TASMAN RESOURCES LTD — Interim / Quarterly Report 2013

Jul 10, 2013

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ASX QUARTERLY REPORT for the Period Ended 30 June 2013

HIGHLIGHTS

SA – VULCAN IOCGU[#] PROJECT EL 4322

# Iron oxide-copper-gold-uranium

• Exploration continued on the Vulcan exploration target pursuant to the Tasman/Rio Tinto Exploration (RTX) Farm In/Joint Venture, with a further three drill holes being completed during the quarter (VUD 13, 14 and 15).

• VUD 13 and VUD 14 intersected thick zones of variably IOCGU – style altered basement rocks, but relatively minor copper mineralisation. VUD 15 however, intersected very thick (over 200m down-hole) of hematite-dominated IOCGUstyle breccias, containing a number of zones of IOCGU-style copper and uranium mineralisation. Assays are not expected for some weeks.

• Commencement of the next drill holes has been suspended until current site access limitations can be resolved. In order to accommodate this delay, Tasman and RTX have agreed to extend the latest completion date for the initial 12,000 metre Farm In/Joint Venture drilling programme currently being undertaken pursuant to the Joint Venture/ Farm In Agreement, until 31 January 2014.

• A further two drill holes remain to be drilled to complete this programme. To date 9,706m of the 12,000m programme have been completed.

CORPORATE

Eden Energy Ltd (ASX Code: EDE)

• Tasman holds 47.9% of the issued shares in alternative energy company, Eden Energy Ltd.

• During the quarter, Eden conditionally agreed to sell its wholly owned subsidiary Adamo Energy (UK) Ltd, which holds all of Eden’s UK gas assets, to UK based Shale Energy Ltd for cash and shares having a gross potential value of more than £10million. The transaction is conditional upon a number of conditions being satisfied before 31 July 2013.

• Since the end of the quarter, Eden announced having been awarded with the University of Queensland an Australian Research Council grant of $255,000 to help fund research into carbon nanotube reinforced polymer composites for automotive and aerospace applications using Eden’s carbon nanotubes.

• Eden also announced increased sales in the USA of its Optiblend© dual fuel system developed for the diesel generator set market.

Level 15, 197 St Georges Terrace, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Website: www.tasmanresources.com.au

Report for June Quarter 2013

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DETAILS

SA – VULCAN IOCGU PROJECT (100% Tasman)

Exploration under the Tasman-RTX Farm in and Joint Venture Agreement continued during the quarter, with a further three drill holes being completed (VUD 13, VUD 14 and VUD 15). The Agreement covers exploration within Exploration Licence 4322 (see Figure 1).

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EL 4322
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Figure 1: Tasman Lake Torrens Tenements showing regional lineaments and location of Vulcan Project within EL 4322. Blue lines are historic tectonic lineaments used in the original targeting of Olympic Dam by WMC.

VUD 13

As previously reported, VUD 13 is located at 695,386mE; 6,657,211mN (GDA 94, Zone 53), and is inclined at -65 degrees to the west (see Figure 2. The drill hole intersected over 650m of variably IOCGU-style altered basement rocks, but relatively minor copper mineralisation (see Figure 3). This hole was designed to follow up a thick zone (over 240m down hole) of very hematite-rich breccias and a zone of weak gold mineralisation in VUD 9, as well as investigate seismic and potential structural features. Assays received confirm the lack of significant mineralisation in this hole.

VUD 14

The hole was designed to test for high-grade IOCGU mineralisation along the well-defined east northeastern limb of the Vulcan target. VUD 007, drilled 700m further to the northeast along this feature previously intersected 163m of low grade IOCGU mineralisation hosted by IOCGU-style hematite-rich breccias. VUD 014 was designed to test the feature, in a potentially higher-grade location (see Figure 2).

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VUD 014 was collared approximately 400m to the northwest of the zone of interest, (696,410mE; 6,658,325mN; GDA 94, MGA Zone 53) and inclined at -65 degrees to the southeast due to current site access limitations. The hole was completed at 1,488m, and intersected 573m of variably altered and weakly mineralised basement rocks, but failed to intersect the zone of interest or any significant mineralisation or hematite-rich rocks likely to be closely related to the targeted zone (see Figure 4).

