Wrap Text
Sibanye Gold announces the acquisition of Gold One International Limited’s West Rand Operations
SIBANYE GOLD LIMITED
(Reg. No. 2002/031431/06)
(Incorporated in the Republic of South Africa)
Share Code: SGL
ISIN Code: ZAE000173951
Issuer Code: SGL
(“Sibanye Gold” or “the Company”)
SIBANYE GOLD ANNOUNCES THE ACQUISITION OF GOLD ONE INTERNATIONAL
LIMITED’S (“GOLD ONE”) WEST RAND OPERATIONS (“COOKE OPERATIONS”)
Highlights
- Earnings and cash flow per share accretive transaction
- Adds, over the next 5 years, an average annual production of 260,000 oz
of gold and 570,000 lbs of underground uranium co-product production
to Sibanye Gold’s production profile
- Introduces the Chinese BCX Consortium as an anchor shareholder with
common strategic objectives
- Significant operational and infrastructural synergies
- Consolidates key gold and uranium surface resources for the West
Rand Tailings Retreatment Project (“WRTRP”)
- Successful development of the 6.4 million oz WRTRP has the potential
of adding an additional 300,000 oz of low risk gold production per
annum with uranium co-products
- Access to key high volume surface retreatment skills set
1. Introduction
Sibanye Gold has entered into an agreement with Gold One to acquire its 74%
shareholding in, and the Gold One Group claims against, Newshelf 1114 (Pty) Limited
(“Newshelf”), in exchange for approximately 150,000,000 new Sibanye Gold ordinary
shares, or such number of shares that represents 17% of Sibanye Gold’s issued share
capital, on a fully diluted basis (“the Consideration Shares”) on the closing of the
transaction (“the Proposed Transaction”).
Newshelf holds a 100% shareholding in Rand Uranium Limited (“RUL”) and, after the
completion of an internal restructuring, will hold 100% of Ezulwini Mining Company
Limited (“EMC”), the activities of which companies include the Cooke Operations.
2. Rationale
Gold One has been re-establishing the shallow Cooke Operations to produce
approximately 260,000 oz of gold per annum and 570,000 lb of uranium co-product per
annum at an average gold operating cost of U$1,000/oz. Gold Mineral (Ore) Reserves of
2.8 million oz and Mineral Resources of 22.54 million oz (refer to detailed resource and
reserve statements in Section 3), support a projected operating life of approximately 13
years.
The Proposed Transaction is expected to enhance the attributable cash flow to Sibanye
shareholders.
FY2014 FY2015 FY2016 FY2017 FY2018
Cooke Operations free
R’million 645 867 949 707 623
cashflow
Incremental free cashflow
R 0,73 0,98 1,08 0,80 0,70
per share *
Sources: Cooke Operations SRK CPRs dated July and August 2013
Assumptions: Gold price ZAR425 000/kg, U308 LT price US$65/lb. Excludes debt and Black Economic Empowerment structures
* Assumes 883,603,546 shares in issue post the transaction
Sibanye Gold is expected to also benefit from the high volume tailings retreatment
expertise of the Cooke Surface Operations, which are building up to approximately
400,000 tonnes per month (“tpm”) of surface tailings by the end of 2013.
The Proposed Transaction consolidates Sibanye Gold and Gold One’s existing and
historical West Rand tailings deposits for reclamation and re-treatment to recover gold,
uranium and sulphur. Combining the significant resources and existing joint
infrastructure under one group, results in material infrastructure and operational
synergies. The Pre-feasibility Study on the WRTRP was concluded in July 2013, is
currently under review and will be reported in due course.
The WRTRP enables Sibanye Gold to bring to account the 3.7 million ounces of
Measured gold Mineral Resource (at 0.27 grams per tonne)1 contained in its surface
tailings on its own lease area and 2.7 million ounces of gold (including 312.6 million
tonnes at 0.271 grams per tonne) and 54.78 million pounds of uranium (including 288.1
million tonnes grading at 0.086 kilograms per tonne) owned by Newshelf (refer to
Section 3 for resource details), in a low risk surface reclamation operation, capable of
producing 300,000 oz of gold per annum with uranium as a co-product.
