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Wits Gold award

MDM concluded PFS for West Rand Tailings Retreatment Project in South Africa

03 September 2013

MDM Engineering (AIM: MDM), the minerals process and project management company focused on the mining industry, is pleased to advise that it has concluded the pre-feasibility study (“PFS”) for the Gold One International Limited (“Gold One”) and Sibanye Gold Limited (“Sibanye Gold”) joint venture West Rand Tailings Retreatment Project (“WRTRP”).

Together the companies have been investigating the economic viability of jointly reclaiming historical tailings deposits and concurrently reprocessing current arisings at a number of sites within the Carletonville/Westonaria/Randfontein area of the Witwatersrand, west of Johannesburg.
On 21 August 2013, Gold One and Sibanye Gold jointly announced that they had entered into an agreement which will see Gold One merging its 74% shareholding in and claims against Newshelf 1114 Proprietary Limited, which holds a 100% shareholding in Rand Uranium and will also hold 100% of Ezulwini after an internal restructure, in exchange for a 17% interest in the fully diluted share capital of Sibanye Gold through the issue of new ordinary shares.

The objective of the PFS completed by MDM was to determine a base case to be used for a future definitive or bankable feasibility study.

Dave Dodd, MDM Chief Metallurgist said:
“MDM is thrilled to be working on yet another gold project in South Africa. The Company is in a unique position to add great value to the WRTRP having previously gained experience and knowledge from working on the West Wits Tailings project feasibility study for Gold Fields.”

Enquiries:

MDM Engineering Group Limited

Martin Smith (CEO)
George Bennett (Executive Director)
Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Canaccord Genuity Limited

Andrew Chubb / Joe Weaving
Tel: +44 (0)20 7523 8000

Tavistock Communications Limited

Jos Simson / Emily Fenton
Tel: +44 (0)20 7920 3150

GOLD ONE:
Gold One is a dual listed mid-tier mining group with gold operations and gold and uranium prospects across Southern Africa.  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 Proprietary Limited (“Rand Uranium”), 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.

During mid-2012 Gold One also completed its transaction with the First Uranium Corporation and acquired 100% of the Ezulwini Mining Company Proprietary Limited (“Ezulwini”), 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.
On the 21 August 2013 the company announced that it had entered into an agreement with Sibanye Gold Limited to merge its 74% shareholding in and claims against Newshelf 1114 Proprietary Limited, which holds a 100% shareholding in Rand Uranium and will also hold 100% of Ezulwini after an internal restructure, in exchange for a 17% interest in the fully diluted share capital of Sibanye Gold through the issue of new ordinary shares.

The Gold One Group is majority-owned by a consortium comprising Baiyin Non-Ferrous Group Company Limited, the China-Africa Development Fund, and Long March Capital Limited, and has an issued share capital of 1,421,538,989 shares.

For more information: www.gold1.co.za

SIBANYE GOLD LIMITED:
Sibanye Gold Limited (“Sibanye Gold”), owns the Kloof, Driefontein and Beatrix gold which are forecast to produce a combined 1.35 million ounces of gold in 2013, making Sibanye Gold the largest producers of gold in South Africa and amongst the top ten largest gold producers globally.

Sibanye Gold is domiciled in South Africa with its primary listing of shares on the JSE and a secondary listing of American depository receipts on the NYSE.
For more information: www.sibanyegold.co.za

 

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