Wrap Text
Sibanye-Stillwater announces first production from the Blitz project
in the US
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 announces first production from the Blitz project
in the US
Westonaria, 2 October 2017: Sibanye-Stillwater (Tickers JSE: SGL and NYSE:
SBGL) is pleased to announce that on Friday 29 September 2017, it commenced
with production from the Blitz project, at Sibanye-Stillwater's operations
in Montana, in the United States of America. The completion of a secondary
escape-way system at the Blitz 10 stope block, concluded the final
infrastructure required for the production to begin.
Approximately 1,360 tonnes of ore that was excavated during development
and stockpiled on surface, will now be processed. Based on muck sampling
along the entire 115-ft of ore width intersected within the stope block,
this initial cut delivered ore with an estimated average 2E grade of 1.15
oz/ton (39 g/tonne).
Neal Froneman, CEO of Sibanye-Stillwater, commenting on the developments
at the Blitz project said: “The integration of the US operations since
acquisition in May 2017, has been pleasing. The operations continue to
deliver as anticipated and first production from Blitz is more than three
months ahead of schedule. Initial ore intersected and excavated from the
Blitz project, is significantly higher grade than the average Stillwater
Mine combined proven and probable 2E reserve grade of 0.57 oz/ton (19.55
g/tonne), and is an indication of the quality of the Blitz project.”
Blitz is expected to reach full production of approximately 300,000oz (2E)
by late 2021/early 2022, increasing total 2E PGM production from the US
operations by more than 50% to approximately 850,000oz. The increased
production from Blitz is expected to further reduce unit operating costs
of the US operations.
“Delivery of low cost, production growth into a robust price environment,
supported by long term palladium fundamentals in our view, is what
underpinned our decision to acquire Stillwater. The early commissioning
of Blitz has confirmed our view that the US operations will deliver
significant value to Sibanye-Stillwater in future”, said Froneman.
Investor relations contact:
James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014
Email: ir@sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Competent Persons statement
The information in this announcement that relates to development results
and other scientific and technical information is 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.
Date: 02/10/2017 10:54:00 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 
