| | Published : November 20th, 2008 | BMA Gold deal creates new international gold company |
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AFLEASE GOLD/BMA GOLD DEAL CREATES NEW INTERNATIONAL
GOLD COMPANY
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Johannesburg/Sydney, 20 November 2008
- The combination of South Africa's
Aflease Gold and Australia's BMA Gold will create an attractive international
gold business with a new mine on the brink of production and a portfolio of
growth prospects, the two companies said today. The proposed transaction,
which is supported by the boards of both companies, is subject to various
conditions including shareholder and regulatory approvals.
The new company, to be known as Gold One International (ASX/JSE trading
symbol GDO), will be listed on the Australian (ASX) and Johannesburg (JSE)
stock exchanges. Its assets will include Aflease Gold's new Modder East mine
on the Witwatersrand near Johannesburg, which is on track to pour its first
gold towards the end of 2009, a gold resource of more than 15 million ounces
and a number of gold exploration and development projects in Queensland,
South Africa, Namibia and Mozambique.
The proposed transaction will involve the inward listing of BMA on the JSE
and the subsequent acquisition by BMA of all the issued ordinary shares in
Aflease Gold by way of a scheme of arrangement. BMA will complete a 20:1
share consolidation and Aflease Gold shareholders will then receive one BMA
ordinary share for each Aflease Gold ordinary share and will consequently
hold 95.6% of Gold One. Thereafter, the enlarged BMA will be renamed Gold One
International. Aflease Gold chief executive Neal Froneman will become Gold
One's chief executive and BMA Gold chief executive Mark Wheatley will be the
new company's non-executive chairman. The completion of the scheme is
expected in February 2009.
The South African Reserve Bank has indicated that it is agreeable to BMA's
inward listing on the JSE, its subsequent acquisition of Aflease Gold and the
subsequent delisting of Aflease Gold from the JSE.
Froneman said in Johannesburg today the enlarged company's primary focus was
to complete the Modder East project. Its longer term strategic vision would
be to grow into a geographically diversified mid-tier gold producer with an
annual production of 500 000 ounces and a premium market rating. Aflease Gold
currently has cash resources of R331 (A$50) million which will be used to
develop Modder East and progress its exploration assets. In addition Gold One
will be looking to raise R120 (A$18) million before June 2009.
"Our priorities will be to complete the development of the shallow,
high-margin Modder East mine on schedule, to advance our other low-risk,
near-surface assets, and to generate a cash flow capable of sustaining growth
through organic expansion as well as value-accretive acquisitions," he
said.
Speaking in Sydney, Wheatley said given the current difficult environment, a
broadened investor base and direct access to the Australian and South African
capital markets would provide a number of funding options for the
growth-orientated Gold One.
"There are few near-term gold development companies with such an
attractive growth profile anywhere in the world and this, along with Gold
One's substantial resource base and strong, highly experienced management
team, should attract significant interest from institutional and other
investors, particularly on the ASX," Wheatley said.
He noted that the structure of the transaction provided BMA shareholders with
a premium with minimal dilution for Aflease Gold shareholders.
(Full details of the transaction, and the
resources and reserves estimates described in this news release, are provided
in the statutory announcement that follows and will also be available on the
companies' websites)
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ENQUIRIES:
Aflease Gold Limited
- Chief Executive - Neal
Froneman +27 83 628 0226
BMA Gold Limited - Chief Executive - Mark Wheatley +61 417 688 539
Aflease Gold Investor
& Media Relations
- Helen McKane +27 82 330 2034
Email: afleasegold@dpapr.com
Website:
www.afleasegold.com
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BACKGROUND INFORMATION
Aflease Gold
Aflease Gold is a South African gold development
company listed on the JSE (share code AFO). It is developing the new Modder
East mine on the East Rand, some 30 kilometres from Johannesburg, and also
owns the nearby existing Sub-Nigel mine, currently being brought back into
production. Its other projects and targets include Ventersburg, a large
project with inferred resources, and Bothaville, both in the Free State
Goldfields, the Tulo concession in Mozambique and the Etendeka greenfields
project in Namibia. It has a resource base of some 15 million ounces of gold.