Gold One and its 90% shareholder, the Chinese BCX Consortium, will be an anchor
shareholder with a long term investment horizon, which will support Sibanye Gold’s long
term growth strategy. The BCX Consortium comprises of Baiyin Non-Ferrous Group Co.
Limited, China-Africa Development Fund, Long March Capital and CITIC Kingview
Capital Management Co. Limited.
1- (Competent Person’s Report on the South African Material Assets of Beatrix, Driefontein and Kloof Gold Mine. Report
Number 453638 October 2012 prepared by SRK Consulting (SA) (Pty) Limited)
3. Background to Cooke Operations
Cooke Underground
The Cooke Underground Operations are shallow (~1,000 meters deep) and therefore,
have limited exposure to the challenges of seismicity and heat. The primary mining
horizons at Cooke Underground are the VCR, Upper Elsburg and Middle Elsburg Reefs.
Since acquiring the Cooke Operations in December 2011, Gold One has been re-
establishing the Underground Operations as profitable gold mines with uranium co-
product potential and has implemented a turnaround strategy that has delivered:
- A decrease in total cash costs from approximately US$1,500/oz to
US$1,200/oz
- Increased development rates providing improved mining flexibility
- Improved productivity and quality of mining
It is forecasted that total cash costs for the Cooke Underground Operations will decrease
to less than US$1,000/oz with the benefits of underground uranium co-products and
completion of the initial 2-year turnaround intervention
The salient features of the Cooke Underground Operations (1) are:
- Average annual gold production: 240,000 oz (next 5 years)
- Average annual cash flow: R 840 million (next 5 years @ R425,000/kg)
- Average cash cost: U$1,000/oz (Total Cost: U$1,116/oz) (next 5 years)
- Gold Reserve of 1.84 million oz*
- Gold Resource of 19.93 million oz*
1 - Cooke Operations SRK CPR’s and includes Sibanye Gold management due diligence adjustments
* - Refer to detailed Resource and Reserve tables
Ongoing exploration and resource development work suggest numerous life extension
opportunities that may justify further exploration.
Cooke Surface
As part of the turnaround strategy for the Cooke Operations, the Cooke Surface
Operations have been restructured as a separate business unit, distinct from the Cooke
Underground Operations, allowing both operations to develop appropriate operational
and managerial focuses.
The Cooke gold plant has been processing mechanically reclaimed sand tailings from
Dump 20 (“Dump 20”) at some 300,000 tpm for the recovery of gold for the past five
years, with the tailings being deposited onto the Cooke Tailings Dam. The plant is a
conventional gold recovery circuit with milling of the coarse sand feed in a closed circuit
and is able to mill both reef from the Cooke Underground Operations and sand material
from Dump 20.
Salient features of Cooke Surface Operations (1) are:
- Average annual gold production: 34,000 oz (next 3 years)
- Average annual cash flow: R133 million (next 3 years @ R425,000/kg)
- Average cash cost: US$828/oz (Total costs: $900/oz) (next 3 years)
- Gold Reserve of 0.97 million oz*
- Gold Resource of 2.72 million oz*
1 - Cooke Operations SRK CPR’s and includes Sibanye Gold management due diligence adjustments
* - Refer to detailed Resource and Reserve tables
Gold One is currently commissioning the Cooke Optimisation Project (“COP”) which is
expected to increase reclaimed and processed tonnage from 300,000 tpm of a sand
feed to 400,000 tpm of a slime feed in the ratio of 1:3, thereby reducing total cash costs
to US$900/oz and increasing gold produced.
The Cooke Surface Operations include additional gold and uranium surface deposits on
its mining property, including Millsite, Lindum, Dump 20 Slime and the Ezulwini 4 Dam,
which present a pipeline of economically attractive opportunities that could significantly
expand the surface treatment operations.
