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TSX - Trans Hex Group Limited - Market Update

Release Date: 25/08/2010 10:49
Code(s): TSX
Wrap Text

TSX - Trans Hex Group Limited - Market Update TRANS HEX GROUP LIMITED (Incorporated in the Republic of South Africa) Registration number 1963/007579/06 ISIN: ZAE000018552 Share code: TSX ("Trans Hex" or "the Group") MARKET UPDATE Trans Hex is pleased to provide the following update on its operations. SOUTH AFRICA South African carat production has been below target for the year to date, primarily as a result of grade under-performance at Baken Mine (average of 1.30 carats/100m3 against budget of 1.75 carats/100m3). It is expected that the Baken grade will recover during the second half of the year. The Group`s May 2010 sale amounted to R114.7 million, at an average price of $927 per carat, reflecting continued strong demand and prices for Trans Hex`s rough diamond production. ANGOLA Following the signing of the mining contract for Project Luana, in which Trans Hex has a 33% interest, in May 2010, pilot mining operations commenced in July 2010. Stockpiled exploration and pilot production of 26 452 carats was sold subsequently, at an average price of $312 per carat, realising total proceeds of over $8.2 million. A minimum of 8 300 carats will be sold during September 2010. The Luana partners have agreed to a one year business plan which will result in the mine initially being developed from internally generated funds. Projects Luarica and Fucauma (in which Trans Hex holds 35% and 32% respectively) remain under care and maintenance. The above information has not been reviewed or reported on by the Company`s external auditors. Cape Town 25 August 2010 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Namibian Sponsor IJG CORPORATE FINANCE (PTY) LTD Further enquiries please contact: ChilliBush Investor Relations Michelle Doyle 011 646 7152 082 784 1814 Date: 25/08/2010 10:49:03 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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