Modder East mine
Modder East is the first new gold mine to be developed in the East Rand
Basin of South Africa's Witwatersrand for almost 30 years. It has a probable
reserve of 1.36 million ounces and an estimated life of mine of eight years. Production
is due to start towards the end of 2009 and will peak at 180 000 ounces per
year for three years. The Sub-Nigel mine will utilise the Modder East plant
and will also be used to train mine workers for Modder East with costs being
offset by production that will build up to 6 000 ounces per annum.
BMA Gold
BMA is an Australian gold exploration and development company listed on
the ASX (share code BMO). It has the licence over the Twin Hills tenements within
the Drummond Basin of Central Queensland. It has recently restated its
resources at a 3g/t cut off to give 195 000 ounces of gold at 7.3g/t Au
including 70 000 ounces of inferred material at 7.8g/t Au and its exploration
is focused on increasing this to a level sufficient to support a mining
operation.
Competent Person
The references to gold resources or reserves in this news release have
been prepared in accordance with both the Australasian Code of Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the "JORC
Code") and the South African Code for the Reporting of Mineral
Resources and Ore Reserves (the "SAMREC Code").
Such statements in this news release
relating to Modder East Mine and Sub Nigel 1, 2, and 3 are based on
information compiled by Mark Wanless PrSciNat, BSc(Hons), who was a principal
geologist of SRK Consulting ("SRK"), and has sufficient experience
relevant to the style of mineralisation and type of deposits under
consideration and to the activity he is undertaking to qualify as a Competent
Person as defined by both the JORC Code and the SAMREC Code. In respect of
the the 5.26 million ounces contained in SubNigel 6, statements in this news
release are based on information compiled by Charles Muller PrSciNat,
BSc(Hons), who is a director of Minxcon (Pty) Limited, and has sufficient
experience relevant to the style of mineralisation and type of deposits under
consideration and to the activity he is undertaking to qualify as a Competent
Person as defined by both the JORC Code and the SAMREC Code.
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EXECUTION
OF AN ACQUISITION AGREEMENT BY AFLEASE AND BMA
IN RELATION TO A SCHEME OF
ARRANGEMENT,
AND FURTHER CAUTIONARY
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1 Background
Aflease Gold Limited ("Aflease"), which is
listed on the JSE Limited ("JSE"), and BMA Gold Limited
("BMA"), which is listed on the Australian Securities Exchange
("ASX"), have entered into an agreement regarding a conditional
transaction which provides for the dual primary inward listing of BMA on the
JSE and the subsequent acquisition by BMA of all the issued ordinary shares
of Aflease ("the acquisition"), to be implemented in South Africa
through a scheme of arrangement ("the scheme") in terms of section 311
of the Companies Act, 1973 ("the Companies Act") between Aflease
and its ordinary shareholders. On completion of the scheme, Aflease ordinary
shareholders will receive BMA ordinary shares in the ratio of 1 BMA ordinary
share for each Aflease ordinary share after the proposed 20:1 consolidation
of the BMA ordinary shares ("acquisition consideration"). Aflease
will be delisted from the JSE, the enlarged BMA will be renamed Gold One
International Limited ("Gold One") and Gold One will commence
trading on the ASX and JSE.
2 Rationale
The transaction will create an attractive gold exploration,
development and mining business with:
. an attractive portfolio of gold assets in Southern Africa and Australia,
including the Modder East mine on the East Rand of Gauteng in South Africa
which is close to production;
. a gold resource of more than 15 million ounces (31.81m tonnes at 2.87g/t
for 2.94m ounces of measured and indicated material and 100.79m tonnes at
3.73g/t for 12.07m ounces of inferred material in South Africa and 195 000
ounces of gold at 7.3g/t Au including 70 000 ounces of inferred material at
7.8g/t Au in Australia) providing it with a robust project pipeline and
growth profile;
. a strong executive team with significant industry experience and a diverse
skills set;
. direct access to the South African and Australian capital markets; and
. the capability to grow into a mid-tier international precious metals
producer with a premium market rating.
