November 29, 2001
Independent Committee Update
TORONTO, CANADA -- The Independent Committee of the Board of Directors of TRANS HEX INTERNATIONAL LTD. (CDNX: THI) which was formed to consider the proposed winding up of THI by Trans Hex Group Limited as well as any alternatives to the proposed winding-up continues to seek, with the cooperation of Trans Hex Group, an alternative to maximize shareholder value.
The Independent Committee has retained an independent technical consultant to conduct an evaluation of THI's properties. This consultant is conducting a review of all of THI's properties including the Northbank project in Namibia and the Ngamiland kimberlite project in Botswana for which the Independent Committee is receiving results of exploration as they become available. To date, diamond indicator minerals have been found proximate to three magnetic anomalies which have not been previously investigated in the area of the Ngamiland project. Consequently, the three anomalies may represent the presence of three previously unknown kimberlites. Exploration conducted to date has been undertaken under the guidance of Dr. Andy Moore who is a consulting geologist of THI. The Independent Committee cautions that THI lacks the financial resources to conduct further exploration.
The Independent Committee is in the process of considering proposals received from third parties for alternative transactions to the proposed winding-up.
The design and conduct of the Company's exploration programs has been the responsibility of Mr. Peter Walker, a professional geologist registered with the South African Council for Natural Scientific Professions. As a result of Mr. Walker having left the employ of Trans Hex Group effective November 28, 2001, his services as Vice-President, Exploration are no longer available to THI.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hugh R. Snyder - Independent Committee Chairman Tel +1.416.350-2356 Fax +1.416.350-3510
Poul Hansen - Independent Committee Member Tel +1.604.986-7723 Fax +1.604.986-7734
Stephen Woodhead - Chief Financial Officer Tel +1.416.572-2033 Fax +1.416.572-4164