internal laboratory quality control on the results has been conducted, although no external laboratory checks have been conducted at this stage.

9. 1. Density (SG) has not been measured.

10. Entire hole has been logged and photographed.

11. Hole is vertical, however instrumentation problems prevented effective down hole surveying of this hole

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BASE METAL – URANIUM EXPLORATION: LAKE TORRENS PROJECT

WCP Iron-Oxide Copper Gold Uranium Joint Venture (Tasman 100%, WCP earning interest)

Under a joint venture with Tasman, WCP Resources Limited are earning an interest in basementhosted mineralisation in part of Tasman’s 100% owned Lake Torrens Project, which covers a large area immediately north and west of Olympic Dam in South Australia.

WCP commenced drilling at Titan prospect (a mineralised iron-oxide copper gold uranium system) about 30km north of Olympic Dam) in early July 2007.

Chudy’s Prospect (Tasman 100%)

Tasman has received approval from the South Australian Government for PACE Funding to the level of $75,000 to test for base metals (lead, zinc, silver) at the Chudy’s and 50 Mile prospects within EL 3209. Both prospects are located on the Stuart Shelf in central South Australia, approximately 40km northeast of Olympic Dam, on part of a complex structural zone known as the Torrens Hinge Zone.

A diamond-drilling program to test the strongest SDP soil anomalies at the Chudy’s prospect ,which may be indicative of Mississippi Valley type lead-zinc mineralisation at depth, commenced late in the quarter, and has now been completed. Whilst assays have not yet been received, no visible base metal mineralisation was encountered.

GOLD-BASE METAL AND URANIUM EXPLORATION: QUEENSLAND

Mirrica Project (Tasman 100%)

Interpretation of recently released airborne magnetic data over the Mirrica project was carried out on behalf of Tasman by consultant geophysicist John Slade. Slade has interpreted a suite of north-south trending extensional (pull-apart) structures that are considered prospective for gold mineralisation and are priority drill targets.

A detailed review of previous soil geochemical data from the Mirrica area was undertaken by IOGlobal. This has highlighted untested residual copper and lead anomalism for follow up.

Grant of the main Mirrica project tenements is expected during the forthcoming quarter.

Glenormiston Project (Tasman 100%)

Tasman has applied for four EPMs having a total area of 2500km[2] located approximately 150km WSW to 250km SSW of Mt Isa in Queensland.

The applications cover a large portion of a broad palaeovalley system incised into Ordovician Georgina Basin sediments and filled with Tertiary-aged Austral Downs Limestone. Much of the remainder of the palaeovalley system is held by Summit Resources. Previous drilling by BHP for Oil Shales showed that the limestone is up to 50m thick.

Data from a recent government airborne radiometric survey indicates the limestone is strongly anomalous in uranium. Previous exploration by Amax Iron Ore Corporation in the late 1970s located traces of the uranium mineral carnotite in similar Tertiary limestones in the Bedourie area, 170km to the south. Amax obtained uranium assays up to 224ppm U308.

The highest uranium radiometric anomalies in the Austral Downs Limestone within Tasman’s EPM applications tend to occur in a linear to arcuate pattern (Figure 4) and may reflect a stratigraphic control.

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Figure 4: Portion of Tasman’s Glenormiston project (dark blue outline) showing filtered (high values only) airborne uranium radiometric image and outline of Austral Downs Limestone (light blue outline).

TENEMENT STATUS

Tasman Resources NL holds a 100% interest in the following exploration projects (see Figure 5):

• The “Lake Torrens IOCGU-Base Metal Project” comprising Exploration Licences 2989, 3109, 3123, 3140, 3174, 3175, 3177, 3209, 3254, 3261, 3449, 3541, 3607, 3634 and 3677. Of these, Exploration Licences 2989, 3109, 3140, 3175, 3174, 3177, 3209, 3261, 3449 and 3634 are subject to a joint venture agreement with WCP Resources.

• The “Parkinson Dam Epithermal Gold-Silver Project” (ELs 3102, 3307, 3453 and 3739).

• The “Central Gawler Gold - Nickel Project” (ELs 3306, 3339, 3340, 3341, 3342, 3343, 3344, 3345, 3423, 3532 and 3712).

• The “Mirrica Gold-Base Metal Project” comprises applications 15642, 15645, 16164 and 16165 for EPMs in Queensland.

• The “Glenormiston Project” comprises applications 16124, 16125, 16126 and 16127 for EPMs in Queensland.

Outside interests in Tasman’s 100%-owned mineral tenements:

In the Lake Torrens Project, Exploration Licences 2989, 3109, 3140, 3175, 3174, 3177, 3209, 3261, 3449 and 3634 are subject to a joint venture agreement with WCP Resources covering basement-hosted mineralisation only. Tasman has a free carried interest until WCP expends a minimum of $2.5 million on new work within the joint venture area.

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Fission Energy Ltd has the right to explore for uranium in all Tasman’s South Australian tenements except for (a) basement-hosted mineralisation within the WCP Resources Joint Venture area in the Lake Torrens Project, and (b) a small, excluded area (approximately 15km[2] ) at Parkinson Dam.

Flinders Diamonds Ltd has entered an agreement with Tasman to explore for diamonds within all Tasman’s South Australian tenements except for the Parkinson Dam Project.

