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VIL
VIL
VIL - Village Main Reef Limited - Quarterly production update
Village Main Reef Limited
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/0057034/06)
Share Code: VIL
ISIN: ZAE000154761
("Village")
QUARTERLY PRODUCTION UPDATE
Village today announces that a total of 44 627 ounces of gold and 837 tons of
antimony were produced during the December 2011 quarter (FY 2012). Gold
production for the quarter was 22kg (705 oz) less than the forecasted gold
production for the quarter set out in the announcement released on the
Securities Exchange News Service of the JSE Limited ("SENS") on 17 November (the
"November 2011 announcement") and some 42kg (1 356 oz) less than during the
September 2011 quarter (FY 2012). Gold production at Tau Lekoa was negatively
impacted whilst new panels were established post the seismic activity
experienced in August 2011. Buffelsfontein performed consistently quarter on
quarter.
Antimony production at Cons Murch was 28% lower than the forecasted production
of 1 159 tons for the December 2011 quarter (FY 2012) set out in the November
2011 announcement, due to the negative impact of the slow start up of the mine
post the fatal accident announced on SENS on 7 November 2011, as well as the
industrial action experienced at the mine during the early part of the December
2011 quarter (FY 2012).
The table below provides more information of the production achieved at each of
the Village mines during the December 2011 quarter (FY 2012) versus the
September 2011 quarter (FY 2012) and production guidance released in the
November 2011 announcement.
December September % change Production % change
quarter quarter guidance
Tau Lekoa - gold oz 28 773 29 843 down 4% 29 578 down 3%
Buffelsfontein - gold 13 634 13 774 down 1% 13 503 up 1%
oz
Cons Murch - gold oz 2 219 2 366 down 6% 2 251 down 1%
Cons Murch - antimony 837 1 448 down 42% 1 159 down 28%
tons
Village CEO Bernard Swanepoel commented: "Notwithstanding the somewhat lower
production levels at the operations, Village is pleased that its operations are
now achieving stable levels of output. The higher average gold price achieved
during this quarter will positively impact on earnings and offset the impact of
the lower production".
Village has concluded the due diligence of Blyvooruitzicht Gold Mining Company
Limited, and is progressing towards concluding the transaction, in regard to
which shareholders are referred to the joint announcement released on SENS by
Village and DRD Gold Limited on 8 November 2011.
Operational and financial details for the December 2011 quarter (FY 2012) will
be provided in the December 2011 Quarterly Report, which is expected to be
released on SENS towards the middle of February 2012.
9 January 2012
Sponsor
Java Capital
Investor relations
Vestor
Date: 09/01/2012 14:52:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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