To view the PDF file, sign up for a MySharenet subscription.

GDO - Gold One International Limited - December Quarter production on target

Release Date: 10/01/2011 07:05
Code(s): GDO
Wrap Text

GDO - Gold One International Limited - December Quarter production on target Gold One International Limited Registered in Western Australia under the Corporations Act, 2001 (Cth) Registration number ACN: 094 265 746 Registered as an external company in the Republic of South Africa Registration number: 2009/000032/10 Share code on the ASX/JSE: GDO OTCQX International: GLDZY ISIN: AU000000GDO5 ("Gold One" or the "company") DECEMBER QUARTER PRODUCTION ON TARGET 21 480 ounces of gold produced for the 2010 December quarter Modder East recovered grade of 6.49 grams per tonne Metallurgical recoveries remain steady at 96%, despite higher throughput 25 000 ounces forecast for the 2011 March quarter 120 000 ounces forecast for the 2011 year (For the release with schematics please refer to the company`s website: www.gold1.co.za) Gold One is pleased to announce gold production for the December 2010 quarter of 21 480 ounces. Gold production is in line with production guidance and represents a 10% increase relative to the previous quarter. 2010 gold production totalled 66 445 ounces. Recovered grades for Modder East ore for the quarter were 6.49 grams per tonne and, despite the increase in metallurgical throughput, ore recoveries remained consistent at 96%. The build up in production levels at Modder East is continuing steadily with 25 000 ounces of production targeted for the first quarter of 2011 and a total of 120 000 ounces targeted for 2011. Modder East`s continued production improvement is a result of an increasing number of mining panels that have transitioned from ledging to full stoping operations. Further operational and financial details, including cash costs for the December 2010 quarter, will be provided in the quarterly report to be released toward the end of this month. Gold One President and CEO Neal Froneman comments: "I am delighted that we have achieved our fourth quarter gold production targets. Management has established a solid foundation to ensure that we achieve our 2011 production guidance of 120 000 ounces." Parktown, Johannesburg 10 January 2011 MACQUARIE FIRST SOUTH ADVISERS (PTY) LIMITED JSE Sponsor Issued by Gold One International Limited www.gold1.co.za For further information contact: Neal Froneman Ilja Graulich President and CEO Investor Relations +27 11 726 1047 (office) +27 11 726 1047 (office) +27 83 628 0226 (mobile) +27 83 604 0820 (mobile) neal.froneman@gold1.co.za ilja.graulich@gold1.co.za Carol Smith Derek Besier Investor Relations Farrington National Sydney +27 11 726 1047 (office) +61 2 9332 4448 (office) +27 82 338 2228 (mobile) +61 421 768 224 (mobile) carol.smith@gold1.co.za derek.besier@farrington.com.au About Gold One Gold One is a gold producer listed on the financial markets operated by the ASX Limited and the JSE Limited, issuer code GDO. Its flagship operation is the newly built shallow Modder East mine on the East Rand, some 30 kilometres from Johannesburg. Modder East is the first new mine to be built in the region in 28 years and distinguishes itself from most of the other gold mines in South Africa owing to its shallow nature (300 metres to 500 metres below surface). To date Modder East has provided direct employment opportunities for over 1 100 people. Gold One also owns the nearby existing Sub Nigel mine, which is used primarily as a training centre in the build-up of Modder East to full production. Gold One`s other projects and targets include Ventersburg in the Free State Goldfields, the Tulo concession in Mozambique and the Etendeka greenfield project in Namibia. Gold One has an issued share capital of 806 875 987 shares. This news release does not constitute investment advice. Neither this news release nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. Forward-Looking Statement This release includes certain "forward-looking statements" and "forward- looking information". All statements other than statements of historical fact included in this release including, without limitation, statements regarding future plans and objectives of Gold One are forward-looking statements (or forward-looking information) that involve various risks, assumptions and uncertainties. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in such statements. Important factors could cause actual results to differ materially from Gold One`s expectations. Such factors include, among others, the actual results of exploration activities, actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of Modder East and new deposits, availability of capital required to place Gold One`s properties into production, the ability to obtain or maintain a listing in South Africa, Australia, Europe or North America, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold and other commodities, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, political risks, permits or financing or in the completion of development or construction activities, economic and financial market conditions, Gold One`s hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage. Although Gold One has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Any forward-looking statements in this release speak only at the time of issue. There can be no assurance that such statements will prove to be accurate as actual values, results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold One does not undertake to update any forward-looking statements that are included herein, or revise any changes in events, conditions or circumstances on which any such statement is based, except in accordance with applicable securities laws and stock exchange listing requirements. Competent Person The information in this release that relates to exploration results, mineral resources or ore reserves is based on information compiled by Dr Richard Stewart, who has a doctorate in geology and who is a professional natural scientist registered with the South African Council for Natural Scientific Professions (SACNASP), membership number 400051/04. Dr Stewart is also a member of the Geological Society of South Africa (GSSA) and the Senior Vice President of Business Development for Gold One, with which he is a full-time employee. He has 10 years` experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person for the purposes of both the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the 2007 Edition of the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). Dr Stewart consents to the inclusion in this release of the matters based on information compiled by Gold One employees and it`s consultants in the form and context in which they appear. Further information on Gold One`s resource statement is available in the pre-listing statement of Gold One International Limited issued on 19 December 2008 and in the resource statements released by Gold One on the ASX Announcements Platform and the Stock Exchange News Service (SENS) on 11 and 13 October 2010 concerning the company`s Megamine and Goliath Gold Mining Limited respectively and resource statements released by Gold One on the ASX Announcements Platform and the Stock Exchange News Service (SENS) on 7 December 2010 concerning the company`s Ventersburg project. Date: 10/01/2011 07:05:02 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.

Share This Story