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

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT RELATING TO SARB DISPUTE AND FURTHER CAUTIONARY ANNOUNCEMENT RELATING TO BEE NEGOTIATIONS

Shareholders are referred to the renewal of the cautionary announcement of 29 April 2005.

Dispute with SARB
Thabex is pleased to announce that the dispute between the Company and the South African Reserve Bank has been resolved and the cautionary announcement relating to this matter is herewith withdrawn. As a result threof, an amount of approximately R18,1 million would be available to Thabex within the next few days. Further details will be provided in the Company’s Annual Report to be distributed on 31 May 2005.

Black Economic Empowerment (“BEE”)
Thabex is still in 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 BEE transaction is published.

Johannesburg
26 May 2005

Sponsor
PSG Capital Limited

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