| Mon 10 Sep 2007, 9:25 | | DRD - DRDGold - Emperor Mines Limited Announces Ch |
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DRD
DRDD
DRD - DRDGold - Emperor Mines Limited Announces Change To Property Portfolio
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
JSE trading symbol: DRD
ISIN Code: ZAE000058723
Nasdaq trading symbol: DROOY
("DRDGOLD" or "the company")
EMPEROR MINES LIMITED ANNOUNCES CHANGE TO PROPERTY PORTFOLIO
Emperor Mines Limited ("Emperor"), a 78.72% indirect subsidiary of DRDGOLD
listed on the ASX Limited, today reports that, as part of the ongoing
implementation of its new strategy outlined by Chief Executive Brad Gordon at
Emperor`s shareholders` meeting on 30 July 2007, it intends to divest the
Tolukuma Gold Mine ("Tolukuma") situated in Papua New Guinea.
Tolukuma was acquired by Emperor from DRDGOLD in April 2006, together with a 20%
stake in the Porgera gold mine.
Following a review of its property portfolio, Emperor has determined that
Tolukuma does not fit with its newly developed future plans. Accordingly,
Emperor has initiated a divestment process for the mine and a portfolio of
associated exploration tenements.
Gryphon Partners is advising Emperor on the sale process.
Currently Emperor`s assets comprise the 100% interest in Tolukuma, an earn-in
interest in the Tujuh Bukit gold / copper project in Indonesia and cash
resources of approximately $70 million.
Emperor Chief Executive, Brad Gordon, stated that he believes that the sale of
Tolukuma will free up management and other resources to concentrate on
implementing the growth strategy outlined in July.
"Emperor has made good progress in upgrading outdated mining and processing
infrastructure at Tolukuma that is essential to increasing mine output," Mr
Gordon said.
"Important reforms have also been made to operating and mining practices on-
site, with particular attention given to the creation of safer, more productive
working conditions, cleaner operation and far more efficient logistics
processes.
"Senior staff from the mine, together with officers from our corporate office in
Brisbane, have also made good progress in redeveloping positive relationships
with mining lease landowners and representatives from downstream communities,
allowing long-standing issues to be discussed and resolved.
"These assets deliver a package of operational and prospective properties to the
market that rarely becomes available, and represent good value in the current
market," Mr Gordon said.
For further information please contact:
Brad Gordon
CEO
Emperor Mines Limited
07 3007 8000
bgordon@emperor.com.au
Rob Greenslade
Gryphon Partners
08 8418 8525
rg@gryphonpartners.com.au
Randburg
10 September 2007
Sponsor
BDO QuestCo (Pty) Limited
Date: 10/09/2007 09:25:01 Produced by the JSE SENS Department.
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