MODDER EAST

SUB NIGEL & SPAARWATER

The currently dormant Sub Nigel and Spaarwater gold mines are situated 1km northwest of the town of Nigel on the East Rand. The Sub Nigel mine produced 15 million ounces of gold from the Nigel Reef between 1909 and 1971. A total of 29.7 million tonnes of ore at an average head grade of 15.7g/t were milled during this period. The 900m deep Sub Nigel 1 Shaft on the property was recently re-commissioned and licensed.

Spaarwater gold mine, located immediately west of Sub Nigel, mined the Main Reef (stratigraphically equivalent to the Nigel Reef) between 1947 and 1969. The mine produced 850,000 ounces of gold from 2.56 million tonnes of ore at an average head grade of 10.4g/t. The mineralization is confined to well defined, north-northwesterly oriented payshoots.

Further resources are associated with the Erosion Channel target located stratigraphically below the Nigel/Main Reef along the boundary between Sub Nigel and Spaarwater. The Erosion Channel is incised into shales of the Jeppestown Subgroup lying immediately beneath the Main Reef. The erosional feature is filled with quartzites, pyritic quartzites and conglomerates. Gold mineralisation occurs in the pyritic quartzite fill within these transgressive, laterally restricted bodies. There has been limited previous mining on the Erosion Channel.

NEW KLEINFONTEIN & TURNBRIDGE

The Main Reef in the project area has well defined payshoots oriented northwest-southeast. These features are interpreted to result from channelized flow within a braided alluvial fan system. The channel thickness varies from a single pebble layer to up to three metres in width. The conglomerate is typically well sorted, and comprised mainly of quartz pebbles. New Kleinfontein is located in the proximal portion of the major payshoot, while Turnbridge straddles the margin of the payshoot to the south, and extends further south into a more distal environment.

In 1999, an attempt was made to re-open the New Kleinfontein Gold Mine. Following rehabilitation of the shaft infrastructure, small scale scattered underground mining began on the Main Reef, with a monthly production of approximately 2,500 tonnes from five shafts. The ore was initially treated via a toll agreement with Grootvlei Gold Mine, an adjacent mining operation. In June 2002, a metallurgical plant was constructed at New Kleinfontein Gold Mine, with a capacity of 2,500 tonnes per month. Due to various operational problems and high unit production costs arising from the low throughput of ore in the plant, the operation failed to achieve profitability and operations at New Kleinfontein and the Turnbridge property were placed on care and maintenance in May 2003.

The New Kleinfontein property currently contains an audited Inferred resource base of 2.5 million tonnes grading 6.9 g/t for a total of 549,000 ounces of gold. The Turnbridge property currently contains an audited Inferred resource base of 1.8 million tonnes grading 4.8 g/t for a total of 280,000 ounces of gold. Both the New Kleinfontein and Turnbridge resource estimates have been calculated using a 300 cmg/t cut-off grade.

Exploration activities are underway at the two properties with the aim of upgrading the bulk of the resource to the indicated category. Prospecting at New Kleinfontein will involve surface mapping of the lease area, the re-drilling (twinning) of five short (50m) holes that were drilled previously, and the evaluation of remnant blocks. An underground mapping and sampling program is being planned for Turnbridge.

HOLFONTEIN

The 2,181ha Holfontein Project is contiguous with and due east of Modder East.

The Holfontein (TCL) Gold Mining Company Ltd, a subsidiary of the Transvaal Consolidated Lands & Exploration Company Ltd, was started on the farm Holfontein. It is unclear exactly when the Holfontein gold mine started, but a share issue on 26 January 1937 gives some indication of its vintage. A shaft was sunk in the southeastern sector of the farm and a small amount of development was carried out on the Main Reef.

Exploration activities have recently commenced in the prospect area. Work will initially focus on Main Reef remnants above the water level together with drill indicated Upper Leader Reefs (3m to 30m above the Main Reef) in the northeastern quadrant of the Modder East prospect. Resources delineated on Modder East will then be used to direct exploration activities on Holfontein in order to optimize the probability of success.

VENTERSBURG 

The company's 9,760 hectare Ventersburg Project is situated in the Witwatersrand Basin in Free State Province east of the main Free State Goldfields, approximately 25km southeast of the city of Welkom. Gold One Africa announced in November 2006 that the South African Department of Minerals and Energy had formally granted the prospecting right to the company for the Ventersburg Project.

Some 78 boreholes were drilled in and around the prospect area between 1948 and 2004. In the northern portion of the area, 32 drillholes intersected the "A" Reef with assay returns ranging from 1.31g/t to 30.35g/t gold over widths of up to 2.0m at depths of between 530m and 860m. The Leader Reef, located some 100m below the "A" Reef is also present in the area although it is less well developed.

The project area is located within a northerly trending graben structure, which is bounded to the west by the Virginia Fault and to the east by the Ventersburg Fault. A number of easterly trending normal faults transect the area, with downthrows to the south. The "A" Reef dips shallowly to the west, east of the Virginia fault.

Resources for the "A" reef over the northern portion of the prospect area have been estimated at 6.0 million ounces* of gold. However, the resource is not SAMREC nor 43-101 compliant as much of the historical data cannot be verified and the sedimentology of the area is not well known. Consequently, an exploration program aimed at deriving a SAMREC compliant resource will commence in 2007.  On 15 July 2009, Gold One Africa announced that it has commenced the 2nd phase of resource definition drilling at its 100% owned Ventersdorp Project, located on the Witwatersrand Basin in the gold prolofic Free State province of South Africa.

