| Tue 12 Jun 2012, 7:05 | | GDO - Gold One International Limited - Formal dismissals made at Modder East |
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GDO
GDO
GDO - Gold One International Limited - Formal dismissals made at Modder East
following illegal strike action
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")
Formal Dismissals Made at Modder East Following Illegal Strike Action
Gold One advises that on 11 June 2012, the company dismissed approximately 1,035
employees from its Modder East Operation following their participation in
illegal strike action last week. Modder East`s workforce typically comprises
1,800 people.
Management considered the representations made against dismissal and concluded
that, in almost all cases, there were insufficient mitigating factors against
the sanction of dismissal.
Contingencies remain in place to ensure that the operation remains profitable
during this time. Limited mining and milling operations are continuing and
surface stockpile sources are being processed.
The strike action, which Gold One was informed of on 31 May 2012 by the
Professional Transport Allied Workers Union ("PTAWU"), began on 3 June 2012 and
was interdicted by the Labour Court on 4 June 2012. The market is referred to
the company`s previous media releases published on 4, 5, 6 and 8 June 2012.
ENDS
Johannesburg
12 June 2012
JSE SPONSOR
Macquarie First South Capital (Pty) 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
VP Investor Relations
+27 11 726 1047 (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 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, distinguishes
itself from most other gold mines in South Africa owing to its shallow nature
(300 to 500 metres below surface) and continues to ramp up production, having
produced 123,179 ounces in 2011.
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 kilometres 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, and has an issued share capital of 1,416,394,761 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.
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: 12/06/2012 07:05:04 Produced by the JSE SENS Department.
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