| Wed 5 May 2010, 7:05 | | GDO - Gold One International Limited - Gold one provides post strike update and |
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GDO
GDO
GDO - Gold One International Limited - Gold one provides post strike update and
production guidance
Gold One International Limited
(Previously BMA Gold Limited)
Registered in Western Australia under the Corporations Act, 2001 (Cth) with
registration number ACN: 094 265 746
(Registered in South Africa as an external company with registration number
2009/000032/10)
ISIN: AU000000GDO5
Share Code on the ASX/JSE: GDO
OTCQX International: GLDZY
("Gold One" or the "company")
GOLD ONE PROVIDES POST STRIKE UPDATE AND PRODUCTION GUIDANCE
Gold One is pleased to announce that all striking employees returned to work on
Wednesday, 28 April 2010. The resumption of production after the five week
strike has been smooth and efficient.
All 24 panels available for production are now fully manned and production has
resumed. It is expected that production from pre-strike levels will be achieved
by Monday, 10 May 2010. Lost production due to the strike is approximately
5,000 to 6,000 ounces. Production for the June 2010 quarter is now estimated to
be between 10,000 and 14,000 ounces.
Modder East will be in a production ramp-up phase through to June 2011. The five
week strike, of which four weeks occurred after the March 2010 quarter, has
resulted in the planned production of 15,000 ounces for the December 2010 month
being pushed out into January 2011, resulting in 2010 annual production guidance
reducing by 15,000 ounces to between 85,000 and 100,000 ounces of gold. Cost
guidance for 2010 remains the same with average cash costs expected below
US$400/oz.
Production guidance for 2011 remains unchanged at between 150,000 and 180,000
ounces of gold and average cash costs below US$300/oz.
Gold One President and Chief Executive Officer, Neal Froneman commented "I am
delighted that striking employees have returned to work and the restart of
operations has been accomplished safely and smoothly, signaling the intent by
all employees to get on with the task at hand. Management will endeavor to claw
back what has been lost due to the strike."
Issued by Gold One International Limited
Website: www.gold1.co.za
Johannesburg
5 May 2010
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
JSE Sponsor
Macquarie First South Advisers (Pty) Ltd
About Gold One:
Gold One International Limited is a gold producer listed on the financial
markets operated by ASX Limited (the Australian Securities Exchange) and JSE
Limited (the Johannesburg Securities Exchange) (issuer code GDO). Its flagship
operation is the newly built shallow Modder East mine on the East Rand, some 30
kilometres from Johannesburg; Gold One also owns the nearby existing Sub Nigel
mine, which is used primarily as a training centre in the build-up of the Modder
mine to full production. 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. Gold One has an issued share
capital of 805,239,940 shares.
Date: 05/05/2010 07:05:04 Produced by the JSE SENS Department.
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