Update to shareholders Thabex Limited Incorporated in the Republic of South Africa (Registration number 1988/000763/06) Share code: TBX ISIN: ZAE000013686 ("Thabex" or "the Company") Young Lions Exploring Africa UPDATE TO SHAREHOLDERS Shareholders are referred to the SENS announcement dated 2 April 2012 and 14 September 2012 referring to the second provisional liquidation application against Angel Diamonds (Pty) Ltd (“Angel Diamonds”) (Case Number CIV/PET/01/2011) and the Judgement against Messrs Mosebo and Engelbrecht with costs and they have to provide security for costs for an amount of R250 000 in Case Number CIV/APN/664/2010 (“the Case”), respectively. The application for provisional liquidation of Angel Diamonds was dismissed in the High Court of Lesotho today. Angel Diamonds has requested the immediate hand over of the movable equipment and rough diamond stock from the provisional liquidators. Angel Diamonds will also proceed with a Review Application in the High Court of Lesotho to direct that the previous Minister of Natural Resources had acted incorrectly in granting Reskol Diamond Mining (Pty) Ltd a Mining Lease (“ML”), within a period of three months, when Angel Diamonds’ ML application of 12 December 2008 has not been considered in good faith. Shareholders will be advised of future developments. Johannesburg 1 November 2012 Sponsor Merchantec Capital Date: 01/11/2012 05:45:00 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.