THE AFRIKANDER LEASE LIMITED -
THE AFRIKANDER LEASE LIMITED
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration Number 1921/006955/06)
Share Code: AFL
ISIN: ZAE000000253
("Aflease")
AFLEASE AND AVR CONCLUDE A STRATEGIC ALLIANCE
Afrikander Lease (Aflease) and Africa Vanguard Resources (AVR) today announced
that they have entered into a strategic alliance agreement in terms of which AVR
will become the preferred strategic empowerment partner for Aflease and Aflease
will become AVR"s preferred gold mining partner.
In terms of the strategic alliance, AVR will aim to achieve, over time, a 26%
equity interest in Aflease and will become directly involved in specific Aflease
projects. Aflease and AVR will communicate any progress in this regard when
appropriate. AVR and Aflease will jointly pursue selected investments and gold
mining acquisition opportunities.
Aflease and AVR are similarly positioned as junior players in the South African
gold market and each has a unique set of assets and operational capabilities
with a strong focus on growth.
Aflease is a listed junior gold mining company focused on growing its gold
production profile in Southern Africa by successfully developing its assets in
the Klerksdorp and East Rand areas. Aflease is also well positioned to grow
externally.
AVR is an emerging resources company, owned and managed by historically
disadvantaged South Africans, with the long-term aim of becoming a diversified
resources group. Headed by entrepreneur Sandile Zungu, AVR has already
participated in a significant joint venture with mining group Harmony, in which
it purchased a 26% share of the mining lease in respect of Doornkop Shaft. AVR
intends to become a recognised participant in the Southern African mining
industry.
Issued by:
Brunswick SA
(011) 286-5750
Contacts:
Neal Froneman, CEO of Aflease
(011) 482-3605
Sandile Zungu, Executive Chairman - AVR
(011) 785-4300
Date: 10/09/2003 02:00:03 PM Supplied by www.sharenet.co.za
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