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TBX
TBX
Thabex Exploration Limited - New ICB Classification System And Cautionary
Announcement
THABEX EXPLORATION LIMITED
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
("the Company")
NEW ICB CLASSIFICATION SYSTEM AND CAUTIONARY ANNOUNCEMENT
On 19 August 2004 the JSE Ltd ("JSE") notified the Company that Thabex"s sector
classification has been reclassified by the Industry Classification Benchmark
("ICB") system and with effect from 1 January 2006 Thabex was classified in the
Mining sector, under Sub-sector: Diamonds and Gemstones (code 1773) of the JSE
list.
The Company has a diversified portfolio of exploration projects with the main
focus on exploration of alluvial and kimberlite diamond deposits in South and
southern Africa.
In this regard Angel Diamonds (Pty) Ltd, a company incorporated in Lesotho and
60% held by Thabex, has applied for a prospecting lease from the Lesotho
Government to explore and prospect the Kolo kimberlite pipe project 40km
southwest of Maseru.
Thabex, through the acquisition of 50% of Minnex Exploration Ltd ("Minnex") by
Thabex subsidiary, Diamex JV (Pty) Ltd, is also engaged in kimberlite
exploration in the northeastern border area of Namibia. This acquisition is
still subject to the successful completion of a due diligence investigation by
Thabex and further details are contained in the Company"s interim results
announcement which was announced on 30 November 2005. At present Minnex is
negotiating to enter into a joint venture agreement with a major diamond
producing company to proceed with detailed exploration for kimberlite deposits
over Exclusive Prospecting Licences ("EPL"s") numbers 3082 and 3083 covering an
area of 77 322 hectares in Namibia.
The successful conclusion of the above application by Angel Diamonds (Pty) Ltd
and the successful conclusion of the negotiations by Minnex, provided that the
due diligence investigation referred to above is successfully concluded, could
result in material benefits for Thabex, as the former could present a project
with a short term lead period to establish the Kolo kimberlite pipe"s economic
viability and the latter could result in Thabex not having to provide cash for
the initial higher risk phases of kimberlite exploration on the EPL"s in
Namibia.
Thabex also explores for coal, gold, platinum and base minerals.
As a result, shareholders are herewith advised that they should exercise caution
when dealing in the Company"s securities until a further announcement relating
to the above two kimberlite projects is published.
Johannesburg
10 January 2006
Sponsor
PSG Capital Limited
Date: 10/01/2006 02:16:10 PM Produced by the JSE SENS Department
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