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Argent Industrial Limited - Cautionary Announcement                             
ARGENT INDUSTRIAL LIMITED                                                       
(Registration number 1993/002054/06)                                            
Share code: ART                                                                 
ISIN: ZAE000019188)                                                             
(`Argent`)                                                                      
CAUTIONARY ANNOUNCEMENT                                                         
LPC Manhattan Sponsors (Pty) Limited are authorised to announce that            
negotiations are currently in progress, which, if successfully concluded, may   
have a material effect on the share price of Argent.                            
Accordingly, shareholders are advised to exercise caution when dealing in their 
shares until a further announcement is made.                                    
Roodepoort                                                                      
7 December 2003                                                                 
Sponsor                                                                         
LPC Manhattan Sponsors (Pty) Limited                                            
Date: 07/12/2004 02:15:05 PM                     
Produced by the JSE SENS Department

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