| Fri 30 Mar 2007, 15:39 | | AFO - Aflease Gold Limited - Aflease Gold Financia |
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AFO - Aflease Gold Limited - Aflease Gold Financial Results for 2006
AFLEASE GOLD LIMITED
(Formerly Sub Nigel Gold Mining Company Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share Code: AFO & ISIN Code: ZAE000075867
("Aflease Gold" or "the Company")
Aflease Gold Financial Results for 2006
Johannesburg: Aflease Gold Ltd. has released audited financial results for
the twelve months ended December 31, 2006. The results are stated in South
African Rand.
Highlights for the year include the following:
- Headline loss per share of 5.16 cents for 12 months to December 31,
2006, compared to a headline loss of 0.42 cents per share for the 12
months to December 31, 2005
- Completed the reverse takeover of Sub Nigel Gold Mining Company
Limited
- Share exchange agreement for the acquisition, at the election of
Aflease Gold, of between 7.5 million and 13 million shares of Randgold
and Exploration Ltd.
- Completion of a feasibility study for the Modder East Gold Project and
commencement of Project construction
- Increase in indicated resources and probable reserves at Modder East
- Probable reserves of 7.69 million tonnes grading 5.54 g/t for -
1.37 million contained ounces of gold (a 28% increase during the
year)
- Indicated resources of 22.57 million tonnes grading 3.31 g/t for
2.4 million contained ounces of gold (a 19% increase during the
year)
- Inferred resources of 13.32 million tonnes grading 2.31 g/t for
0.99 million contained ounces of gold (a 3% decrease during the
year)
- Upgrade in resources at Sub Nigel
Commenting on today`s announcement, Neal Froneman, Chief Executive Officer
of Aflease Gold, said: "Aflease Gold is making excellent progress at Modder
East, which remains on track for production commencing in 2009. We look
forward to the re-evaluation of the Modder East feasibility study in line
with the recent increase in the Project`s mineral resources and reserves,
and to the completion of the pre-feasibility study at our Sub Nigel
property. In the meantime, the Company is well positioned and will
continue to focus on achieving a premium market rating through its focus on
high margin and low technical risk assets."
About Aflease Gold
Aflease Gold is a South African gold resource company listed on the JSE
Limited (the Johannesburg stock exchange). The Company owns the Modder
East Gold Project, currently under construction, as well as the Sub Nigel,
New Kleinfontein, Turnbridge and the Holfontein Gold Projects, all on the
East Rand; the Ventersburg Gold Project in the Free State gold field; and
the Etendeka Gold Project in Namibia. Aflease Gold was formed in January
2006 through the reverse takeover of Sub Nigel Gold Mining Company by New
Kleinfontein Mining Company, a wholly-owned subsidiary of sxr Uranium One
Inc. The Company has a market capitalization in excess of R1.7 billion.
March 30, 2007
For further information, please contact:
Jean Nortier Chris Sattler
Chief Financial Officer Vice President, Investor Relations
Tel: + 27 11 482 3605 Tel: + 1 416 671 3341
Cautionary 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, 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`s expectations. Such factors include, among others, the actual
results of exploration activities, actual results of reclamation
activities, the estimation or realization 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`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`s
hedging practices, currency fluctuations, title disputes or claims
limitations on insurance coverage, Although Aflease Gold 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. 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 does not undertake to update any forward-looking
statements that are included herein, except in accordance with applicable
securities laws. Investors are advised to refer to competent person`s
reports on Aflease Gold`s material properties for detailed information with
respect to such properties, which information is subject to the
qualifications and notes set forth therein.
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. United States
investors are advised that while these terms are recognized and required by
South African regulations, the SEC does not recognize them. 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.
Investors are cautioned not to assume that all or any part of an inferred
resource exists or is economically or legally mineable. Mineral resources
are not mineral reserves and do not have demonstrated economic viability.
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. Scientific and
technical information contained herein has been reviewed by Warwick Bullen,
M.Sc., Pr.Sci.Nat., Vice President: Geology and Exploration, Aflease Gold,
who is a qualified person for the purposes of SAMREC.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
To receive Aflease Gold`s news releases by e-mail, please register on
Aflease Gold`s website - www.afleasegold.com
Date: 30/03/2007 15:39:51 Produced by the JSE SENS Department.
