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Mon 31 May 2004, 14:22 FURTHER CAUTIONARY ANNOUNCEMENT
THABEX EXPLORATION LIMITED -  FURTHER CAUTIONARY ANNOUNCEMENT                 
  THABEX EXPLORATION LIMITED                                                      
  (`Thabex or the Company`)                                                       
  Registration No 1988/000763/06                                                  
  (Incorporated in the Republic of South Africa)                                  
  Young Lions Exploring Africa                                                    
  JSE share code: TBX                                                             
  ISIN Code: ZAE000013686                                                         
  THABEX - FURTHER CAUTIONARY ANNOUNCEMENT                
              
  Further Cautionary announcement                                                 
       Shareholders are referred to the announcement published on SENS on 14 May  
  2004 dealing with the exercise by AIM of its option to purchase Platinexco 
       for R20 million. This transaction is still subject to SARB approval. As a  
       result, shareholders are herewith advised that they should continue to     
       exercise caution when dealing in the Company`s securities until a further  
  announcement relating to this transaction is published.                    
  On behalf of the board                                                          
  Jeffrey Rapoo                                Marius Welthagen                   
  Chairman                                     Chief Executive                    
  Johannesburg                                 31 May 2004                        
  Registered office:                                                              
  KPMG Forum, 1226 Schoeman Street, Hatfield, Pretoria, 0083                      
  Company secretaries:                                                            
  SA Mineral Investments (Pty) Ltd                                                
  51 Austin Street, Northcliff, Johannesburg, 2195                                
  Company transfer secretaries:                                                   
  Ultra Registrars (Pty) Ltd                                                      
  11 Diagonal Street, Johannesburg, 2001                                          
  Explore our website: www.thabex.com                                             
  E-mail: info@thabex.com                                                         
  Telephone number: 0860 THABEX (0860 843339)                                     
  Sponsor:                                                                        
  PSG Capital Ltd                                                                 
  Directorate:                                                                    
  JR Rapoo, M Welthagen*, JL Bosch, Prof DL Reid**, AP Roux                       
  *Executive director, ** New Zealand                                             
  Date: 31/05/2004 11:04:07 AM Produced by the JSE SENS Department                
                                                                                  
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