VIL - Village Main Reef Limited - Update regarding disposal of 47 065 916

VIL - Village Main Reef Limited - Update regarding disposal of 47 065 916       
common shares in the share capital of First Uranium Corporation                 
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")                                                                     
UPDATE REGARDING DISPOSAL OF 47 065 916 COMMON SHARES IN THE SHARE CAPITAL      
OF FIRST URANIUM CORPORATION                                                    
Shareholders are referred to the announcement released on the Securities        
Exchange News Services of the JSE Limited ("SENS") on 22 July 2011 in which     
they were advised that an agreement (the "Agreement") had been entered into     
between Village and AngloGold Ashanti Limited ("AngloGold") in terms of         
which Village sold and ceded to AngloGold 47 065 916 common shares (the         
"Sale Shares") in the issued share capital of First Uranium Corporation         
("FIU") comprising 19.786% of the issued and outstanding share capital of       
FIU as at the date of signature of the Agreement (the "Signature Date") for     
an aggregate purchase price of R205 061 500 (the "Purchase Price")("the         
Transaction").                                                                  
In terms of the Agreement, Village undertook to and in favour of AngloGold      
to lock-up:                                                                     
    (i)  its remaining 13 556 737 common shares in FIU (being the FIU           
shares beneficially owned by Village following the sale of the         
         Sale Shares (the "Remaining FIU Shares")) for the period expiring      
         on 30 November 2011;and                                                
    (ii) its 392 874 Rand denominated secured convertible notes in FIU          
having a face value of R1 000 per note  (the "FIU Notes") for the      
         period expiring on 31 October 2011 .                                   
As no firm intention to proceed with the acquisition of the entire issued       
Share capital of FIU by AngloGold was announced by 31 October 2011, the         
lock-up period in respect of the FIU Notes has lapsed without any further       
action being required by Village.                                               
The Remaining FIU Shares remain subject to lock-up until 30 November 2011       
unless a firm intention to proceed with the acquisition of the entire           
issued share capital of FIU by AngloGold is announced by that date.             
Shareholders will be advised over SENS of any further developments in this      
regard.                                                                         
2 November 2011                                                                 
Sponsor                                                                         
Java Capital                                                                    
Investor relations                                                              
Vestor                                                                          
Attorneys                                                                       
Cliffe Dekker Hofmeyr Inc.                                                      
Date: 02/11/2011 08:45:01 Supplied by www.sharenet.co.za                     
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