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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (35841)	4/21/2009 1:27:59 PM
From: LoneClone	Read Replies (1) \| Respond to of 193231

Gold One to have 13Moz resources inventory, says Aflease miningweekly.com By: Creamer Media Reporter 20th April 2009 Updated 1 hour 53 minutes ago JOHANNESBURG (miningweekly.com) – JSE-listed Aflease Gold on Monday announced that its bondholders had approved the acquisition by ASX-listed Gold One International, previously known as BMA Gold, opening the way for the creation of a company with a resource base of over 13-million ounces of gold. The company also confirmed that it had successfully raised R89-million, which would be used for the completion of its flagship Modder East project, in South Africa. Aflease was now awaiting final regulatory approval to open the way for a dual primary listing on the JSE and ASX – a process that should be completed by mid-May. Should all conditions be finalised, the company could also emerge as a top five ASX-listed company by gold resource inventory. “We are extremely excited that we have reached this significant milestone in the company changing transaction, and are pleased to have received the support of our shareholders and or bondholders,” Aflease CEO Neal Froneman said in a statement. “This transaction is the culmination of a clearly set out strategy to create a growth orientated international high margin gold company. “We believe the international exposure will result in a premium rating for the company, allowing us to pursue acquisitive opportunities, while having good access to capital for our list of organic projects,” Froneman added. Aflease announced in January that the company had raised R38-million by swapping shares in exploration company Randgold & Exploration acquired from Trinity Asset Management, for shares in Aflease, while simultaneously disposing of the Randgold shares to investment firm Investec. At the time, it notified the market that, if and when possible, this mechanism would be repeated. Aflease has reported on Monday that it had managed to raise an additional R5-million through the issue of a further 44,6-million Aflease shares to Trinity and had managed to raise R89-million that will be used for the completion of the flagship Modder East project. "I am equally confident that we will be able to secure the remaining R30-million of capital required to complete the project and pour our first gold before the end of 2009," concluded Froneman.