GOLD ONE INTERNATIONAL LIMITED
("Gold One" or "the Company")
Media Release
Gold One International Limited and Gold Fields Limited to Investigate a Joint Venture for Retreatment of West Rand Surface Tailings Deposits
JOHANNESBURG - 24 January, 2012. Gold One International
Limited (ASX and JSE: GDO) and Gold Fields Limited (JSE,
NYSE, NASDAQ Dubai: GFI) ("Gold Fields") are pleased to
announce that they have entered into a Memorandum of
Understanding ("MOU") to investigate the viability of
concurrently reprocessing their combined surface tailings
deposits, located on the West Rand region of South Africa's
Witwatersrand Basin. Gold One and Gold Fields currently
operate mines in the West Rand, a region with a long history
of gold and uranium mining.
In terms of the MOU, Gold One and Gold Fields (collectively,
the "parties") will jointly investigate the feasibility of
establishing a Joint Venture into which both parties will
contribute surface assets for retreatment. These assets are
expected to comprise in excess of 700 million tonnes and
represent over 60% of the total tailings material in the
region. The parties aim to complete a detailed scoping study
by the middle of this year, following which a decision will
be taken on whether to progress the study to a feasibility
level.
Should the Joint Venture proceed, the intention is to reclaim
and retreat the historical tailings material and current
tailings to recover residual gold, uranium and sulphur. A key
objective of the project will be to address the re-deposition
of the residues in accordance with modern sustainable
deposition practices, ultimately supporting mine closure in
an environmentally sustainable manner.
In 2010, Gold Fields completed extensive economic studies on
its Tailings Treatment Project ("TTP"), which is a low-grade
gold and uranium recovery project focusing on the existing
tailings storage facilities and the current underground
mining horizons of Gold Fields' West Rand operations,
Kloof Driefontein Complex ("KDC") and South Deep. As at
December 2010, Gold Fields declared a mineral resource of
475.6 million tonnes at its tailings storage facilities,
which includes gold mineral resources of 4.5 million ounces
and uranium mineral resources of 53.6 million pounds*.
Gold One advised Gold Fields that on 9 January, 2012, it
completed the acquisition of Rand Uranium (Pty) Limited
("Rand Uranium"). Furthermore, as part of the Rand Uranium
transaction, Gold One established the Randfontein Surface
Operations, which are currently processing approximately
300,000 tonnes of tailings material per month through the
Cooke Gold Plant. Gold One also advised that it had commenced
with a review of its Cooke Uranium Project.
Rand Uranium had earlier completed a comprehensive definitive
feasibility study on the processing of the Cooke Tailings
Deposit for the extraction of both gold and uranium
(including 70% of detailed and already completed engineering
design). The primary focus of the feasibility study is the
construction of a uranium metallurgical plant to treat the
Cooke Tailings Deposit. In addition, during the December 2011
quarter, Gold One stated that it commenced assessing the
potential treatment of several other surface tailings
deposits that exist on the mining and prospecting licenses
acquired from Rand Uranium.
The combined consideration of the Gold One, Rand Uranium and
Gold Fields studies, as well as the possibility of utilising
existing and planned metallurgical plant infrastructure, will
allow the companies to significantly fast-track a joint
economic assessment of the reprocessing of the combined
tailings deposits.
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Gold One President and Chief Executive Officer Neal Froneman
comments: "I am excited about the opportunity of forging a
strategic relationship with Gold Fields. Economic recovery of
gold and uranium from historical tailings deposits has been
successfully demonstrated in other districts of the
Witwatersrand Goldfields. The combination of our extensive
technical studies and the quality of assets that would be
pooled into the partnership presents an exciting prospect for
the Joint Venture and growth of Gold One's surface business.
Importantly, the economically sustainable retreatment of the
existing tailings deposits will also have a positive
environmental impact, benefiting all stakeholders in the
district in which we operate."
Gold Fields Chief Executive Officer Nick Holland comments:
"This is an exciting opportunity to investigate the
feasibility of extracting value from our substantial surface
resources on the West Rand. Gold Fields already has projects
in place to retreat our tailings and the MOU with Gold One
allows us to further explore a relatively low risk
opportunity to extract value from Gold Fields' surface
resources that is not inherent in our share price."
* As declared by Gold Fields in its integrated annual report for the six months ended 31 December 2010 (page 129) released on 31 March 2011, and as undertaken by the Mineral Resource Managers designated as Competent Persons (or recognised mining professionals) on each of the tailings storage facilities in terms of the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC), the details of whom are set out by Gold Fields in its Mineral Resources and Mineral Reserves Overview as at December 2010 (page 23).
On behalf of Gold One
JSE Sponsor
Macquarie First South Capital (Pty) Limited
ENDS | Issued by Gold One International Limited | ||
www.gold1.co.za | |||
Neal Froneman | President and CEO | +27 11 726 1047 (office) +27 83 628 0226 (mobile) | neal.froneman@gold1.co.za |
Grant Stuart | VP Investor Relations | +27 11 726 1047 (office) +27 82 602 5992 (mobile) | grant.stuart@gold1.co.za |
Carol Smith | Investor Relations | +27 11 726 1047 (office) +27 82 338 2228 (mobile) | carol.smith@gold1.co.za |
Derek Besier | Farrington National Sydney | +61 2 9332 4448 (office) +61 421 768 224 (mobile) | derek.besier@farrington.com.au |
Gold One is a dual listed mid-tier mining group with gold operations and gold and uranium prospects across Southern Africa. Gold One remains focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions. The company's flagship Modder East gold mine, commissioned in 2009, distinguishes itself from most other gold mines in South Africa owing to its shallow nature (300 to 500 metres below surface) andcontinues to ramp up production, having produced 123,179 ounces in 2011.
At the beginning of 2012, the group expanded further with the acquisition of Rand Uranium (Pty) Limited consisting of the Cooke Underground Operations and the Randfontein Surface Operations located in the West Rand, 30 kilometres from Johannesburg. The Cooke underground operations continue to deliver in line with expectations and are currently the subject of a turnaround intervention. Through Gold One's purchase of Rand Uranium (Pty) Limited, the group has also acquired one of the world's most advanced uranium projects, which envisages recovering uranium, gold and sulphur from the Cooke Tailings Dam and underground ores.
The Gold One group is majority-owned by a consortium comprising Baiyin Non-Ferrous Group Co. Limited, the China-Africa
Development Fund, and Long March Capital Limited and has an issued share capital of 1,415,302,711 shares.
This news release does not constitute investment advice. Neither this news release nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction.
Forward-Looking StatementThis 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 Gold One International Limited are forward-looking statements (or forward-looking information) that involve various risks, assumptions and uncertainties. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in such statements. Important factors could cause actual results to differ materially from Gold One'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 Modder East and new deposits; availability of capital required to place Gold One's properties into production; the ability to obtain or maintain a listing in South Africa, Australia, Europe or North America; 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, economic and financial market conditions; political risks; Gold One's hedging practices; currency fluctuations; title disputes or claims limitations on insurance coverage. Although Gold One has 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.
Any forward-looking statements in this release speak only at the time of issue. There can be no assurance that such statements will prove to be accurate as actual values, results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold One does not undertake to update any forward-looking statements that are included herein, or revise any changes in events, conditions or circumstances on which any such statement is based, except in accordance with applicable securities laws and stock exchange listing requirements.
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