Durban Roodepoort Deep, Limited - DRD Agrees To Sell 5% Interest In Porgera Gold
Mine To MRE
Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
(Share code: DUR)
(ISIN: ZAE 000015079)
(ARBN number: 086 277 616)
(NASDAQ Trading Symbol: DROOY)
("DRD" or "the company")
DRD AGREES TO SELL 5% INTEREST IN PORGERA GOLD MINE TO MRE
DRD is pleased to announce that Orogen Minerals (Porgera) Limited, its wholly
owned, Papua New Guinea registered subsidiary, which owns 20% of the Porgera
Gold Mine mineral tenements ("tenements"), has concluded a transaction with
local land owner, Mineral Resources Enga Limited ("MRE"), to sell a 5% direct
interest of the tenements to MRE for a purchase price of US$22.521 million with
an effective date of 1 January 2004.
MRE currently owns 5% of the tenements. This transaction will reduce DRD"s
participation in the gold production from the tenements from 20% to 15%, and
increase that of MRE to 10%.
The transaction is subject to a number of conditions precedent, including MRE
obtaining necessary regulatory approvals as well as arranging finance. Subject
to satisfaction of these conditions precedent, the transaction is scheduled to
complete by no later than 30 April 2004.
Further to DRD"s announcement of 14 October 2003 relating to the acquisition of
the aforementioned interest from Oil Search, DRD has now satisfied its
contractual obligation to Oil Search to "offer a 5% direct interest to MRE on
reasonable commercial terms referable to DRD"s acquisition cost of that
interest, recognising reasonable transaction costs of the acquisition and on-
sale of the 5% direct interest".
Queries:
South Africa
Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7826 (office)
+27 83 604 0820 (mobile)
James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
Johannesburg
4 February 2004
Date: 04/02/2004 03:35:04 PM Supplied by www.sharenet.co.za
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