| Tue 2 Dec 2008, 11:00 | | AFO - Aflease Acquires Prospective Mozambique Concession |
|
AFO
AFO
AFO - Aflease Acquires Prospective Mozambique Concession
Aflease Gold Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
JSE Share code: AFO
ISIN: ZAE0000758867
International Prime QX (OTCQX): AFSGY
("Aflease")
Alluvial mining could fund primary exploration
AFLEASE ACQUIRES PROSPECTIVE MOZAMBIQUE CONCESSION
Johannesburg, 2 December 2008 - Aflease Gold, which last week announced its
proposed merger with Australia-based BMA Gold, has acquired the 22 000 hectare
Tulo concession in Mozambique`s Niassa gold belt, the company reported today.
Aflease gained the mining concession by acquiring 100% of the Mozambique-
registered Noble Trade and Commerce for R6 million, payable in Aflease shares,
plus a 3% net smelter royalty on the first 32 150 ounces per calendar year and a
further 0.5% on the ounces produced over this amount in the same calendar year.
Aflease chief executive Neal Froneman said Tulo gave the company an extensive
holding in a highly favourable geological setting, where limited trenching and
drilling had already yielded significant results.
"The concession includes a substantial alluvial resource base which is readily
and cheaply extractable and as such could fund our primary exploration
activities at Tulo," he said. Aflease will be determining the alluvial
potential through a two-year bulk sampling programme.
Aflease, to be renamed Gold One International after the proposed merger with
BMA, is currently developing the Modder East gold mine on the Witwatersrand.
The mine is scheduled to pour its first gold in the fourth quarter of next year.
It also has mining and prospecting rights elsewhere on the Witwatersrand, in the
Free State and in Namibia.
For further information contact Neal Froneman, chief executive, on +27 83 628
0226
Issued by du Plessis Associates on behalf of Aflease Gold Limited. dPA contact
Helen McKane Tel : +27 11 728 4701,
Fax: +27 11 728 2547, Mobile:+27 82 330 2034 or e-mail: afleasegold@dpapr.com
website : www.afleasegold.com
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.
Date: 02/12/2008 11:00:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