3 Aflease
Aflease is a South African gold development company listed on the
JSE (share code AFO). It is also traded in the United States with an
over-the-counter American Depositary Receipt ("ADR") (symbol AFSGY)
programme on the OTCQX International Prime market.
Aflease is currently developing the shallow underground Modder East project
in the East Rand Basin of the Witwatersrand. The project, which has a
probable gold reserve of 7.65m tonnes at 5.51g/t Au for 1.36 million ounces,
is on target to pour its first gold in the latter half of 2009. The Modder
East Feasibility Study, independently audited by SRK Consulting (Pty) Ltd
("SRK") in June 2007 and then updated by management in June 2008,
and again independently audited for the competent persons report
("CPR") by SRK in October 2008, has determined a life-of-mine of
eight years with peak production in excess of 180 000 ounces per year for
three of the eight years, at an average cash cost of US$250 per ounce over
the life-of-mine. Despite recent cost pressures in the South African mining
industry, management is confident of achieving these cost levels. Aflease's
Sub-Nigel mine, which is being brought back into production at present, will
utilise the nearby Modder East plant and will be used to train mine workers
for the Modder East operation with costs being offset by production that will
build up to 6 000 ounces per annum.
Aflease also has a number of other projects in South Africa's major mining
districts, as well as the greenfields Etendeka project in Namibia and the
Tulo concession in Mozambique.
At 10 November 2008, Aflease had net cash of R331 million.
In light of difficult international financial markets, Aflease has focused on
the development of Modder East with a view to establishing an operating
cashflow. Aflease has also reviewed its project and exploration programmes
such that:
. capital expenditure that can be rescheduled without affecting the start up
or ramp up of the Modder East mine has been deferred to a later date;
. underground development at the Modder East mine has not been reduced and thus
Aflease will continue to benefit from maximum stoping flexibility at
production start up; and
. exploration activities have been reduced without compromising Aflease's
legal tenure or optionality of such rights.
The net result is that Aflease has reduced its short term funding
requirements to approximately R120 million. Aflease is in discussions
regarding the raising of a significant portion of the capital shortfall prior
to the end of November and is confident the balance will be raised by June
2009.
4 BMA
BMA is an Australian gold exploration and development company
listed on the ASX (share code BMO).
BMA owns the Twin Hills tenements within the Drummond Basin of Central
Queensland and has recently restated its resources at a 3g/t cut off to give
195 000 ounces of gold at 7.3g/t Au including 70 000 ounces of inferred
material at 7.8g/t Au.
At 10 November 2008, BMA had net cash of approximately A$1 million.
5 Gold One
Gold One's primary focus will be to ensure the successful
development and start up of both the Modder East and Sub-Nigel projects to
ensure a sustainable cash flow capable of funding future growth.
Gold One's strategic objectives will be:
. to complete the development of the high-margin Modder East mine to generate
operating cashflow;
. to advance its other low-risk, near-surface assets;
. to grow both organically and through value-accretive acquisitions; and
. to maximise shareholder returns through capital appreciation.
Neal Froneman, Aflease's chief executive officer will be appointed president
and chief executive officer of Gold One. Mark Wheatley, the chief executive
officer of BMA will be appointed as non-executive chairman of Gold One.
Existing shareholders of Aflease will hold approximately 95.6 percent of Gold
One and existing BMA shareholders will hold approximately 4.4 percent of Gold
One.
