| Thu 13 May 2010, 7:05 | | GDO - Gold One - Gold One pours first tonne of gold at Modder East |
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GDO
GDO
GDO - Gold One - Gold One pours first tonne of gold at Modder East
Gold One International Limited
(Previously BMA Gold Limited)
Registered in Western Australia under the Corporations Act, 2001 (Cth)
Registration number ACN: 094 265 746
Registered as an external company in the Republic of South Africa
Registration number: 2009/000032/10
Share code on the ASX/JSE: GDO
OTCQX International: GLDZY
ISIN: AU000000GDO5
("Gold One" or the "company")
GOLD ONE POURS FIRST TONNE OF GOLD AT MODDER EAST
Gold One is pleased to announce that on Wednesday 12 May 2010, a dore gold bar
of approximately 20 kilogram of fine gold was poured at its Modder East ("Modder
East") mine, thereby completing the production of its first tonne (32,105
ounces) of gold. This significant achievement comes less than 10 months after
Modder East poured its first ounce of gold from underground operations, and
within four years of commencement of construction of the mine.
Production ramp-up is progressing well and Gold One is set to produce between
85,000 and 100,000 ounces of gold in 2010, with average cash costs expected to
be below US$400/oz.
Gold One President and Chief Executive Officer, Neal Froneman commented "I am
delighted at achieving this milestone at Modder East, which is a tremendous
achievement for Gold One and its shareholders, and is testament to the
commitment and hard work of the entire Gold One team. I look forward to
continued strong gold production from Modder East as ramp-up to steady state
moves ahead. I am also pleased to see the operation performing well and the
positive impact it is having on the local community, of which we are a proud
stakeholder. Our next milestone will be the refinancing of our convertible bond
with a vanilla debt facility that is being arranged with a two bank consortium.
This process is progressing well."
Issued by Gold One International Limited
Website: www.gold1.co.za
Johannesburg
13 May 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Ltd
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
About Gold One:
Gold One is a gold producer listed on the financial markets operated by ASX
Limited (the Australian Securities Exchange) and JSE Limited (the Johannesburg
Stock Exchange), issuer code `GDO`. Its flagship operation is the newly built
shallow Modder East mine on the East Rand, some 30 kilometres from Johannesburg.
Modder East is the first new mine to be built in the region in 28 years and
distinguishes itself from most of the other gold mines in South Africa, due to
its shallow nature (300 metres to 500 metres below surface), having to date
provided direct employment opportunities for over 1000 people.
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.
Date: 13/05/2010 07:05:04 Produced by the JSE SENS Department.
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