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AFO
AFO
Aflease Gold Limited - Announcement
AFLEASE GOLD LIMITED
(Formerly Sub Nigel Gold Mining Company Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1984/006179/06)
Share Code: AFO ISIN Code: ZAE000075867
("Aflease Gold" or "the Company")
13th March 2006
Aflease Gold announces success in its applications for a prospecting licence in
Namibia and prospecting rights in South Africa.
Aflease Gold Limited was pleased to announce today that an Exclusive Prospecting
License was issued by the Ministry of Mines and Energy of Namibia to its wholly
owned Namibian subsidiary, Etendeka Prospecting and Mining Co (Pty) Ltd. The
license is for base and rare metals, precious metals and precious stones and
expires on 12 December 2008.
The area covered by the license measures 65 685 ha and is situated in the
district of Outjo in northwestern Namibia.
Exploration work in the general area during the nineteen seventies and eighties
was mainly directed towards copper and gold mineralisation within meta
sedimentary and volcanic rocks of the Khoabendus Group.
During recent years various geological features associated with Iron Oxide
Copper Gold (IOCG) deposits were identified that triggered a new interest in the
economic potential of the area. Copper and gold mineralisation was reported to
be present within late-stage, porphyritic, high heat production granite of the
Kaross Granite Suite.
A comprehensive exploration programme is envisaged to be conducted in the area
with the main objective to locate IOCG deposits in the granitic rocks.
Meanwhile, Aflease Gold is also pleased to announce that it has been granted New
Order Prospecting Rights for three areas in South Africa:
- A New Order Prospecting Right has been granted for Area 6 of the Sub Nigel
property on the East Rand. This covers various portions of the following farms:
Zonnestraal 163 IR, Withok 131 IR, Spaarwater 171 IR and Vlakfontein 161 IR.
The total area is 3 860 hectares.
- A New Order Prospecting Right has been granted for Areas 4 and 5 of the Sub
Nigel property. This covers certain portions of the farms Vlakfontein 161 IR,
Zonnestraal 163 IR and Spaarwater 171 IR, measuring 2 643 hectares.
- A New Order Prospecting Right has been granted for the Holfontein property.
This 4 000 hectare property is adjacent to Aflease Gold"s flagship Modder East
project, and is also on the East Rand.
Said Aflease Gold CEO Neal Froneman:
"Each of these prospecting licences in Namibia, and the prospecting rights in
South Africa, is significant, as they effectively mean that we can set to work
exploring the properties and assessing the level of endowment.
"It is significant that we now have the go ahead for our exploration project in
Namibia, which represents the first step in growing Aflease Gold from a purely
South African company into a regional player.
"Meanwhile, the New Order Prospecting Rights for Areas 4, 5 and 6 of Sub Nigel
and for Holfontein - will allow us to move forward in assessing the potential of
those properties in the world renowned East Rand Basin.
"Although there has been extensive mining activity on the East Rand over the
years, there was very little exploration."
Note: Aflease Gold trades as AFO on the JSE Ltd. It was formed in January 2006
through the reverse takeover of Sub Nigel by the New Kleinfontein Mining
Company, itself a wholly-owned subsidiary of sxr Uranium One. Uranium One owns
80% of Aflease Gold.
Contact: Neal Froneman 011 482 3605
John Fraser 082 331 7330
Date: 13/03/2006 10:22:12 AM Produced by the JSE SENS Department
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