| Mon 30 Mar 2009, 12:05 | | TBX - Thabex Limited - Update - Kolo Kimberlite Project In Lesotho |
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TBX
TBX
TBX - Thabex Limited - Update - Kolo Kimberlite Project In Lesotho
THABEX 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 14 May 2008 and the
Company`s Interim Results published on SENS on 1 December 2008 relating to the
proposed disposal of an interest in Angel Diamonds (Pty) Ltd ("Angel"), a 70%
held subsidiary of Thabex.
The Company is pleased to announce that Angel has, on 12 December 2008,
submitted an application for a Mining Lease ("ML") to the Mining Commissioner of
Lesotho. The approval of the ML is subject to approval of the Minister of
Natural Resources in terms of the Mines and Minerals Act of the Republic of
Lesotho, No 37 of 2005, as amended.
The ML application includes a pre-feasibility investigation with view of
establishing a diamond mining operation, with a planned minimum through-put
capacity of 50 tons per hour ("tph"), utilising a Dense Medium Separator ("DMS")
recovery plant.
Angel processed a total of 5 088 tons of the Kolo kimberlite, producing 388
carats ("cts") at a grade of 7.73 cts per hundred tons ("cpht") utilising a 20
tons per hour DMS recovery plant with a bottom cut-off screen size of 2mm. Angel
has exported 332 cts to South Africa for analysis at US$135/ct.
In terms of an agreemment dated 3 October 2008, Mantle Diamonds Ltd ("Mantle")
completed a core drilling program during the last quarter of 2008. A total of 19
angled drill holes totaling 1 438m were completed and the results are summarised
below.
Borehole Elevation* Azimuth Dip Depth (m)
No (m) (degrees) (degrees)
DH1 1560.53 239.5 65.0 38.39
DH1a 1560.44 239.5 62.8 90.07
DH2 1555.53 167.4 55.0 13.25
DH3 1556.09 182.5 55.0 51.16
DH4 1556.14 92.5 55.0 63.18
DH5 1561.61 285.4 54.6 122.7
DH6 1555.91 270.2 55.0 40.25
DH7 1555.48 80.1 63.8 83.80
DH8 1555.38 26.8 60.8 92.78
DH9 1560.98 358.8 62.4 83.58
DH10 1555.31 130.4 72.2 75.08
DH11 1555.32 195.8 75.2 102.1
DH12 1560.72 348.9 52.5 203.8
DH13 1560.17 15.9 73.9 98.78
DH4a 1556.33 91.4 55.0 66.05
DH14 1561.42 250.1 55.0 32.58
DH15 1555.29 24.5 85.0 107.8
DH16 1558.33 254.5 57.0 43.25
DH17 1555.20 26.2 55.0 29.68
* Elevation meters above mean see level.
Angel estimates an Inferred Diamond Resource of 2.7 million tons at an average
grade of 7.73cpht or 208 710 cts, from surface to a depth of 100m.
Mantle has commissioned a 10tph DMS recovery plant with a bottom cut-off screen
size of 1mm including a Flowsort X-ray final recovery section. The main aim of
Mantle`s present sampling program is to recover a minimum parcel of about 1 500
cts of diamonds in order to assess the economic viability of the Kolo kimberlite
pipe.
All 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.
Angel has also prospected five other kimberlitic occurances on the Prospecting
License (No 002 - dated 15 June 2006) area (5.53 square kilometers in size),
including the Sekameng kimberlite pipe (estimated at 3.4ha in size) and known to
be diamondiferous. Core drilling of this occurance will commence during the
second quarter of 2009.
Litigation
On 18 march 2009 Senqu Diamonds (Pty) Ltd, has withdrawn from the three cases
(CIV/APN/354/06, CIV/APN/294/06 and CIV/APN/42/07) brought against them by Angel
in the High Court of Lesotho. Angel has instructed its attorneys to proceed in
recovering legal and other costs.
Circular to Shareholders
Thabex has submitted an application to the South African Reserve Bank ("SARB")
for approval of the proposed disposal of an interest in Angel to Mantle on 9
February 2009 and is expecting the approval from the SARB in due course.
Shareholders will be informed as soon as the Circular is ready for mailing.
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, evaluation and valuation thereof to qualify as a Competent Person
and Competent Valuator in terms of the SAMREC and SAMVAL Codes, respectively.
All updates on the Kolo kimberlite project are available on the Company`s
website www.thabex.com
30 March 2009
Johannesburg
Sponsor
PSG Capital (Pty) Limited
Date: 30/03/2009 12:05:01 Produced by the JSE SENS Department.
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