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GOLD ONE INTERNATIONAL LIMITED - Gold One declares Gold and Uranium Mineral resources and mineral ore reserves for Cooke 4 shaft

Release Date: 20/08/2013 17:30
Code(s): GDO     PDF:  
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Gold One declares Gold and Uranium Mineral resources and mineral ore reserves for Cooke 4 shaft

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”)



Gold One Declares Gold and Uranium Mineral Resources and Mineral (Ore) Reserves for Cooke 4 Shaft

JOHANNESBURG – 20 August, 2013. Gold One International Limited (ASX and JSE: GDO) is pleased to
announce its first gold and uranium mineral resource and ore reserve estimations for the Cooke 4 Shaft,
which the company acquired in August 2012 through its acquisition of Ezulwini Mining Company
(Proprietary) Limited (“Ezulwini”). The company has undertaken an extensive review of the existing historical
geological and grade information, including underground chip sampling information and underground and
surface drilling information. This information has formed the basis of a revised geological model and has
underpinned the mineral resource estimations.

Gold measured and indicated mineral resources at Cooke 4 have been estimated at 3.25 million ounces
(25.09 million tonnes at 4.03 grams per tonne), and gold inferred mineral resources at 5.43 million ounces
(54.33 million tonnes at 3.11 grams per tonne). Uranium (U3O8) measured and indicated mineral resources
have been estimated at 11.10 million pounds (6.86 million tonnes at 0.73 kilograms per tonne) and uranium
inferred mineral resources at 11.00 million pounds (8.75 million tonnes at 0.57 kilograms per tonne).
Relative to the previous mineral resource estimation undertaken in 2011 prior to Gold One’s acquisition of
Cooke 4 (for further details refer to Gold One’s media release published on 2 April 2012, which can be found
on the company’s website), gold measured mineral resources have decreased by 29% while indicated
resources have increased by 40%. This has been partly due to the downgrading of the shaft pillar mineral
resource to indicated resource classification and the consideration of a larger Middle Elsburg (E9EC)
resource. The corresponding measured and indicated uranium resources have increased by 70%, largely as a
result of the increased Middle Elsburg resource. Inferred resources have decreased significantly (79%
decrease in gold and 94% decrease in uranium) largely due to the exclusion of inferred resources below
2,500 metres.

The estimation of mineral ore reserves at Cooke 4 represents the first mineral reserve estimation declared at
the operation in several years. Gold proved mineral reserves are 0.05 million ounces (0.47 million tonnes at
3.58 grams per tonne). Gold probable mineral reserves are 0.32 million ounces (2.71 million tonnes at 3.63
grams per tonne). Total Cooke 4 proved uranium mineral reserves are 0.43 million pounds (0.44 million
tonnes at 0.44 kilograms per tonne). Probable uranium mineral reserves are 1.53 million pounds (1.52
million tonnes at 0.46 kilograms per tonne). Total uranium reserves have been estimated at 1.96 million
pounds (1.96 million tonnes at 0.45 kilograms per tonne).




