Sharenet Sites 
Sharenet Sites
DRD - DRDGOLD Limited - DRDGOLD sells certain underground prospecting rights to White Water Resources Limited DRDGOLD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1895/000926/06) JSE share code: DRD ISIN: ZAE000058723 Issuer code: DUSM Nasdaq trading symbol: DROOY ("DRDGOLD" or "the Company") DRDGOLD SELLS CERTAIN UNDERGROUND PROSPECTING RIGHTS TO WHITE WATER RESOURCES LIMITED ("WHITE WATER") DRDGOLD shareholders are advised that the Company has signed heads of agreement with JSElisted White Water in terms of which White Water will acquire from DRDGOLD`s 74%owned subsidiary, East Rand Proprietary Mines Limited ("ERPM"), the prospecting right over ERPM Extensions 1 and 2 and the mining right over ERPM Extension 1 ("the Transaction"). ERPM`s mining right application over Extension 1 is pending. Both extensions are contiguous to the ERPM lease area. Underground mining at ERPM was discontinued in November 2008. The acquisition by White Water of the prospecting right over ERPM Extensions 1 and 2 and the mining right over ERPM Extension 1, for R18.5 million, will be settled through the issue of 74 million ordinary shares in White Water and 26 shares in a special purpose vehicle ("SPV") to be created which will hold the assets acquired by White Water from ERPM in terms of the Transaction. In the event that the Department of Mineral Resources does not approve transfer of one or other of the prospecting or mining rights the consideration will be reduced to R9.3 million to be settled through the issue of 37 million ordinary shares in White Water and 26 ordinary shares in the SPV to ERPM. The Transaction is subject to the successful conclusion of various conditions precedent, including approval of the Transaction by White Water shareholders. The Transaction is not a categorised transaction for DRDGOLD in terms of the Listings Requirements of the JSE Limited. DRDGOLD`s Chief Executive Officer Niel Pretorius said: "Our stated strategy is to move increasingly towards gold recovery from re-treatment of surface tailings; the deep-level exploration assets we propose disposing of are much better placed in the portfolio of White Water, whose business is gold exploration." Constantia Kloof 30 June 2010 Sponsor: One Capital Date: 30/06/2010 12:05:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
