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VIL - Village Main Reef Limited - Changes to the board of village Village Main Reef Limited (formerly known as Village Main Reef Gold Mining Company (1934) Limited) (Registration number 1934/0057034/06) Share Code: VIL ISIN: ZAE000154761 ("Village") CHANGES TO THE BOARD OF VILLAGE Following the conclusion of the transaction between Village and Simmer & Jack Mines, Limited ("Simmers"), in terms of which, inter alia, Village acquired a majority of the assets of Simmers (shareholders are referred in this regard to the announcements released on SENS, the last of which was dated 9 June 2011), and in order to comply with the various requirements of the King Report on Corporate Governance issued in 2009 (King III) and the new Companies Act No.71 of 2008, Village has restructured its Board with effect from 28 June 2011. Clinton Halsey has resigned as Chief Financial Officer and Dorian Wrigley has resigned as Chief Operating Officer. Notwithstanding each of their valuable contributions to the Board, because Clinton and Dorian have personal interests in Village via To The Point Growth Specialists and Umbono, respectively, the Board believes their independence as non-executive directors may be compromised and for that reason have not requested Clinton and Dorian to remain on the board in a non-executive capacity. However, Clinton and Dorian will continue to provide corporate finance and other related services to Village on a consultancy basis. The provision of such services will ensure a seamless transfer of their respective executive functions to the new Chief Financial Officer. Village is pleased to announce the appointment of Marius Saaiman as Chief Financial Officer. A Chartered accountant by profession, Marius was previously the Chief Financial Officer and acting Chief Executive Officer of Simmers. Bulelwa (Baba) Njenje and Gerard Kemp have been appointed as non-executive directors. Baba holds a Masters in Education and Primary Healthcare from Manchester University and has a long history with Simmers since their group empowerment transaction in 2004. Gerard, who holds a Masters degree in Mining from the University of Witwatersrand, is currently the Chief Executive Officer at Pamodzi Resources Fund and before that was director of business resources development at Rand Merchant Bank. CEO, Bernard Swanepoel noted, "Appointing Marius was an easy decision for the board. Over the past months that we have worked together, he has demonstrated an astute understanding of the issues and a keen sense of the future for this business. I know that Village will benefit from a seamless transition as we continue to grow Village into a successful mid-tier precious metals player. On behalf of the board, I would like to formally welcome Marius, Baba and Gerard to the board." "I also want to thank Clinton and Dorian. Their energetic and skilful contribution to Village over the past years has assisted in laying strong foundations for our future." 28 June 2011 Sponsor Java Capital Investor Relations Vestor (email: louise@vestor.co.za) Date: 28/06/2011 17:26:30 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.