                                                                                                           1
                                                                                 1
                                                 Cooke 4 Mineral Resources
                                                      Gold                                          Uranium (U3O8)
                                          Tonnes      Grade      Content   Tonnes                 Grade    Content        Content
                                            (Mt)       (g/t)      (Moz)     (Mt)                  (kg/t) (kgs)(000's)      (Mlbs)
Measured      E9EC                          2.98       5.08        0.49      2.98                  0.75     2 240           4.94
                   Total Measured:          2.98       5.08        0.49     2.98                   0.75     2 240           4.94
Indicated E9EC                              3.88       4.03        0.50      3.88                  0.72     2 796           6.16
              Shaft Pillar                  1.06       5.67        0.19
              33 Level                      0.26       4.58        0.04
              50 Level                      0.50       4.66        0.07
              Pillar 4                      0.86       3.69        0.10
              SV4                          15.56       3.71        1.86
                    Total Indicated:       22.11       3.89        2.76     3.88                  0.72       2 796          6.16
   Total Indicated and Measured:           25.09       4.03        3.25     6.86                  0.73       5 036         11.10
Inferred      E9EC                          8.75       3.36        0.95      8.75                 0.57       4 988         11.00
              Shaft Pillar                  3.58       5.29        0.61
              33 Level                      0.45       4.41        0.06
              50 Level                      0.56       4.54        0.08
              Pillar 4                      1.27       3.75        0.15
              SV4                          39.73       2.80        3.58
                      Total Inferred:      54.33       3.11        5.43     8.75                  0.57      4 988          11.00
                     Total Resource        79.43       3.40        8.68     15.61                 0.64      10 024         22.10
1
 Mineral resources are reported in accordance with SAMREC guidelines (estimates would be identical if reported in accordance with
JORC standards). Mineral resources are reported inclusive of ore reserves. Gold mineral resources only are declared at a cut-off
grade of 3 g/t. Mineral resources for the E9EC contain uranium and are therefore estimated at a gold equivalent cut-off of 3.4 g/t.
The uranium tonnes are a subset of the gold tonnes. The balance of the gold tonnes contain gold above the gold cut-off grade but
uranium below the uranium cut-off grade, and will therefore bypass the uranium recovery plant. The gold equivalence ratio is
calculated at a gold price of US$ 1,750/oz and at a uranium price of US$ 65/lb, and an exchange rate of ZAR 8 : US$ 1. Signed-off by
Mr Antonio Umpire and Mr Charles Muller of Minxcon (Proprietary) Limited, independent resource consultant to Gold One, audited
by SRK Consulting (SA) (Proprietary) Limited.



                                                                                     1
                                               Cooke 4 Mineral (Ore) Reserves
                                                        Gold                                         Uranium (U3O8)
                                            Tonnes         Grade       Content           Tonnes   Grade      Content      Content
                                             (Mt)           (g/t)       (Moz)             (Mt)    (kg/t)   (kg) (000's)    (Mlbs)
Proved       E9EC                            0.47           3.58         0.05             0.44     0.44        194          0.43
                        Total Proved:        0.47           3.58         0.05             0.44     0.44        194          0.43
Probable    E9EC                             1.52           3.55         0.17             1.52     0.46        694          1.53
            Shaft Pillar                     0.89           3.76         0.11
            33 Level                         0.06           2.97         0.01
            50 Level                         0.08           5.28         0.01
            Pillar 4                         0.16           3.10         0.02
                     Total Probable:         2.71           3.63         0.32             1.52     0.46       694           1.53
         Total Proved and Probable:          3.18           3.63         0.37             1.96     0.45       888           1.96
1
 The mineral reserves are estimated using a pay limit that is based on a gold price of ZAR 450,000/kg (US$ 1,750/oz and ZAR 8: US$
1) and an uranium price of US$ 45/lb and ZAR 8 : US$ 1 up to end 2015, and an uranium price of US$ 65/lb and ZAR 8 : US$ 1 from
2016. Gold pay limit value is 3.9 g/t.
Considering the newly estimated mineral resources and reserves, Cooke 4 shaft has a mine life of seven
years. The current mineral reserves, however, only consider a select portion of the estimated mineral
resources. Further potential to increase the mineral reserves at the Cooke 4 Operation is dependent on
further technical feasibility studies and the conversion of inferred mineral resources to indicated and
measured resources. Future mineral resource and reserve estimations will also be undertaken in conjunction
with the contiguous Cooke 1-3 shafts, thus optimising shared underground infrastructure and ensuring the
benefit of continuous geological modelling across mine boundaries.

As at 31 December 2012, Gold One declared mineral resources and mineral (ore) reserves for the adjacent
Cooke 1 to 3 underground operations of 8.93 million ounces of gold (59.51 million tonnes at 4.67 grams per
tonne) and 28.03 million pounds of uranium (26.86 million tonnes at 0.47 kilograms per tonne) in the
measured and indicated resource category, and a further 2.21 million ounces of gold in the inferred
resources category (15.26 million tonnes at 4.50 grams per tonne) and 3.12 million pounds of uranium (2.63
million tonnes at 0.54 kilograms per tonne). Total reserves at Cooke 1-3 are 1.47 million gold ounces (9.51
million tonnes at 4.82 grams per tonne) and 2.26 million pounds of uranium (2.23 million tonnes at 0.46
kilograms per tonne).

