Termination of Joint Venture Agreement
THABEX EXPLORATION LIMITED
("Thabex")
(Registration No 1988/000763/06)
ISIN Code: ZAE000013686
Listed on The JSE - Share code: TBX
Young Lions Exploring Africa
DRILLING RESULTS ON THE POTGIETERSRUS PROSPECTING AREA AND TERMINATION OF
JOINT VENTURE AGREEMENT
Marius Welthagen, CEO and Managing Director of Thabex, is pleased to report
the drilling results of three core drill boreholes on the farm Piet
Potgietersrus Town and Townlands 44KS drilled by Falconbridge Ventures of
Africa (Pty) Ltd ("FVA") in terms of the Joint Venture Agreement dated 3
October 2000.
Uitloop 2 ultramafic
body
Borehole Intersection
no
(500 Total Depth True width PGE Ni (%) Cu (%)
incline) depth (m) (m) (m) (g/t)
TL01-1 187 - - - - -
TL01-2 521 - - - - -
Platreef
Borehole Intersection
no
(500 Total Depth True width PGE Ni (%) Cu (%)
incline) depth (m) (m) (m) (g/t)
TL01-3 229 78.02 2.62 1.07 0.30 0.21
84.75 1.75 1.26 0.31 0.20
90.59 0.82 2.82 0.32 0.82
95.62 1.42 0.62 0.09 0.10
101.54 1.53 1.34 0.80 0.50
106.94 1.77 1.50 0.30 0.39
142.26 0.92 1.08 0.09 0.17
The two boreholes drilled on the Uitloop 2 ultramafic body, in the northern
area of Platinexco (Pty) Ltd's ("Platinexco") prospecting area did not
intersect any mineralisation. The third borehole was drilled on the Platreef
mineralisation near the prospecting shaft in the south of the prospecting
area. This intersection indicated a mineralised zone of 37 meters thick
similar to the Platreef zone, which was discovered by Thabex during 1991.
On 29 January 2002, FVA notified Thabex that it would be terminating its
Option and Joint Venture Agreement on 30 April 2002. The main reason for the
termination is that the prospect did not comply with FVA's criteria for the
total targeted nickel or PGE resource tonnages. The result of this
termination would be that 100% of the Potgietersrus Platreef Project reverts
back to Thabex. FVA spent a total of R1,3 million on prospecting and
exploration of area.
Platinexco will utilise the results of the FVA drilling on the Platreef to
enhance its database of the Project and continue to investigate the opencast
mining potential of the indicated mineral resource of 23,69 million tonnes
at 0,3% Ni equivalent (2,48g/t Pt equivalent) at 0,25% equivalent Ni cut-off
as previously reported.
For further information, please contact:
Marius Welthagen -or- Leopold Bosch -or- Explore our website:
Managing Director Director www.thabex.com
0860 thabex 0860 thabex info@thabex.com
(0860 842239) (0860 842239)
Johannesburg
12 February 2002
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