THABEX EXPLORATION LIMITED                    Young Lions Exploring  Africa
("Thabex" or "the Company")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686

FURTHER CAUTIONARY ANNOUNCEMENT AND BLACK ECONOMIC EMPOWERMENT NEGOTIATIONS

Platinexco (Pty) Ltd (“Platinexco”)
Shareholders are referred to the further cautionary announcement published on SENS on 30 November 2004 dealing with the dispute between the South African Reserve Bank and Thabex regarding the release of the proceeds of disposal of Platinexco. The Company is confident that this dispute will be resolved amicably.

Black Economic Empowerment (“BEE”)
Thabex has entered into negotiations with a BEE group which negotiations, if concluded successfully, may influence the price of the Company’s securities.

As a result, shareholders are herewith advised that they should continue to exercise caution when dealing in the Company’s securities until a further announcement relating to the above transactions is published.

Johannesburg

29 April 2005

Sponsor: PSG Capital Ltd

Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: 0860 THABEX (0860 843339)