Aflease - Aflease announces further steps on urani
Aflease - Aflease announces further steps on uranium strategy
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
(`Aflease`)
(ISIN Number : ZAE000000253 Share Code : AFL)
29 November 2004
AFLEASE ANNOUNCES FURTHER STEPS ON URANIUM STRATEGY
In line with Aflease`s strategy to realise value in its world-class uranium
resource, the group announced today that it has signed an MOU with Nufcor
International Limited (NIL), a world leader in the marketing and distribution of
nuclear fuel components.
This follows the Aflease Board`s announcement on the 15th of November 2004 that
it had approved R21 million to complete a feasibility study on the first phase
of a project to mine the group`s uranium resource. This phase is expected to be
completed in June 2005.
In terms of the MOU, NIL, which is a United Kingdom -based company equally owned
by AngloGold Ashanti Limited and Rand Merchant Bank, a division of First Rand
Bank Limited, will now be the exclusive global marketer and distributor of
Aflease`s U308 uranium oxide concentrates.
Aflease has also secured the services of Turgis-Ukhozi Consulting Engineers, an
international mine design company, to design and plan the mining of the
resource. Aflease has also appointed Bateman Africa to design and manage the
process engineering aspects of the project.
Commenting on the developments, Neal Froneman CEO of Aflease said:
`We have made good progress in our strategy of creating a focused uranium
company. Bedding down quality partners to assess and design the mining of our
uranium resource as well as to facilitate marketing and distribution, is an
important step forward in maximising the value of our uranium resource.`
The new mine is expected to be commissioned by the end of 2006 and will be
designed to achieve an annual output of 4 million lbs over a 30 year life.
Annual gold production will be approximately 90 000 oz`s and will be an
important by-product ensuring the mines competitiveness in the international
arena.
-ends-
Issued by Brunswick
Rob Pinker 083 326 7794/(011) 268 5750
Di Munro 083 326 5959/(011) 268 5750
Gareth Sharp 083 2873180/(011) 268 5750
On behalf of Aflease
Neal Froneman 083 628 0226/(011) 482 3605
Date: 29/11/2004 09:29:03 AM
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