PROPOSED MERGER OF TRANS HEX & ODM & FURTHER CAUTIONARY ANNOUNCEMENT

TRANS HEX GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 63/07579/06)
("TRANS HEX")
OCEAN DIAMOND MINING HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 79/03303/06)
("ODM")

PROPOSED MERGER OF TRANS HEX AND ODM AND FURTHER CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION

FURTHER TO THE JOINT CAUTIONARY ANNOUNCEMENT DATED 5 MARCH 1999, DEUTSCHE
MORGAN GRENFELL (SA) (PROPRIETARY) LIMITED AND HSBC SIMPSON MCKIE (PROPRIETARY)
LIMITED ARE AUTHORISED TO ANNOUNCE THAT, SUBJECT TO THE FULFILMENT OF CERTAIN
CONDITIONS PRECEDENT, AGREEMENT IN PRINCIPLE HAS BEEN REACHED IN TERMS OF WHICH
THE INTERESTS OF TRANS HEX AND ODM ARE TO BE MERGED ("THE MERGER").
2. RATIONALE FOR THE MERGER

THE PROPOSED MERGER COMBINES THE CORE COMPENTENCIES OF TRANS HEX AND ODM TO
CREATE A SIGNIFICANT INTERNATIONALLY RECOGNISED PRODUCER OF HIGH VALUE
DIAMONDS, FROM BOTH LAND AND MARINE RESOURCES, WITH EXCITING EXPLORATION
POTENTIAL. THIS WILL PROVIDE THE MERGED ENTITY WITH THE CRITICAL MASS REQUIRED
TO PURSUE FURTHER OPPORTUNITIES BOTH LOCALLY AND INTERNATIONALLY. THE MERGED
ENTITY WILL DISPLAY, INTER ALIA, THE FOLLOWING CHARACTERISTICS:

- DIVERSIFICATION OF PRODUCTION SOURCES THEREBY REDUCING RISK;

- ACCELERATION OF EXPLORATION ACTIVITIES TO INCREASE RESERVES;

- UTILISATION OF GROUP CASH FLOWS TO SPEED UP THE DEVELOPMENT OF NEW DIAMOND
MINING TECHNOLOGIES; AND

- INCREASED FREE FLOAT AND ENHANCED LIQUIDITY OF THE ISSUED SHARE CAPITAL.
3. TERMS OF THE MERGER

THE MERGER WILL BE IMPLEMENTED BY MEANS OF A SHARE SWAP. THE MERGED ENTITY WILL
COMPRISE 66,7% TRANS HEX AND 33,3% ODM RESPECTIVELY, RESULTING IN AN EFFECTIVE
EXCHANGE RATIO OF 17,19 TRANS HEX SHARES FOR EVERY 100 ODM SHARES. THE
MECHANICS FOR THE IMPLEMENTATION OF THE MERGER ARE IN THE PROCESS OF BEING
FINALISED AND FURTHER DETAILS, INCLUDING A NEW NAME FOR THE MERGED ENTITY, WILL
BE ANNOUNCED IN DUE COURSE.
4. CONDITIONS PRECEDENT TO THE MERGER

THE MERGER IS SUBJECT TO THE FULFILMENT OF, INTER ALIA, THE FOLLOWING
CONDITIONS PRECEDENT:

- SATISFACTORY COMPLETION OF DUE DILIGENCE INVESTIGATIONS BY THE RELEVANT
PARTIES;

- THE APPROVAL OF THE APPROPRIATE REGULATORY AUTHORITIES; AND

- APPROVALS OF THE SHAREHOLDERS OF TRANS HEX AND ODM, TO THE EXTENT REQUIRED.
5. FURTHER CAUTIONARY ANNOUNCEMENT

SHAREHOLDERS OF TRANS HEX AND ODM ARE ADVISED TO CONTINUE TO EXERCISE CAUTION
IN THE TRADING OF THEIR RESPECTIVE COMPANIES' SHARES UNTIL SUCH TIME AS A
FURTHER ANNOUNCEMENT IS MADE.
CAPE TOWN
12 MARCH 1999
FINANCIAL ADVISER TO TRANS HEX

DEUTSCHE MORGAN GRENFELL (SA) (PROPRIETARY) LIMITED
(REGISTRATION NUMBER 95/11798/07)
JOINT SPONSORING BROKERS TO TRANS HEX
DEUTSCHE MORGAN GRENFELL (PROPRIETARY) LIMITED
(REGISTRATION NUMBER 73/06709/07)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
ABN AMRO SECURITIES (SOUTH AFRICA) (PTY) LTD
REGISTRATION NUMBER 95/01231/07
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
FINANCIAL ADVISER TO ODM
HSBC SIMPSON MCKIE (PTY) LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REG. NO. 84/01736/07
SPONSORING BROKER TO ODM
HSBC SIMPSON MCKIE (PTY) LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REG. NO. 84/01736/07
JOINT PRESS RELEASE

TRANS HEX GROUP LIMITED/OCEAN DIAMOND MINING HOLDINGS LIMITED
PROPOSED MERGER OF TRANS HEX AND ODM

FOLLOWING PURPOSEFUL NEGOTIATIONS, THE BOARDS OF TRANS HEX GROUP LIMITED (TRANS
HEX) AND OCEAN DIAMOND MINING HOLDINGS LIMITED (ODM) HAVE ANNOUNCED THAT AN
AGREEMENT HAD BEEN REACHED IN PRINCIPLE FOR THE PROPOSED MERGER OF THE TWO
COMPANIES, SUBJECT TO THE FULFILMENT OF CERTAIN CONDITIONS PRECEDENT.

