VIL - Village Main Reef Limited - Village receives Section 11 approval for
VIL
VIL
VIL - Village Main Reef Limited - Village receives Section 11 approval for
the acquisition of Cons Murch
VILLAGE MAIN REEF LIMITED
(Incorporated in the Republic of South Africa)
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/005703/06)
JSE Share Code: VIL ISIN: ZAE000154761
("Village" or the "company")
VILLAGE RECEIVES SECTION 11 APPROVAL FOR THE ACQUISITION OF CONS MURCH
Village is pleased to announce that it has received Section 11 approval from
the South African Department of Mineral Resources ("DMR") for the acquisition
of 74% of Consolidated Murchison Mine (Pty) Limited ("Cons Murch"), which
owns the Cons Murch Mine, from To The Point Growth Specialists (Pty) Limited
("TTP").
Village shareholders approved the acquisition of Cons Murch from TTP during
March 2011. TTP initially acquired Cons Murch from Metorex Limited
("Metorex") in 2010. On acquisition Metorex held an old order mining right
and Village assumed responsibility to obtain conversion of the old order
mining right to a new order mining right, before application could be made to
the DMR for section 11 approval for the acquisition from Metorex. Section 11
approval was the last remaining condition to the acquisition by TTP and the
subsequent acquisition by Village of Cons Murch from Metorex.
Mr Marius Saaiman, joint CEO said: "This is an important milestone for
Village as we are now the legal owners of the new order mining right allowing
us full flexibility in dealing with this asset. The DMR was most helpful
during the conversion process and we thank them for their support and
guidance throughout this important process."
01 June 2012
Sponsor
Java Capital
Investor relations
Vestor
Date: 01/06/2012 08:30:01 Produced by the JSE SENS Department.
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