THABEX EXPLORATION LIMITED
(`Thabex` or `the Company`)
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
FURTHER CAUTIONARY ANNOUNCEMENT AND TERMINATION OF CRESTA MINING AGREEMENT
Platinexco (Pty) Ltd (`Platinexco`)
Shareholders are referred to the further cautionary announcement published on
SENS on 6 July 2004 dealing with the South African Reserve Bank`s (`SARB`)
consent to the release of the Platinexco share certificate to AIM Resources Ltd.
The disposal of Platinexco was concluded on 14 July 2004. During December 1999
the SARB commenced an investigation into third party activities relating to the
now redeemed and cancelled 15,3% and 18% debentures issued by Thabex during 1998
and 1999, respectively. The SARB issued an order after Thabex shareholders
approved the Platinexco transaction on 5 May 2004 in terms of Section 22C of the
Exchange Control Regulations, prohibiting Thabex from utilising the proceeds of
the disposal of Platinexco. Thabex do not agree that the disposal of Platinexco
is related to the issue of the respective debentures and is consulting with its
attorneys in this regard. The Company has given its full co-operation during the
above investigation and continues to interact with the SARB to resolve the
matter.
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.
Cresta Mining Company (U) Ltd (`Cresta Mining`)
The SARB has not approved the transaction, as announcement on SENS on 4 February
2004, whereby Thabex would have acquired the entire issued capital of Cresta
Mining for R425 000 against the issue of 850 000 Thabex ordinary shares at 50
cents per share and consequently the acquisition agreement has been terminated.
The termination of this agreement will have no financial effect on the Company.
The Company believes, however, that this transaction would have provided
further profitability and capital growth.
Johannesburg
19 August 2004
Sponsor
Psg Capital Ltd
Date: 19/08/2004 12:18:05 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
