Aflease Gold and Uranium Resources Limited - Aflease closer to uranium
production as DME grants prospecting rights
Aflease Gold and Uranium Resources Limited
(Formerly The Afrikander Lease Limited)
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
ISIN: ZAE000061461 Share Code : AFL
(`Aflease` or `the company`)
MEDIA RELEASE
Aflease closer to uranium production as DME grants prospecting rights
Johannesburg. 28 April, 2005 - Aflease Gold and Uranium Resources Limited
(Aflease) is pleased to announce that its application for prospecting rights in
respect of its Dominion and Rietkuil uranium resources and additional gold and
uranium deposits in the Bonanza basin, near Klerksdorp, North West Province have
been granted by the Department of Minerals and Energy (DME).
Aflease will commence immediately with an exploration programme to firm up and
enhance its existing extensive knowledge of these deposits in line with its
stated objective of compiling a mine plan. This will be carried out in
preparation for the delivery of uranium to the market during the first quarter
of 2007.
The authorisation by the DME will also allow Aflease to expand its investigation
into the Bonanza basin where it is currently developing its Bonanza South gold
mining operation. Gold production from Bonanza South is on schedule and will
commence in the second quarter of this year and is expected to have a life of
mine well in excess of six years.
Bruce Jones, technical director of Aflease, said: `The approval by the DME gives
impetus to our plans to mine this uranium deposit which is among the biggest in
the world.` The total area covered by these prospecting rights is approximately
16 200 hectares.
Dominion Uranium, the centerpiece of the Aflease operations, is a brownfields
project with its first 10 years of mining being within 500 metres from surface.
Neal Froneman, chief executive officer of Aflease, said: `We remain well on
track to meet the global demand for uranium which has seen the price continue to
escalate. We have a large uranium resource and I believe the confidence shown in
Aflease to deliver is reflected in the issue of these prospecting rights.
Investor interest in Aflease, especially in North America, remains very strong.`
For more information contact:
Neal Froneman Tel. +27 11 482 3605/ Mobile +27 83 628 0226
or
Carol Smith (Investor Relations)
Tel: +27 11 482 3605 / Mobile +27 82 338 2228
Date: 28/04/2005 10:53:03 AM
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