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Thabex Exploration Limited - Interim Results For The Six Months Ended 31 August
Release Date: 25/11/2002 17:10:12 Code(s): TBX
Thabex Exploration Limited - Interim Results For The Six Months Ended 31 August
2002
THABEX EXPLORATION LIMITED
("Thabex" or "the Company")
(Registration No 1988/000763/06)
JSE - Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2002
CONSOLIDATED BALANCE Six months Six months Year ended
SHEET ended ended
31 August 31 August 28 February
2002 2001 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Assets
Non-current assets 72,903 72,921 72,953
Property, plant and 72,403 72,421 72,453
equipment
Interest in Associated 500 500 500
Companies
Current Assets 3,001 3,086 3,140
Inventories 1,377 - 1,180
Trading Investments 571 109 174
Trade and other 716 764 880
receivables
Cash and cash 337 2,213 906
equivalents
Total assets 75,904 76,007 76,093
Equity and liabilities
Capital and reserves
Share capital 1,701 1,701 1,701
Share Premium Reserve 17,203 17,203 17,203
Non-distributable Reserve 63,536 63,536 63,536
Accumulated Loss (6,838) (6,602) (6,718)
Ordinary Shareholders 75,602 75,838 75,722
funds
Non-current liabilities 78 10 194
Outside Shareholders 28 10 23
Interest
Long-term Liabilities 50 - 171
Current Liabilities
Trade and other payables 224 159 177
Total equity and 75,904 76,007 76,093
liabilities
Shares in issue 17,006,887 17,006,887 17,006,887
Net asset value per share 444.54 445.93 445.24
(cents)
CONSOLIDATED INCOME Six months Six months Year ended
STATEMENT ended ended
31 August 31 August 28 February
2002 2001 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Revenue 527 3,894 4,025
Net Operating (146) 2,740 2,588
(Loss)/Income
Depreciation (11) (38) (49)
Net interest received 37 114 161
Operating (Loss)/Income (120) 2,816 2,700
Net (Loss)/Profit for the (120) 2,816 2,700
period
(Loss)/Profit per share (0.71) 16.56 15.88
(cents)
Headline (Loss)/Earnings (0.71) 16.56 15.88
per share (cents)
Weighted average of number 17,006,887 17,006,887 17,006,887
of shares in issue for the
period
CASHFLOW STATEMENT Six months Six months Year ended
ended ended
31 August 31 August 28 February
2002 2001 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Cash (utilised)/generated (520) 1,961 514
in operating activities
Cash generated/(expended 68 (68) (112)
in) from investing
activities
Cash effects of financing (117) (15) 169
activities
Decrease/Increase in cash (569) 1,878 571
resources
Cash at beginning of year 906 335 335
Cash at end of year 337 2,213 906
STATEMENT OF CHANGES IN Six months Six months Year ended
EQUITY ended ended
31 August 31 August 28 February
2002 2001 2002
Unaudited Unaudited Audited
R`000 R`000 R`000
Share Capital 1,701 1,701 1,701
Share Premium 17,203 17,203 17,203
Accumulated Loss (6,838) (6,602) (6,718)
Accumulated Loss at the (6,718) (9,418) (9,418)
beginning of period
Net (Loss)/Profit for (120) 2,816 2,700
period
Non-distrbutable reserves 63,536 63,536 63,536
Review of operations
Thabex and its empowerment associate Taung Diamond Mines Ltd are continuing
exploration in the Christiana district of the North West Province. An
application for a prospecting permit has been lodged with the Department of
Mineral and Energy ("DME") for prospecting and exploration on the farm Kaffraria
314 HO. Thabex is also negotiating with various empowerment groupings to assist
them with diamond exploration and mining opportunities in the Taung District.
Pure Diamonds Ltd, a wholly owned subsidiary of Thabex, has commenced marketing
its proudly South African gem quality polished diamonds in the United Kingdom,
with the 20,32carat "Heart of Africa" PureDiamond as the center piece.
Platinexco (Pty) Ltd`s ("Platinexco"), a wholly owned subsidiary of Thabex,
Prospecting Permit Number 49/2001 has been renewed by the DME. Platinexco is
negotiating with various contractors and professional consultants to revalidate
the previous feasibility study and to produce a new bankable feasibility for the
Mokopane Platreef Project in the Limpopo Province.
An application has been lodged with the DME for a prospecting permit on the farm
Adjoining Geelvloer 197 in the Kenhardt District of the Northern Cape Province.
On approval, Thabex would complete its exploration of the area and proceed to
conduct a pre-feasibility on the Copper-Lead-Zinc indicated resource of 8
million tonnes grading at 0,8% Cu, 0,6% Pb, 2,4% Zn, 24g/t Ag and 0.8g/t Au on
the property.
Dividend
No dividend has been declared for the period.
Accounting Policies
The interim financial results have been prepared in accordance with the South
African Statements of Generally Accepted Accounting Practice. The accounting
policies used in the preparation of the interim financial results are consistent
with those applied in the audited financial statements for the year ended 28
February 2002.
On behalf of the board
Marius Welthagen Leopold Bosch
Chief Executive and Managing Director Executive Director
Johannesburg 26 November 2002
Explore our website: www.thabex.com
E-mail: info@thabex.com
Registered office: KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries: SA Mineral Investments (Pty) Ltd
51 Austin Street, Northcliff, Johannesburg, 2195
Company transfer secretaries: Ultra Registrars (Pty) Ltd
11 Diagonal Street, Johannesburg, 2001
Telephone number: 0860 THABEX (0860 843339)
Sponsor: PSG Capital Ltd
Directorate:
M Welthagen, JL Bosch, JR Rapoo*, Prof DL Reid*#, AP Roux*
*non-executive directors, #New Zealand
Date: 25/11/2002 05:10:00 PM Produced by the JSE SENS Department
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