| Fri 25 Feb 2011, 7:27 | | GDO - Gold One International - White Water Resources Shareholders to Vote to |
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GDO
GDO
GDO - Gold One International - White Water Resources Shareholders to Vote to
Approve Goliath Gold
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
ISIN: AU000000GDO5
OTCQX International: GLDZY
("Gold One" or the "company")
White Water Resources Shareholders to Vote to Approve Goliath Gold
Gold One Announces Intended Future Goliath Gold Board of Directors
JOHANNESBURG - 25 February 2011. Gold One International Limited (ASX and JSE:
GDO) is pleased to announce that White Water Resources shareholders are
expected to vote to approve the creation of Goliath Gold Mining Limited on 22
March 2011.
In anticipation of White Water Resources shareholder approval, Gold One, as
future majority shareholder of Goliath Gold, has finalised the structure of
Goliath Gold`s intended future board. The board will be made up of six
directors, of whom two will be executive directors and four will be non-
executive directors. Three of the four non-executive directors will also be
independent.
With effect from the first business day after White Water Resources` general
meeting, assuming shareholder approval, the following directors will be
appointed to the board:
- Mark Wheatley, as non-executive chairman. Mark is the current chairman of
Gold One International Limited. Gold One is the future majority
shareholder of White Water Resources.
- Neal Froneman, as CEO. Neal is the current CEO of Gold One.
- Christopher Chadwick, as CFO. Christopher is the current CFO of Gold One.
- David Hodgson, as an independent non-executive. David is a director on a
number of boards as well as former chief operating officer of AngloGold
Ashanti Limited.
- Phil Lambert, as an independent non-executive. Phil is a consultant and
former company director as well as former head of geology (operations) of
Gold Fields Limited.
- Keith Rayner, as an independent non-executive. Keith is a director on a
number of boards and currently runs a corporate finance training and
consultancy corporation.
In anticipation of transaction implementation, White Water Resources is to be
renamed Goliath Gold. Gold One, as majority shareholder, will assume
managerial and operational control over Goliath Gold.
An agreement between White Water Resources and Gold One International to enter
into a reverse takeover was announced on 13 October and 12 November 2010. In
terms thereof, White Water Resources is to acquire Gold One`s medium-depth
mining assets, collectively known as Megamine. Megamine, which is located east
of Johannesburg, comprises Gold One`s operating Sub Nigel mine and the
Vlakfontein, West Vlakfontein and Spaarwater prospecting areas, totalling 16
056 hectares.
In late 2010, White Water announced that the company had successfully raised
approximately ZAR 13.5 million in capital via the placement of shares with
institutional shareholders. Equity was raised at ZAR 0.25 per share, which at
the time was a premium of between 16.8% and 21.9% to the volume weighted
average traded price of White Water Resources ordinary shares (measured over
the 30 business days prior to the signature dates of the various subscription
agreements).
The capital raised has been and will be used for exploration funding and
general corporate purposes.
Incoming White Water Resources CEO and current Gold One CEO Neal Froneman
comments: "We have assembled a first class board with significant and
appropriate experience. I am also extremely pleased with the support the
capital raise has received. The new Goliath Gold team welcomes the new
shareholders on board and looks forward to creating significant value in the
medium-depth Megamine assets."
ENDS
Issued by Gold One International Limited
Website: www.gold1.co.za
Parktown, Johannesburg
25 February 2011
JSE SPONSOR
Macquarie First South Advisers (Pty) Limited
Neal Froneman President and CEO
+27 11 726 1047 (office) +27 83 628 0226 (mobile)
neal.froneman@gold1.co.za
Ilja Graulich Investor Relations
+27 11 726 1047 (office) +27 83 604 0820 (mobile)
ilja.graulich@gold1.co.za
Carol Smith Investor Relations
+27 11 726 1047 (office) +27 82 338 2228 (mobile)
carol.smith@gold1.co.za
Derek Besier Farrington National Sydney
+61 2 9332 4448 (office) +61 421 768 224 (mobile)
derek.besier@farrington.com.au
About Gold One
Gold One is a gold producer listed on the financial markets operated by the
ASX Limited and the JSE Limited, 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 owing
to its shallow nature (300 metres to 500 metres below surface). To date Modder
East has provided direct employment opportunities for over 1 100 people. Gold
One also owns the nearby existing Sub Nigel mine, which is used primarily as a
training centre in the build-up of Modder East to full production. Gold One`s
other projects and targets include Ventersburg in the Free State Goldfields,
the Tulo concession in Mozambique and the Etendeka greenfield project in
Namibia. Gold One has an issued share capital of 806 875 987 shares.
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.
Forward-Looking Statement
This 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 in this release speak only at the time of
issue. There can be no assurance that such statements will prove to be
accurate as actual values, results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Gold One does not
undertake to update any forward-looking statements 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.
Date: 25/02/2011 07:27:39 Produced by the JSE SENS Department.
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