| Mon 24 Oct 2011, 14:40 | | CRD - Central Rand Gold Limited - Suspension of decision to cancel mining |
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CRD
CRD
CRD - Central Rand Gold Limited - Suspension of decision to cancel mining
right/Re-Commencement of Central Rand Gold`s mining operations
Central Rand Gold Limited
(Incorporated as a company with limited liability under the laws of
Guernsey,
Company Number 45108)
(Incorporated as an external company with limited liability under the laws of
South Africa,
Registration number 2007/0192231/10)
ISIN: GG00B24HM601
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
SUSPENSION OF DECISION TO CANCEL MINING RIGHT
RE-COMMENCEMENT OF CENTRAL RAND GOLD`S MINING OPERATIONS
The Minister of Mineral Resources of the Republic of South Africa ("the
Minister") has consented to the temporary suspension of her decision to
cancel the mining right granted to Ferreira Estate and Investment Company
Limited ("FEIC"), the registered holder of Central Rand Gold`s mining right
under departmental reference number GP30/5/1/1/2/140MR ("Mining Right").
The suspension of the Minister`s decision to cancel the Mining Right, which
is welcomed by the management and staff of Central Rand Gold, is effective
immediately and is enforced in terms of the order of court ("the Order")
granted by the North Gauteng High Court, Pretoria ("High Court") on 24
October 2011. A copy of the Order is available for download from the
Company`s website: www.centralrandgold.com ("website").
The effect of the Order means that mining operations can immediately be
resumed as an interim arrangement while Central Rand Gold, on behalf FEIC,
pursues final relief in the High Court to review and set aside the Minister`s
decision to cancel the Mining Right pursuant to a notice delivered to FEIC on
22 September 2011. These review proceedings have already been instituted
against the Minister and her departmental corespondents, as advised in the
announcement dated 13 October 2011.
The Minister and her co-respondents have given notice of their intention to
oppose the review application, which must take its course in terms of part B
of the Notice of Motion, which is also available for download from the
Company`s website.
FEIC is currently awaiting the record of proceedings before the Minister
("record") which resulted in her decision to cancel the Mining Right,
together with such reasons therefore. The aforesaid record and reasons, which
the Minister is required by law or may desire to give, must be dispatched
within 15 court days of the above Order.
After receipt of the record, FEIC will have an opportunity to supplement its
founding papers. Thereafter, the Minister and her co-respondents will become
obliged to deliver their answering affidavits within 10 court days after
receipt of these amended founding papers.
Further updates regarding the status of the litigation will be announced upon
each material milestone leading up to a hearing date and the final outcome of
the proceedings.
For further information, please contact:
Central Rand Gold +27 (0) 11 674 2304
Johan du Toit / Patrick Malaza
Evolution Securities Limited +44 (0) 20 7071 4300
Chris Sim / Neil Elliot
Merchantec Capital +27 (0) 11 325 6363
Roger Pitt / Monique Martinez
Buchanan +44 (0) 20 7466 5000
Bobby Morse / James Strong
Jenni Newman Public Relations (Proprietary) Limited +27 (0) 11 506 7351
Jenni Newman
24 October 2011
Johannesburg
JSE Sponsor
Merchantec Capital
Date: 24/10/2011 14:40:22 Produced by the JSE SENS Department.
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