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SIBANYE GOLD LIMITED - Sibanye-Stillwater provides an update on the Blitz project

Release Date: 15/09/2017 15:37
Code(s): SGL     PDF:  
Wrap Text
Sibanye-Stillwater provides an update on the Blitz
project

Sibanye Gold Limited
Trading as Sibanye-Stillwater
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater” or “the Group” or “the Company”)

Sibanye-Stillwater provides an update on the Blitz
project

Westonaria, 15 September 2017: Sibanye-Stillwater is pleased to
announce positive progress on the development of the Blitz
project at its US PGM operations in Montana.
Mineralised ore at the Blitz project has been intersected in a
development end on the 5300 E level and 10-stope block area of
the project. Sampling of the ore intersection has confirmed a
grade of 2.3oz/ton (79g/tonne) over the full intersection width
of the orebody, totalling 3.8 metres.      Proven and Probable
reserve grades for the Stillwater mine, including the Blitz
Project, as at 31 December 2016 were declared as 0.57 oz/ton
(19.55 g/tonne).
All rock from this initial ore intersection is currently being
stockpiled.   Project development is continuing, in order to
establish the infrastructure required to commence with first
production from the Blitz project.
The Blitz project is a brownfields extension of the existing
Stillwater Mine, which is expected to increase production from
the US PGM operations by approximately 300,000 2E ounces per
annum, once operating at a steady state (expected towards the
end of 2021 to early 2022).        Furthermore, the increased
production levels from Blitz are expected to reduce unit
operating costs of the Stillwater Mine.
Neal Froneman commented: “The Blitz project was recognised as
an important driver in the Stillwater transaction and the first
intersection of the “JM Reef” in this area is an important
milestone.    This has confirmed the geological modelling
undertaken to date, and underpins our confidence in the
potential of this orebody.”
Contact:

James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014
email: ir@sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa (Proprietary) Ltd

Competent Persons statement
The information in this announcement that relates to development
results and other scientific and technical information are based
on information compiled by Mr Brent Lamoure. Mr Lamoure is a
full time employee of Sibanye-Stillwater and a qualified
Professional (QP) Member of the Mining and Metallurgical Society
of America. Mr Lamoure has sufficient experience which is
relevant to the style of mineralisation and types of deposits
under consideration and to the activity which he is undertaking
to qualify as a Competent Person as defined by SAMREC. Mr Lamoure
consents to the inclusion in this announcement of the matters
based on this information in the form and context in which it
appears. A technical report relating to 2016 Mineral (Ore)
reserves at the mining operations of Stillwater Mining Company
was completed in February 2017 by Behre Dolbear and is published
on the company’s website.


FORWARD LOOKING STATEMENTS

This announcement includes “forward-looking statements” within
the meaning of the “safe harbour” provisions of the United
States Private Securities Litigation Reform Act of 1995[,
including the statements related to expected production
volumes]. Forward-looking statements may be identified by the
use of words such as “target”, “will”, “forecast”, “expect”,
“potential”, “intend”, “estimate”, “anticipate”, “can” and
other similar expressions that predict or indicate future
events or trends or that are not statements of historical
matters. The forward-looking statements set out in this
announcement 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-
Stillwater, that could cause Sibanye-Stillwater’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. These forward-
looking statements speak only as of the date of this
announcement. Sibanye-Stillwater 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 the occurrence of
unanticipated events, save as required by applicable law.

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