Below is the Resource and Reserve tables for the Cooke Operations:
Cooke 1-3 Mineral Resources(1)
Gold Uranium (U3O8)
Tonnes Grade Content Tonnes Grade Content
(Mt) (g/t) (Moz) (Mt) (kg/t) (M lbs)
Measured Cooke 1 9.41 4.73 1.43 0.69 0.26 0.40
Cooke 2 8.76 4.92 1.38 3.50 0.38 2.95
Cooke 3 12.53 5.84 2.35 10.53 0.52 12.04
Total Measured: 30.70 5.24 5.17 14.72 0.47 15.39
Indicated Cooke 1 13.68 3.74 1.64 0.29 0.27 0.17
Cooke 2 3.07 4.55 0.45 1.81 0.34 1.36
Cooke 3 12.06 4.31 1.67 10.04 0.50 11.11
Total Indicated: 28.81 4.06 3.76 12.14 0.47 12.64
Total Indicated and Measured 59.51 4.67 8.93 26.86 0.47 28.03
Inferred Cooke 1 6.36 3.71 0.76 0.16 0.36 0.13
Cooke 2 1.06 5.50 0.19 0.37 0.30 0.24
Cooke 3 7.84 5.01 1.26 2.09 0.60 2.75
Total Inferred: 15.26 4.50 2.21 2.63 0.54 3.12
Total Resource 74.77 4.63 11.14 29.49 0.48 31.15
(1) Mineral resources are reported in accordance with SAMREC guidelines (estimates would be identical if reported in
accordance with JORC standards). Mineral resources are reported inclusive of ore reserves. The gold only cut-off grade is
2.5 g/t and the gold equivalent grade is calculated as 1 g/t gold = 0.466 kg/t uranium. The uranium mineral resource is
declared at a cut-off grade of 0.184 kg/t within the gold resource, or as a co-product with gold at the gold equivalent cut-off
of 2.9 g/t. The gold equivalence ratio is calculated at a gold price of US$ 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 tonnesMineral
Cooke 1-3 Mineral (Ore) Reserves(1)
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) LimitedMineral
Cooke 4 Mineral Resources(1,2)
Gold Uranium
Tonnes Grade Content Tonnes Grade Content Content
(Mt) (g/t) (Moz) (Mt) (kg/t) (kgs)(000's) (M lbs)
Total Measured: 2.98 5.08 0.49 2.98 0.75 2 240 4.94
Total Indicated: 22.11 3.89 2.76 3.88 0.72 2 796 6.16
5 036 11.10
Total Indicated and Measured 25.09 4.03 3.25 6.86 0.73
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
(2) For full details refer to Gold One Declares Gold and Uranium Mineral Resources and Mineral (Ore) Reserves for Cooke
4 Shaft released dated 20 August 2013
Cooke 4 Mineral (Ore) Reserves(1,2)
Gold Uranium (U3O8)
Tonnes Grade Content Tonnes Grade Content Content
(Mt) (g/t) (Moz) (Mt) (kg/t) (kg) (000's) (Mlbs)
Total Proved: 0.47 3.58 0.05 0.44 0.44 194 0.43
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
(2) For full details refer to Gold One Declares Gold and Uranium Mineral Resources and Mineral (Ore) Reserves for Cooke
4 Shaft released dated 20 August 2013
Cooke Surface Operations Consolidated Resource Table(1,2)
Gold Uranium
Au Au U3O8 U3O8
Tonnes Grade content Tonnes Grade Content
(Mt) (g/t) (Moz) (Mt) (kg/t) (Mlb)
Total Measured: 256,28 0,261 2,15 235,82 0,086 44,84
Total Indicated: 56,31 0,315 0,57 52,29 0,086 9,94
Total Indicated and Measured 312,59 0,271 2,72 288,11 0,086 54,78
Inferred
Total Inferred: 0,00 0,00 0,00 0,00 0,00 0,00
Total Resource 312,59 0,271 2,72 288,11 0,086 54,78
(1) Mineral Resources are reported in accordance with SAMREC guidelines (estimates would be identical if reported in
accordance with JORC standards) considering a gold price of ZAR 450,000 / kg (US$1750/oz and ZAR 8 : 1 US$) and
Uranium Price of US$65 / lb and ZAR 8: 1 US$. Total in-situ mineral resources are estimated. Mineral Resources are
reported inclusive or ore reserves.
