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  • Gold One International Begins New Chapter 0 comments
    Nov 29, 2012 7:14 PM

    Gold One International (ASX: GDO) is looking at a strong 12 months as it puts the strike at the Ezulwini Operations in South Africa behind it and begins a new chapter as Neil Froneman steps down as CEO.

    This has the full support of Gold One's Chinese strategic partner, Gold Fields, to pursue Froneman's long term vision of establishing a South African Gold Mining Company at Sibanye Gold.

    Importantly, this could potentially lead to a joint venture project between Sibanye Gold, which holds the KDC and Beatrix gold mines as well as various service companies, and Gold One.

    At Gold One, Froneman has established a strong management team who will continue to pursue a strategy that remains intact and includes listing on the HKSE, becoming a 1 million ounce producer, and a joint venture including the Cooke Uranium Project.

    Over the course of the next 12 to 18 months plans to achieve:

    - 150,000 ounces of production at its flagship Modder East gold mine;
    - Turnaround at Cooke with the integration of Ezulwini as Cooke 4;
    - Its uranium co-product strategy; and
    - A joint venture project now with Sibanye Gold.

    The 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 - and continues to ramp up production, having produced 123,179 ounces in 2011.

    Earlier in the year the group expanded further with the acquisition of the Cooke 1, 2 and 3 Underground Operations and the Cooke surface assets, Randfontein Surface Operations, located in the West Rand, 30 kilometres from Johannesburg.

    Importantly for Gold One, the Cooke underground operations continue to deliver in line with expectations and are currently the subject of a turnaround intervention.

    Through Gold One's purchase of Rand Uranium, the group has also acquired one of the world's most advanced uranium projects, which envisages recovering uranium, gold and sulphur from the Cooke Tailings Dam and underground ores.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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