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Gold One International: Update On The Acquisition By Goliath Gold Of Megamine Assets

Gold One International (ASX: GDO, JSE: GDO) and Goliath Gold have extended the date for the acquisition by Goliath Gold of Gold One's Megamine Assets for another month to 31 March 2012.

Goliath Gold, a JSE-listed and gold focused development company, was created through the reverse acquisition of White Water Resources by wholly owned Gold One subsidiary Gold One Africa.

The enlarged and renamed White Water Resources will house Gold One's deeper level assets comprising a 12.65 million ounce Resource.

Gold One Africa will own at least 73.895% of Goliath Gold, unlocking around ZAR260 million (A$31.3 million) of value for the Megamine Assets on transfer to Goliath Gold.