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Gold One International adds to executive team as operational base grows

Thu, 26 Apr 2012 04:46:00 +0100

Gold One International (ASX: GDO) has appointed two new executives to help expand the company’s operational base.

Wayne Robinson will fill the role of executive vice president – South African operations and Michael Li will take up the position of senior vice president – Asia.

Robinson, who has 25 years experience in mining, was most recently managing director for Eastern Platinum, where he was responsible for all of the company’s South African projects and operations.

He has worked for mining companies Richards Bay Minerals, Gold Fields, Driefontein Consolidated, GenGold and Impala Platinum.

Robinson will provide mining expertise, leadership and guidance to the group’s operations.

Li has more than 20 years experience in accounting as well as in commercial and investment banking.

He will be responsible for establishing a presence within the Asia region and will also assist with Gold One’s listing on the Hong Kong Stock Exchange, which is planned to take place within the next nine to 18 months.

Li has led numerous fund raising exercises in Hong Kong and the United States including initial public offerings, reverse takeovers and private placement, as well as domestic and cross-border merger and acquisition transactions for Chinese companies.

Most recently, Gold One announced plans to acquire underground deposits in South Africa with the aim of replicating the company’s success at the Modder East Operations.

Modder East was the first new mine to be built in the gold rich East Rand region of South Africa in 28 years. The operation hosts 1.34 million ounces of Reserves along with 4.08 million ounces of Resources and currently has a 10 year mine life.

Gold One and 70% owned subsidiary Goliath Gold have entered into an acquisition agreement for the Pamodzi East Rand underground deposits and selected surface assets. Consideration for the acquisition is ZAR70 million (A$8.6 million).

Under the agreement, Gold One will obtain prospecting rights that lie down dip to the Modder East mine and acquire selected surface infrastructure, while Goliath will acquire prospecting rights along with historical mining and geological data over the remaining area.

The areas included in the deal will effectively link Modder East in the north of the East Rand Basin with Goliath’s 50 kilometres of underground mapping in the south, creating a continuous brownfield exploration property.

Importantly, the acquisition will give the two companies access to explore one of the world’s largest brownfield exploration properties.

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Gold One International pours 61,625 gold ounces in March quarter 2012

Wed, 11 Apr 2012 03:18:00 +0100

Gold One International (ASX: GDO, JSE: GDO) production for the March 2012 quarter came in at 61,625 gold ounces, which is 85% higher than the December 2011 quarter - but 9% lower than forecast.

The company said that gold ore volumes at all operations were negatively impacted by a slower than anticipated start up following the Christmas break.

Neal Froneman, Gold One president and chief executive officer, commented: “The loss of nine production shifts at Modder East during this quarter is unfortunate.

"These disruptions together with the slow start up post the Christmas break has had a significant impact on Modder East’s quarterly production.

"Without these unforeseen delays I am confident that we would have, at a minimum, achieved our production forecast."

Importantly for the growth in gold production by Gold One going forward, at the Cooke Operations the results of the implementation of the two year turnaround strategy are becoming evident.

This turnaround is not yet reflected in the production output, but Froneman added that he is confident in meeting the June quarterly guidance for the Cooke operations.

"The focus at the Cooke section remains on increasing development and reducing external waste.”

Breakdown of gold production at the different operations

Gold production at the Modder East Operations was 8% or 2,872 ounces lower than forecast, while production at the Cooke Underground Operations was 11% or 2,829 ounces lower than forecast largely due to lower than anticipated production volumes and grade.

At the Randfontein Surface Operations, production was 8% or 674 ounces lower than forecast largely due to lower volumes delivered to the plant as a result of temporary reclamation issues.

Gold One International’s uranium acquisitions funded by Investec Bank, Baiyin Nonferrous Group

Wed, 04 Apr 2012 01:30:00 +0100

Gold One International (ASX: GDO) has secured financing for two uranium acquisitions through an Investec Bank facility and a shareholder loan facility with Baiyin Nonferrous Group.

These funding agreements will support the acquisition of Rand Uranium and the purchase of Ezulwini Mining Company from First Uranium Corporation.

Gold One signed financing agreements for the Rand Uranium acquisition with Investec in August 2011, and will now settle the remaining balance of US$112 million. The total consideration for the acquisition of Rand Uranium was US$250 million.

The acquisition of Rand Uranium’s mineral interests builds on Gold One’s flagship Modder East mine, some 30 kilometres from Johannesburg.

With the acquisition of Rand Uranium, Gold One could log overall gold production of 300,000-350,000 ounces of gold in 2013.

Approval for the deal was received from the South African Department of Mineral Resources in December 2011.

The total funding agreement with Investec was for about US$210 million. In addition, Gold One has been granted a US$75 million unsecured shareholder loan by Baiyin Nonferrous wholly owned subsidiary Baiyin Precious Metals.

Gold One now has the ability to finalise the US$70 million payable on the completion of the acquisition of Ezulwini Mining.

Ezulwini represents an attractive economic proposition in that it provides seamless regional consolidation with Gold One’s Cooke Operations.

Gold One will target reduced operating costs through shared synergies with the Cooke underground operations, while also considering a focused underground development program to ensure sustainable underground mining flexibility.

Ezulwini definitive agreement

Earlier this week, Gold One signed a definitive agreement to acquire the Ezulwini Mine in South Africa, where Ezulwini Mining produces gold and uranium.

