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VIL - Village Main Reef Limited - Quarterly production update 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") QUARTERLY PRODUCTION UPDATE Village today announces that a total of 44 627 ounces of gold and 837 tons of antimony were produced during the December 2011 quarter (FY 2012). Gold production for the quarter was 22kg (705 oz) less than the forecasted gold production for the quarter set out in the announcement released on the Securities Exchange News Service of the JSE Limited ("SENS") on 17 November (the "November 2011 announcement") and some 42kg (1 356 oz) less than during the September 2011 quarter (FY 2012). Gold production at Tau Lekoa was negatively impacted whilst new panels were established post the seismic activity experienced in August 2011. Buffelsfontein performed consistently quarter on quarter. Antimony production at Cons Murch was 28% lower than the forecasted production of 1 159 tons for the December 2011 quarter (FY 2012) set out in the November 2011 announcement, due to the negative impact of the slow start up of the mine post the fatal accident announced on SENS on 7 November 2011, as well as the industrial action experienced at the mine during the early part of the December 2011 quarter (FY 2012). The table below provides more information of the production achieved at each of the Village mines during the December 2011 quarter (FY 2012) versus the September 2011 quarter (FY 2012) and production guidance released in the November 2011 announcement. December September % change Production % change quarter quarter guidance Tau Lekoa - gold oz 28 773 29 843 down 4% 29 578 down 3% Buffelsfontein - gold 13 634 13 774 down 1% 13 503 up 1% oz Cons Murch - gold oz 2 219 2 366 down 6% 2 251 down 1% Cons Murch - antimony 837 1 448 down 42% 1 159 down 28% tons Village CEO Bernard Swanepoel commented: "Notwithstanding the somewhat lower production levels at the operations, Village is pleased that its operations are now achieving stable levels of output. The higher average gold price achieved during this quarter will positively impact on earnings and offset the impact of the lower production". Village has concluded the due diligence of Blyvooruitzicht Gold Mining Company Limited, and is progressing towards concluding the transaction, in regard to which shareholders are referred to the joint announcement released on SENS by Village and DRD Gold Limited on 8 November 2011. Operational and financial details for the December 2011 quarter (FY 2012) will be provided in the December 2011 Quarterly Report, which is expected to be released on SENS towards the middle of February 2012. 9 January 2012 Sponsor Java Capital Investor relations Vestor Date: 09/01/2012 14:52:01 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.