6 Terms of the scheme
The scheme will be based on the following transaction structure:
. the dual primary inward listing of BMA on the JSE;
. the acquisition by BMA of all the issued ordinary shares of Aflease by way
of a scheme of arrangement in terms of section 311 of the Companies Act, such
that Aflease becomes a wholly-owned subsidiary of BMA;
. the issue of BMA ordinary shares to all Aflease ordinary shareholders in
consideration for their Aflease ordinary shares in the ratio of 1 BMA
ordinary share for each Aflease share held after the proposed 20:1
consolidation of BMA ordinary shares such that the previous Aflease
shareholders thereafter hold the majority of the BMA shares;
. the delisting of Aflease from the JSE;
. the renaming of BMA to Gold One International Limited; and
. the classification of Gold One as an "African" company and
confirmation of Gold One's eligibility for the African company special
allowance.
The options, ADRs and convertible bonds within Aflease will be dealt with
appropriately, i.e. the Aflease options will be replaced with BMA options,
the Aflease ADR programme will be replaced with a BMA ADR programme and the Aflease
convertible bonds will be replaced with BMA convertible bonds subject to
certain adjustments to the terms and conditions of the convertible bonds.
7 Conditions for the
scheme
7.1 The implementation of the scheme is subject to a number of
conditions, which are specified in the agreement governing the acquisition,
and must be satisfied no later than 5 (five) business days before application
is made to the court to sanction (i.e. finally confirm) the scheme. These
conditions include the following:
7.1.1 there will be in existence legally binding arrangements to ensure that
all of the Aflease convertible bonds have been or will be cancelled or
transferred to BMA in consideration for the issue of the BMA convertible
bonds;
7.1.2 the Aflease shareholders and the BMA shareholders shall have approved
the amended or new terms of the convertible bonds to be issued by BMA in
consideration for the transfer of the Aflease convertible bonds;
7.1.3 Aflease option holders shall either have exercised their Aflease share
options or have agreed to accept BMA share options instead thereof;
7.1.4 the requisite majority of Aflease shareholders shall have duly approved
the scheme, at a scheme meeting convened by an order of court;
7.1.5 the BMA shareholders shall have approved all resolutions necessary to
implement the scheme and associated transactions;
7.1.6 the JSE and the ASX shall have approved the listing on their respective
exchanges
of BMA's shares, including the shares to be issued in terms of the scheme;
7.1.7 the scheme shares will not be subject to any resale restrictions in
Australia;
7.1.8 the scheme shares shall be exempt from registration under the
securities laws of the United States and the distribution of scheme shares in
the United States pursuant to the BMA ADR programme which is intended to
replace the Aflease ADR programme will not contravene any law of the United
States; and
7.1.9 all governmental, regulatory, court approvals and all other approvals
required for the scheme, including South African Reserve Bank approval and
Competition Commission approval (if required), shall have been obtained in
both South Africa and Australia.
South African Reserve Bank approval has already been obtained with the
exception of African company status which will be applied for in due time.
8 Financial effects
The pro forma financial effects are being finalised and will be
issued in due course.
9 Details of holdings
. BMA does not own or control any shares of Aflease.
. There is no party who is acting in concert with BMA.
. BMA does not have an option to purchase any shares of Aflease.
10 Arrangements
There is no arrangement which exists with BMA, with Aflease or
with any person acting in concert with BMA or with Aflease in relation to
Aflease shares and no dealings have taken place or will take place pending
finalisation of the scheme. However, there may be potential transactions to
raise development capital (see paragraph 12 below).
11 Timing
The dates and times below are subject to amendment. Any changes to
the dates and times below
will be released on Securities Exchange News Service "SENS" and
published in the press.
