| Fri 17 Jul 2009, 7:26 | | GDO - Gold One Commences 2nd Phase Resource Drilling at Ventersburg Project |
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GDO
GDO
GDO - Gold One Commences 2nd Phase Resource Drilling at Ventersburg Project
Gold One International Limited
(Previously BMA Gold Limited)
Registered in Western Australia under the Corporations Act 2001 (CTH)
Registration number ACN: 094 265 756
Registered as an external company in the Republic of South Africa
Registration number: 2009/000032/10
Share code on the ASX/JSE: GDO
ISIN: AU000000GDO5
OTCQX International: GLDZY
("Gold One" or the "company")
GOLD ONE COMMENCES 2ND PHASE RESOURCE DRILLING AT VENTERSBURG PROJECT
- Drilling program has now commenced at Ventersburg Project
- One percussion and two diamond drill rigs to undertake a +7,500 metre
program
- Drilling to target a significant increase from the current high grade
1.44Moz indicated resource
- Ventersburg has the potential to become the next flagship project for
Gold One
Gold One is pleased to advise that it has commenced the 2nd phase of resource
definition drilling at its Ventersburg Project, located on the Witwatersrand
Basin in the prolific Free State province of South Africa.
The 2nd phase is in addition to the previous 24 100 metres of exploration
drilling that took place in 2007 and 2008. The Ventersburg Project currently
has JORC/SAMREC compliant indicated and inferred gold resources of +3Moz1. The
465 - 850 metres depth ore-body, is a perfect fit for Gold One`s shallow
mining business model.
Since May 2007 Gold One has spent some A$ 6 million on a diamond drilling
program to establish continuity of this extensive and tabular ore-body.
The current drilling campaign will comprise 2,780 metres of percussion
drilling and 4,820 metres of diamond drilling. One percussion rig and two
diamond rigs have been contracted, with a view to completing the resource
definition drilling program in a timely manner. Two further rigs are to follow
in due course.
Gold One President and CEO, Neal Froneman, said "With Modder East fully funded
and with project and production delivery occurring as planned it is now
appropriate to move Ventersburg forward more aggressively. Having secured
A$37.5 million (ZAR144 million) pursuant to a recent capital raising, Gold One
is also well funded to progress drilling on its pipeline of advanced gold
projects. We consider Ventersburg to be Gold One`s next flagship asset."
For the release with pictures and schematics, please refer to the company`s
website hosted at www.gold1.co.za. For detailed information on Ventersburg,
please review Gold One`s pre-listing statement dated 19 December 2009 which is
also available on the Gold One website.
17 July 2009
ENDS
Issued by Gold One International Limited
Website : www.gold1.co.za
For further information contact:
Neal Froneman Ilja Graulich Carol Smith
President and CEO VP: Corporate Affairs Investor Relations
+27 11 726 1047 (office) +27 11 726 1047 (office) +27 11 726 1047 (office)
+27 83 628 0226 (mobile) +27 83 604 0820 (mobile) +27 82 338 2228 (mobile)
neal.froneman@gold1.co.za ilja.graulich@gold1.co.za carol.smith@gold1.co.za
Note to editors:
Gold One International Limited is an Australian and African gold resource
company listed on the financial markets operated by ASX Limited (the
Australian Securities Exchange) and JSE Limited (the Johannesburg Securities
Exchange) (issuer code GDO). It is developing the new Modder East mine on the
East Rand, some 30 kilometres from Johannesburg, and also owns the nearby
existing Sub Nigel mine, which has recently been recommissioned. Its other
projects and targets include Ventersburg and Bothaville, both in the Free
State goldfields, the Tulo concession in Mozambique and the Etendeka
greenfields project in Namibia.
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.
COMPETENT PERSON
The information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Piet van
Straaten, B.Sc., Pr.Sci.Nat., Vice President, Geology and Exploration, Gold
One, who is a Member or Fellow of the SAIMM. Piet van Straaten is a full-time
employee of Gold One. Piet van Straaten has 25 years experience which is
relevant to the style of mineralization and type of deposit under
consideration and to the activity which he is undertaking, to qualify as a
Competent Person for the purposes of both the 2004 Edition of the
`Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves` and the `South African Code for Reporting of Mineral Resources
and Mineral Reserves`. Piet van Straaten consents to the inclusion in this
News Release of the matters based on information compiled by him in the form
and context in which they appear.
Further information on the company`s resource statement is available in the
pre-listing statement of Gold One International Limited issued on 19 December
2008.
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 Gold One 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 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 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, political risks,
permits or financing or in the completion of development or construction
activities, economic and financial market conditions, 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 or forward looking information in this News
Release speak only at the time of issue. There can be no assurance that such
statements or information will prove to be accurate as actual values, results
and future events could differ materially from those anticipated in such
statements or information. Accordingly, readers should not place undue
reliance on forward-looking statements or forward looking information. Gold
One does not undertake to update any forward-looking statements or forward
looking information 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.
SAMREC and JORC TERMINOLOGY
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 and where indicated in accordance with the
Canadian National Instrument 43-101 - Standards for Disclosure for Mineral
Projects. The terms "indicated resources" and "inferred resources" are also
defined in the 2004 Edition of the JORC Code (Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves) prepared by the
Joint Ore Reserves Committee of The Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Minerals Council of
Australia (JORC). The use of these terms in this News Release is consistent
with the definitions of both the SAMREC Code and the JORC Code.
A mineral reserve (or ore reserve in the JORC Code) is the economically
mineable part of a measured or indicated resource demonstrated by at least a
preliminary feasibility study. This study must include adequate information on
mining, processing, metallurgical, economic and other relevant factors that
demonstrate at the time of reporting that economic extraction can be
justified. A mineral reserve includes diluting materials and allows for losses
that may occur when the material is mined. A proven mineral reserve (or proved
ore reserve in the JORC Code) is the economically mineable part of a measured
resource for which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters to support production planning and evaluation of the
economic viability of the deposit. A probable mineral reserve (or probable ore
reserve in the JORC Code) is the economically mineable part of an indicated
mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic
parameters to support mine planning and evaluation of the economic viability
of the deposit.
A mineral resource is a concentration or occurrence of natural, solid,
inorganic or fossilized organic material in or on the earth`s crust in such
form and quantity and of such a grade or quality that it has reasonable
prospects for economic extraction. The location, quantity, grade, geological
characteristics and continuity of a mineral resource are known, estimated or
interpreted from specific geological evidence and knowledge. A measured
mineral resource is that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics can be estimated
with a level of confidence sufficient to allow the appropriate application of
technical and economic parameters to support mine planning and evaluation of
the economic viability of the deposit. The estimate is based on detailed and
reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough to confirm both
geological and grade continuity. An indicated mineral resource is that part of
a mineral resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic
parameters to support mine planning and evaluation of the economic viability
of the deposit. The estimate is based on detailed and reliable exploration and
testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough for geological and grade continuity to be reasonably assumed.
An inferred mineral resource is that part of a mineral resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited exploration
and sampling gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes. Mineral resources which
are not mineral reserves do not have demonstrated economic viability.
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. It
cannot be assumed that all or any part of an inferred mineral resource will be
ever be upgraded to a higher category. Under South African and Australian
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 and the JORC Code, respectively.
Investors are cautioned not to assume that all or any part of an inferred
resource exists or is economically or legally mineable. Exploration data is
acquired by the Corporation and its consultants under strict quality assurance
and quality control protocols.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Date: 17/07/2009 07:26:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
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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.