Cooke Surface Operations Consolidated Reserve Table
Gold Uranium
Tonnes Au Grade Au content Tonnes U3O8 Grade U3O8 Content
(Mt) (g/t) (Moz) (Mt) (kg/t) (Mlb)
Total Proved: 94,45 0,280 0,85 79,30 0,186 32,49
Total Probable 10,13 0,375 0,12 7,00 0,119 1,84
Total Reserve 104,58 0,289 0,97 86,30 0,181 34,33
1 - Mineral (Ore) Reserevs are reported in accordance with SAMREC guidelines (estimates would be identical if reported
in accordance with JORC standards) considering a gold price of ZAR 450,000 / kg (US$1750/oz and ZAR 8 : 1 US$) and
Uranium Price of US$65 / lb and ZAR 8: 1 US$.
2 - Mineral Reserves considers the total extraction of in-situ mineral resources
4. Proposed Transaction
Sibanye Gold and Gold One have entered into a binding agreement that, subject to
fulfillment of the conditions precedent contained therein (referred to in 5 below), will
result in the transfer of all of Gold One’s shares in, and Gold One group claims against,
Newshelf, to Sibanye Gold against the allotment and issue of the Consideration Shares
to Gold One.
Board of Directors
In recognition of the strategic relationship established through the Proposed Transaction,
Gold One shall be entitled to nominate three individuals for election by the Sibanye Gold
shareholders as non-executive Directors on the Sibanye Gold Board.
5. Conditions Precedent
The implementation of the Proposed Transaction is both subject to and conditional on
the fulfillment of, inter alia, the following conditions precedent:
a. The approval of the Proposed Transaction, where so required, by any third party
financier or holder of security interest in, respectively, Gold One and/or Sibanye Gold;
b. The shareholders of Sibanye Gold passing such resolutions required to approve and
implement the Proposed Transaction;
c. The shareholders of Gold One passing such resolutions required to approve and
implement the Proposed Transaction, if required;
d. All necessary approvals having been obtained from the relevant authorities including,
but not limited to:
i. The Minister of Mineral Resources of South Africa;
ii. The JSE Limited;
iii. The NYSE;
iv. The South African Reserve Bank, to the extent required;
v. The competition authorities, as provided for in the Competition Act, 1998;
vi. All Chinese regulatory approvals required by the BCX Consortium, including that
of the Chinese National Development and Reform Commission, the Chinese
Ministry of Commerce and the Chinese State Administration of Foreign
Exchange;
e. A material adverse change in Sibanye Gold and Newshelf not having occurred,
unless it has been remedied by closing of the Proposed Transaction.
6. Unaudited pro forma financial effects of the Proposed Transaction
Set out below is the unaudited pro forma financial effects of the Proposed Transaction
on Sibanye Gold.
On 1 February 2013, Gold Fields Limited (“Gold Fields”) subscribed for a further
731,647,614 shares in Sibanye Gold at a subscription price of R17,246 million. Sibanye
Gold used R17,108 million of the proceeds to repay the GFL Mining Services Limited
(“GFLMS”) loan (the share subscription and the repayment of the GFLMS loan
collectively referred to as the Share subscription). The entire issued share capital of
Sibanye Gold was unbundled to existing Gold Fields shareholders on 18 February 2013,
by way of a distribution in specie in accordance with section 46 of the Companies Act,
section 46 of the Income Tax Act and the JSE Listings Requirements.
The unaudited pro forma effects are prepared for illustrative purposes only and may not
fairly present Sibanye Gold’s results, financial position or changes in equity after the
Share subscription and the Proposed Transaction. It has been assumed for the purposes
of the pro forma financial effects that the Share subscription and Proposed Transaction
took place with effect from 1 January 2012 for income statement purposes and on 31
December 2012 for the statement of financial position.
