| Thu 17 Nov 2005, 17:02 | | Western Areas Limited - Gill Marcus Appointed Chai |
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Western Areas Limited - Gill Marcus Appointed Chairperson Of Western Areas
WESTERN AREAS LIMITED
(Registration Number: 1959/003209/06)
Share code: WAR ISIN No: ZAE000016549
ADR Ticker symbol: WARUY
CUSIP No: 957654304
("Western Areas")
WESTERN AREAS LIMITED - Media Statement
17 November 2005
Gill Marcus appointed chairperson of Western Areas
Professor Gill Marcus has been appointed executive chairperson and Dave Nurek a
non-executive director of Western Areas Limited.
Western Areas also announced today that non-executive directors, Mr Vaughn Bray
and Mr Mafika Mkwanazi, would be retiring from the board at the end of December
2005.
Other current board members are Chief Financial Officer, Chris Lamprecht, and
non-executive directors, Sandy McGregor and Roger Dixon.
Marcus said she had accepted the appointment after "long and hard deliberation.
Western Areas has been through challenging times. I have conducted my own
review and am confident that the company has enormous potential.
"The immediate priorities for the new board include setting the strategic
direction for the South Deep mine in consultation with our joint venture
partners, the restructuring of the hedge book, securing our mineral rights
position and consideration of empowerment opportunities."
"The upcoming R640 million rights offer, to be completed by the end of December,
will provide sufficient capital for the development and improved returns at the
South Deep mine over the next two years."
Marcus said she was totally committed to resolving these challenges. She was
looking forward to building Western Areas" reputation and standing as an
"independent listed South African gold mining company".
Marcus said she would also be joining the Placer Dome Western Areas Joint
Venture Board.
"The JV controls the affairs of the South Deep mine, which is Western Areas"
primary asset. It is imperative that shareholders see a continued improvement
in both production and cost reduction, as well as effective control of future
capital expenditure. I also want to build the relationship with the JV partner."
The board has decided not to appoint a CEO at this juncture. Further board
appointments will be announced in due course.
Statement issued on behalf of Western Areas Limited by Brian Gibson Issue
Management (Contact Brian Gibson on 011 880 1510 or 083 253 5988)
About Gill Marcus
Gill Marcus was born in Johannesburg, 1949
B.Com (Unisa)
Member ANC National Executive Committee 1991 - 1999
Member of Parliament 1994 - 1999
Chairperson: Joint Standing Committee on Finance, National Assembly 1994-1996
Deputy Minister of Finance 1996 - 1999
Deputy Governor of the South African Reserve Bank 1999 - 2004
Chairperson during 1999 - 2003/4 of Financial Markets Advisory Board,
Standing Committee for the Revision of the Banks Act, Financial Services Board
and the Policy Board for Financial Regulation
Professor Policy, Leadership and Gender Studies, Gordon Institute of Business
Science - 2004 to date
Board Member, Bidvest
Board Member, International Marketing Council
Member, Advisory Board of the Auditor General.
Patron, Pretoria Sungardens Hospice
About Dave Nurek
David Nurek (55) is a qualified attorney.
Educated at Cape Town High School and graduated from the University of Cape
Town.
Previously a partner and director of attorneys Sonnenberg Hoffmann & Galombik,
having been with the firm from 1969 to 2000.
Currently an executive with Investec Bank Limited where he is regional chairman
of Investec"s various businesses in the Western Cape and Global Head of Legal
Risk.
Non-executive chairman of Randgold & Exploration Company Limited and JCI
Limited.
About Western Areas Limited
Western Areas is focused on investment in the African gold mining industry. The
Company"s principal asset is its 50% interest in the South Deep Joint Venture.
South Deep is a joint venture between Western Areas and Placer Dome SA (Pty)
Ltd, a subsidiary of Placer Dome Inc.
About the PDWA JV
The Placer Dome Western Areas Joint Venture (PDWA JV) was established on 31
March 1999. It is jointly controlled by Western Areas and Placer Dome SA. The
PDWA JV is administered and governed by a PDWA JV board in terms of a joint
venture agreement (JVA).
Western Areas and Placer Dome are each entitled to appoint three directors to
the JV board. The Placer Dome entitlement to appoint the chairman is dependent
on Placer Dome maintaining an interest in excess of 40% in the PDWA JV. The
chairman has the casting vote, except on a wide range of defined issues where
board decisions could have a material impact on the business, in which case the
decision must be unanimous.
About South Deep Mine
South Deep is a joint venture between Western Areas and Placer Dome SA (Pty)
Ltd, a subsidiary of Placer Dome Inc.
Situated in the magisterial districts of Westonaria and Vanderbijlpark, some 45
kilometers south west of Johannesburg, the mine encompasses one of the world"s
largest gold mineral reserves, with an estimated 55,6 million ounces of gold in
the Proved and Probable Mineral Reserve categories. At its deepest, the mine
will be more than 3 300 metres below surface.
Date: 17/11/2005 05:02:05 PM Produced by the JSE SENS Department