The project hosts a Measured and Indicated Resource of over 13.2 million tonnes for 2.7 million ounces of gold and 6.6 million pounds of uranium, and an Inferred Resource of 159 million tonnes for 25.5 million ounces of gold and 189 million pounds of uranium.

Ezulwini has a new gold plant with nameplate capacity of 2.4 million tonnes per annum and a new uranium plant in place with simple, proven uranium technology and nameplate capacity of 1.2 million tonnes per annum.

Gold One has entered into a binding sale of shares and claims agreement with First Uranium Corporation to acquire all the shares and claims against Ezulwini Mining, held by First Uranium’s wholly owned subsidiary First Uranium Limited.

Gold One International cements acquisition of developing gold and uranium producing Ezulwini Mine

Mon, 02 Apr 2012 03:36:00 +0100

Gold One International (ASX: GDO) has signed a definitive agreement to acquire the Ezulwini Mine in South Africa.

Ezulwini currently produces gold and uranium, with Gold One making an offer of US$70 million, which in the local currency is around ZAR 540 million.

The mine is a developing producer which sold 59,689 ounces of gold and produced 31,407 pounds of uranium in 2011.

It contains a Measured and Indicated Resource of over 13.2 million tonnes for 2.7 million ounces of gold and 6.6 million pounds of uranium, and an Inferred Resource of 159 million tonnes for 25.5 million ounces of gold and 189 million pounds of uranium.

Ezulwini has a new gold plant with nameplate capacity of 2.4 million tonnes per annum and a new uranium plant in place with simple, proven uranium technology and nameplate capacity of 1.2 million tonnes per annum.

Gold One has entered into a binding sale of shares and claims agreement with First Uranium Corporation to acquire all the shares and claims against Ezulwini Mining, held by First Uranium’s wholly owned subsidiary First Uranium Limited.

Where the story becomes very interesting for investors is that the acquisition is expected to deliver synergies by combining Ezulwini with Rand Uranium.

President and chief executive officer Neal Froneman previously said the acquisition is a key component in the realisation of synergies across the Cooke Underground and Randfontein Surface Operations.

"With immediate access to Ezulwini’s uranium processing facility, we can now look towards unlocking the value of our joint underground resources and begin capitalising on our gold and uranium co-product strategy in the near term.

"The Zuurbekom downdip extension is expected to have a material impact on the life of Cooke 1 shaft.

"Our Cooke Operations management team has extensive knowledge of the Ezulwini orebody and, with their gold and uranium mining experience, we are well placed to realise the inherent value from the combination of these assets.”

Going forward

With the capital intensive projects totalling around US$400 million, including shaft refurbishment and construction of the gold and uranium plant, substantially completed, Gold One’s immediate focus will be on implementing a right sized operation, in line with the re-structuring program currently being undertaken by Ezulwini.

This will include reducing operating costs through shared synergies with the Cooke underground operations, while also considering a focused underground development program to ensure sustainable underground mining flexibility.

Ezulwini represents an attractive economic proposition in that it provides seamless regional consolidation with Gold One’s Cooke Operations.

The combination of Ezulwini with the Cooke Operations available under the Proposed Transaction is expected to provide immediate benefits in the realisation of uranium production from the Cooke Operations.

This dual commodity mix of gold, combined with high grade uranium, is anticipated to allow for a flexible co-product mining approach.

In addition to the existing gold operations, in Gold One’s view Ezulwini provides further tangible upside potential that can be realised in the short to medium term including tailings retreatment opportunities.

Gold One International: Sale of Ezulwini Mine date extended with First Uranium

Mon, 26 Mar 2012 02:07:00 +0100

Gold One International (ASX: GDO, JSE: GDO) has announced that the company has agreed with First Uranium Corporation to extend the date for entering into definitive transaction agreements regarding Gold One’s acquisition of the Ezuwlini Mine to on or before 30 March 2012.

On 2 March 2012, Gold One announced that it had entered into a binding letter agreement with First Uranium to acquire 100% of the issued shares of, and all shareholders’ claims against, Ezulwini Mining Company held by First Uranium’s wholly-owned subsidiary First Uranium Limited.

The total consideration is US$ 70 million (ZAR 539.7 million) and the Letter Agreement is subject to a number of conditions precedent, including that parties enter into definitive transaction agreements on or before the extended date of 30 March 2012.

Gold One International director increases interest ahead of South African uranium acquisition

Mon, 26 Mar 2012 00:53:00 +0100

Gold One International (ASX: GDO) director Mark Wheatley has increased his indirect holding in the company, buying up a further 40,000 shares in an open market purchase.

Non-executive director Wheatley bought the shares at a price of A$0.48 each, for total consideration of $19,200.

Gold One is set to finalise the acquisition of the Ezulwini Mine in South Africa from First Uranium Corporation this month.

Ezulwini produces gold and uranium. The acquisition is expected to deliver synergies by combining Ezulwini with Rand Uranium.

Ezulwini has a new gold plant with nameplate capacity of 2.4 million tonnes per annum and a new uranium plant in place with simple, proven uranium technology and nameplate capacity of 1.2 million tonnes per annum - along with a large scale, medium depth, gold and uranium resource.