The unaudited pro forma financial effects have been prepared by management of
Sibanye Gold and are the responsibility of the Board of Directors of Sibanye Gold.
After the
Before the Adjustments due to Proposed After the
Share
Share Transaction Share
Adjustments Subscription
Subscription Subscription
due to Share and before
and the Investment Newshelf Consoli- and the
subscription the
Proposed in group dation Proposed
Proposed
Transaction1 Newshelf results journals Transaction
Transaction
Profit for the year 2,979.6 - 2,979.6 (30.8)(e) 148.4(g) 1,572.3(h) 4,669.5
Headline
profit for the
2,979.6 - 2,979.6 (30.8)(e) (486.2)(g) - 2,460.9
year
No of shares
1,000 731,647,614 731,648,614 150,000,000 881,648,614
in issue
Weighted
average
number of 1,000 731,647,614 731,648,614 150,000,000 881,648,614
shares in
issue
Net asset
(9,672.7) 17,245.8(b) 7,573.1 1,401.7(f) 783.7(g) 992.4(h) 10,750.9
value
Net tangible
(9,672.7) 17,245.8(b) 7,573.1 1,401.7(f) 783.7(g) 992.4(h) 10,750.9
assets
Basic
earnings per 297,960,000 (297,959,593)(c) 407 122(i) 530
share
Headline
earnings per 297,960,000 (297,959,593)(c) 407 (128)(i) 279
share
Net asset
value per (967,270,000) 967,271,035(d) 1,035 184(j) 1,219
share
Net tangible
asset per (967,270,000) 967,271,035(d) 1,035 184(j) 1.219
share
Notes:
(a) The “Before the Share Subscription and the Proposed Transaction” financial information is based
on Sibanye Gold’s audited consolidated financial statements of Sibanye Gold for the year ended 31
December 2012.
(b) The pro forma adjustments relate to the settlement of the GFLMS loan owing by Sibanye Gold from the
proceeds of the issuance of no par value ordinary shares to Gold Fields.
(c) The adjustment relates to basic and diluted earnings per share and headline and diluted headline
attributable to Sibanye Gold shareholders resulting from the impact of the increase in the weighted
average number of ordinary shares (from 1,000 to 731,648,614, as described below). 100% weighting
was assumed for the Share subscription. Other than for the impact on earnings per share and headline
earnings per share resulting from the Share subscription, the pro forma adjustments resulting from the
Share subscription did not have any other impact on the income statement.
(d) The adjustment relates to net asset value and net tangible asset value per share resulting from the
impact of pro forma adjustments in respect of the Share subscription reflecting the increase in the
number of ordinary shares.
(e) Estimated transaction related expenses to be borne by Sibanye Gold.
(f) The adjustment relates to the acquisition of the 74% shareholding in, and the Gold One Group claims
against Newshelf, in exchange for the Consideration Shares. The estimated acquisition cost is based
on the issue of 150,000,000 shares at an issue price of R9.55 per share, the closing share price on 19
August 2013 less the estimated transaction expenses.
(g) The financial information is based on Newshelf’s audited consolidated financial statements for the year
ended 31 December 2012. It should be noted that EMC was only acquired by the Gold One Group in
August 2012 and therefore only 4 months of earnings are included in the financial information provided.
(h) The adjustment represents the consolidation journals, eliminating the equity of Newshelf and
recognising negative goodwill of approximately R1,572.3 million on consolidation. Sibanye Gold has
not re-valued any of the assets or liabilities of Newshelf and used the values per the Newshelf audited
financial statements for the year ended 31 December 2012 in determining the negative goodwill.
Sibanye Gold would be required to do a purchase price allocation in accordance with IFRS 3 Business
Combinations once the transaction is completed. The final goodwill or negative goodwill amount will be
determined by using the actual acquisition price and the fair values of the assets and liabilities
acquired when the Proposed Transaction is concluded.