THIS PROPOSED MERGER WILL BE IMPLEMENTED BY MEANS OF A SHARE SWAP WHICH WILL
RESULT IN TRANS HEX AND ODM SHAREHOLDERS HOLDING 66,7% AND 33,3% RESPECTIVELY
OF THE NEW MERGED ENTITY.  THIS TRANSLATES INTO AN EFFECTIVE EXCHANGE RATIO OF
17,19 TRANS HEX SHARES FOR EVERY 100 ODM SHARES.  THE MERGED ENTITY WILL ALSO
BE GIVEN A NEW NAME TO REFLECT ITS NEW IDENTITY.

"THE IDEA OF A MERGER WAS CONCEIVED THROUGH A SHARED VISION THAT THE

AMALGAMATION OF THE TWO COMPANIES' CORE COMPETENCIES WOULD ESTABLISH AN
INTERNATIONALLY RECOGNISED PRODUCER OF HIGH VALUE DIAMONDS" SAID NIEL

HOOGENHOUT, GROUP MANAGING DIRECTOR OF TRANS HEX.  "AS THERE HAS BEEN A CLOSE
RELATIONSHIP BETWEEN THE TWO GROUPS FOR MANY YEARS AND THERE IS AN EXCELLENT
FIT BETWEEN THE RESPECTIVE MANAGEMENTS AND OPERATIONS, THE MERGER IS A NATURAL
DEVELOPMENT", HE ADDED.

THE NEW MERGED GROUP WILL BE LISTED ON BOTH THE JOHANNESBURG AND NAMIBIAN STOCK
EXCHANGES.  IT WILL BE MANAGED THROUGH TWO MINING DIVISIONS, NAMELY LAND AND
MARINE OPERATIONS, WHICH WILL BE HEADED BY PETER DANCHIN AND ANDRE LOUW
RESPECTIVELY.  AN ENLARGED DIVISION FOR BOTH LOCAL AND INTERNATIONAL

EXPLORATION PROJECTS IS ALSO PLANNED IN ORDER TO CAPITALIZE ON THE COMBINED
EXPLORATION POTENTIAL AND TO INCREASE MINING RESERVES.

ANDRE LOUW, MANAGING DIRECTOR OF ODM SAID THAT THE MERGER WILL BRING TOGETHER
MORE MARINE DIAMOND CONCESSION AREAS AND OPERATIONAL CAPACITY TO UNLOCK THE
POTENTIAL OF THE CONCESSIONS CURRENTLY HELD BY BOTH COMPANIES.  HE FURTHER
COMMENTED THAT THE MERGER ALLOWS ACCESS TO LARGER CASH RESOURCES TO SPEED UP
THE DEVELOPMENT OF NEW, MORE EFFICIENT MARINE MINING TECHNOLOGY.  "THIS WILL
ALSO RESULT IN THE DIVERSIFICATION OF THE OPERATIONAL RISK OF BOTH COMPANIES"
CONTINUED MR LOUW.

PETER DANCHIN, TRANS HEX'S OPERATIONS MANAGING DIRECTOR SAID THAT THE PROPOSED
DEAL FULLY SATISFIED TRANS HEX'S PLANS TO ESTABLISH A LARGER MARINE DIAMOND
DIVISION AND THAT THE GROUP WOULD BENEFIT FROM ODM'S EXPERTISE IN THIS FIELD.
MR HOOGENHOUT CONCLUDED THAT THE MERGED GROUP WOULD HAVE A GREATER CRITICAL
MASS AND A LARGER SHAREHOLDER BASE TO BETTER POSITION THE GROUP TO PURSUE
FURTHER OPPORTUNITIES BOTH LOCALLY AND ABROAD.  THE INCREASED FREE FLOAT SHOULD
ALSO ENHANCE THE LIQUIDITY OF THE NEWLY LISTED SHARES.

FURTHER DETAILS OF THE PROPOSED MERGER WILL BE ANNOUNCED AS SOON AS THE
MECHANICS FOR THE IMPLEMENTATION HAVE BEEN FINALISED.
ISSUED BY:

OCEAN DIAMOND MINING HOLDINGS LIMITED   TRANS HEX GROUP LIMITED

P O BOX 15012                           P O BOX 723
8018 VLAEBERG,                          7499 PAROW
CAPE TOWN                               CAPE TOWN

SOUTH AFRICA                            SOUTH AFRICA
CONTACT:

ANDRE LOUW, MANAGING DIRECTOR           NIEL HOOGENHOUT,

                                        GROUP MANAGING DIRECTOR

                                        PETER DANCHIN,

                                        MANAGING DIRECTOR : OPERATIONS
OCEAN DIAMOND MINING HOLDINGS LTD       TRANS HEX GROUP LTD

TELEPHONE   +27 21 439-9635             TELEPHONE   +27 21   92-1105

FACSIMILE   +27 21 439-9939             FACSIMILE   +27 21 930-8499
11 MARCH 1999