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Thabex -
THABEX EXPLORATION LIMITED
("Thabex")
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
Introduction
On, 16 October 2003, Thabex and its wholly owned subsidiary, Platinexco (Pty)
Ltd ("Platinexco"), have entered into an option and sale of shares agreement
("the Agreement"), subject to the Listing Requirements of the JSE Securities
Exchange South Africa ("the JSE"), with AIM Resources Ltd ("AIM"). AIM is a
Junior Mining company listed on the Australian Stock Exchange (ASX Code - AIM)
in Sydney, Australia. AIM has entered into a Joint Venture agreement with a
Black Economic Empowerment ("BEE") group, which would facilitate the development
of the Mokopane Platreef Project ("the Project") in terms of Thabex"s BEE
strategy and the Mining Charter.
Terms of the Agreement
The Agreement provides for a five-month option period in order for AIM to
conduct a due diligence on the Platinum, Nickel and Copper Indicated Resource of
the Project, on farm Piet Potgietersrust Town and Townlands 44KS in the Limpopo
Province. The Project is held by Platinexco (Pty) Ltd ("Platinexco"), a wholly
owned subsidiary of Thabex. In terms of the Agreement the option fee is R55 000
per month escalating in the last two months to R80 000 and R110 000,
respectively. AIM may elect to exercise the option and purchase 100% of
Platinexco from Thabex for R20 million in cash at any time during the option
period.
Benefit to Thabex and future prospects
Thabex will utilise the cash from the option payments and the possible exercise
of the option to fund its alluvial diamond exploration activities.
Effects of the transaction on Thabex
Until the option is exercised the terms of the agreement has no material effect
on the earnings or net asset value of Thabex.
Should AIM exercise its option during option period the effect on the earnings
or net asset value of Thabex would be:
For the Year ended 28 February 2003 Before After %
R R Change
(Loss)/income (9 754 10 448 576 207
980)
Headline (loss)/income (412 599) 14 627 397 3 645
Weighted average number of ordinary
shares in issue 17 006 17 006 887 -
887
(Loss)/earnings per share (cents) (57.35) 61.44 207
Headline(loss)/earnings per share (cents) (2.43) 86.01 3 645
Net asset value of Thabex 2 430 420 7 918 992 226
Net asset value of Thabex per share 14.29 46.56 226
(cents)
Net tangible asset value of Thabex per 14.29 46.56 226
share(cents)
Conditions precedent
The agreement is subject to:
- The application for the renewal of Platinexco"s Prospecting Permit 49/2001
be approved by the Department of Mineral and Energy.
- The approval by the shareholders of Thabex, in a general meeting, of the
disposal of its entire shareholding in Platinexco.
- The approval of the JSE.
- The approval of the SA Reserve Bank.
Documentation
Full details of the Agreement, and notice of the general meeting will be
contained in a circular to shareholders, which will be dispatched in due course
if the option is exercised. In the event that option is not exercised
shareholders will be notified accordingly.
Johannesburg
22 October 2003
Sponsor
PSG Capital Ltd
Date: 22/10/2003 05:15:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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