|
THABEX CONFIDENT WITH RESOLUTION WITH RESERVE BANK JOHANNESBURG - JSE Securities Exchange-listed Thabex Exploration Limited ("TBX"), which explores for diamonds, platinum, gold and base minerals, today reported a rise in net asset value to 92,57 cents per share, up from the 11,54 cents per share reported for the interim period ended 31 August 2003. This improvement relates, in the main, to a rise in cash and cash equivalents following the sale of one of its exploration projects, Platinexco (Pty) Ltd, earlier in July this year to AIM Resources, a junior mining company listed on the Australian Stock Exchange. Thabex was prohibited from utilising the proceeds of the sale of Platinexco, amounting to R19,23 million, rising from a dispute with the South African Reserve Bank ("SARB") in respect of an order in terms of Section 22C of the Exchange Control Regulations. According to Marius Welthagen, CEO of Thabex Exploration Limited, "the company has on the advice of its attorneys submitted detailed representations, including a legal opinion, to the SARB to settle the matter amicably." As a result of the disposal of Platinexco, an amount of R13,44 million has been transferred to equity, being the net recoupment of impairment losses of R19,09 million provided for in the prior financial years, and adjusted for taxation of R5,65 million on disposal of Platinexco. "The unfortunate outcome of this hiatus has been the suspension of all our Black Economic Empowerment initiatives until the disagreement with the SARB has been resolved," states Welthagen. "These deferred projects include the exploration activities of Taung Diamond Mines Ltd, a BEE associate of the company, in the Christiana, Taung and Lichtenburg districts of the North West Province." “We continue with our exploration activities in the Kenhardt District of the Northern Cape Province. The renewal of Prospecting Permit number PP17/2003 on the farm Adjoining Geelvloer 197 will be submitted to the Department of Mineral and Energy in the near future.” “Upon the positive response of the SARB, Thabex will immediately employ its financial resources to develop its portfolio of projects with the aim of turning them to account for future disposal or own development,” explains Welthagen. “With the extraordinary rise in various metal and base material prices over the past year, projects that were considered marginal in the past will be dusted off and reassessed for exploration and further development at these price levels,” he concludes. For the six months ended 31 August 2004, Thabex reported revenues of R282 000 (2003: R132 000), a net operating income of R430 000 as apposed to a loss of R471 000, with net attributable profit rising to R970 000 compared to the loss of R464 000 reported in the comparable period. No dividend has been declared. _______________________________________________ For more information, please contact: Mr
Marius Welthagen |