Gold One offered US$70 million for the mine, which in the local currency is around ZAR 540 million.

Megamine spin off

Gold One’s Megamine Assets are due to be acquired by Goliath Gold Mining, with all conditions precedent either fulfilled or waived earlier this month.

The acquisition is now unconditional, with the Mandatory Offer to begin on Wednesday March 28, 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.

Gold One International nearing completion of Megamine spin off and gold and uranium acquisition

Tue, 20 Mar 2012 01:53:00 +0000

Gold One International’s (ASX: GDO) Megamine Assets will be acquired by Goliath Gold Mining after all conditions precedent were either fulfilled or waived.

The acquisition is now unconditional, with the Mandatory Offer to begin on Wednesday March 28, 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.

South African gold/uranium acquisition

In other company news, Gold One’s acquisition of First Uranium Corporation’s Ezulwini Mine in South Africa is due to be finalised on Friday March 23, 2012.

Ezulwini Mine is South African based and currently produces gold and uranium, with Gold One making an offer of US$70 million, which in the local currency is around ZAR 540 million.

The acquisition is expected to deliver synergies by combining Ezulwini with Rand Uranium.

Ezulwini has a new gold plant with nameplate capacity of 2.4 million tonnes per annum and a new uranium plant in place with simple, proven uranium technology and nameplate capacity of 1.2 million tonnes per annum - along with a large scale, medium depth, gold and uranium resource.

The companies initially planned to enter into definitive transaction agreements on or before March 16, 2012.

Gold One International updates the market on Modder East Operations

Mon, 12 Mar 2012 00:14:00 +0000

Gold One International (ASX: GDO, JSE: GDO) has updated the market on operations at Modder East in South Africa.

In a statement to the ASX the company said:

Gold One International advises that on Friday 9 March, 2012, the morning shift workers at the company's Modder East Operations embarked on an unprotected strike.

Gold One Management is engaging with the National Union of Mine Workers, which represents the majority of Modder East's 1800 workers. To date no formal dispute has been declared, nor has the company received a notice of the commencement of strike action.

Under these circumstances the strike is unprotected and may constitute fair reason for dismissal of the workers who participate in same.

Management understands that the suspension of six employees after their alleged involvement in an underground incident on 24 February, 2012, when an underground shift supervisor was removed from his working place by a group of employees who demanded that he be withdrawn from underground, is the reason for the work stoppage.

Management has issued an ultimatum to return to work. Gold One is continuing to evaluate all options and will be implementing the policy of ‘no work – no pay’.

Management has ensured that contingency plans are in place to manage the impact of strike action and will continue to keep shareholders informed on further developments.

Gold One International to acquire gold and uranium producer Ezulwini Mine for US$70 million

Sun, 04 Mar 2012 23:54:00 +0000

Gold One International (ASX: GDO, JSE: GDO) continues to execute the company stategy of value-accretive growth, and in another step towards achieving this the company has made a move to wholly acquire Ezulwini Mine.

Ezulwini Mine is South African based and currently produces gold and uranium, with Gold One making an offer of US$70 million, which in the local currency is around ZAR 540 million.

Where the story becomes very interesting for investors is that the acquisition is expected to deliver synergies by combining Ezulwini with Rand Uranium.

Ezulwini has a new gold plant with nameplate capacity of 2.4 million tonnes per annum and a new uranium plant in place with simple, proven uranium technology and nameplate capacity of 1.2 million tonnes per annum - along with a large scale, medium depth, gold and uranium resource.

To make the deal happen, Gold One has entered into a binding letter agreement with First Uranium Corporation to acquire all the shares and claims against Ezulwini Mining, held by First Uranium’s wholly owned subsidiary First Uranium Limited.

Neal Froneman, Gold One President and chief executive officer, commented on the positive news for the company:

“I am delighted to announce that we have reached agreement with First Uranium. This acquisition is aligned to our business strategy of value-accretive growth and is a key component in the realisation of synergies across the Cooke Underground and Randfontein Surface Operations.

"With immediate access to Ezulwini’s uranium processing facility, we can now look towards unlocking the value of our joint underground resources and begin capitalising on our gold and uranium co-product strategy in the near term.

"The Zuurbekom downdip extension is expected to have a material impact on the life of Cooke 1 shaft.

"Our Cooke Operations management team has extensive knowledge of the Ezulwini orebody and, with their gold and uranium mining experience, we are well placed to realise the inherent value from the combination of these assets.”

Gold One outlines the next step

With the capital intensive projects totalling around US$ 400 million, including shaft refurbishment and construction of the gold and uranium plant, substantially completed, Gold One’s immediate focus will be on implementing a right sized operation, in line with the re-structuring program currently being undertaken by Ezulwini.

This will include reducing operating costs through shared synergies with the Cooke underground operations, while also considering a focused underground development program to ensure sustainable underground mining flexibility.

Ezulwini represents an attractive economic proposition in that it provides seamless regional consolidation with Gold One’s Cooke Operations.

The combination of Ezulwini with the Cooke Operations available under the Proposed Transaction is expected to provide immediate benefits in the realisation of uranium production from the Cooke Operations.

This dual commodity mix of gold, combined with high grade uranium, is anticipated to allow for a flexible co-product mining approach.

In addition to the existing gold operations, in Gold One’s view Ezulwini provides further tangible upside potential that can be realised in the short to medium term including tailings retreatment opportunities.