Due to the width of the target in this area, it was not possible to thoroughly test it with one inclined hole, and it is believed that the hole may have gone over the top of the zone of interest. It is now thought that a steeper or vertical hole collared a distance to the southeast may have been more successful.

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Figure 2: Vulcan Project: Residual gravity image showing completed drill holes (labelled small red dots). The direction of drilling of inclined holes are shown as thin lines, with the basement intersections coloured white (GDA 94; MGA Zone 53).

VUD 15

This drill hole was designed to test for high grade IOCGU mineralisation associated with the very large, northern part of the Vulcan target zone (see Figure 2), following up narrow, high grade mineralisation intersected in VUD 3 and anomalous mineralisation in VUD 8 (in particular gold). VUD 15 was collared at 693,961mE and 6,660700mN (GDA 94; MGA Zone 53), and inclined at -80 degrees towards the southwest.

VUD 15 intersected the basement rocks of interest at 905m down hole, and then a very thick sequence of highly IOCGU-style altered and variably mineralised basement rocks

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Report for June Quarter 2013

over more than 400m down hole. The main alteration minerals are hematite, sericite, chlorite and barite, with several intersections of essentially pure hematite breccias, including one over 200m thick (down hole).

IOCGU-style copper-uranium mineralisation occurs throughout much of the drill hole. Most of this mineralisation occurs in a series of separate, weak- to moderate-strength intersections of pyrite-chalcopyrite mineralisation, showing elevated uranium levels and trace molybdenite (see Figure 5 and 6). A mafic dyke was intersected at 1,310m, and the first seven metres of it contains vein and disseminated chalcopyrite - pyrite copper mineralisation and elevated uranium (see Figure 7). Assay results are not expected until the drill core can be split sampled and chemically analysed, and this process is expected to take a number of weeks.

The intersection of mineralised, highly favourable host rocks in VUD 15, coupled with the encouraging results in the nearby drill holes, in particular VUD 3 and 8 has substantially enhanced the prospectivity of this northern section of the Vulcan gravity target. Following receipt of assay results for VUD 15 and geological review new drill targets in this part of the anomaly are considered likely.

ONGOING PROGRAM

Commencement of the next drill holes has been suspended until current site access limitations can be resolved. In order to accommodate this delay, Tasman and RTX have agreed to extend the latest completion date for the initial 12,000 metre drilling programme currently being undertaken pursuant to the Joint Venture/ Farm In Agreement, until 31 January 2014.

The completion of a total of 15 drill holes across the Vulcan target has resulted in all holes intersecting variable strength IOCGU-style alteration and mineralization, confirming that the whole target zone as shown in Figure 2, is a very large IOCGU system, capable of hosting a major ore deposit. Unfortunately, no significant, thick high-grade mineralization has been intersected to date, however the magnitude of the alteration over such a wide area implies that a very large hydrothermal (potentially ore-forming) system operated at Vulcan.

The task therefore remains to find where this very large system has concentrated the copper, gold and uranium normally associated with these IOCGU geological processes.

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Figure 3: VUD 13, approx. 1228m depth; hematite-sericite altered basement rocks (NQ2 core). Hematite is red/brown colour and sericite is greenish.

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Figure 4: VUD14, altered basement rocks at 946m depth (NQ2 core) . The red/orange mineral is feldspar, and grey/geenish minerals are sericite, carbonate and quartz.

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Figure 5: VUD15, two separate trays of NQ 2 core, showing pyrite-chalcopyrite mineralised hematite breccias. The grey/black and reddish mineral is hematite and the main, lighter (pale yellow) minerals are pyrite (iron sulphide) and chalcopyrite (copper-iron sulphide).

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Figure 6: VUD15, detailed photo of mineralised hematite breccias. The grey/black mineral is hematite (iron oxide), the main, lighter (pale yellow) minerals are pyrite (iron sulphide) and chalcopyrite (copper-iron sulphide), and the red material at the lower part of the photo is a fragmented dyke with bands of the red/orange mineral barite (barium sulphate, a common gangue in IOCGU deposits).

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Figure 7: VUD 15, detailed photo showing chalcopyrite-pyrite mineralisation (yellow) in a seven metre thick (down hole) intersection of probably remobilised IOCGU mineralisation within an intrusive dyke near the base.

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Note that the intersections referred to in this report are down hole intersections, and the true width of the zones intersected is not known.

