VILLAGE MAIN REEF LIMITED - Village suspends financial assistance to Blyvooruitzicht Gold Mining Company Limited
VIL 201307300040A
Village suspends financial assistance to Blyvooruitzicht Gold Mining Company Limited
VILLAGE MAIN REEF LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005703/06)
JSE share code: VIL ISIN: ZAE000154761
(“Village” or “the company”)
VILLAGE SUSPENDS FINANCIAL ASSISTANCE TO BLYVOORUNITZICHT GOLD MINING
COMPANY LIMITED
30 July 2013: Village announced today that its Board of Directors has voted to suspend financial assistance
to Blyvooruitzicht Gold Mining Company Limited (“Blyvoor”) and has advised the Board of Directors of
Blyvoor accordingly.
Village assumed operational control at Blyvoor in June 2012 under the terms of the agreement reached
between the company and DRDGOLD Limited (“DRDGOLD”) (for further information see the SENS
announcements dated 13 February 2012 and 25 May 2012).
During that time the company has invested some R190 million in Blyvoor to sustain operations for which a
loss of R88 million was incurred in the three months to 30 June 2013. The current gold price coupled with
rising costs and a series of recent operational infrastructure challenges has rendered the operation
unsustainable.
Village will work closely with DRDGOLD, who remain the majority shareholders of the mine, in
determining the next steps.
Contacts:
MD Village Gold
Ferdi Dippenaar
Email: ferdi@2tp.co.za
Mobile: 082 807 3684
Issued by:
Russell and Associates
Tel: 011 880 3924
Email: nicola@rair.co.za/jan@rair.co.za
Sponsor
Java Capital
Date: 30/07/2013 03:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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