The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06) Share Code: AFL
ISIN Code: ZAE000000253 ("Aflease" or "the company" of "AFL")
Trading Update
Following communication to shareholders in respect of results for the year ended
31 December 2002, shareholders were advised that Aflease expected the Carbon in
Leach ("CIL") plant to be commissioned during the September 2003 quarter.
Aflease expects significant losses to be incurred for the first two quarters of
2003. Primary reasons for these losses are the one month delay in commissioning
the new CIL plant, the suspension of the old heap Leach operation to link the
crushing facility into the CIL plant and the CIL plant"s initial lock-up. The
board expects Aflease to return to profitability once the CIL plant becomes
operational with expected gold recoveries increasing from 54% to 95%.
By order of the board
30 April 2003
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