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Gold/Mining/Energy : SOUTH AFRICAN MINING

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To: POLARBEAR who wrote (84)	8/1/1998 3:01:00 PM
From: POLARBEAR	Read Replies (1) of 472

The Issue of Shares for Cash In order to preserve the cash resoures of Durban Deep, the directors have resolved, subject to required shareholder approval, to issue 1 420 466 new ordinary shares to Randgold at an issue price of 780 cents per ordinary share in settlement of a loan amounting to R11 079 634. The proposed issue price of 780 cents was the closing price on the Johannesburg Stock Exchange on 8 December 1997, the date on which the resolution was taken. This issue will result in a decrease of 1.8% in the net asset value per share =========================================================== Durban Roodepoort Deep makes bid for Crown Consolidated Durban Roodepoort Deep (DRD) announced that it would bid for 100% of Crown Consolidated Gold Recoveries. It will offer 11.55 ordinary DRD shares for every 100 linked units in Crown Consolidated. DRD will issue 5.9 million new shares in exchange for the cancellation of the shares and debentures that make up the Crown linked units. Crown would the be delisted and become a wholly owned subsidiary of DRD. As 75% of DRD's business is presently surface tonnage, the operations of Crown fit logically within DRD. By combining the operations of Crown with those of DRD, critical mass is achieved in terms of resources, facilitating the rationalisation of surface treatment capacity from the East Rand to the West Rand. Surface dump resources at Durban Deep mine can be turned to account by Crown thereby obtaining optimal results through dump rationalisation. The combined management has the potential to unlock further value in group-wide resources. Crown will be able to benefit from DRD's capital base and international shareholder base, operational flexibility capable of managing sustained gold price downturns and further business flow from environmental rehabilitation and, as part of DRD, Crown will be in a stronger position to grow through acquisition. The potential for job losses will be limited through additional flexibility across the group. Further announcements regarding the salient dates will be published on this site in due course. 8 June 1998

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