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Thabex Exploration Limited - Reviewed Interim Results For The Six Months Ended
31 August 2003
THABEX EXPLORATION LIMITED
("Thabex" or "the Company")
(Registration No 1988/000763/06)
JSE - Share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2003
Six months Six months Year ended
ended ended
31 August 31 August 28
2003 2002 February
2003
Unaudited Unaudited Audited
R"000 R"000 R"000
CONSOLIDATED BALANCE SHEET
Assets
Non-current assets 41 72 903 54
Mining assets and equipment 41 72 403 54
Interest in associated companies - 500 -
Current assets 2 158 3 001 2 616
Inventories
937 1 377 1 005
Trading investments 308 571 380
Trade and other receivables 479 716 1 090
Cash and cash equivalents 434 337 141
Total assets 2 199 75 904 2 670
Equity and liabilities
Capital and reserves
Share capital 1 701 1 701 1 701
Share premium reserve 17 203 17 203 17 203
Revaluation reserve - 63 536 -
Accumulated loss (16 941) (6 838) (16 473)
Ordinary shareholders funds 1 963 75 602 2 431
Non-current liabilities 79 78 83
Outside shareholders interest 11 28 14
Long-term Liabilities 68 50 68
Current liabilities
Trade and other payables 157 224 156
Total equity and liabilities 2 199 75 904 2 670
Shares in issue 17 006 887 17 006 887 17 006 887
Net asset value per share (cents) 11.54 444.53 14.29
CONSOLIDATED INCOME STATEMENT
Revenue 132 527 594
Net operating (loss)/profit (458) (146) (439)
Depreciation (13) (11) (30)
Net interest received 3 37 48
Impairment losses - - (9 342)
Outside shareholders" interest - - 9
Net(loss)/income for the period (468) (120) (9 754)
Weighted average of number of 17 006 887 17 006 887 17 006 887
shares in issue
(Loss)/earnings per share (cents) (2.75) (0.71) (57.36)
Headline(loss)/earnings per share (2.75) (0.71) (2.99)
(cents)
RECONCILIATION OF HEADLINE
(LOSS)/EARNINGS
Reconciliation between
(loss)/earnings and
headline(loss)/earnings
Loss/income attributable to (468) (120) (9 755)
ordinary shareholders
Impairment losses - - 9 342
Headline(loss)/earnings (468) (120) (413)
CONSOLIDATED CASHFLOW STATEMENT
Cash generated/(utilised) in 289 (520) (692)
operating activities
Cash (expended in)/generated from - 68 39
investing activities
Cash effects of financing 4 (117) (112)
activities
Increase/(Decrease) in cash 293 (569) (765)
resources
Cash at beginning of period 141 906 906
Cash at end of period 434 337 141
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Share Capital 1 701 1 701 1 701
Share Premium 17 203 17 203 17 203
Accumulated (16 941) (6 838) (16 473)
Loss
Accumulated Loss at the (16 473) (6 718) (9 755)
beginning of period
Net (loss)/profit for period (468) (120) (6 718)
Revaluation Reserve - 63 536 -
Revaluation reserve at - 63 536 -
beginning of period
Deferred tax not provided in - - (19 061)
prior year
Additions to revaluation - - 6 965
reserve
Impairment losses - - (51 440)
Review of operations and future prospects
Taung Diamond Mines Ltd ("Taung Diamonds"), a Black Economic Empowerment ("BEE")
associate of the Company, is continuing exploration in the Christiana and Taung
districts of the North West Province. To date the prospecting permits to explore
the mineral rights, on the farm Kaffraria 314 HO (Portions 1 and 2) have not
been issued by Department of Mineral and Energy ("DME"). Thabex has entered into
a strategic alliance with BEE company, Safrango Resources (Pty) Ltd to
investigate alluvial diamond exploration and mining opportunities in Angola.
Pure Diamonds Ltd a wholly owned subsidiary of Thabex, is continuing to market
its proudly South African pure quality polished diamonds in the United Kingdom.
Platinexco (Ply) Ltd ("Platinexco"), a wholly owned subsidiary of Thabex, has
applied to the DME for the renewal of its Prospecting Permit Number 49/2001 on
the farm Piet Potgietersrust Town and Townlands 44KS. On 16 October 2003 Thabex
and Platinexco entered into an option (five months) and sale agreement with
Australian listed Junior Mining company, AIM Resources Ltd ("AIM"), to sell
Thabex"s entire interest in Platinexco for R20m cash, as set out in the SENS
announcement dated 22 October 2003. AIM is presently conducting a due diligence
investigation on the Mokopane Platreef Project in the Limpopo Province. The
board has, at the request of AIM and subject to an addendum being signed to the
above agreement, agreed to extend the option period for another two months
(option fees of R150 000 and R200 000, respectively). Lower Quartile Solutions
(Pty) Ltd, a mining engineering consultancy, has completed a review of the
previous feasibility study of this project and the Company is presently
considering the possibility of establishing a small oxidized zone open cast
operation should AIM not exercise the above option.
The prospecting permit on the farm Adjoining Geelvloer 197 in the Kenhardt
District of the Northern Cape Province has not been issued by the DME.
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 2003.
Review of results
The interim financial results have been reviewed by KPMG Inc and their review
report is available for inspection at the Company"s registered office.
On behalf of the board
JR Rapoo Marius Welthagen
Chairman Chief Executive
Johannesburg 25 November 2003
Explore our website: www.thabex.com
E-mail: info@thabex.com
Registered office:
KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Telephone number: 0860 THABEX (0860 843339)
Auditors:
KPMG Inc, KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083
Company secretaries:
SA Mineral Investments (Pty) Ltd,
51 Austin Street, Northcliff, Johannesburg, 2195
Transfer secretaries:
Ultra Registrars (Pty) Ltd,11 Diagonal Street, Johannesburg, 2001
Sponsor:
PSG Capital Ltd, 1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600
Directorate:
JR Rapoo*(Chairman), M Welthagen(CEO), JL Bosch*, Prof DL Reid*#,
AP Roux* *non-executive directors, #New Zealand
Date: 25/11/2003 04:52:12 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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