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Cautionary announcement
Goliath Gold Mining Limited
Incorporated in the Republic of South Africa
(Registration number 1933/004523/06)
Share code: GGM ISIN: ZAE000154753
(“Goliath Gold” or “the Company”)
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that Goliath Gold has received a combined summons from Covenant Mining and
Finance (SA) Proprietary Limited (“Covenant”) and White Water Gold Proprietary Limited (“WWG”)
(collectively referred to hereinafter as the “Plaintiffs”), the full impact of which is currently being determined
and which may have a material effect on the price of the Company’s securities.
In August 2005, the Company sold the Wit Nigel Prospecting Right (“Prospecting Right”) to WWG, a
company in which Covenant owns a controlling interest, in exchange for a 35% interest in WWG subject to,
inter alia, the consent by the Department of Mineral Resources (“DMR”) to the cession of the Prospecting
Right in terms of section 11 of the Mineral and Petroleum Resources Development Act, 2002 (Act 28 of
2002), as amended (“MPRDA”). However, until such time that WWG furnished evidence of its financial ability
to fund the R31 million prospecting works programme, the DMR could not consent to the cession of the
Prospecting Right. WWG and/or Covenant were unable to obtain the requisite funding.
In March 2011, following the reverse takeover of the Company by Gold One Africa Limited, a wholly-owned
subsidiary of Gold One International Limited, WWG was placed on terms to obtain the requisite funding.
When WWG was unable to obtain the requisite funding, the Prospecting Right Agreement entered into
between White Water Limited, WWG, the Company (under a former name, Matodzi Resources Limited) and
Covenant on 24 August 2005 (“Prospecting Right Agreement”), was cancelled by the Company. Accordingly,
the intended transfer of the Prospecting Right to WWG did not proceed and the Company remained the
owner of the Prospecting Right.
In terms of the aforementioned combined summons, the Plaintiffs, who are disputing the interpretation of the
Prospecting Right Agreement, are seeking an order to the effect that, inter alia, the Prospecting Right
Agreement be declared unconditional.
The Company has instructed its attorneys to give notice of intention to defend the action.
Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a
further announcement is made.
Johannesburg
16 April 2014
Sponsor
Merchantec Capital
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