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DURBAN ROODEPOORT DEEP, LIMITED - SALE OF 5% INTEREST IN PORGERA JOINT VENTURE
TO MRE WILL NOT PROCEED
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")
SALE OF 5% INTEREST IN PORGERA JOINT VENTURE TO MRE WILL NOT PROCEED
On 4 February 2004, DRD announced that it had agreed to sell a 5% interest in
the Porgera Joint Venture ("PJV") in Papua New Guinea to Mineral Resources Enga
Limited ("MRE") for US$22.521 million under a conditional sale agreement.
MRE is a Papua New Guinean company owned by the Engan landowners in and around
the Porgera area as well as the Engan Provincial Government. MRE is an existing
participant in the PJV with a 5% interest.
DRD regrets to advise that despite two extensions to the relevant deadline, a
number of the conditions precedent for the transaction have still not been
fulfilled and it was DRD"s view that MRE would be unable to have funding
available to complete the transaction on the agreed due date. The proposed sale
of the 5% PJV interest to MRE will not proceed.
Commenting on the failure of the process, DRD Chief Executive Officer
Mr Ian Murray said:
"Unfortunately after five months of work and negotiations with MRE and numerous
other concessions made by DRD to progress the transaction, MRE again missed a
critical deadline. In the circumstances, DRD cannot continue to dedicate
significant management time and resources and continue to incur costs to a
process which, it has become clear to us, will not complete."
Queries:
South Africa
Investor and Media Relations
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)
Australasia
Investor and Media Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)
United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James"s Corporate
+44 20 7499 3916 (office)
+44 779 863 4398
North America
Investor Relations
Susan Borinelli, Breakstone & Ruth International
+1 646-536-7018 (office)
+1 917-570-8421 (mobile)
Media Relations
Jessica Anderson, Breakstone & Ruth International
+1 646-536-7002 (office)
+1 347-423-5859 (mobile)
Johannesburg
26 April 2004
Date: 26/04/2004 02:25:24 PM Produced by the JSE SENS Department
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