At Vulcan, assay results are based on analysis of NQ diamond drill core. Most of the assays are from half core diamond saw split samples over one metre intervals, and the remaining assays are from small core segments collected at approximately 25cm intervals and composited over five metre intervals.

Samples are crushed and pulverised, and analysed as follows: Au and Pd by fire assay using the Genalysis scheme FA25/MS with a 1 ppb detection limit. Cu and Fe were analysed by inductively coupled plasma mass spectrography by Genalysis 4A/OE scheme (1ppm and 0.01% detection limit respectively), and Ag and U3O8 by the Genalysis 4A/MS scheme (0.05ppm and 0.01ppm respectively).

Average assays for the intervals normally stated are calculated by weighting by sample length and sample density.

Background to the Vulcan Project

Tasman identified Vulcan as a prime IOCGU target in 2009, based on the presence of a very large gravity anomaly, supporting magnetic and seismic anomalies and Vulcan’s location close to key tectonic (structural) lineaments, which had previously been used in the original targeting of Olympic Dam by WMC in the mid-1970s. Tasman’s initial discovery drill hole, VUD 001, intersected the Vulcan IOCGU system late in 2009.

Eight diamond drill holes had been completed by Tasman at Vulcan between 2009 and early 2011. All exhibit IOCGU-style alteration and/or mineralisation, including copper, gold, uranium, silver, molybdenum and rare earth elements. Age dating of the mineralisation at about 1,590 million years confirms that Vulcan belongs to the same “family” of deposits as Olympic Dam, Prominent Hill and Carrapateena.

Tasman has entered a Farm In/ Joint Venture with Rio Tinto Exploration (RTX) covering the whole of EL 4322, including the Vulcan discovery. Under the joint venture, RTX has paid to Tasman $10 million and Tasman is accordingly managing an exploration programme consisting of 12,000m of drilling.

OTHER PROJECTS

Tasman has gold and base metal projects at Parkinson Dam and the Central Gawler Craton in South Australia (Figure 8). No activity occurred on these during the quarter.

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Figure 8: Location of Tasman Project Areas in South Australia

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Investment in Eden Energy Ltd (EDE)

Tasman has a 47.9% interest in Eden Energy Ltd as at 30 June 2013.

• Eden is continuing in the development of its carbon/hydrogen pyrolysis project.

• Eden’s US and Indian subsidiaries make further progress marketing the Optiblend Dual Fuel Kit for use with diesel generator sets, with sales increasing, particularly in USA where natural gas has become very cheap following the increase in gas supplies from shale gas deposits in the US.

• Eden holds a 50% Joint Venture interest in over 1800km[2 ] of prospective Petroleum Exploration and Development Licences in southern England and Wales and 100% in over another 250 km[2 ] in South Wales. During the quarter, Eden conditionally agreed to sell its wholly owned subsidiary Adamo Energy (UK) Ltd, which holds all of Eden’s UK gas assets, to UK based Shale Energy Ltd for cash and shares having a gross potential value of more than £10million. The transaction is conditional upon a number of conditions being satisfied before 31 July 2013.

• Since the end of the quarter, Eden announced having been awarded with the University of Queensland an Australian Research Council grant of $255,000 to help fund research into carbon nanotube reinforced polymer composites for automotive and aerospace applications using Eden’s carbon nanotubes.

Investment in Fission Energy Ltd (FIS)

Tasman has a 19% interest in potential nickel-cobalt producer Fission Energy Ltd as at 30 June 2013.

Mt Thirsty Nickel-Cobalt Project

Investigation of alternative processing options for Mt Thirsty has continued. Refer to Fission Quarterly Report for further details.

Background

Fission Energy owns 50% of the Mt Thirsty Nickel-Cobalt Project in WA, with the other 50% held by Barra Resources Limited (ASX: BAR). Mt Thirsty is located 20 kilometres north-northwest of Norseman, Western Australia. Mt Thirsty has a current JORC compliant Indicated Resource of 16.6 million tonnes at 0.14% Co, 0.60% Ni and 0.98% Mn and a JORC compliant Inferred Resource of 15.3 million tonnes at 0.11% Co, 0.51% Ni and 0.73% Mn over an apparent strike of 1.3 kilometres and a width of around 800 metres.

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Greg Solomon Executive Chairman

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Report for June Quarter 2013

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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