Gold One International Ltd

Published : February 10th, 2009

Modder East intersects first reef

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AFLEASE GOLD'S MODDER EAST INTERSECTS FIRST REEF

 

 

Johannesburg, 10 February 2009  -   Aflease Gold today announced that its Modder East gold mine development on the Witwatersrand had begun to expose reef ahead of schedule.

 

The company said development in the return airway had intersected the Buckshot Pyrite Leader Zone (BPLZ), commonly known as the Black Reef.  Development will now continue on reef in the return airway heading for the position of borehole DD1 from where the first raise will be developed.

 

Chief executive Neal Froneman described the reef intersection as a very material milestone in the development of the mine.

 

�It is a great tribute to the entire technical team that the development has been so accurately targeted with such a robust geological interpretation.  It is also pleasing that we have been able to claw back some of the time we lost when we decided to use the more extensive full face cover method while developing through the water-bearing dolomites�  he said.

 

The shallow, high-margin Modder East mine is scheduled to produce its first gold in the fourth quarter of this year.  Its processing plant is already nearing completion and will soon start processing ore from Aflease Gold�s nearby Sub-Nigel mine.

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ENQUIRIES:
Aflease Gold Limited
- chief executive - Neal Froneman +27 83 628 0226
Aflease Gold Investor Relations - Carol Smith +27 11 726 1047
Website: www.gold1.co.za

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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.  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

Gold One trading as Aflease Gold Limited


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please click on the link below.

 


JSE: AFO
ADR: AFSGY


www.gold1.co.za

 

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Gold One International Ltd

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CODE : GDO.AX
ISIN : AU000000GDO5
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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 NEW KLEINFONTEIN & TURNBRIDGE, HOLFONTEIN and VENTERSBURG in South Africa and ETENDEKA in Namibia.

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.

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