Gold One International: update on the acquisition by Goliath Gold of Megamine Assets

Fri, 02 Mar 2012 04:07:00 +0000

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.

Gold One International given green light to transfer Megamine assets to Goliath Gold

Tue, 31 Jan 2012 00:59:00 +0000

Gold One International (ASX: GDO) and Goliath Gold Mining have received approval from the South African Department of Mineral Resources for the transfer of Gold One’s Megamine assets to Goliath Gold.

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.

The remaining conditions precedent to the acquisition are administrative in nature and are expected to be fulfilled shortly.

Gold One and Goliath Gold have agreed to further extend the deadline to satisfy the remaining conditions precedent from 31 January to 29 February.

Gold One Growth

Gold One is continuing to grow its surface business with the announcement of a partnership with Gold Fields (JSE: GFI, NYSE: GFI, NASDAQ: GFI, Dubai: GFI) to investigate the viability of concurrently reprocessing their combined surface tailings deposits in South Africa.

Gold One and Gold Fields currently operate mines in the West Rand, a region in South Africa’s Witwatersrand Basin with a long history of gold and uranium mining.

Under the agreement, the companies will jointly investigate the feasibility of establishing a joint venture into which both parties will contribute surface assets for retreatment.

These assets are expected to comprise in excess of 700 million tonnes and represent over 60% of the total tailings material in the region.

Earlier this month Gold One completed the US$250 million acquisition of Rand Uranium.

The acquisition of Rand Uranium’s mineral interests builds on the company’s flagship Modder East mine, some 30 kilometres from Johannesburg.

With the acquisition of Rand Uranium, Gold One could log overall gold production of 300,000-350,000 ounces of gold in 2013.

Gold One International to grow its surface business with Gold Fields partnership

Tue, 24 Jan 2012 00:52:00 +0000

Gold One International (ASX: GDO, JSE: GDO) and Gold Fields (JSE: GFI, NYSE: GFI, NASDAQ: GFI, Dubai: GFI) have entered a memorandum of understanding to investigate the viability of concurrently reprocessing their combined surface tailings deposits in South Africa.

Gold One and Gold Fields currently operate mines in the West Rand, a region in South Africa’s Witwatersrand Basin with a long history of gold and Uranium mining.

Gold One International chief executive officer Neal Froneman said economic recovery of gold and Uranium from historical tailings deposits has been successfully demonstrated in other districts of the Witwatersrand Goldfields.

“The combination of our extensive technical studies and the quality of assets that would be pooled into the partnership presents an exciting prospect for the joint venture and growth of Gold One’s surface business,” he said.

“Importantly, the economically sustainable retreatment of the existing tailings deposits will also have a positive environmental impact, benefiting all stakeholders in the district in which we operate.”

Under the agreement, the companies will jointly investigate the feasibility of establishing a joint venture into which both parties will contribute surface assets for retreatment.

These assets are expected to comprise in excess of 700 million tonnes and represent over 60% of the total tailings material in the region.

A detailed Scoping Study is first on the agenda for the joint venture which will be completed by mid-2012, following which a decision will be made on whether to progress the study to a Feasibility level.

If the joint venture goes ahead, Gold One and Gold Fields will reclaim and retreat the historical tailings material and current tailings to recover residual gold, Uranium and sulphur.

A key objective of the project will be to address the re-deposition of the residues in accordance with modern sustainable deposition practices, ultimately supporting mine closure in an environmentally sustainable manner.

In 2010, Gold Fields completed extensive economic studies on its Tailings Treatment Project, which is a low-grade gold and Uranium recovery project focusing on the existing tailings storage facilities and the current underground mining horizons of the company’s West Rand operations, Kloof Driefontein Complex and South Deep.

In December 2010, Gold Fields declared a Resource of 475.6 million tonnes at its tailings storage facilities, which includes gold Resources of 4.5 million ounces and Uranium Resources of 53.6 million pounds.

Gold Fields chief executive officer Nick Holland said, “Gold Fields already has projects in place to retreat our tailings and the MoU with Gold One allows us to further explore a relatively low risk opportunity to extract value from Gold Fields’ surface resources that is not inherent in our share price.”

Rand Uranium Acquisition

Earlier this month Gold One completed the US$250 million acquisition of Rand Uranium.

The takeover provides Gold One with the change of control of the mineral rights associated with Rand Uranium, which has a large resource base on the West Rand of South Africa, 30 kilometres from Johannesburg.

The company took over daily management of Rand’s Cooke underground operations and Randfontein surface operations during September 2011.

The Randfontein surface operations are currently processing around 300,000 tonnes of tailings material per month through the Cooke Gold Plant.

Gold One has also begun a review of its Cooke Uranium Project. Rand Uranium earlier completed a comprehensive Definitive Feasibility Study on the processing of the Cooke Tailings Deposit for the extraction of both gold and Uranium, including 70% of detailed and already completed engineering design.

The primary focus of the Feasibility Study is the construction of a Uranium metallurgical plant to treat the Cooke Tailings Deposit.

In addition, during the December 2011 quarter, Gold One began assessing the potential treatment of several other surface tailings deposits that exist on the mining and prospecting licences acquired from Rand Uranium.