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2008
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Court hearing to convene scheme meeting (at 10:00 or
so soon thereafter as counsel may be heard)
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Wednesday, 17 December
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Notice of BMA general meeting given to BMA
shareholders
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Friday, 19 December
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Notice of scheme meeting and Order of Court released
on SENS (at 07:00)
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Friday, 19 December
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Notice of scheme meeting and Order of Court
published in the press (Business Day and Beeld)
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Friday, 19 December
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Notice of scheme meeting and Order of Court
published in the press (Sunday Times and Rapport)
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Sunday, 21 December
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Notice of Scheme meeting published in the Government
Gazette
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Wednesday, 24 December
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2009
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Last day to trade Aflease ordinary shares on the JSE
in order to be recorded in the register on the voting date
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Friday, 9 January
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Voting record date, being the date on which Aflease
ordinary shareholders must be in the register in order to be eligible to vote
at the scheme meeting
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Friday, 16 January
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Last day to lodge form of proxy for BMA general
meeting
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Saturday, 17 January
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Last day to lodge form of proxy for the scheme
meeting (by 09:00)
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Monday, 19 January
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Date by which the conditions (listed in paragraph 7
above) must be fulfilled
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Monday, 19 January
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BMA
general meeting
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Monday, 19 January
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Scheme
meeting held (at 09:00)
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Wednesday, 21 January
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Results of scheme meeting to be released on SENS
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Wednesday, 21 January
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Results of scheme meeting to be published in the
press
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Thursday, 22 January
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The report of the chairperson to be available for
inspection
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Thursday, 22 January
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Court hearing to sanction the scheme (at 10:00 or so
soon thereafter as counsel may be heard)
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Tuesday, 3 February
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Outcome of Court hearing to be released on SENS
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Tuesday, 3 February
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Outcome of Court hearing to be published in the
press
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Wednesday, 4 February
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Order of Court sanctioning the scheme registered by
the Registrar of Companies
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Thursday, 5 February
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Finalisation date announcement to be released on
SENS
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Friday, 6 February
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Finalisation date announcement to be published in
the press
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Monday, 9 February
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Last day to trade ordinary shares on the JSE in
order to be recorded in the register on the Consideration Record Date*
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Friday, 13 February
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Suspension of Aflease's listing on the JSE from the
commencement of trading on the JSE
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Monday, 16 February
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BMA ordinary shares will be listed and trading will
commence on the JSE at the commencement of trading on the JSE under JSE code
"GDO" (ISIN to be advised)
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Monday, 16 February
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Consideration Record Date, being the date on which
Aflease ordinary shareholders must be recorded in the register in order to be
eligible to receive the scheme consideration
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Friday, 20 February
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Operative Date of the scheme, from the commencement of
trading on the JSE
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Monday, 23 February
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Termination of Aflease's listing on the JSE, from
the commencement of trading
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Monday, 23 February
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* Share certificates in the name of Aflease may not
be dematerialised or rematerialised after Friday, 13 February 2009.
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12 Further cautionary
Given that the financial effects are still to be
provided and the fact that Aflease has entered into discussions regarding
transactions aimed at raising development capital, the outcome of which may
have a material effect on the price of Aflease's shares, shareholders are
advised to continue to exercise caution when dealing in Aflease's shares
until a further announcement is made.
13 Competent person
The references to gold resources or reserves in this announcement
have been prepared in accordance with both the Australasian Code of Reporting
of Exploration Results, Mineral Resources and Ore Reserves (the "JORC
Code") and the South African Code for the Reporting of Mineral Resources
and Ore Reserves (the "SAMREC Code").
Such statements in this news release relating to Modder East Mine and
Sub-Nigel 1, 2, and 3 are based on information compiled by Mark Wanless
PrSciNat, BSc(Hons), who was a principal geologist of SRK Consulting
("SRK"), and has sufficient experience relevant to the style of
mineralisation and type of deposits under consideration and to the activity
he is undertaking to qualify as a Competent Person as defined by both the
JORC Code and the SAMREC Code. In respect of the the 5.26 million ounces contained in
SubNigel 6, statements in this news release are based on information compiled
by Charles Muller PrSciNat, BSc(Hons), who is a director of Minxcon (Pty)
Limited, and has sufficient experience relevant to the style of
mineralisation and type of deposits under consideration and to the activity he
is undertaking to qualify as a Competent Person as defined by both the JORC
Code and the SAMREC Code.