(i) The adjustment relates to basic and diluted earnings per share and headline and diluted headline
attributable to Sibanye Gold shareholders resulting from the impact of the increase in the weighted
average number of ordinary shares (from the issue of the 150,000,000 Consideration Shares, as
described above). 100% weighting was assumed for the share issue.
(j) The adjustment relates to net asset value and net tangible asset value per share resulting from the
impact of pro forma adjustments above and reflecting the increase in the number of ordinary shares.
7. Implementation of the Proposed Transaction
Subject to the Proposed Transaction becoming unconditional, it is expected to take
approximately four to six months to implement.
21 August 2013
Corporate advisor Sponsor South African Legal
Advisor
Qinisele Resources (Pty) J.P. Morgan Equities Edward Nathan
Limited South Africa (Pty) Ltd Sonnenbergs
US Legal Counsel
Linklaters LLP
This press release is for information purposes only and does not constitute or form part of an offer
to sell or the solicitation of an offer to buy or subscribe to any securities of Sibanye Gold. The
securities referred to herein have not been and will not be registered under the United States
Securities Act of 1933 (the "Securities Act") or with any securities regulatory authority of any state
or other jurisdiction of the United States and may not be offered, sold, resold, transferred or
delivered, directly or indirectly, in the United States except pursuant to registration under, or an
exemption from the registration requirements of, the Securities Act. There will be no public
offering of securities in the United States or any other jurisdiction.
FORWARD-LOOKING STATEMENTS
Certain statements included in this announcement, as well as oral statements that may be made
by Sibanye Gold, or by officers, directors or employees acting on its behalf related to the subject
matter hereof, constitute or are based on forward-looking statements. Forward-looking
statements are preceded by, followed by or include the words “may”, “will”, “should”, “expect”,
“envisage”, “intend”, “plan”, “project”, “estimate”, “anticipate”, “believe”, “hope”, “can”, “is designed
to” or similar phrases. These forward-looking statements involve a number of known and
unknown risks, uncertainties and other factors, many of which are difficult to predict and generally
beyond the control of Sibanye Gold, that could cause Sibanye Gold’s actual results and outcomes
to be materially different from historical results or from any future results expressed or implied by
such forward-looking statements. Such risks, uncertainties and other factors include, among
others, Sibanye Gold’s ability to complete the transaction, Sibanye Gold’s ability to successfully
integrate the acquired assets with its existing operations, Sibanye Gold’s ability to achieve
anticipated efficiencies and other cost savings in connection with the transaction, Sibanye Gold’s
ability to increase gold and uranium production, the success of exploration and development
activities and other risks. Sibanye Gold undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances after the date of
this announcement or to reflect any change in Sibanye Gold’s expectations with regard thereto.
This press release includes mineral reserves and resources information prepared in accordance
with the South African Code for the Reporting of Exploration Results, Mineral Resources and
Mineral Reserves (the “SAMREC Code”), and not in accordance with the U.S. Securities and
Exchange Commission’s Industry Guide 7.
Competent Person Statement
Dr Richard Stewart, who is the Competent Person for the Gold One Group, consents to the
inclusion in this release of all mineral resource and mineral (ore) reserve information relating to
Gold One in the form and context in which they appear for the purposes of both the JORC Code
and the SAMREC Code. Dr Stewart has a doctorate in geology and is a professional natural
scientist registered with the South African Council for Natural Scientific Professions (SACNASP),
membership number 400051/04. Dr Stewart is also a member of the Geological Society of South
Africa (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 and JORC Code. Further
information on Gold One’s resource statement and Competent Persons disclosure is available in
the resource statements released in the Gold One 2012 Annual Report and in the company
media release titled ‘Gold One Declares Gold and Uranium Mineral Resources and Mineral (Ore)
Reserves for Cooke 4 Shaft’, released on 28 February 2013 and 20 August 2013 respectively on
the ASX Limited and JSE Limited’s respective news services and the Gold One website. Gold
One’s resource statements are also available on the Gold One website.
Date: 21/08/2013 07:30:00 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.
Sharenet Sites 
