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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (14713)	6/24/2002 3:36:20 PM
From: Roads End	Read Replies (1) \| Respond to of 36161

Saw this on DROOY, can you help me understand? DJ S Africa Durban Deep: High Court Validates 8.25M Shrs 06/24/2002 Dow Jones News Services (Copyright (C) 2002 Dow Jones & Company, Inc.) JOHANNESBURG (Dow Jones)--South African mid-tier gold miner Durban Roodepoort Deep Ltd. (DROOY) has successfully applied to the country's High Court to validate the issue of 8.25 million shares in the company. The original issue of these shares was invalid, the company said in a statement Monday. The stock was issued to creditors of Laverton Gold and its subsidiary BT Barisan Tropical Mining in July and October 1999 in exchange for the Rawas gold mine in Indonesia. The Rawas mine ceased production in March 2000 and was written off by the company that year, DRD said. The company said that the validation order was granted despite an application for a postponement submitted by lawyers acting for DRD non-executive director Roger Kebble. Kebble was previously deputy chairman of DRD. Current Chairman Mark Wellesley-Wood said that all matters being investigated with regard to irregular transactions connected with Rawas were now concluded and that the board will decide July 23 whether to take legal action for recovery of the loss made on the Rawas mine. Wellesley-Wood and the Kebble mining family have been in conflict over control of DRD recently. Kebble-controlled Consolidated African Mines Ltd. (O.CAM) and JCI Gold Ltd. (O.JCG) have been served a summons by DRD, which is South Africa's fourth-biggest gold producer. DRD is claiming around 39.9 million rand ($1=ZAR10.1550) in payments relating to transactions between it and the two mining companies. Around 1205 GMT on the JSE Securities Exchange South Africa, DRD was trading up ZAR2.50, or 4.9%, at ZAT54.00. -By Andi Spicer, Dow Jones Newswires; +27 11 783 7848, andi.spicer@dowjones.com (END) DOW JONES NEWS 06-24-02