| Fri 9 Mar 2012, 14:22 | | GDO - Gold One International Limited - Work Stoppage at Modder East Operations |
|
GDO
GDO
GDO - Gold One International Limited - Work Stoppage at Modder East Operations
Gold One International Limited
Registered in Western Australia under the Corporations Act, 2001 (Cth) with
registration number ACN: 094 265 746
(Registered in South Africa as an external company with registration number
2009/000032/10)
ISIN: AU000000GDO5
Share Code on the ASX/JSE: GDO
OTCQX International: GLDZY
("Gold One" or the "company")
Work Stoppage at Modder East Operations
Gold One advises that on Friday 9 March, 2012, the morning shift workers at the
company`s Modder East Operations embarked on an unprotected strike. Gold One
Management is engaging with the National Union of Mine Workers ("NUM"), which
represents the majority of Modder East`s 1800 workers.
To date no formal dispute has been declared, nor has the company received a
notice of the commencement of strike action. Under these circumstances the
strike is unprotected and may constitute fair reason for dismissal of the
workers who participate in same. Management understands that the suspension of
six employees after their alleged involvement in an underground incident on 24
February, 2012, when an underground shift supervisor was removed from his
working place by a group of employees who demanded that he be withdrawn from
underground, is the reason for the work stoppage. Management has issued an
ultimatum to return to work.
Gold One is continuing to evaluate all options and will be implementing the
policy of `no work - no pay`. Management has ensured that contingency plans are
in place to manage the impact of strike action and will continue to keep
shareholders informed on further developments.
END
Johannesburg
09 March 2012
JSE Sponsor:
Macquarie First South Capital (Proprietary) Limited
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
Grant Stuart
Investor Relations
+27 10 591 5219 (office)
+27 82 602 5992 (mobile)
grant.stuart@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 International Limited ("Gold One") is a dual listed (ASX/JSE: GDO) mid-
tier mining group with gold operations and gold and uranium prospects across
Southern Africa. Gold One remains focused on developing and mining low
technical risk, high margin precious metal resources in diversified
jurisdictions. The company`s flagship Modder East gold mine, commissioned in
2009, continues to ramp up production. Gold sold for 2011 amounted to 123,179
ounces, exceeding the company`s stated target of 120,000 ounces and reflecting
an increase of 85% compared to 2010.
At the beginning of 2012, the group expanded further with the acquisition of the
Cooke 1,2 and 3 Underground Operations and the Cooke surface assets (Randfontein
Surface Operations) located in the West Rand, 30 kilometers from Johannesburg.
The Cooke underground operations continue to deliver in line with expectations
and are currently the subject of a turnaround intervention. Through Gold One`s
purchase of Rand Uranium (Pty) Limited, the group has also acquired one of the
world`s most advanced uranium projects, which envisages recovering uranium, gold
and sulphur from the Cooke Tailings Dam and underground ores.
The Gold One group is majority-owned by a consortium comprising Baiyin Non-
Ferrous Group Co. Limited, the China-Africa Development Fund, and Long March
Capital Limited.
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 forard-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
International Limited 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 realisation 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, permits or financing or in the completion of
development or construction activities, economic
and financial market conditions; political risks; 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: 09/03/2012 14:22:01 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.
