| THABEX
EXPLORATION LIMITED
Young Lions Exploring Africa NEW ICB CLASSIFICATION AND CAUTIONARY ANNOUNCEMENT On 19 August 2004 the JSE Ltd (“JSE”) notified the Company that Thabex’s sector classification has been reclassified by the Industry Classification Benchmark (“ICB”) system and with effect from 1 January 2006 Thabex was classified in the Mining sector, under Sub-sector: Diamonds and Gemstones (code 1773) of the JSE list. The Company has a diversified portfolio of exploration projects with the main focus on exploration alluvial and kimberlite diamond deposits in South and southern Africa. In this regard Angel Diamonds (Pty) Ltd, a company incorporated in Lesotho and 60% held by Thabex, has applied for a prospecting lease from the Lesotho Government to explore and prospect the Kolo kimberlite pipe project 40km southwest of Maseru. Thabex, through the proposed acquisition of 50% of Minnex Exploration Ltd (“Minnex”) by Thabex subsidiary, Diamex JV (Pty) Ltd, is also engaged in kimberlite exploration in the northeastern border area of Namibia. At present Minnex is negotiating to enter into a joint venture agreement with a major diamond producing company to proceed with detailed exploration for kimberlite deposits over Exclusive Prospecting Licences (“EPL’s”) numbers 3082 and 3083 covering an area of The successful conclusion of the above application and negotiations could result in major benefits for Thabex, as the former could present a project with a short term lead period to establish the Kolo kimberlite pipe’s economic viability and the latter could result in Thabex not having to provide cash for the initial higher risk phases of kimberlite exploration on the EPL’s in Namibia. As a result, shareholders are herewith advised that they should exercise caution when dealing in the Company’s securities until a further announcement relating to the above two kimberlite projects is published.
Johannesburg Sponsor: PSG Capital Ltd Explore our website: www.thabex.com |