Listed mining company Thabex Exploration yesterday announced that independent geological experts, Snowden Mining Industry Consultants, has valued the Mokopane Platreef Project at A$18,4-million.

Thabex said that it would, in line with the agreement entered into with AIM Resources in October 2003, sell its entire interest in subsidiary Platinexco to the Australian-listed compnay for a cash consideration of R20-million.

The subsequent resource estimate review undertaken confirmed that the Mokopane Platreef Project has a platinum group metals(PGM)-nickel resource containing over one-million ounces platinum equivalent in the ground.

Marius Welthagen, chief executive of Thabex Exploration said, “The announcement put out today states that, following the positive valuation made by Snowden Mining Consultants, it was AIM Resources’ intention to exercise the option, subject to finalising due diligence and raising the required capital.”.

The further development of Mokopane is motivated by the nearby presence of existing and possible future open pit operations with associated infrastructure.

Welthagen said, “The cash generated by the option payments, as well as the possible exercise of the option, has been earmarked to fund our alluvial diamond exploration activities in Southern Africa. Thabex recently acquired a 100% of Cresta Mining Company, an exploration company that owns ten exclusive prospecting licenses in Uganda”.

The AIM transaction requires the approval by the shareholders of Thabex of the disposal of Platinexco, the JSE, as well as the approval of the South African Reserve Bank.