TRANS HEX GROUP LIMITED - NEWS RELEASE
TRANS HEX GROUP LIMITED
JSE CODE : TSX
NSX CODE : THX
ISIN : ZAE000018552
TRANS HEX / DIAMOND FIELDS INTERNATIONAL DISPUTE SETTLED
Trans Hex Group Limited ("Trans Hex") and Diamond Fields International ("DFI")
are pleased to announce that the dispute between them relating to the Marshall
Fork Concession Joint Venture Agreement, has been settled on the following basis
:
1. Trans Hex will pay to DFI approximately R3 million being 50% of the
operational penalties, due under the Joint Venture Agreement;
2. The Joint Venture Agreement will be of no further force and effect and
neither party shall have any further claims against the other relating to the
agreement.
Trans Hex is pleased to have an opportunity to work with the new DFI Board of
Directors led by Mr Jean-Raymond Boulle and which includes Mr Mark Collins.
Trans Hex refutes the allegations made by the previous DFI Board of Directors
relating to alleged misrepresentations by Mr Collins.
Trans Hex and DFI will explore a new working relationship in regard to their
respective interest in Marine Diamond Mining concessions bordering the west
coast of South Africa and Namibia.
Contact person :
Mr C Gardner
Tel : 021 937 2001
Cell : 082 444 3370
Date: 09/12/2002 05:40:03 PM Produced by the JSE SENS Department
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