CORPORATE

Investment in Eden Energy Ltd.

Tasman currently has a 25.8% interest in green energy company Eden Energy Ltd (ASX: EDE), based on a fully diluted basis.

Fission Energy Ltd Uranium IPO

Fission Energy Limited was successfully listed on the Australian Securities Exchange on 18[th] June 2007, raising $6 million. Funds will be used to explore a portfolio of uranium prospective mineral tenements in South Australia and Western Australia. In South Australia, Fission has the right to explore for uranium within Tasman’s tenements, except for basement rocks within the area subject to the WCP Joint Venture, and an excluded area at Parkinson Dam Project (approximately 15km[2] ) where Tasman is aggressively testing for high grade epithermal gold-silver.

Based on Tasman’s holding of shares and options in Fission, Tasman currently has a 52% interest in Fission on a fully diluted basis.

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Greg Solomon
Executive Chairman
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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 years 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.

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Figure 5: Location of Tasman Tenements in South Australia and Queensland

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Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

TASMAN RESOURCES NL

ABN 85 009 253 187

Quarter ended (“current quarter”)

30 June 2007

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid – GST Paid Income Taxes – GST Refunds Received 1.7 Other (provide details if material)- Pace Grants Net Operating Cash Flows	Current quarter $A’000	Year to date (12 months) $A’000
	28 (199) (302) 0 26 0 (41) 25 0	38 (1,085) (1,091) 0 44 0 (158) 147 40
	(463)	(2,065)
Cash flows related to investing activities 1.8 Payment for purchases of: (a)prospects (b)equity investments (c)other fixed assets 1.9 Proceeds from sale of: (a) prospects (b)equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other (provide details if material) - Cash disposed on loss of subsidiary Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(1) 89 (200)	(10) 356 (200)
	(112)	146
	(575)	(1,919)

1.13 Total operating and investing cash flows (brought forward)	(575)	(1,919)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other (provide details if material) Share Issue Costs Net financing cash flows	2 0 0 0 0 (127)	3,193 0 0 0 0 (246)
	(125)	2,947
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter	(700) 2,407 0	1,028 679 0
	1,707	1,707

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
		148
		0
1.25	Explanation necessaryforanunderstanding of thetransactions
	Management Fees, as per agreement, were paid during the quarter to a company of which Mr GH Solomon and Mr DH Solomon are directors. Legal Fees were paid during the quarter to a firm of which Mr GH Solomon and Mr DH Solomon are partners. Commissions and Fees paid during the quarter to a company of which Mr GT Le Page is a director. Bona-fide reimbursement of expenses for the period to 30 June 2007 Directors Fees and Superannuationpaid duringtheperiod.

Non-cash financing and investing activities

2.1 2.2	Details of financing and investing transactions which have had a material effect on consolidated assets andliabilities butdidnot involve cash flows
	Nil
	Details of outlays made by other entities to establish or increase their share in projects in which thereporting entityhas an interest
	Not applicable

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	Nil	Nil
	Nil	Nil

Estimated cash outflows for next quarter

Estimated cash outflows for next quarter
4.1 Exploration and evaluation 4.2 Development	$A’000
	500
Total	500

Subsequent to end of quarter additional capital has been raised to fund part of this expenditure.

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,657	2,357
	50	50
	0	0
	0	0
Total: cash at end of quarter(item 1.22)	1,707	2,407

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	EL 3102 EL 3109 EL 3123 EL 3140 EL 3174 EL 3175 EL 3177 EL 3209 EL 3254 EL 3261 EL 3306 EL 3307 EL 3339 EL 3340 EL 3341 EL 3342 EL 3343 EL 3344 EL 3345 EL 3423 EL 3449 EL 3453 EL 3532 EL 3541 EL 3607 EL 3634 EL 3677 EL 3712 EL 3739	(formerly) Licence granted Licence granted Licence granted (EL 2507) Licence granted (EL 2543) Licence granted Licence granted Licence granted Licence granted (EL 2594) Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted Licence granted (ELA 111/05) Licence granted (ELA 272/05) Licence granted (ELA 339/05) Licence granted (ELA 258/05) Licence granted (ELA 777/04) Licence granted (ELA 685/05) Licence granted (ELA 131/06) Licence granted (ELA 399/06) Licence granted (ELA 189/06) Licencegranted(ELA 289/06)	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
	Outstanding Applications: EPM 15642, EPM 15645, EPM 16124, EPM 16125, EPM 16126, EPM 16127, EPM 16164, EPM 16165 New Applications this quarter and subsequent to the quarter: EL 305/07 (Formerly EL 2989), EPM 16577, EPM 16586

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

dates.
	Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	NOT APPLICABLE
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs	122,644,896	122,594,896
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	NOT APPLICABLE
7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	200,000 2,800,000 12,813,825	NIL NIL 12,813,825	Exercise price 30 cents 20 cents 20 cents	Expiry date 3 March 2008 30 August 2009 31 Dec 2009
	NIL	NIL
	NIL	NIL
7.11 Debentures (totals only)	NOT APPLICABLE
7.12 Unsecured notes (totals only)	NOT APPLICABLE

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

RAYMOND FRANCIS BUSCALL – COMPANY SECRETARY Date: 31 July 2007

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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