| Fri 23 Dec 2011, 7:05 | | GDO - Gold One International Limited - Gold One receives Section 11 approval for |
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GDO
GDO
GDO - Gold One International Limited - Gold One receives Section 11 approval for
the acquisition of Rand Uranium
Gold One International 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")
Gold One receives Section 11 approval for the acquisition of Rand Uranium
Gold One is pleased to announce that it has received Section 11 approval from
the South African Department of Mineral Resources for its proposed US$ 250-
million cash offer for 100% of Rand Uranium (Proprietary) Limited ("Rand
Uranium"). This approves the change of control of the mineral rights associated
with Rand Uranium to Gold One.
The last outstanding condition precedent to the conclusion of the acquisition of
Rand Uranium relates to the successful raising of at least US$ 150 million by
Gold One either pursuant to its financing arrangements with Investec Bank
Limited (announced on 29 August 2011) or from another debt or equity financing
source, including through the minimum A$150 million capital injection into Gold
One resulting from a consortium, through BCX Gold Investment Holdings Limited,
subscribing for shares in Gold One as part of the transaction announced by Gold
One on 16 May 2010. Gold One currently expects this condition to be fulfilled
in early 2012.
As previously announced on 29 November 2011, Gold One took over daily management
of the Cooke Underground Operations and Randfontein Surface Operations during
September 2011. A complete replanning exercise for the Cooke Underground
Operations, incorporating Gold One`s turnaround strategy, is being undertaken.
The Company is currently also completing its annual budgeting cycle for the
Modder East Operations. Gold One will provide further details about this in a
production update that it expects to be in a position to release in early 2012.
Gold One President and Chief Executive Officer Neal Froneman comments: "I am
delighted that we have been able to make significant progress on these
outstanding commitments before the end of the calendar year. This ensures
shareholders wishing to invest in Gold One have a clearer picture of what the
new Gold One will look like. We look forward to rewarding our existing and new
shareholders in a similar way as we have done thus far."
Weltevreden Park
23 December 2011
For and on behalf of Gold One:
Corporate Advisor:
Qinisele Resources (Proprietary) Limited
JSE Sponsor:
Macquarie First South Capital (Proprietary) Limited
Australian Corporate Adviser:
Hartleys Limited
South African Legal Adviser:
Edward Nathan Sonnenbergs
Australian Legal Counsel:
Blake Dawson
ENDS
Issued by Gold One International Limited
www.gold1.co.za
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 1,800 people. 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 1,040,189,093 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.
Date: 23/12/2011 07:05:01 Produced by the JSE SENS Department.
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