TASMAN RESOURCES LTD - Interim / Quarterly Report 2012

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ASX QUARTERLY REPORT

for the Period Ended 31 December 2012

HIGHLIGHTS

SA – VULCAN IOCGU[#] PROJECT EL4322

# Iron oxide-copper-gold-uranium

Drilling continued on the southern Vulcan exploration target pursuant to the Tasman/RTX Farm In/Joint Venture, with a further 2 holes (VUD 11 &VUD 12) completed.
VUD 11 & VUD12 intersected over 630m and 517m respectively of IOCGU – style highly altered and brecciated rocks, including hematite-rich breccias and massive hematite.
As previously reported, although no strong mineralisation intersected so far, assays received from the first two holes (VUD 9 & 10) have returned some intervals with strongly anomalous Cu, Au and/or REE.
To date 5,172m of the current 12,000m Farm In/Joint Venture programme have been completed, and drilling is scheduled to resume at the beginning of March 2013.

**

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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

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

Report for December Quarter 2012

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SA – VULCAN IOCGU PROJECT (100% Tasman)

Drilling under the Tasman-Rio Tinto Farm in and Joint Venture Agreement commenced in September 2012 and to date four holes (VUD 9 to 12, Figure 2) totalling 5,172m have been drilled, of which VUD 11 & 12 were completed during the last quarter. Assay results from the first two drill holes (VUD 9 & 10) have recently been received and results for the other two holes should be available before the end of February.

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Figure 2: Vulcan Project: Residual gravity image showing previously completed drill holes (labelled small yellow dots) and the recently completed holes VUD 9 to 12 (larger orange dots). Surface projections of basement intersections in the inclined holes are shown in yellow.

Assay Results VUD 9 & 10

The entire 332m basement intersection in vertical hole VUD 9 (location shown in Figure 2) consists of a sequence of highly altered breccias, dominated by a 242m thick zone of massive hematite/hematite-rich breccias commencing at 838m. These breccias do not contain significant visible copper sulphides and appear very similar to those that characterize the central, essentially barren core of the Olympic Dam deposit.

As expected, no strong copper, gold or uranium assays were returned from assaying of the basement intersection in this hole. However, of interest are the anomalous gold (Au), silver (Ag), Barium (Ba) and rare earth elements (REE) (being cerium (Ce) &lanthanum (La)) assays detected above the VUD 9 hematite breccia zone. This included a 16m intersection from 802m to 818m averaging 95ppb Au, 0.8% Ba, 590 ppm Ce, 325ppm La and 145ppm Cu.

The assays referred to above are based on NQ2 core sawn in half with one entire half taken for assay in 1m intervals. Intervals are down hole lengths, true widths are unknown. Gold was assayed by fire assay with an AAS finish having a detection limit of 1ppb and Cu & Ba

Report for December Quarter 2012

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by a four acid digest and optical emission spectrometry with a detection limit of 1 & 2 ppm respectively. Ce and La were analysed using a 4 acid digest followed by mass spectrometry with detection limits of 0.1ppm.

At Olympic Dam the barren hematite-rich core is relatively enriched in Ba and REE (Ce & La) and gold-rich ore bodies occur in restricted zones along its eastern edge, adjacent to more distal copper sulphide mineralization.

VUD 10 (refer Figure 2) intersected 398m of sericite-chlorite-carbonate altered, veined and brecciated host rocks, believed to have been originally volcanic in origin. Relatively minor hematite was intersected, and weak sulphide mineralization occurs throughout.

As expected no high copper, gold or uranium assays were returned from sampling of the basement intersection in this hole. The assay results however indicate strongly anomalous Cu values with the entire basement intersection of 398m averaging 910ppm Cu, including 30m from 970 to 1000m averaging 0.28% Cu. A number of narrower zones displaying anomalous gold values up to 487ppb over a 5m composite were also intersected.

All samples from VUD10 were collected by chip sampling NQ2 core at 25cm spacing and compositing over 5m intervals. Intervals are down hole lengths; true widths are unknown. Gold was assayed by fire assay with an AAS finish having a detection limit of 1ppb and Cu by a four acid digest and optical emission spectrometry with a detection limit of 1ppm.

VUD 11

Drill hole VUD 11 (located at 695,366mE and 6,657,208mN; GDA 94, MGA Zone 53), the third hole to be drilled under the Agreement, was inclined at -70 degrees and drilled towards the south. It was designed to test the central portion of the very large gravity anomaly, which comprises the southern segment of the Vulcan target (see Figure 2).

VUD 11 intersected the basement at approximately 836m (784m vertically), and was completed at 1,467m, with the entire basement intersection of 631m consisting of a sequence of highly altered and brecciated rocks including hematite-rich breccias and a 12m intersection of massive hematite (Figures 3a to c).

However, VUD 11 contains relatively minor amounts of copper sulphides, and assays for copper, gold and uranium, when received, are not expected to be high.

VUD 12

Drill hole VUD 12 (located at 695,978mE and 6,657,334mN; GDA 94, MGA Zone 53), is inclined at -80 degrees towards the south from the same site as VUD 10 (inclined at -70 degrees to the south east). VUD12 is the fourth hole to be drilled under the Agreement and was also drilled to further test the very large gravity anomaly in the southern segment of the Vulcan target (Figure 2).

VUD 12 intersected the basement at approximately 820m (812m vertically), and was completed at 1,337m, with the entire basement intersection of 517m consisting of a sequence of highly altered and brecciated rocks including hematite-carbonate breccias, chloritecarbonate breccias, massive hematite and strongly chloritised and sericitised rocks (see Figures 4 a to d).

