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Afrikander Lease Limited Results of the Annual General Meeting and withdrawal of cautionary Shareholders are referred to the cautionary announcement dated 31 May 2002 and are advised that as of 27 June 2002 caution is no longer required. At the annual general meeting held on 26 June 2002, shareholders were presented with the proposed underground mining plan and related expansion. It is the intention to raise approximately R110 million, through the placement of shares for cash, to implement the expansion proposal. Advantages of implementing the underground mining plan and related expansion Capital raised will be utilised to commence underground mining operations at the high-grade Bonanza area and the lower grade outer basin area and further to install a 230,000 ton per month CIL treatment plant with the following advantages: * The Bonanza underground section can be mined and treated. * The Outer basin underground section can be mined and treated. * Various redundant slimes dams can now be retreated. * Existing heap leach pads can be retreated for additional recovery. * Reprocessing of the existing heap leach pads will increase the company`s cash position through the reduction of the heap leach pad inventories. * The CIL plant will deliver improved recoveries on the ROM monthly feed. * Seasonal problems experienced due to rain during the summer months will be reduced. * Various complicating parameters being dust, fines and percolation rates will be resolved. * Monthly throughput will be increased to 230,000 tons per month. * The monthly production of gold is anticipated to more than double. Underground expansion implementation Implementation of the expansion plan will commence in July 2002 and should be concluded prior to March 2003. Production cash costs Whilst the $ cash cost of gold produced for the expansion construction period may exceed $175 per ounce, the increased efficiency and throughput of the plan will result in a cash cost of less than $175 per ounce post commissioning. Upgrade of NASDAQ listing to level 2 As a consequence of the increased offshore shareholder base of AFL and the overwhelming interest in the AFL expansion, the board has resolved to upgrade the ADR status to a level 2 NASDAQ listing. Results from the annual general meeting Shareholders holdings proxies of 102million shares were present at the annual general meeting. The shareholders unanimously accepted the resolutions mentioned below: 1. PC Walters and JH Scholes have been re-elected as directors of the company. 2. PricewaterhouseCoopers Inc has been appointed as the auditors for the coming financial year. 3. The Group financial statements for the period ending December 2001 have been adopted. 4. The unissued shares of the company have been placed under the control of the Board of Directors until the next annual general meeting. 5. The shareholders ratified a decision by the Board of Directors of AFL to purchase mining equipment from Benoryn Investment Holdings (Pty) Ltd at R5 per share. The value of the equipment purchased was R45 million. After a full presentation to shareholders detailing the proposed expansion plan and related capital raising requirements, the requisite number of shareholders voted in favour of resolution 4 above. However, the notice given and resolution passed by shareholders does not satisfy the JSE Listings Requirements to give the directors authority to proceed with a "general issue of shares for cash" and the JSE has ruled that no dispensation will be given. As a result, notice will be given to shareholders on Tuesday, 2 July 2002 of a general meeting to be held on 17 July 2002 where the shareholders` approval will be sought to place the unissued shares of the company under the control of the board of directors with the specific purpose of placing the shares for cash. Date: 28/06/2002 12:47:11 PM Produced by the SENS Department
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