January 11, 2002
Independent Committee Update
TORONTO, CANADA - Based on requests from shareholders and other interested parties, the Independent Committee of the Board of Directors of TRANS HEX INTERNATIONAL LTD. (CDNX: THI) is pleased to provide a further breakdown of the valuation prepared by its independent consultant of certain of THI's exploration interests in Southern Africa.
The Independent Committee had previously announced that the independent consultant had arrived at an estimated value in the range of $1,949,000 to $2,045,000 for THI's interests in the Ngami Kimberlite Project located in Botswana, the Skeleton Coast Marine Diamond property located in Namibia, the Northbank Alluvial Diamond Project located in Namibia and the Limpopo (Sengwe) Kimberlite Project located in Zimbabwe. In applying the Appraised Value Method, Comparable Transactions Analyses and the Kilburn Geoscience Method to the Ngami Kimberlite Project, the independent consultant arrived at an estimated value in the range of $467,000 to $563,000 for THI's 98% interest. In applying the Appraised Value Method to each of the Skeleton Coast Marine Diamond property, the Northbank Alluvial Diamond Project and the Limpopo (Sengwe) Kimberlite Project, the independent consultant arrived at estimated values of $268,000, $1,200,000 and $14,000, respectively, for THI's interests in those properties. As noted in the previous press release, the estimated value attributable to THI's interests in the Northbank Property of $1,200,000 assumes that current legal proceedings involving the property result in a decision that is ultimately favourable to THI. The consultant determined that a negative decision would eliminate all of the value attributable to the Northbank Project.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hugh R. Snyder - Independent Committee Chairman Tel +1.416.350-2356 Fax +1.416.350-3510 E-Mail email@example.com
Poul Hansen - Independent Committee Member Tel +604.986-7723 Fax +1.604.986-7734 E-Mail firstname.lastname@example.org
Stephen Woodhead - Chief Financial Officer Tel +1.416.572-2033 Fax +1.416.572-4164 E-Mail email@example.com