| Wed 10 Oct 2007, 9:55 | | TBX - Thabex - Update: Salt River Base Mineral Pro |
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TBX
TBX
TBX - Thabex - Update: Salt River Base Mineral Project Approval Of CPR
THABEX LIMITED
(formerly Thabex Exploration Limited)
("Thabex" or "the Company")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
UPDATE: SALT RIVER BASE MINERAL PROJECT APPROVAL OF CPR
Shareholders are referred to the SENS announcement of 11 June 2007 relating to
the Salt River Base Mineral Project and the Company`s Annual Report for 2007,
dated 27 August 2007, for the period ended 28 February 2007, respectively.
Thabex is pleased to report that the JSE Limited ("JSE") has approved the
Competent Persons Report ("CPR") for Salt River Resources Limited`s ("SRR")
(formerly Thaba Egoli Mining & Exploration Ltd) Mineral Resources as summarised
below:
Mineral Mt Grade Cu Estimated
Resources value
As at 7 Zn Cu Pb Ag Au Equivalent US$/t* US$m
June 2007
Cut-off at % % % g/t g/t %
1.0% Zn
Indicated 14.13 1.78 0.66 0.35 18.86 0.69 1.90 144.16 2 037
Resources
Measured 9.97 1.83 0.46 0.55 21.35 0.45 1.83 138.92 1 385
Resources
Total 24.10 1.80 0.58 0.43 19.89 0.59 1.84 138.84 3 322
*Using 7 June 2007 metal prices (zinc US$3690/t; copper US$7559/t; lead
US$2315/t; gold US$660/oz and silver US$13.15/oz).
The CPR has been signed on behalf of CSA Consulting International Limited
("CSACI") by Mr John Cole-Baker a director of the company. CSACI has previously
completed Independent Reports and Valuations, for listings on the London,
Dublin, Vancouver, Copenhagen, Luxembourg and Australian Stock Exchanges. Mr
Cole-Baker is a Chartered Engineer with over 35 years of experience, including
over 15 years of experience in the mineral exploration industry. Mr Dexter
Ferreira in association with Lower Quartile Solutions (Pty) Limited has compiled
the Mineral Resources figures. Mr Ferreira, a senior geostatistician with over
16 years experience in mineral project evaluation throughout South America and
Africa, is a member of the South African Council for Natural Scientific
Professions (SACNASP no 40048/03)) and qualifies as an `Expert`, `Competent
Person` and `Qualified Person` as defined in National Instrument 43-101, the
SAMREC code and the JORC code.
The Company welcomes Dr John Cruise, a professional mining engineer, as Chairman
of SRR. He has a wealth of experience and specialist knowledge relating mine
development and management.
Issue of Thabex share options
Thabex intends, subject to all regulatory requirements and shareholder approval
(to the extent required), to publish revised listing particulars in order to
issue share options to all shareholders on a 1:1 basis which could be exercised,
at a strike price to be determined, over a three year term. Shareholders will be
informed once the terms of the options have been finalised.
Proposed listing of SRR
Thabex also proposes to list SRR in a separate listing on the JSE and the AIM
market in London in order to raise sufficient funding to complete a bankable
feasibility study. Shareholders will also be informed once the terms of the
proposed new listings have been finalised.
All updates about the Salt River project are available on the Company`s website
http://www.thabex.com - News releases and on request by e-mail info@thabex.com
Johannesburg
10 October 2007
Date: 10/10/2007 09:55:57 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
