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MEI Online: Plant Operation News: Africa: May 17th 2010

 
 

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:: Gold One Pours First Tonne of Gold at Modder East

Gold One International Limited (ASX and JSE: GDO) is pleased to announce that on Wednesday 12 May 2010, a gold bar of approximately 20 kilogram of fine gold was poured at its Modder East ("Modder East") mine, thereby completing the production of its first tonne (32,105 ounces) of gold. This significant achievement comes less than 10 months after Modder East poured its first ounce of gold from underground operations, and within four years of commencement of construction of the mine.

Production ramp-up is progressing well and Gold One is set to produce between 85,000 and 100,000 ounces of gold in 2010, with average cash costs expected to be below US$400/oz.

 


 

Gold One President and Chief Executive Officer, Neal Froneman commented "I am delighted at achieving this milestone at Modder East, which is a tremendous achievement for Gold One and its shareholders, and is testament to the commitment and hard work of the entire Gold One team. I look forward to continued strong gold production from Modder East as ramp-up to steady state moves ahead. I am also pleased to see the operation performing well and the positive impact it is having on the local community, of which we are a proud stakeholder. Our next milestone will be the refinancing of our convertible bond with a vanilla debt facility that is being arranged with a two bank consortium. This process is progressing well."

 

 

   

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