VUD 12 also mostly contains relatively minor amounts of copper sulphides, and overall, assays for copper, gold and uranium, when received, are not expected to be high.

Report for December Quarter 2012

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As for the previous holes the composition of the rocks in VUD 11 & 12 is dominated by minerals which characterise IOCGU ore deposits such as Olympic Dam; in particular, sericite, hematite, carbonate and quartz. The hematite-rich breccias intersected in holes 11 & 12 appear to strongly resemble those described as the main host rocks at Olympic Dam.

Despite the relative paucity of mineralization in holes VUD 9 to 12 drilled in this southern segment of the Vulcan IOCGU target Tasman is still encouraged by the magnitude and large aerial extent of the geological processes (extensive hematite rich breccias, pervasive hematite-sericite-chlorite-carbonate alteration together with anomalous Cu, Au and REE) that have clearly been active in this part of Vulcan. The task still remains to find where this very large system (with an areal extent of around 12km[2] ) has concentrated the copper, gold and uranium normally associated with these IOCGU geological processes.

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Figure 3a: VUD 11 1082-1106m, vughy hematite-rich breccia (NQ 2 drill core)

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Figure 3b: VUD 11 1029-1040m, massive hematite and hematite-rich breccia (NQ 2 core)

Report for December Quarter 2012

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Figure 3c: VUD 11 1015m, hematite (matrix) – rock fragment breccia (NQ2 core).

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Figure 4a: VUD 12 858m, hematite – carbonate-rock fragment breccia (NQ2 core)

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Figure 4b: VUD 12 1271m, pyritic hematite –carbonate breccia (NQ2 core)

Report for December Quarter 2012

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Figure 4c: VUD 12 1287m, chlorite altered clast in pyritic hematite-carbonate breccia.

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Figure 4d: VUD 12 946m, coarse chalcopyrite in hematite-rich breccia/massive hematite (NQ2 core)

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Figure 4e: VUD 12 1204.97-1211.00m, strong sericite-carbonate alteration (pale greenish, bottom rows) and chlorite carbonate-breccia (top rows) NQ2 core.

Report for December Quarter 2012

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ONGOING PROGRAM

VUD 12 was the last hole drilled in 2012 and drilling of the remaining 6,800m of the current programme should recommence in early March and take about four months to complete.

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. Recent 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 at Vulcan over a 12 month period.

OTHER PROJECTS

Tasman has gold and base metal projects at Parkinson Dam and the Central Gawler Craton in South Australia (Figure 2). No activity occurred on these during the quarter.

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Figure 2: Location of Tasman Project Areas in South Australia

Report for December Quarter 2012

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Investment in Eden Energy Ltd (EDE)

Tasman has a 47.9% interest in Eden Energy Ltd.

Eden is continuing in the development of its carbon/hydrogen pyrolysis project.
Eden’s US and Indian subsidiaries make further Optiblend Dual Fuel Kit sales, 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.

Investment in Fission Energy Ltd (FIS)

Tasman has a 19% interest in potential nickel-cobalt producer Fission Energy Ltd as at 31 December 2012.

Cambodia

Fission has conditionally agreed to acquire three Cambodian exploration licences highly prospective for gold and base metals covering a total area of 430km[2] in the largely unexplored north-western region of Cambodia.

Mt Thirsty Nickel-Cobalt Project

Recent investigations of processing routes suggest that Continuous Vat Leaching (CVL) involving relatively low cost recovery of cobalt at the expense of some nickel recovery warrants further consideration.

Phase 3 CVL metallurgical testwork has been completed and indicates that 81% of the contained cobalt can be recovered in 24 hours from coarse material indicating high cobalt recoveries are possible. Tests also indicate that cheaper SO2 is the only realistic leaching agent to use rather than more expensive SMBS (sodium metabisulphite).

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 northnorthwest 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 December Quarter 2012

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.

AI assistant

TASMAN RESOURCES LTD Interim / Quarterly Report 2012

65896_rns_2013-01-30_153ccd72-df89-469f-a456-3168e8d64c54.pdf

ASX QUARTERLY REPORT

for the Period Ended 31 December 2012

HIGHLIGHTS

SA – VULCAN IOCGU[#] PROJECT EL4322

**

SA – VULCAN IOCGU PROJECT (100% Tasman)

Assay Results VUD 9 & 10

VUD 11

VUD 12

ONGOING PROGRAM

Background to the Vulcan Project

OTHER PROJECTS

Investment in Eden Energy Ltd (EDE)

Investment in Fission Energy Ltd (FIS)

Cambodia

Mt Thirsty Nickel-Cobalt Project

Background

Report for December Quarter 2012

AI assistant

TASMAN RESOURCES LTD — Interim / Quarterly Report 2012

65896_rns_2013-01-30_153ccd72-df89-469f-a456-3168e8d64c54.pdf

ASX QUARTERLY REPORT

for the Period Ended 31 December 2012

HIGHLIGHTS

SA – VULCAN IOCGU[#] PROJECT EL4322

**

SA – VULCAN IOCGU PROJECT (100% Tasman)

Assay Results VUD 9 & 10

VUD 11

VUD 12

ONGOING PROGRAM

Background to the Vulcan Project

OTHER PROJECTS

Investment in Eden Energy Ltd (EDE)

Investment in Fission Energy Ltd (FIS)

Cambodia

Mt Thirsty Nickel-Cobalt Project

Background

Report for December Quarter 2012

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TASMAN RESOURCES LTD Interim / Quarterly Report 2012