Future mineral resource and ore reserve estimations will be undertaken across the combined Cooke 1-4
Operations.

                                                                                  1
                                                Cooke 1-3 Mineral Resources
                                                                  Gold                                Uranium (U3O8)
                                                   Tonnes       Grade       Content          Tonnes       Grade        Content
                                                     (Mt)        (g/t)       (Moz)            (Mt)        (kg/t)        (Mlbs)
 Measured       Cooke 1                              9.41        4.73         1.43            0.69         0.26          0.40
                Cooke 2                              8.76        4.92         1.38            3.50         0.38          2.95
                Cooke 3                             12.53        5.84         2.35            10.53        0.52         12.04
                            Total Measured:         30.70        5.24         5.17            14.72        0.47         15.39


 Indicated      Cooke 1                             13.68        3.74         1.64            0.29         0.27          0.17
                Cooke 2                              3.07        4.55         0.45            1.81         0.34          1.36
                Cooke 3                             12.06        4.31         1.67            10.04        0.50         11.11
                             Total Indicated:       28.81        4.06         3.76            12.14        0.47         12.64
             Total Indicated and Measured:          59.51        4.67         8.93            26.86        0.47         28.03
 Inferred       Cooke 1                              6.36        3.71         0.76            0.16         0.36          0.13
                Cooke 2                              1.06        5.50         0.19            0.37         0.30          0.24
                Cooke 3                              7.84        5.01         1.26            2.09         0.60          2.75
                              Total Inferred:       15.26        4.50         2.21            2.63         0.54          3.12
                              Total Resource        74.77        4.63         11.14           29.49        0.48         31.15

 1
   Mineral resources are reported in accordance with SAMREC guidelines (estimates would be identical if reported in accordance
 with JORC standards). Mineral resources are reported inclusive of ore reserves. The gold only cut-off grade is 2.5 g/t and the
 gold equivalent grade is calculated as 1 g/t gold = 0.466 kg/t uranium. The uranium mineral resource is declared at a cut-off
 grade of 0.184 kg/t within the gold resource, or as a co-product with gold at the gold equivalent cut-off of 2.9 g/t. The gold
 equivalence ratio is calculated at a gold price of US$ 1,750/oz and at a uranium price of US$ 65/lb, and an exchange rate of ZAR 8
 : US$ 1. The uranium tonnes are a subset of the gold tonnes.
                                                                              1
                                           Cooke 1-3 Mineral (Ore) Reserves
                                                            Gold                               Uranium (U3O8)
                                              Tonnes       Grade        Content       Tonnes       Grade        Content
                                               (Mt)         (g/t)        (Moz)         (Mt)        (kg/t)       (Mlbs)
 Proved       Cooke 1                          0.29         4.84          0.05
              Cooke 2                          1.36         4.98          0.22
              Cooke 3                          3.59         4.26          0.49         1.17         0.43         1.10
                           Total Proved:       5.25         4.48          0.76         1.17         0.43         1.10


 Probable     Cooke 1                          0.69         9.63          0.21
              Cooke 2                          0.30         6.97          0.07
              Cooke 3                          3.27         4.14          0.44         1.06         0.50         1.16
                         Total Probable:       4.26         5.23          0.72         1.06         0.50         1.16
                          Total Reserve:       9.51         4.82          1.47         2.23         0.46         2.26
 1
   Mineral (ore) resreves are reported in accordance with SAMREC guidelines (estimates would be identical if reported
 in accordance with JORC standards). The mineral reserves are estimated using a pay limit that is based on a gold price
 of ZAR 450,000/kg (US$ 1,750/oz and ZAR 8 : US$ 1) and anuranium price of US$ 45/lb and ZAR 8 : US$ 1 up to end
 2015, and an uranium price of US$ 65/lb and ZAR 8: US$ 1 from 2016. Gold pay limit values are 4.55 g/t, 4.63 g/t and
 4.15 g/t for Cooke 1, Cooke 2 and Cooke 3 respectively. Audited by SRK Consulting (SA) (Proprietary) Limited.


