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

GOLD ONE INTERNATIONAL LIMITED - Mineworker Fatally Injured at Cooke Underground Operations

Release Date: 24/05/2013 08:00
Code(s): GDO     PDF:  
Wrap Text
Mineworker Fatally Injured at Cooke Underground Operations

Gold One International Limited
Registered in Western Australia under the Corporations Act, 2001 (Cth) with registration number ACN: 094 265 746
(Registered in South Africa as an external company with registration number 2009/000032/10)
ISIN: AU000000GDO5
Share Code on the ASX/JSE: GDO
OTCQX International: GLDZY
("Gold One" or the “company”)



                                                                                                                                  Media Release
                       Mineworker Fatally Injured at Cooke Underground Operations

JOHANNESBURG – 24 May, 2013. Gold One International Limited (ASX and JSE: GDO) regrets to advise that
on the morning of Thursday, 23 May, 2013, at approximately 09:00 am, an employee was fatally injured and
a second employee sustained injuries as a result of a fall of ground incident at the Cooke 3 Shaft of the
company’s Cooke Underground Operations, located on the West Rand of Johannesburg.

As a precautionary measure the company has issued an instruction to suspend all stoping operations at
Cooke 3 until further notice. A full investigation will be conducted at the Cooke 3 Shaft on Friday, 24 May,
2013, by the South African Department of Mineral Resources.

Gold One Management and the Board extend heartfelt condolences to the deceased employee’s family,
friends and colleagues, and wish the injured employee a speedy recovery.

Johannesburg
24 May 2013

Sponsor
Macquarie First South Capital (Pty) Limited

ENDS

                                                       Issued by Gold One International Limited
                                                                  www.gold1.co.za

Christopher Chadwick      CFO and Acting CEO              +27 11 726 1047 (office) +27 71 681 6450 (mobile)   chris.chadwick@gold1.co.za

Grant Stuart              VP Investor Relations           +27 11 726 1047 (office) +27 82 602 5992 (mobile)   grant.stuart@gold1.co.za

Carol Smith               Investor Relations              +27 11 726 1047 (office) +27 82 338 2228 (mobile)   carol.smith@gold1.co.za

Derek Besier              Farrington National Sydney      +61 2 9332 4448 (office) +61 421 768 224 (mobile)   derek.besier@farrington.com.au




About Gold One
Gold One is a dual listed (ASX/JSE: GDO) mid-tier mining group with gold operations and gold and uranium prospects across Southern
Africa, and is focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions.
The company’s flagship Modder East gold mine, commissioned in 2009, distinguishes itself from most other gold mines in South
Africa owing to its shallow nature (300 to 500 metres below surface.)

The Modder East Operations have continued to ramp up in production and produced 97,958 ounces of gold at an average cash cost
of US$ 686/oz during 2012. This was derived from 474,754 Black Reef milled tonnes at an average recovered grade of 6.00 grams per
tonne as well as the milling of 139,887 tonnes of low grade development ore and waste with an average recovered grade of 1.43
grams per tonne. The Modder East Metallurgical Plant maintained recoveries of 95% for 2012.

At the beginning of 2012, the Gold One Group expanded with the acquisition of Rand Uranium (Pty) Limited, which comprised the
Cooke 1, 2 and 3 Underground Operations and the Cooke surface assets (now known as the Randfontein Surface Operations) located
in the West Rand, 30 kilometres from Johannesburg. Through Gold One’s purchase of Rand Uranium (Pty) Limited, the company has
also acquired one of the world’s most advanced uranium projects, which envisages recovering uranium, gold and sulphur from the
above surface Cooke Tailings Dam. The Cooke Tailings Facility has a code compliant resource of 0.8 million ounces of gold and 34
million pounds of uranium. This exciting opportunity is being further explored with Sibanye Gold Limited as part of a larger surface
retreatment strategy on the West Rand.

During mid-2012 Gold One also completed its transaction with the First Uranium Corporation and acquired 100% of the Ezulwini
Mining Company (Pty) Limited, giving the company access to gold and uranium processing plants with nameplate capacities of
200,000 and 100,000 tonnes per month respectively. Ezulwini (now known as Cooke 4) is contiguous to the company’s Cooke
Underground and Randfontein Surface operations and forms part of the Cooke Underground Operations. Access to the uranium
production facility allows for near term production of uranium from underground ore mined at Cooke. In addition, the sharing of
services between Cooke 4 and Cooke 1-3 facilitates a reduction in operating costs.


                                                                                                                                           Page | 1
For the 2012 year, the Cooke 1-3 Underground Operations produced 98,451 ounces at an average cash cost of US$1,558/oz. This
production was derived from the treatment of 961,802 milled tonnes at an average recovered grade of 3.17 grams per tonne as well
as the treatment of 39,650 milled tonnes of low grade development and waste material at an average recovered grade of 0.34 grams
per tonne. Plant recoveries for the operation were 95% for 2012.

Since Gold One assumed managerial control, Cooke 4 produced gold in the months of August, September and December only due to
illegal industrial action that temporarily halted the operation during October and November. For the three months 8,493 ounces
were produced. Total production for 2012 comprised 82,951 milled tonnes at an average recovered grade of 3.18 grams per tonne.
Due to the fact that the metallurgical plant was stopped for two months during the illegal industrial action, plant recoveries averaged
82% over the reporting period.

For the 2012 year the Randfontein Surface Operations produced 36,853 ounces from 3,286,633 milled tonnes at an average cash
cost of US$1,137/oz. Recovered grades during the year averaged 0.349 grams per tonne, with a gold recovery rate of 72%.

The Gold One group is majority-owned by a consortium comprising Baiyin Non-Ferrous Group Co. Limited, the China-Africa
Development Fund, and Long March Capital Limited, and has an issued share capital of 1,421,538,989 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
International Limited 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 realisation 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, permits or financing or in the completion of development or construction activities, economic
and financial market conditions; political risks; 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.

Date: 24/05/2013 08:00:00 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