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TBX
TBX
Thabex Exploration Limited - Withdrawal Of Cautionary Announcement
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
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement published on SENS on 4
April 2006 dealing with the application for a prospecting lease relating to the
Kolo Kimberlite project in Lesotho and the Kimberlite exploration project in
northeastern Namibia over the Exclusive Prospecting Licenses ("EPL"s") numbers
3082 and 3083.
The application for the Kolo Kimberlite project in Lesotho is still pending and
no certainty of success, or time frame, for the granting of the rights can be
reasonably established.
Thabex is pleased to announce that the agreement with Namdeb Diamond Corporation
(Pty) Ltd ("Namdeb") was concluded on 18 April 2006.
The agreement provides for the systematic prospecting, exploration and possible
establishment of a mining operation for kimberlites on the EPL areas in four
phases:
Phase 1 - Preliminary survey
Phase 2 - Second phase exploration work
Phase 3 - Pre-feasibility study
Phase 4 - Full feasibility study
During Phase 1, Namdeb may explore, at its expense, the EPL"s up to a maximum
period of three years prior to giving notice to establish a Newco on a 45%
(Minnex Exploration Namibia (Pty) Ltd ("Minnex")) 55% (Namdeb) basis and
entering into a shareholders agreement to conduct Phases 2 and 3. Namdeb may
withdraw from Phase 1 at any time during the initial three year period. The
Phase 2 to Phase 4 costs will also be for the account of Namdeb and it may elect
to withdraw from each of these Phases at any time.
Should exploration during the four Phases be successful and a mine is
established in the future, Namdeb may elect to increase its shareholding in
Newco to 70% at par value of the Newco shares. Minnex will thereafter have to
contribute proportionately to fund any capital expenditure requirements of Newco
in establishing a mining operation.
As a result of the conclusion of the agreement with Namdeb and the significant
uncertainty surrounding the Kolo application, shareholders are advised that they
are no longer required to exercise caution when dealing in the Company"s
securities.
Johannesburg
26 April 2006
Sponsor
PSG Capital Limited
Date: 26/04/2006 10:03:05 AM Produced by the JSE SENS Department
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