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EXPLORER CORPORATION HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010950/06)
("Explorer" or "the Company")
SHARE CODE: EPL     ISIN: ZAE000017489
further Cautionary announcement
Shareholders are referred to the further cautionary announcement published
on 9 January 2002.
Explorer continues to be involved in negotiations that if successfully
concluded may have a material effect on the share price of the Company.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the Company's securities until a further announcement is made.
Johannesburg
28 February 2002
Sponsor
Sasfin Bank Limited

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