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AFO
AFO
Aflease Gold Limited - Aflease Gold Commences Construction at Modder East
Aflease Gold Limited
(Formerly Sub Nigel Gold Mining Company Ltd)
(Incorporated in the Republic of South Africa)
Share Code : AFO (JSE)
(Registration number 1984/006179/08)
ISIN: ZAE000075867
("Aflease Gold" or "the Company")
Aflease Gold Commences Construction at Modder East
Johannesburg, South Africa: Aflease Gold Limited (JSE: AFO) has announced that
its Board has approved the commencement of the initial phase of the construction
of the Modder East Gold Mine located near the Town of Springs on the East Rand.
Activities under the 20 million Rand program approved by the Aflease Gold Board
include site clearing and box cut excavation. The program also includes the
selection and training of workers, the provision of basic services and surface
infrastructure and the purchase of trackless development equipment for the
decline. A sod turning ceremony, to mark the commencement of the box cut, is
due to take place today at the Modder East Project site.
The decision to fast track the Project reflects the confidence of the Aflease
Gold Board in the robust nature of the Project, based on internal work recently
done by the Company in connection with the preparation of a formal feasibility
study for the Project. The feasibility study will be audited by the Company"s
independent engineering consultants, SRK Consulting. Assuming the study
confirms Aflease Gold"s own assessment of the Project, formal approval to
proceed with further Project construction and financing will be sought from the
Aflease Gold Board, and the Board of its parent company, sxr Uranium One.
Neal Froneman, CEO of Aflease Gold and CEO and President of sxr Uranium One,
said: "I am very gratified by the decision to get moving and by the confidence
shown in the Project by the Aflease Gold Board. The decision is also a
testament to three years of hard preparatory work on the project by our Modder
East technical team. I look forward to completing the board approval process in
July and thereafter to the completion of the first new gold mine to be developed
in the East Rand in over two decades."
The projected Modder East mine would employ in excess of 1,000 people, the
majority of whom would be drawn from local communities. Further details on the
Project, including final projected capital expenditures and operating costs,
will be made available following completion of the feasibility study.
* * *
Aflease Gold Limited is a South African gold exploration and development company
listed on the Johannesburg stock exchange. Aflease Gold owns the Modder East
Gold Project as well as the South African gold assets of the former Sub Nigel
Gold Mining Company. Aflease Gold Limited is owned as to approximately 79% by
TSX and JSE-listed sxr Uranium One Inc.
For further information please contact:
Neal Froneman Carol Smith Don Falconer
Chief Executive Officer Investor Relations Vice President, Investor Relations
Tel: + 27 11 482-3605 Tel: + 27 11 482-3605 Tel: +1 416 350-3657
Cautionary note concerning forward-looking statements: Certain of the
information contained in this news release constitutes "forward-looking
statements". Such forward-looking statements include the Corporation"s
expectations related to the future growth of Aflease Gold Limited, as well as
market fluctuations. Forward-looking statements are not statements of
historical fact and involve known and unknown risk and uncertainties which are
beyond the ability of the Corporation to control or predict and which could
cause actual events or results to differ materially from those anticipated in
such forward-looking statements.
Date: 18/05/2006 07:00:03 AM Produced by the JSE SENS Department
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