Afrikander Lease Limited
Included in Aflease`s 35 million ounces of reserves and resources are
approximately 30 million ounces of resources that may be mined by
conventional underground methods. The company does not currently
commercially mine these resources and reserves.
Some speculation by journalists and analysts alike has indicated possible
capital expenditure amounts and time frames to bring the underground to
account. This release is to confirm that the company is attending to the
issue of bringing its underground reserves and resources to account and also
to clarify its position and progress with regards thereto.
With the higher gold prices experienced currently the mine is evaluating new
projects with regards to its underground reserves and resources. These
projects can be implemented by any of the following three methods:
A large mining house may be invited to conduct a feasibility study and to
bring the underground resources of the mine to bear in terms of a joint
venture agreement, or
A company with underground expertise is acquired to boost both the group`s
reserves and resources but also to bring in the necessary skill set to mine
the underground resources of the company, or
AFL may raise sufficient cash to expand the company to the point where it
can make use of its in-house underground mining skills set.
The company is in the initial stages of evaluating each of the alternatives
mentioned above and will be able to comment further on the intended route
within the foreseeable future.
Date: 24/05/2002 04:36:00 PM Produced by the SENS Department
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