The mineral resources and reserves have been audited by SRK Consulting (SA) (Proprietary) Limited. Further
information, including detailed technical reports, will be made available on the company’s website in due
course.

Cooke 4 Background and Overview

Cooke 4 is an underground mine that has two primary tabular orebodies, which are approximately 400
metres apart. The Upper Elsburg orebody, where the majority of mining has been done to date, is primarily a
gold deposit. The Middle Elsburg orebody is a gold and uranium bearing deposit. The establishment of Cooke
4, previously known as Ezulwini, was substantially completed during the last quarter of 2009, including the
rehabilitation and re-engineering of the main shaft through the installation of a floating steel tower and the
construction of a gold plant with nameplate capacity of up to 200,000 tonnes per month and a uranium
plant with nameplate capacity of up to 100,000 tonnes per month.

With access to the Cooke 4 uranium plant, the value of the Cooke 1-4 shafts’ joint underground resources is
being unlocked through shared synergies and the implementation of the uranium co-product strategy. Since
acquiring the Cooke 1-3 Underground Operations in early 2012 and the Cooke 4 Operation in mid-2012, Gold
One’s primary objective has been to re-establish the operations as gold mines with uranium co-product
potential. Ongoing exploration and resource development work presents numerous life extension
opportunities that justify significant exploration.

Christopher Chadwick, CFO and acting CEO of Gold One, comments: “The declaration of the first mineral
reserve in many years at Cooke 4 provides a solid underpin for the implementation of the uranium co-
product strategy.”
ENDS
Johannesburg
20 August 2013 

Sponsor
Macquarie First South Capital (Pty) Limited
                                               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




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. 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.

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.

Competent Persons’ Statement
The information in this release that relates to exploration results, mineral resources or ore reserves is based on information
compiled by the following Competent Persons 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”):

The Competent Person for the Cooke 1-3 resources is Dr Carina Lemmer, who has a doctorate in applied earth sciences
(geostatistics) and who is a professional natural scientist registered with South African Council for Natural Scientific Professions
(“SACNASP”), membership number 400021/03. Dr Lemmer is an independent consultant to Gold One, and has been an independent
consultant to the South African mining industry for the past 23 years. Dr Lemmer has 35 years’ experience in resource estimation
relevant to the style of mineralisation and type of deposit under consideration, and to the activity which she is undertaking, to
qualify as a Competent Person for the purposes of both the JORC Code and the SAMREC Code.

The Competent Persons for the Cooke 4 resources are Mr Antonio Umpire and Mr Charles Muller of Minxcon (Proprietary) Limited.
Mr Umpire Umpire has a bachelor’s degree in science (geology) and is a professional natural scientist registered with SACNASP,
membership number 400372/12. Mr Umpire is also a member of the Geological Society of South Africa (“GSSA”) and is the MRM:
International for Minxcon, with which he is a full-time employee, and has experience 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 JORC Code and the SAMREC Code. Mr Muller has a bachelor’s degree in science (geology) and is a professional natural
scientist registered with SACNASP, membership number 400201/04. Mr Muller is also a member of the Geostatistical Association of
South Africa (“GASA”) and is a Director for Minxcon, with which he is a full-time employee, and has 25 years’ experience 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 JORC Code and the SAMREC Code.

