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Fri 25 Jul 2003, 9:19 FURTHER CAUTIONARY ANNOUNCEMENT
EXPLORER CORPORATION HOLDINGS LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT         
EXPLORER CORPORATION HOLDINGS LIMITED                                           
(Incorporated in the Republic of South Africa)                                  
(Registration number 1997/010950/06)                                            
("Explorer" or "the Company")                                                   
SHARE CODE: EPL      ISIN: ZAE000039970                                         
                                            
Further to the cautionary announcement published on 6 June 2003, shareholders   
are advised that the negotiations referred to are continuing.                   
These negotiations, if successfully concluded, could have a material effect on  
the price at which Explorer shares trade on the JSE Securities Exchange South   
Africa.                                                                         
Shareholders are accordingly advised to continue exercising caution when dealing
in the Company"s shares until a further announcement is made.                   
Johannesburg                                                                    
25 July 2003                                                                    
SPONSOR                                                                         
SASFIN CORPORATE FINANCE                                                        
A DIVISION OF SASFIN BANK LIMITED                                               
Date: 25/07/2003 09:15:50 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
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