Importantly, the acquisition of Rand Uranium not only presents Gold One with the opportunity to investigate the possibility of reprocessing the combined tailings deposits, but the company could log overall gold production of 300,000-350,000 ounces of gold in 2013.

The transaction now allows the company to fast track the turnaround of the Radfontein Surface and Cooke Underground operations.

The deal has also been bolstered by the substantial increase in the gold price since Gold One signed the Rand Uranium sale agreement in late May.

Gold One International bolsters South African operations with Rand Uranium acquisition

Mon, 09 Jan 2012 00:24:00 +0000

Gold One International (ASX: GDO) has completed the US$250 million acquisition of Rand Uranium after fulfilling all conditions precedent to the takeover on Friday January 6.

On Friday the company closed the acquisition of 100% of Rand Uranium from shareholders Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company.

The takeover provides Gold One with the change of control of the mineral rights associated with Rand Uranium, which has a large resource base on the West Rand of South Africa, 30 kilometres from Johannesburg.

Gold One took over daily management of Rand’s Cooke underground operations and Randfontein surface operations during September 2011.

Gold One is planning to turn around the Cooke underground operations.

Of the US$250 million purchase price, US$137.7 million was settled in cash on the completion date.

The balance US$112.3 million of the purchase price can be settled within 90 days of the completion date in either cash, Gold One shares or a combination of both.

Senior appointments

In accordance with the acquisition, Gold One has appointed former Rand Uranium executives Hartley Dikgale and Grant Stuart to the company.

Dikgale, who has 18 years’ corporate experience and was general counsel for Rand Uranium, joins Gold One as Senior vice president: general counsel.

With a specialty in legal counsel, Dikgale had also been an executive director of Pamodzi Investment Holding, where he was responsible for business development and value-add facilitation for portfolio companies.

Dikgale’s appointment has allowed for the separation of the roles of general counsel and company secretary, both of which were previously filled by Pierre Kruger.

Kruger has now assumed the sole position of Senior vice president: company secretary. The split grants the company the appropriate capacity and focus to facilitate further growth.

Stuart, previously corporate development officer for Rand Uranium, has been appointed vice president: investor relations at Gold One.

Prior to Rand Uranium, Stuart was Senior project developer for Harmony Gold Mining, and had previously been Senior manager within the innovation practice for Deloitte Consulting, consulting locally and globally with BHP Billiton, Rossing Uranium, De Beers Consolidated Mines and Sasol Mining among others.

Analysis

The acquisition of Rand Uranium’s mineral interests builds on Gold One’s flagship Modder East mine, some 30 kilometres from Johannesburg.

Modder East was the first new mine to be built in the region in 28 years, and is one of the shallowest mines in South Africa, extracting gold from 300 metres to 500 metres below surface.

With the acquisition of Rand Uranium, Gold One could log overall gold production of 300,000-350,000 ounces of gold in 2013.

Gold One president and CEO Neal Froneman said the timely transaction would allow the company to move “full steam ahead” with the turnaround of the Radfontein Surface and Cooke Underground operations.

“Delivery has remained in line with expectations since Gold One assumed managerial control in September of last year, and we remain excited about the value-add that these assets create for our portfolio.

“The expected value-add has already been bolstered by the significant increase in the gold price since the signing of the Rand Uranium sale agreement on 24 May, 2011.”

Gold One International chairman increases interest

Fri, 06 Jan 2012 05:58:00 +0000

Gold One International (ASX: GDO) non-executive chairman Mark Wheatley has increased his stake in the company.

Wheatley acquired 14,830 Gold One shares at a price of A$0.50 per share for a total consideration of A$7,415 in an open market purchase.

This brings his total holding in the company to 14,830 shares, 750,000 unlisted options and 6,000 listed options.

Gold One recently revealed that it had exceeded expected gold sales for 2011, with 123,179 ounces of gold sold over the year, compared to the targeted 120,000 ounces.

This was an 85% increase on 2010.

Gold One International exceeds production with sales of 123,179 ounces of gold

Wed, 04 Jan 2012 23:36:00 +0000

Gold One International (ASX/JSE: GDO) sold 123,179 ounces of gold in 2011, exceeding target of 120,000 ounces.

This was an 85% increase on 2010.

The production level of 120,000 ounces was important as a level below that would have seen a "claw back" in the the Jintu transaction which saw a consortium (BCX Gold) cash offer reach 89.17% holding level in Gold One.

This resulted in a $150 million capital injection into Gold One.

Gold One president and CEO Neal Froneman said, “Our operations continue to exceed their targets. With our solid operational performance and the support of the consortium as our new partner, we are very well positioned for further value accretive growth”.

Analysis

Proactive Investors wrote on 27th December: "Current market capitalisation of Gold One of $460 million looks likely to increase significantly in 2012/2013 as corporate changes and increased gold production filters through to earnings."

Share price 27 Dec: $0.45

Share price 4 Jan: $0.51

Gold One International receives approval for Rand Uranium acquisition

Tue, 03 Jan 2012 01:15:00 +0000

Gold One International (ASX/JSE: GDO) has received approval from the South African Department of Mineral Resources for its proposed US$250 million cash offer for 100% of Rand Uranium (Proprietary) Limited.

This is another plank in the revamped Gold One with the consortium offer to become a major shareholder of Gold One and the acquisition of Rand Uranium.