SRK Consulting (SA) (Pty) Limited has reviewed the total Cooke Underground Operations including estimated mineral resources and
reserves. The Competent Person who reviewed the Cooke 4 mineral resources is Mr Victor Simposya. Mr Simposya is a full time
employee of SRK Consulting (SA), independent consultant to Gold One, and is a professional natural scientist registered with
SACNASP, membership number 40052/03, and has the necessary experience 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 SAMREC Code and JORC Code. The Competent Person who reviewed the Cooke 1-3 mineral resources is Mr Mark Wanless. Mr
Wanless is a full time employee of SRK Consulting (SA) and is a professional natural scientist registered with SACNASP, membership
number 400178/05, and has the necessary experience 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 SAMREC
Code and JORC Code. The Competent Person who reviewed the Cooke mineral (ore) reserves is Mr Roger Dixon. Mr Dixon is a full
time employee of SRK Consulting (SA) and is a registered professional engineer (South Africa), 20000060, and Fellow of the Southern
African Institute of Mining and Metallurgy (“SAIMM”). By virtue of his education, membership to a recognised professional
association and relevant work experience, Mr Dixon is qualified for the activity which he is undertaking, to qualify as a Competent
Person for the purposes of both the SAMREC Code and JORC Code.

The Gold One Group Competent Person is Dr Richard Stewart, who has a doctorate in geology and who is a professional natural
scientist registered with SACNASP, membership number 400051/04. Dr Stewart is also a member of the GSSA and is Executive Vice
President: Technical Services for Gold One, with which he is a full-time employee, and has 13 years’ experience 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 and the SAMREC Code.
The above persons and entities consent to the inclusion in this release of the matters based on information compiled by themselves,
Gold One employees, Rand Uranium employees and the companies’ consultants in the form and context in which they appear for
the purposes of both the JORC Code and the SAMREC Code.

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 in the Gold One 2012 Annual Report, released on 28
February 2013 on the ASX MAP, JSE SENS and the Gold One website. The company’s resource statements are also available on the
Gold One website.

SAMREC and JORC Terminology
In addition, this release uses the terms ‘indicated resources’ and ‘inferred resources’ as defined in accordance with the SAMREC
Code, prepared by the South African Mineral Resource Committee (SAMREC), under the auspices of the South African Institute of
Mining and Metallurgy (SAIMM), effective March 2000 or as amended from time to time and where indicated in accordance with the
Canadian National Instrument 43-101 – Standards for Disclosure for Mineral Projects. The terms ‘indicated resources’ and ‘inferred
resources’ are also defined in the 2004 Edition of the JORC Code, prepared by the Joint Ore Reserves Committee (JORC) of the
Australasian Institute of Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists (AIG) and the Minerals Council of
Australia (MCA). [The use of these terms in this release is consistent with the definitions of both the SAMREC Code and the JORC
Code.]

A mineral reserve (or ‘ore reserve’ in the JORC Code) is the economically mineable part of a measured or indicated resource
demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing,
metallurgical, economic and other relevant factors that demonstrate at the time of reporting that economic extraction can be
justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven
mineral reserve (or ‘proved ore reserve’ in the JORC Code) is the economically mineable part of a measured resource for which
quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and
evaluation of the economic viability of the deposit. A probable mineral reserve (or ‘probable ore reserve’ in the JORC Code) is the
economically mineable part of an indicated mineral resource for which quantity, grade or quality, densities, shape and physical
characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic
parameters to support mine planning and evaluation of the economic viability of the deposit.

A mineral resource is a concentration or occurrence of natural, solid, inorganic or fossilised organic material in or on the earth’s crust
in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific
geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or
quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough to confirm both
geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality,
densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough for geological and grade continuity
to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality
can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and
grade continuity. The estimate is based on limited exploration and sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drillholes. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. Investors are cautioned not to assume that all or any part of the mineral deposits in the measured
and indicated resource categories will ever be converted into reserves. In addition, “inferred resources” have a great amount of
uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will be ever be upgraded to a higher category. Under South African and Australian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility studies or economic studies except under conditions noted in the
SAMREC Code and the JORC Code, respectively.

Investors are cautioned not to assume that all or any part of an inferred resource exists or is economically or legally mineable.
Exploration data is acquired by Gold One and its consultants under strict quality assurance and quality control protocols.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained
herein.

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