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AFO
AFO
Aflease Gold receives prospecting right for Ventersburg
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")
Aflease Gold Limited
PO Box 262, Dunnottar,
Gauteng 1590, South Africa
Trading Symbol: AFO - JSE (The Johannesburg stock exchange)
NEWS RELEASE
November 22, 2006
Johannesburg, Gauteng
Aflease Gold receives prospecting right for Ventersburg
Johannesburg, South Africa - Aflease Gold Limited ("Aflease Gold") was today
pleased to announce that it has been officially granted the prospecting right
for its Ventersburg Gold Project from the South African Department of Minerals
and Energy.
The 9760 hectare Ventersburg Gold Project is situated in the Witwatersrand basin
in Free State Province, approximately 25 km southeast of Welkom. The project is
located in the Free State goldfields, from which over 310 million ounces of gold
have been produced.
The principal target at Ventersburg is the "A" Reef, with the Leader Reef being
a secondary target. An exploration program aimed at deriving a SAMREC compliant
resource on the "A" Reef will commence in the near future. The mineralization
lies close to surface at depths ranging from 300m to 800m and fits in well with
Aflease Gold"s business strategy of acquiring and advancing shallow, high
margin, low technical risk assets.
A resource of 6 million ounces of gold, neither SAMREC nor NI 43-101 compliant,
has been previously estimated for the "A" Reef at Ventersburg. The resource was
originally calculated by Gold Fields of South Africa Limited (Gold Fields) in
1994 using standard polygonal estimation techniques. The resource estimates were
confirmed in 2003 by Sub Nigel Gold Mining Company Limited using a similar
estimation methodology. It should be noted that the reefs on the Ventersburg
property have not been geostatistically modeled to date.
Aflease Gold CEO Neal Froneman commented:
"There has been substantial drilling on the property in the past, and now that
we have received our prospecting right, we can start planning a thorough code-
compliant exploration program for the Ventersburg Gold Project. This will
provide the information we will need to carry out a pre-feasibility study on the
asset."
All resource estimates quoted herein are based on prior data and reports
obtained and prepared by previous operators and pre-date NI 43-101 and SAMREC.
Aflease Gold has not completed the work necessary to verify the mineral resource
estimate. Aflease Gold is not treating the mineral resource estimates as NI 43-
101 nor SAMREC compliant resources verified by a qualified person. The
historical estimates should not be relied upon. The Ventersburg Property will
require considerable further evaluation, which Aflease Gold intends to carry out
in due course.
About Aflease Gold
Aflease Gold is a South African gold resource company listed on the JSE Limited
(the Johannesburg stock exchange). The company owns the Modder East Gold
Project, currently under construction, as well as the Sub Nigel, New
Kleinfontein, Turnbridge and the Holfontein Gold Projects, all on the East Rand;
the Ventersburg Gold Project in the Free State goldfield; and the Etendeka Gold
Project in Namibia. Aflease Gold was formed in January 2006 through the reverse
takeover of Sub Nigel Gold Mining Company by New Kleinfontein Mining Company, a
wholly-owned subsidiary of sxr Uranium One Inc. The company is currently owned
as to approximately 71.6 % by sxr Uranium One and has a market capitalization in
excess of R1billion.
Neal Froneman Robert van Niekerk
Chief Executive Officer Executive Vice President
Tel: + 27 11 482 3605 Tel: + 27 11 814 4290
Forward-looking statements: Certain of the statements made herein, including any
information as to the Corporation"s future financial or operating performance,
may be forward-looking and subject to important risk factors and uncertainties,
many of which are beyond the Corporation"s ability to control or predict.
Forward-looking statements are necessarily based on a number of estimates and
assumptions that are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-
looking statements. Such factors include, among others: gold price volatility;
impact of any hedging activities, including margin limits and margin calls;
discrepancies between actual and estimated production, between actual and
estimated reserves and resources and between actual and estimated metallurgical
recoveries; changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in South Africa or
other countries in which the Corporation does or may carry on business in the
future; risks of sovereign investment; the speculative nature of gold
exploration and development, including the risks of obtaining necessary licenses
and permits; dilution; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property. In addition,
there are risks and hazards associated with the business of gold exploration,
development and mining, including, among others, environmental hazards,
industrial accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion losses (and the risk of inadequate insurance or
inability to obtain insurance, to cover these risks). Accordingly, readers
should not place undue reliance on forward looking statements. The Corporation
undertakes no obligation to update publicly or release any revisions to forward-
looking statements to reflect events or circumstances after the date of this
document or to reflect the occurrence of unanticipated events. Investors are
advised to refer to competent persons reports on the Corporation"s material
properties for detailed information with respect to such properties, which
information is subject to the qualifications and notes set forth therein.
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. To receive the
Corporation"s news releases by email, please register on Aflease Gold"s website
at www.afleasegold.com
Date: 22/11/2006 09:12:34 AM Produced by the JSE SENS Department