The Competent Person with overall responsibility for reporting of Mineral
Reserves and the compilation of the CPR is Collin Hey, PrEng (ECSA), FSAIMM, AMMMASA,
MSc(Eng), MDP, who is an associate consultant of SRK. Collin is a
mining engineer with 39 years' experience in the mining industry and has
supervised numerous due-dilligence reviews and various technical studies in
Southern Africa and internationally during the past five years.
Collin Hey has consented to the inclusion in the announcement of the
statements based on his information in the form and context in which those
statements appear.
The individuals who have contributed to the CPR in matters relating to the
BMA assets, who are listed below, have extensive experience in the mining
industry and are members in good standing of appropriate professional
institutions.
. Jason Berton, BEc, BSc (Hons), MAusIMM
. Richard Clayton, MSc, BSc (Hons), MAusIMM, CGeol
Richard Clayton is the "qualified person" (as such term is defined
in SAMREC/JORC) who is responsible for the technical information relating to
BMA's projects.
Richard Clayton and Jason Berton are both employees of SRK which is the
independent technical expert to both Aflease and BMA.
The references to gold resources or reserves in this news release have been
prepared in accordance with both the Australasian Code of Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the "JORC
Code") and the South African Code for the Reporting of Mineral
Resources and Ore Reserves (the "SAMREC Code").
Parktown, Johannesburg
20 November 2008
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Forward-looking statements
This announcement
contains certain forward-looking statements. These forward-looking statements
are subject to a variety of risks and uncertainties which are beyond
Aflease's and BMA's ability to control or predict (including among others
regulatory and shareholder approval of the transaction, the general
availability of capital in the international capital markets for short-term
funding requirements, as well as the risks outlined in Aflease's and BMA's
most recent annual and periodic reports), which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. In this announcement, predictions about the transaction being
approved and finalised, as well as statements regarding the ability to raise
capital for short term funding requirements, are forward-looking statements.
Readers should not place undue reliance on forward-looking statements.
Notice to Investors
This announcement does not constitute an offer to sell or an
invitation to purchase or subscribe for any securities. The securities
offered by way of exchange pursuant to the transaction described herein have
not been and will not be registered under the U.S. Securities Act of 1933,
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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Corporate advisor and sponsor in
South Africa - Macquarie
Corporate advisor in
Australia - Hartley's
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FORWARD-LOOKING STATEMENT: This news
release includes certain "forward-looking statements" and
"forward-looking information". All statements other than statements
of historical fact included in this release including, without limitation,
statements regarding future plans and objectives of Aflease Gold and BMA Gold
are forward-looking statements (or forward-looking information) that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors could cause actual results to differ materially from Aflease Gold and
BMA Gold's expectations. Such factors include, among others, the actual
results of exploration activities, actual results of reclamation activities,
the estimation or realisation of mineral reserves and resources, the timing
and amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
availability of capital required to place Aflease Gold and BMA Gold's
properties into production, conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, future prices of gold and
other commodities, possible variations in ore grade or recovery rates,
failure of plant, equipment or processes to operate as anticipated,
accidents, labour disputes and other risks of the mining industry, delays in
obtaining governmental approvals, permits or financing or in the completion
of development or construction activities, Aflease Gold and BMA Gold's
hedging practices, currency fluctuations, title disputes or claims
limitations on insurance coverage, Although Aflease Gold and BMA Gold have
attempted to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results not to be as
anticipated, estimated or intended.
There can be no assurance that such
statements will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Aflease Gold and BMA Gold do not undertake to update any
forward-looking statements that are included herein, except in accordance
with applicable securities laws.
