VILLAGE MAIN REEF LIMITED - Update: Restructuring at Blyvoor

Update: Restructuring at Blyvoor

VILLAGE MAIN REEF LIMITED
(Incorporated in the Republic of South Africa)
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/0057034/06)
Share Code: VIL ISIN: ZAE000154761
(“Village” or “the Company”)

UPDATE: RESTRUCTURING AT BLYVOOR

Shareholders of Village are hereby advised that Blyvooruitzicht Gold Mining Company (“Blyvoor”) has notified
representatives of recognised labour unions of its intention to restructure its operations, which may include the
reduction of employee numbers by around 960 people. Section 189 (3) of the Labour Relations Act provides for a
60-day consultation period.

Notwithstanding a number of action plans instituted to increase production and to control costs, the operations at
Blyvoor are not sustainable as currently configured, requiring a material restructuring of the cost base of the
operations.

In the past quarter, ended 30 September 2012, the Blyvoor operations incurred a cash operating loss of R46 million.
To date, Village has provided funding of R85 million to Blyvoor.

Mine management has finalised a revised business plan that will see losses at Blyvoor reduced and should return
Blyvoor to profitability over the next couple of months.

Contacts
Village Joint CEO
Marius Saaiman
Email: msaaiman@villagemainreef.co.za
Mobile: 082 458 3420

Investor and media relations
Village Main Reef
Cheryl Walton
Email: cwalton@villagemainreef.co.za
Tel: 011 274 4610

Investor and media relations
Russell and Associates
Charmane Russell/Memory Johnstone
Email: charmane@rair.co.za/memory@rair.co.za
Tel: 011 880 3924

16 November 2012

Sponsor

Java Capital

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