TAMAYA ON THE MOVE IN ARMENIA

RWE Australian Business News
March 20, 2008 Thursday 4:31 PM AEST

Tamaya Resources (ASX:TMR) has completed the first stage of the
company’s assessment of the Lichkvaz Project in Armenia (TMR 86.2pc).

In 2007, Tamaya announced a takeover offer for Iberian Resources, and
at the close of the offer Tamaya had received acceptances representing
86.2% of the issued capital of Iberian. At the time of the offer,
Iberian’s principal activities were the development of the Lichkvaz
gold project in Armenia.

Based on the review of the Lichkvaz Project, the boards of Tamaya
and Iberian have decided that the full potential of the project will
be better realised through an extensive drilling and comprehensive
metallurgical testing program to be undertaken in 2008.

The board of Tamaya has decided that fast tracking the initial
commissioning of the Lichkvaz Project would be imprudent prior
to determining the full potential of the project. A decision on
the revised date of commissioning will be delayed until after an
extensive drilling and comprehensive metallurgical testing program
has been undertaken.

This will enhance the project by providing further certainty as
to the mine plan and processing for when the project commissioning
is implemented.

Tamaya’s decision is based on wanting to develop the orebody and the
overall project in a way that will maximise shareholder returns.