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Mon 22 Nov 2004, 14:17 FURTHER CAUTIONARY ANNOUNCEMENT
AFRICAN GEM RESOURCES LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                 
AFRICAN GEM RESOURCES LIMITED                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/0072928/06)                                           
JSE share code: AFG    ISIN: ZAE000025540                                       
(`Afgem`)                                                                       
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Shareholders are referred to the cautionary announcement dated 23 September     
2004. Afgem is in the process of preparing the circular and pre-listing         
particulars in respect of the proposed acquisition of certain diamond mining    
companies. A further announcement containing additional details of the proposed 
acquisition, including financial effects, will be published in due course.      
Accordingly, shareholders are advised to continue exercising caution when       
dealing in Afgem shares until such a further announcement is made               
Melrose Arch                                                                    
22 November 2004                                                                
Corporate advisor and transactional sponsor                                     
ACMB Corporate Finance                                                          
Legal advisor to Afgem                                                          
HR Levin                                                                        
Attorneys, Notaries and Conveyancers                                            
Legal advisor to Rex Corporation                                                
ENF                                                                             
Sponsor                                                                         
Java Capital                                                                    
Date: 22/11/2004 01:57:02 PM                  
Produced by the JSE SENS Department
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