TRANS HEX RECEIVES THE ALL-CLEAR ON BENCO MERGER

SANCTION BY THE HIGH COURT - THE FINAL STEP IN TRANS HEX'S MERGER WITH BENGUELA
CONCESSIONS (BENCO) - HAS BEEN RECEIVED AND THE TRANSACTION IS NOW FAIT
ACCOMPLI WITH ALL CONDITIONS PRECEDENT HAVING BEEN MET.

ONE OF THE FIRST ACTIONS BY TRANS HEX MANAGEMENT HAS BEEN THE IMMEDIATE
SUSPENSION OF ALL SEA ACTIVITIES BY MOONSTAR, BENCO'S MINING VESSEL, AND HER
IMMEDIATE RETURN TO PORT.

MANAGING DIRECTOR PETER DANCHIN COMMENTS : "WE ARE DELIGHTED AT THE OVERALL
SUCCESSFUL OUTCOME OF THIS TRANSACTION HOWEVER, DUE TO PROFITABILITY

CONSIDERATIONS THE VESSEL COULD NOT BE ALLOWED TO CONTINUE FOR ANY LONGER. WE
HAVE ACTED SWIFTLY TO STOP ANY FURTHER OPERATIONAL LOSSES FROM THAT QUARTER AND
ARE IN THE PROCESS OF EVALUATING A NUMBER OF OPTIONS. IT IS OUR INTENTION TO
RE-ACTIVATE DEEP-WATER MARINE MINING AT SOME LATER TIME AND POSSIBLY IN A
DIFFERENT FORMAT."

"THE TRUE VALUE OF THIS DEAL IS TWO-FOLD. BENCO BRINGS WITH IT A SUBSTANTIAL
TAX LOSS THAT WE ARE ABLE TO MAKE USE OF OVER THE NEXT FEW YEARS. FURTHERMORE,
THE SEA CONCESSIONS IN BOTH SOUTH AFRICAN AND NAMIBIAN WATERS AND THE PROMISING
LAND LEASES IN THE SAXENDRIFT AREA ARE A WONDERFUL BOOST TO OUR RESOURCE BASE,"
HE ADDS.

THE APPOINTMENT OF EXPERIENCED ANDRE LOUW AT DIRECTOR LEVEL TO HEAD-UP MARINE
ACTIVITIES IS AN INDICATION OF THE COMMITMENT AND SHARPENED FOCUS TRANS HEX IS
DIRECTING AT THIS DIVISION.

A NUMBER OF INNOVATIVE RESEARCH AND DEVELOPMENT PROJECTS FOR WATER DEPTHS LESS
THAN 30 METRES ARE CURRENTLY UNDERWAY, INCLUDING THE SEA TRIALS OF A WALKING
JACK-UP PLATFORM SCHEDULED FOR EARLY NEXT YEAR. IN ADDITION, THE DEVELOPMENT OF
A SEMI-REMOTE DIVING UNIT DESIGNED TO OPERATE IN AREAS PREVIOUSLY DEEMED
UNSUITABLE FOR EXISTING MINING AND RECOVERY METHODS IS ALREADY IN AN ADVANCED
DESIGN STAGE.

BENCO SHAREHOLDERS MUST NOW SURRENDER THEIR SHARE CERTIFICATES AND WILL IN-TURN
BE RE-ALLOCATED TRANS HEX SHARES IN THE INVIGORATED OPERATION. THE DE-LISTING
OF BENCO FROM THE JOHANNESBURG STOCK EXCHANGE (JSE) TOOK EFFECT ON THURSDAY
20TH APRIL AND THE TRANS HEX SHARES ISSUED IN TERMS OF THE SCHEME CONSIDERATION
WILL BE LISTED ON THE JSE AND NAMIBIAN STOCK EXCHANGES FROM TUESDAY 25TH APRIL
2000.

"OUR PROVEN TRACK RECORD AND ACCESS TO A LARGER CAPITAL BASE WILL HELP UNLOCK
THE TRUE VALUE IN BENCO'S PROPERTIES. EXPLORATION IS A COSTLY EXERCISE BUT YOU
NEED TO DO IT TO ENSURE POSITIVE MINING RESULTS AND WE FULLY INTEND TO ACHIEVE
JUST THAT - POSITIVE MINING RESULTS - FOR OUR EXISTING AND NEW SHAREHOLDERS,"
CONCLUDES DANCHIN.
ENDS.
FOR FURTHER INFORMATION : PETER DANCHIN
TRANS HEX GROUP
TEL : (021) 939-1105
ISSUED BY : CULLUM JOHNSTON
BHA COMMUNICATIONS
TEL : (021) 683-2685 / 083 212-2455
DATE : 25TH APRIL 2000