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DRD
DRDD
DRD - Drdgold - Emperor Confirms The Sale Of Vatukoula Mine And The Fiji
Assets Of Emperor Mines Limited
DRDGOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
ARB number 086 277 616
JSE trading symbol: DRD
ISIN Code: ZAE000058723
Issuer code: DUSM
Nasdaq trading symbol: DROOY
("DRDGOLD")
EMPEROR CONFIRMS THE SALE OF VATUKOULA MINE AND THE FIJI ASSETS OF EMPEROR
MINES LIMITED
Emperor Mines Limited ("Emperor") (ASX:EMP) announces that it has signed an
agreement to sell all its Fijian assets, including the foundation Vatukoula
Mine, to Westech Gold PTY Limited ("Westech"), a private company
incorporated in Australia.
Under the agreement, Emperor is selling 100% of its shares in the
Australian incorporated companies, which in turn own the Fijian assets of
the Emperor group.
With immediate effect, all assets and liabilities of the Emperor Fijian
operations will be transferred to Westech.
Announcing the sale in Brisbane today, Emperor Chief Executive, Mr Brad
Gordon, said that the sale and transfer of Fiji assets and liabilities was
particularly important at this time, because it allowed the company to draw
a line under its activities in Fiji, and concentrate on the restructuring
process announced earlier this year.
"We can now confirm the sale of all Fijian company assets, something we
considered essential to stem the cash flow drain on the Emperor group
occasioned by the ongoing costs of care and maintenance at Vatukoula."
Frazer Bourchier, the former General Manager of Fiji operations for Emperor
Mines, said today that the sale paves the way forward for future operations
and investment in the Vatukoula district by the new owners, and represents
the end of a chapter for Emperor Mines.
"I would like to personally thank those who have been involved in this
process and I truly believe we have achieved an outcome that is good for
the companies involved, good for the community of Vatukoula, and good for
the Republic of Fiji."
MORE INFORMATION:
Patrick Bindon - Director - Corporate Communications, Emperor Mines Limited
MOBILE +61 438 757 525
pbindon@emperor.com.au
Johannesburg
22 March 2007
Sponsor
Standard Bank
Date: 22/03/2007 11:15:13 Produced by the JSE SENS Department.
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