PRESIDENT STEYN GOLD MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014461/06)
Share code: PGD ISIN: ZAE000026654
("the Company")
COMPANY UPDATE
Since the sale of the Company`s gold mining operations in February 2002 to
Thistle Mining Incorporated ("Thistle"), the Board of the Company evaluated
various investment opportunities in mining and related industries. None of
the opportunities evaluated met the investment criteria of the Company. The
Company will continue to search for suitable investment opportunities.
Presently, the company has cash resources of at least R 80 million, an
investment in convertible redeemable debentures in the Thistle Group at face
value of US$ 4 500 000 and a five year royalty stream based on gold
production at the previously owned gold mining operations (together valued
at a minimum of R 120 million), and no significant liabilities. The Company
is considering various alternatives to convert the debentures and future
royalty income stream, into cash.
The Board is considering the possibility of distributing excess cash by way
of a dividend to shareholders, if no suitable investments are found
Johannesburg
28 June 2002
Date: 28/06/2002 07:15:00 AM Produced by the SENS Department
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