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VIL
VIL
VIL - Village Main Reef Limited - Lesego successfully completes positive
pre-feasibility study - project progresses to Definitive Feasibility Study
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" or "the company")
LESEGO SUCCESSFULLY COMPLETES POSITIVE PRE-FEASIBILITY STUDY - PROJECT
PROGRESSES TO DEFINITIVE FEASIBILITY STUDY
Village is pleased to announce the successful conclusion of the pre-
feasibility study ("PFS") of the company`s majority owned Lesego Platinum
Project ("Lesego") situated near Burgersfort in the Limpopo province.
In consultation with independent consultants DRA, the PFS confirms that the
extraction of the high grade Merensky and UG2 is economically viable at
shallower depths from between 700m to 2300m below surface. Previously
reported grades have been confirmed at 6.75g/t 3 PGE`s plus gold over
widths of 1.08m for Merensky and 6.52g/t 3PGE`s plus gold over widths of
1.26m for UG2.
The PFS has met all the criteria set by the Industrial Development
Corporation ("IDC") enabling Lesego to issue a drawdown notice to the IDC
for an amount of R54 million, which will fully fund the proposed Definitive
Feasibility Study ("DFS"). This final drawdown brings the IDC`s total
investment in Lesego to R150 million and is its 3rd and final payment for
its 23% effective stake in the project.
On the strength of the results of this PFS, the Lesego board has resolved
to embark on the completion of the DFS. The DFS phase will include an
updated resource from 700m to 350m below surface and increase the indicated
and measured resources of the project.
Chief Financial Officer Marius Saaiman said, "We are excited to have
reached another important milestone on the Lesego Project which continues
to show remarkable consistency in grade, width and recoveries. Progressing
with the DFS is the next step in unlocking shareholder value from this
promising project."
10 January 2012
Sponsor
Java Capital
Investor relations
Vestor
Date: 10/01/2012 13:18:01 Produced by the JSE SENS Department.
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