GILBOA PROPERTIES LIMITED
(Registration number 1986/004649/06)
Incorporated in the Republic of South Africa
("Gilboa")
FURTHER CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Following the announcement of 9 March 2001 regarding Gilboa's interests in the
Karmel mining project, Gilboa wishes to draw shareholders' attention to the
fact that this announcement was not approved by the JSE Securities Exchange
South Africa ("JSE") Listings Division nor by Gilboa's sponsor, Quaestor
Capital, and was released in error and without the knowledge or consent of
these parties. Furthermore, attention is drawn to the fact that the reserves
and resources of the Karmel mining project are still unproven and that the
proceeds of this project therefore cannot be accurately determined at this
stage. However, the company is in the process of obtaining the required
information and shareholders will be informed of the results in due course.
Gilboa wishes to stress that the cautionary announcement regarding its pending
acquisition of an interest in Askari Mining and Equipment Limited had been
properly approved and released on the Stock Exchange News Service.
2. NOTICE OF ANNUAL GENERAL MEETING
A notice to shareholders of the company's annual general meeting, to be held at
16h00 on Tuesday, 17 April 2001 at the offices of Kingfisher Corporate and
Executive (Proprietary) Limited, Upper Floor, Shihotsa House, Gazelle Close,
Corporate Park, Midrand, will be sent to shareholders today.
3. FURTHER CAUTIONARY ANNOUNCEMENT
Gilboa is still involved in negotiations which may have a material impact on
the price at which the company's securities is trading on the JSE. Shareholders
are advised to continue exercising caution when dealing in the company's
securities until further announcements have been made.
Johannesburg
26 March 2001
Corporate Advisors
Sponsor
Armstrong & Associates
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