In addition, this news release uses the
terms "indicated resources" and "inferred resources" as
defined in accordance with the SAMREC Code (South African Code for Reporting
of Mineral Resources and Mineral Reserves prepared by the South African
Mineral Resource Committee) (SAMREC) under the auspices of the South African
Institute of Mining and Metallurgy effective March 2000 or as amended from
time to time.
A mineral reserve is the economically
mineable part of a measured or indicated resource demonstrated by at least a
preliminary feasibility study. This study must include adequate information
on mining, processing, metallurgical, economic and other relevant factors
that demonstrate at the time of reporting that economic extraction can be
justified. A mineral reserve includes diluting materials and allows for
losses that may occur when the material is mined. A proven mineral reserve is
the economically mineable part of a measured resource for which quantity,
grade or quality, densities, shape and physical characteristics are so well
established that they can be estimated with confidence sufficient to allow
the appropriate application of technical and economic parameters to support
production planning and evaluation of the economic viability of the deposit.
A probable mineral reserve is the economically mineable part of an indicated
mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic
parameters to support mine planning and evaluation of the economic viability
of the deposit.
A mineral resource is a concentration or
occurrence of natural, solid, inorganic or fossilized organic material in or
on the earth's crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a mineral
resource are known, estimated or interpreted from specific geological
evidence and knowledge. A measured mineral resource is that part of a mineral
resource for which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drillholes that are spaced
closely enough to confirm both geological and grade continuity. An indicated
mineral resource is that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics can be estimated
with a level of confidence sufficient to allow the appropriate application of
technical and economic parameters to support mine planning and evaluation of
the economic viability of the deposit. The estimate is based on detailed and
reliable exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and
drillholes that are spaced closely enough for geological and grade continuity
to be reasonably assumed. An inferred mineral resource is that part of a
mineral resource for which quantity and grade or quality can be estimated on
the basis of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is based on
limited exploration and sampling! gathere d through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drillholes.
Mineral resources which are not mineral reserves do not have demonstrated
economic viability. Investors are cautioned not to assume that all or any
part of the mineral deposits in the measured and indicated resource
categories will ever be converted into reserves. In addition, "inferred
resources" have a great amount of uncertainty as to their existence and
economic and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will be ever be upgraded to a higher category.
Under South African rules, estimates of inferred mineral resources may
not form the basis of feasibility or pre-feasibility studies or economic
studies except under conditions noted in the SAMREC Code. Investors are
cautioned not to assume that all or any part of an inferred resource exists
or is economically or legally mineable. Exploration data is acquired by the
corporation and its consultants under strict quality assurance and quality
control protocols. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information contained
herein.
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address
45 Empire Road, Parktown
Gauteng, South
Africa
telephone
+27 (11) 726 1047
fax
+27 (11) 726 1087
email
afleasegold@dpapr.com
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JSE: AFO
ADR: AFSGY
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www.afleasegold.com
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--MWZAltern
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Gold One International Ltd
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PRODUCER |
CODE : GDO.AX |
ISIN : AU000000GDO5 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Gold One is a gold development stage company based in South africa. Its main assets in production are SUB NIGEL & SPAARWATER and MODDER EAST in South Africa and its main exploration properties are ETENDEKA in Namibia and NEW KLEINFONTEIN & TURNBRIDGE, HOLFONTEIN and VENTERSBURG in South Africa. Gold One is listed in Australia, in Germany, in South Africa and in United States of America. Its market capitalisation is AU$ 242.1 millions as of today (US$ 213.2 millions, € 156.2 millions). Its stock quote reached its lowest recent point on April 03, 2009 at AU$ 0.01, and its highest recent level on May 15, 2009 at AU$ 12.00. Gold One has 807 080 905 shares outstanding. |
Annual reports of Gold One International Ltd |
Nominations of Gold One International Ltd |
Financials of Gold One International Ltd |
Project news of Gold One International Ltd |
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Corporate news of Gold One International Ltd |
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