This South African approval provides Gold One with the change of control of the mineral rights associated with Rand Uranium. Gold One took over daily management of the Cooke underground operations and Randfontein surface operations during September 2011.

Gold One is planning to turn around the Cooke underground operations.

The company is on track to complete the acquisition of Rand Uranium, with the successful raising of $150 million by Gold One either from financing arrangements with Investec Bank Limited (announced on 29 August 2011) or from another debt or equity financing source, a pre-requisite.

The latter would be through a $150 million capital injection into Gold One resulting from a consortium, through BCX Gold Investment Holdings Limited, subscribing for shares in Gold One as part of the transaction announced by Gold One on 16 May 2010.

BCX Gold, made a cash offer of A$ 0.55 per existing Gold One share and a minimum A$ 150 million capital injection into Gold One.

71.28% of Gold One’s shareholders (including bondholders and option-holders) have accepted the Offer to date.

Gold One said it expect the raising of $150 million to be completed in early 2012.

Gold One is generating significant cash flows from the Modder East gold mine operation, a strong cash balance, no debt plus the acquisition of Rand Uranium scheduled to complete in early 2012.

In September, Gold One had cash and equivalents of US$43.2 million.

Its flagship operation is the newly built shallow Modder East mine on the East Rand, some 30 kilometres from Johannesburg, the first new mine to be built in the region in 28 years.

Analysis

Modder East is, unlike most of its gold mine peers in South Africa, one of the shallowest mines extracting gold from 300 metres to 500 metres below surface. It has a Proven and Probable Reserve of 1.53 million ounces at 4.0 g/t gold, with a 13 year mine life.

Gold One has a total resource base of 21 million ounces, including 8.6 million ounces in the Measured and Indicated category.

Modder East has exceeded projected 2011 production targets, producing 113,569 ounces for year to date at a quarterly cash cost of US$478 per ounce, placing it in the lowest quartile of cash producer costs. Gold One has Modder East on track for gold production of over 170,000 ounces in 2013.

With the acquisition of Rand Uranium, Gold One could log gold production from all sources of 300,000 to 350,000 ounces in 2013.

Following completion of the deal, BCX Gold is expected to own 1,259,176,988 shares in Gold One (being 88.98% of Gold One’s issued share capital on an undiluted basis and 87.40% on a fully diluted basis).

Current market capitalisation of Gold One of $460 million looks likely to increase significantly in 2012/2013 as corporate changes and increased gold production filters through to earnings.

Gold One International closes $150m transformational investment

Tue, 03 Jan 2012 01:09:00 +0000

Johannesburg based Gold One International (ASX/JSE:GDO) has closed the A$150 million subscription investment by consortium investor BCX Gold Investment Holdings.

Announced as far back as May, the agreement entailed BCX becoming a major shareholder of Gold One making a cash offer of $0.55 per share and injecting $150 million into the company.

Gold one has now issued and allotted 375,000,000 ordinary shares to BCX after receiving the A$150 million funds.

Following completion of the subscription, BCX Gold now holds 1,261,861,238 shares in Gold One (89.17%).

Gold One’s president and CEO Neal Froneman said “Today’s subscription is the final step in completing the Jintu Transaction, which has been transformational for Gold One.

"These funds, together with the significant ongoing cashflows from Modder East, give us the financial capacity to take the next steps in continuing to build Gold One into a significant international gold company."

Gold One International: Chinese consortium stake passes 82%, minimum target exceeded

Thu, 15 Dec 2011 23:14:00 +0000

Gold One International (ASX: GDO, JSE: GDO) shareholders continue to support the A$0.55 per share cash takeover offer by a Chinese consortium, which now holds a 82.8% stake.

BCX Gold, acting on behalf of the consortium, was targeting a minimum stake of 60% in Gold One through a series of interdependent transactions, which includes a A$150 million funding injection which will provide a major springboard for the development of the company.

The cash offer closes at the end of today, Thursday 15 December 2011.

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: Chinese consortium stake passes 71%, minimum target exceeded

Wed, 14 Dec 2011 23:57:00 +0000

Gold One International (ASX: GDO, JSE: GDO) shareholders continue to support the A$0.55 per share cash takeover offer by a Chinese consortium, which now holds a 71.45% stake.

BCX Gold, acting on behalf of the consortium, was targeting a minimum stake of 60% in Gold One through a series of interdependent transactions, which includes a A$150 million funding injection which will provide a major springboard for the development of the company.

The cash offer closes at the end of today, Thursday 15 December 2011.

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: BCX Gold exceeds target minimum 60% stake

Wed, 14 Dec 2011 05:14:00 +0000

Gold One International (ASX: GDO, JSE: GDO) shareholders, at the eleventh hour, have assisted Chinese consortium BCX Gold in gaining its minimum 60% stake plus a bit more with further acceptances of the A$0.55 per share cash takeover offer.

BCX Gold now holds a 66.74% stake in Gold One with the deadline for acceptance of the offer, which comprises a series of interdependent transactions, tomorrow Thursday 15 December 2011.

Importantly, the deal with BCX will provide Gold One with a A$150 million funding injection which is a major springboard for the development of the company.

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: Chinese consortium has almost secured target minimum 60% stake

Mon, 12 Dec 2011 04:34:00 +0000

Gold One International (ASX: GDO, JSE: GDO) shareholders continue to accept the A$0.55 per share cash takeover offer by BCX Gold, a consortium of Chinese investors, at speed - with the consortium now holding an interest of over 59%.

