| Wed 14 May 2008, 10:00 | | TBX - Thabex - Update - Kolo Kimberlite Project In |
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TBX
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TBX - Thabex - Update - Kolo Kimberlite Project In Lesotho
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 - KOLO KIMBERLITE PROJECT IN LESOTHO
Shareholders are referred to the SENS announcement dated 22 June 2006 relating
to the granting of a Prospecting Licence to Angel Diamonds (Pty) Ltd ("Angel"),
a subsidiary of Thabex, on the Kolo kimberlite area. The Company is pleased to
announce that the Prospecting Lease has been extended by the Lesotho Government
for another twelve months from 15 June 2008.
The Kolo kimberlite pipe is situated some 38km south-west of Maseru in the
Mafeteng district. The pipe is a positive topographic feature. Two distinct
types of kimberlite rock are identified in the pipe. The "A" type kimberlite, on
average contains better grades and quality diamonds than the "B" type
kimberlite.
Angel processed a total of 2 285 tons of the mainly "A" type kimberlite
producing 206 carats ("cts") at an indicated grade ranging from 7.71 carats per
hundred tons ("cpht") to 16.62 cpht through a 20 tons per hour ("tph") Dense
Medium Separator ("DMS") plant with a bottom cut-off screen size of 2mm. Up to
30% of the diamonds recovered are of gem quality. These results compare very
favourably with the results previously reported by the United Nations
Development Programme: Exploration for Diamonds project, during 1981 ("UNDP
report").
The largest diamond recovered by Angel to date was 4.88 carat ("ct") in size,
irregularly shaped and of good quality. Previous sales brokers` notes indicate
that the Kolo kimberlite produced large diamonds during the period 1993 to 1997:
38ct, 52ct and 138ct at values of up to US$7600 per carat. An excellent quality
10.3ct diamond was also recovered during prospect pitting by the United Nations
Development Programme in 1976.
An Inferred Diamond Resource of 2.2 million tons at an average grade of 14.1
cpht or 310 000 carats, was estimated from surface to 50m below the level of the
regional drainage.
Angel is planning to conduct diamond drilling of the Kolo kimberlite in order to
improve the geological certainty of its depth extent. Angel continues to process
previously blasted and stock piled kimberlitic material from the Kolo kimberlite
pipe.
The main aim of the present sampling programme is to recover a minimum parcel of
about 5 000 carats of diamonds in order to assess the economic viability of the
Kolo kimberlite pipe and to determine whether Angel should apply for a Mining
Lease over the area. The diamonds recovered to date have not been independently
valued and a value will only be reported once an independent valuation has been
compiled or the diamonds produced during prospecting have been sold.
During the next six months, Angel will complete a pre-feasibility study to
establish the validity of a 40 000 tons per month or 5 640 carats per month
mining operation, using a 100 tph DMS plant. Pending the results of the pre-
feasibility study, Angel intends to apply for a Mining Lease.
Five other kimberlite occurrences, discovered by the UNDP, on Angel`s
Prospecting Lease area are also currently being investigated. According to the
UNDP report, the Sekameng kimberlite pipe (estimated at 8.0ha in size) is
diamondiferous and Angel is considering it a high priority target.
Marius Welthagen, P.Eng.(Int), MEng(Mining), MPhil(Mineral Economics), Hons
BCom(Economics), MECSA, MSAIMM, FGSSA, was responsible for compiling this update
report. As Chief Executive of Thabex he has sufficient experience relevant to
the style of mineralisation, type of deposit under consideration, activities
undertaken and evaluation thereof to qualify as a Competent Person in terms of
the SAMREC Code.
All updates on the Kolo kimberlite project are available on the Company`s
website www.thabex.com
14 May 2008
Johannesburg
Sponsor
PSG Capital (Pty) Limited
Date: 14/05/2008 10:00:01 Produced by the JSE SENS Department.
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