The Ventersburg Project currently has JORC/SAMREC compliant indicated and inferred gold resources of +3million ounces.

ETENDEKA

Gold One Africa's wholly-owned subsidiary Etendeka Prospecting and Mining is currently exploring for precious and base metal mineralization approximately 400km northwest of Windhoek in Namibia. The main geological structure (known as the Kamanjab Inlier) extends for some 250km in an east-west direction and is up to 110km wide. The principle target is iron-oxide copper-gold (IOCG) mineralization associated with late-stage, porphyritic high-heat production granites of the Kaross Granite Suite.

The company has been awarded an exclusive prospecting licence (EPL) over an area covering some 65,000 hectares at Etendeka.

The Etendeka EPL is adjoined by an exclusive reconnaissance licence granted to Teck Cominco to the east and the Tevrede and Tevrede South EPL's, held by Helio Resources, to the west. The Tevrede area has been explored on an intermittent basis for over 15 years and a number of gold and copper occurrences have been discovered on the property. Recent exploration on Tevrede is based on evidence that copper-gold mineralisation in the meta-sediments is peripheral to an unusually large IOCG mineral system in the adjacent granites that has many features in common with the Olympic Dam deposit in South Australia. The property hosts large scale targets defined by gravity surveys, within and peripheral to the porphyritic granite plug, and soil and rock geochemical anomalies, in close spatial association with mineralized outcrops.

A comprehensive regional stream sediment sampling survey in the Etendeka prospect area has been completed. The stream sediment data is currently being evaluated and will be integrated with airborne magnetic data from government surveys flown across the prospect area.  The EPL which grants Etendeka the exclusive right to explorew for "base and rare metals, precious metals and precious stones" but excludes prospecting for semi-precious stones has been renewed, and is valid until 12 December 2010.

Directors & Executive

The unconditional approval of the merger between BMA Gold and Aflease brought with it a new board and company secretary for Gold One International. "We have put together a board that is reflective of the new company's strategy and philosophy and brings together a broad range of skills set, as well as years of industry experience" commented Neal Froneman "Experience is something you cannot buy, and as we progress down our growth path, their knowledge and counsel will be invaluable to the company. I would like to thank the outgoing directors of Aflease and BMA, for their support and vision in making this deal a possibility" added Froneman.

The new board is now constituted as follows:

NON-EXECUTIVE DIRECTORS

Mark Wheatley
(Chairman)

Mark is the Chairman of Gold One, and also serves as a non-executive director of Uranium One Inc. Mark was previously Managing Director of BMA Gold Limited and Chairman and CEO of Southern Cross Resources Inc. He has also served as a non-executive director of St Barbara Limited.

Barry Davison
(Non-Executive)

Barry is one of the pre-eminent mining executives in Southern Africa, with over 40 years experience in the industry. Barry served as director of several companies, including Anglo American plc, Nedbank Group and chaired Anglo American Platinum Corporation Ltd from 2001 to 2006.

Ken Dicks
(Non-Executive)

Ken has mining manager's certificates in metalliferous and coal mining. He is a former non-executive director of Aflease Gold and Uranium Resources Ltd.

William Harris
(Non-Executive)

William has a Bachelor of Arts degree and an MBA. He is a Partner of Solo Management Group LLC and has held senior executive positions including President and CEO of Hoechst Fibers Worldwide. William was a director of Energy Metals Corporation and currently serves as a director of Golden Predator Mines.

Sandile Swana
(Non-Executive)

Sandile has a B.Com degree and an MBA. He is the chairman of Kabusha Mining and Finance and former chairman of Sub-Nigel Gold Mine Limited. He's is graduate of the Anglo American Corporation Cadet Scheme and has worked for multi-nationals Caltex Oil and the New York Times.

Ken Winters
(Non-Executive)

Ken has formerly held the position of CFO for Highlands Gold Ltd and CFO and company secretary of CBH Resources Ltd.

EXECUTIVE

Neal Froneman
(Chief Executive Officer)

Neal is a registered professional engineer with over 25 years experience in the mining industry. Prior to joining Aflease, he was CEO of Uranium One, vice president and head of operations at Goldfields Limited, and has also held management and executive positions at Harmony Gold Mining Company, JCI and other companies.

Syd Caddy
(Snr. Vice President: Projects)

Syd is a registered professional engineer with 32 years experience in the mining industry. Prior to joining Gold One he was Executive VP and Chief Operating Officer at First Uranium. He has also held management and executive positions at Simmer and Jack, Gold Fields and other companies.

Christopher Chadwick
(Chief Financial Officer)

Christopher is a qualified Chartered Accountant. Prior to joining Aflease in July 2008, Christopher has held executive positions in a wide range of industries, both with local South African companies and multinationals.

Izak Marais
(Snr. Vice President: RSA Operations)

Izak has over 15 years experience in various management roles in the South African mining industry, working in various deep and shallow gold mines belonging to the Gencor Limited and Goldfields Limited groups. Prior to joining Aflease, Izak served as Managing Director and CEO of Sallies Limited, a junior miner with open cast operations.

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