This places the consortium just shy of the target minimum 60% stake, with the offer in total a very interesting one and comprises a series of interdependent transactions.

This includes the cash offer and a minimum A$150 million capital injection into the company by the consortium - which is seeking to become the major shareholder and long term strategic partner.

The funding boost will provide a major springboard for the development of the company.

The deadline for acceptance is Thursday 15 December 2011 deadline, with parties accepting the offer to be paid the consideration on Friday 23 December.

Gold One production ramps up

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: Chinese consortium now holds 57% as shareholders accept cash offer

Sun, 11 Dec 2011 22:17:00 +0000

Gold One International (ASX: GDO, JSE: GDO) shareholders have recently been accepting the A$0.55 per share cash takeover offer by BCX Gold, a consortium of Chinese investors, at speed - with the consortium now holding an interest of over 57%.

The deadline for acceptance is Thursday 15 December 2011 deadline, with parties accepting the offer to be paid the consideration on Friday 23 December.

The offer is a very interesting one for Gold One, and comprises a series of interdependent transactions, including the cash offer and a minimum A$150 million capital injection into the company by the consortium - which is seeking to become the major shareholder and long term strategic partner targeting a minimum 60% stake.

The funding boost will provide a major springboard for the development of the company.

Gold One production ramps up

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: Chinese consortium gains above 50% voting power

Wed, 07 Dec 2011 23:16:00 +0000

Gold One International (ASX: GDO) has been notified by BCX Gold, a consortium of Chinese investors, that it has acquired more than 50% of the voting power in Gold One after shareholder acceptances of the consortium’s A$0.55 per share cash takeover offer.

BCX has also confirmed that the period for which the offer is open for acceptance by Gold One shareholders will not be extended from the Thursday, 15 December 2011 deadline.

Shareholders who validly accept the share takeover offer will be paid the consideration five days after the offer closes, on Friday 23 December.

The offer

The offer comprises a series of interdependent transactions, including the cash offer and a minimum A$150 million capital injection into Gold One.

The Chinese consortium is seeking to become the major shareholder and long term strategic partner of Gold One targeting a minimum 60% stake, with the cash injection providing a major boost to the development of the company.

In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One International: accepting shareholders to receive cash offer on 23 December

Thu, 01 Dec 2011 06:21:00 +0000

Gold One International (ASX: GDO, JSE: GDO) has provided an update on the A$0.55 cash offer from a Chinese consortium.

BCX Gold, which is the special purpose vehicle formed by the consortium, has confirmed that shareholders who validly accept the share takeover offer for Gold One shares by Wednesday 7 December - will be paid consideration on Friday 23 December.

The board of Gold One reaffirms its recommendation that shareholders who wish to realise, in whole or in part, their investment in Gold One for cash accept the offer in the absence of a superior proposal.

The offer reviewed

The offer comprises a series of interdependent transactions, including the cash offer and a minimum A$150 million capital injection into Gold One.

The Chinese consortium is seeking to become the major shareholder and long term strategic partner of Gold One targeting a minimum 60% stake, with the cash injection providing a major boost to the development of the company.

Gold One positioned to exceed 120,000 gold ounces in 2011

In news from earlier in the week, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

Gold One also has its annual budgeting cycle for the Modder East Operations underway, allowing the company to then deliver a comprehensive production update and guidance for 2012 at the beginning of the new year.

Gold One International positioned to exceed 120,000 ounces of gold production for 2011

Tue, 29 Nov 2011 01:57:00 +0000

Gold One International (ASX: GDO, JSE: GDO) continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.

Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.

In an update to the market, chief executive officer Neal Froneman added, “Our production output to date reflects the commitment and excellence of Gold One’s operational team.

"The Modder East team has ensured the operation has sufficient mining flexibility to attain our 2011 production forecast and also to provide us with a solid base on which to begin the new year.

"I look forward to the incorporation of the Cooke Underground and Randfontein Surface operations into our future production forecasts.”

Currently at the Cooke Underground Operations a complete replanning exercise for the incorporating of Gold One’s turnaround strategy is underway.

Gold One also has its annual budgeting cycle for the Modder East Operations underway, allowing the company to then deliver a comprehensive production update and guidance for 2012 at the beginning of the new year.

Updated mineral resource expected

The company’s exploration projects are progressing as anticipated, with the drilling of the extension of the eastern payshoot at Ventersburg completed recently, with the results being reviewed for an updated mineral resource estimate for the project.

This is currently being audited by an independent consulting firm and will be released during the March 2012 quarter. These resources will also underpin an updated Pre-Feasibility study, due for completion during December 2011.

A$0.55 cash offer by Chinese consortium now unconditional

Gold One yesterday took another significant step towards the transformation of the company into a very well funded gold producing company, with the A$0.55 cash offer by a Chinese consortium now unconditional.

BCX Gold, which is a special purpose vehicle formed by the consortium, has advised Gold One of the offer now becoming unconditional, due to it obtaining the requisite approvals to proceed with the transaction from the National Development and Reform Commission, the Ministry of Commerce and the State Administration for Foreign Exchange of the People’s Republic of China (PRC).

