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THABEX EXPLORATION LIMITED - ACQUISITION OF EXCLUSIVE PROSPECTING LICENSES IN
UGANDA ACQUISITION OF EXCLUSIVE PROSPECTING
LICENSES IN UGANDA
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
THABEX -
Introduction
As part of its exploration and prospecting strategy and in terms of the
principals of NEPAD, Thabex entered into an agreement on 29 January 2004 with
the shareholders of Cresta Mining Corporation (U) Limited ("Cresta Uganda"),
incorporated in Uganda (registration number 2670652), to acquire the entire
issued share capital and loan accounts in Cresta Uganda.
Cresta Uganda has been granted ten Exclusive Prospecting Licenses ("EPL"s") and
has been actively exploring these EPL"s for the past two years. Cresta Uganda
has also been granted an Investment License (No 43837) from the Uganda
Investment Authority issued under the investment Code 1991, allowing for certain
investment benefits in Uganda.
Terms of the Agreement
In terms of the agreement Thabex acquires 100% of Cresta Uganda against payment
of R425000. The purchase amount will be settled by way of the issue of 850 000
Thabex ordinary shares of 10 cents each at a premium of 40 cents per share or 50
cents per ordinary share. The newly issued ordinary shares will represent 4,76%
of the issued share capital of Thabex after the acquisition. Cresta Uganda has
also granted the present major shareholder, Cresta Mining Corporation Limited, a
10% participation right in the development of any of the ten EPL"s. Cresta
Mining retained a first right of refusal on this participation right.
Benefit to Thabex and future prospects
Thabex"s exploration projects have been increased five fold, enabling the
Company to expand its activities in Africa, exploring for diamonds, gold and
base minerals in the highly prospective geological terrain of Uganda. The ten
EPL"s owned by Cresta Uganda covers a total area of 303,7km2 and is listed
below:
DIAMONDS
Muko (EPL 4598) - A volcanic complex in the Kabale district and covers an area
of 15km2.
Muko Extension (EPL 4621) - A volcanic complex in the Kabale district covering
an area of 6.2km2.
Lake Bugwagi (EPL 4625) - Volcanic pipe in the Busheyi district covering an area
of 2km2.
GOLD
Kitomi River (EPL 4627) - Alluvial river gravels in the Mbarara/Kamwenge
district covering an area of 11km2.
Buhindagi River (EPL 4628) - Alluvial river gravels in the Mbarara district
covering an area 13,5km2.
Ntsinda Hill (EPL 4633) - Gold quartz veins in the Kamwenge district covering an
area of 34,7km2.
BASE MINERALS
Mafuga Forest (EPL 4604) - Gold quartz veins in the Kable district covering and
area of 178km2.
Kampano Mine (EPL 4624) - Gold quartz veins in the Mbarara district covering an
area of 20km2.
Kitaka Mine (EPL 4626) - Galena quartz veins in the Mbarara/Kamwenge district
covering an area of 178km2.
Kitaka Mine (EPL 4633) - Galena quartz veins in the Mbarara/Kamwenge district
covering an area of 4km2.
Conditions precedent
The agreement is subject to:
- The successful completion of Thabex"s due diligence
- The approval of the JSE.
- The approval of the SA Reserve Bank.
Shareholders will be advised immediately once all these conditions have been
fulfilled.
Johannesburg
4 February 2004
Sponsor
PSG Capital Ltd
Date: 04/02/2004 05:09:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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