Accordingly, it has freed the offer from all defeating conditions that had not been fulfilled, including a waiver of the condition that the consortium obtain a minimum 60% interest in Gold One on a fully diluted basis.

The offer comprises a series of interdependent transactions, including the cash offer and a minimum A$150 million capital injection into Gold One.

The Chinese consortium is seeking to become the major shareholder and long term strategic partner of Gold One targeting a minimum 60% stake, with the cash injection providing a major boost to the development of the company.

The offer is scheduled to close on Thursday 15 December 2011, with the payment of the offer consideration expected to take place on Friday 23 December 2011.

The consortium currently has a relevant interest of around 23.895% on an undiluted basis in the ordinary shares of Gold One.

The Gold One board supports the offer.

Gold One International: A$0.55 cash offer by Chinese consortium now unconditional

Mon, 28 Nov 2011 01:08:00 +0000

Gold One International (ASX: GDO, JSE: GDO) has taken another significant step towards the transformation of the company into a very well funded gold producing company, with the A$0.55 cash offer by a Chinese consortium now unconditional.

BCX Gold, which is a special purpose vehicle formed by the consortium, has advised Gold One of the offer now becoming unconditional, due to it obtaining the requisite approvals to proceed with the transaction from the National Development and Reform Commission, the Ministry of Commerce and the State Administration for Foreign Exchange of the People’s Republic of China (PRC).

Accordingly, it has freed the offer from all defeating conditions that had not been fulfilled, including a waiver of the condition that the consortium obtain a minimum 60% interest in Gold One on a fully diluted basis.

The offer comprises a series of interdependent transactions, including the cash offer and a minimum A$150 million capital injection into Gold One.

The Chinese consortium is seeking to become the major shareholder and long term strategic partner of Gold One targeting a minimum 60% stake, with the cash injection providing a major boost to the development of the company.

Timeline and relevant interest

The offer is scheduled to close on Thursday 15 December 2011, with the payment of the offer consideration expected to take place on Friday 23 December 2011.

The consortium currently has a relevant interest of around 23.895% on an undiluted basis in the ordinary shares of Gold One.

Gold One board supports the offer

Neal Froneman, Gold One president and chief executive officer, commented: “I am very pleased that the requisite PRC approvals needed to complete the transaction have been obtained, and that all remaining conditions to the offer have been waived.

"We look forward to concluding the transaction as soon as possible.”

Gold One International substantial shareholder Deutsche Bank Group bolsters shareholding

Sun, 20 Nov 2011 22:31:00 +0000

Gold One International's (ASX: GDO) substantial shareholder Deutsche Bank Group has bumped up its shareholding in the company to 8.53% from 7.5%.

Deutsche Bank Group has increased the number of shares it holds by 8,391,757 to 69,032,572.

Gold One is steadily moving towards the completion of a transaction that has potential to transform the South African focused gold producer.

A consortium of Chinese investors has received approval to proceed with a transaction to become the major shareholder and long term strategic partner of Gold One.

The deal includes a cash offer of A$0.55 per Gold One share and a minimum A$150 million capital injection into Gold One to secure a 60% to 75% stake.

Gold One International on track for completion of cash offer from Chinese consortium

Sun, 20 Nov 2011 22:26:00 +0000

Gold One International (ASX, JSE: GDO) is moving closer towards finalising a transaction that has potential to transform the South African focused gold producer.

A consortium of Chinese investors has received approval to proceed with a transaction to become the major shareholder and long term strategic partner of Gold One.

The transaction comprises a series of interdependent transactions, including a cash offer of A$0.55 per existing Gold One share and a minimum A$150 million capital injection into Gold One.

On 26 October 2011, Gold One announced that the period during which the offer is open for acceptance by Gold One shareholders had been extended due to the regulatory approvals in the People’s Republic of China (PRC) taking longer than anticipated.

However, as the regulatory approvals in the PRC are now progressing well and are in line with the anticipated timetable, the date for announcing if the offer has become unconditional is Thursday, 1 December. The offer period ends Thursday 15 December 2011.

Gold One International: not bidding for Blyvoor Mine, clarifies newspaper statement

Mon, 31 Oct 2011 22:30:00 +0000

Gold One International (ASX: GDO) has made a statement to the market responding to an article published in a newspaper.

Gold One stated:

'wishes to clarify that it is not bidding for any stake in DRDGold Limited’s Blyvoor Mine, as was incorrectly reported by the South African Sunday Times Business Times weekly newspaper in an article titled “Rand gold price boosts Blyvoor bids”, published in print and online on 29 October, 2011.

'Gold One has not submitted any proposal to acquire any stake in the Blyvoor Mine whatsoever and has no intention of making any such bid in the foreseeable future.'

Gold One International substantial shareholder increases stake

Sun, 30 Oct 2011 23:25:00 +0000

Gold One International (ASX: GDO, JSE: GDO) significant shareholder Water Island LLC has increased its interest in the company.

Water Island acquired 13.17 million shares during October to move to 61.92 million shares equal to a 7.65% stake. Consideration was an average price of $0.53 per share.

Gold One International (ASX: GDO) is currently under an offer from a Chinese consortium which includes a cash offer of A$0.55 per Gold One share and a minimum A$150 million capital injection into Gold One - which would secure a 60% to 75% stake. The consortium currently holds around a 19% stake.