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

To: LoneClone who wrote (56193)	4/13/2010 3:14:05 PM
From: LoneClone	Read Replies (1) \| Respond to of 193446

Bids open for liquidated Pamodzi Gold West Rand operations miningweekly.com By: Loni Prinsloo 12th April 2010 Updated 7 hours ago JOHANNESBURG (miningweekly.com) - The liquidators of Pamodzi Gold have initiated a tender process for the disposal of all shares and claims in Pamodzi Gold West Rand operations, with final bids closing on May 10. Pamodzi Gold was placed in final liquidation on October 6, 2009, with gold major Harmony Gold paying R405-million for the Pamodzi Gold Free State operation and the now beleaguered Aurora Empowerment Systems winning bids for Pamodzi's East Rand and Orkney operations. Lead liquidator Enver Motala told Mining Weekly Online that Aurora Empowerment Systems did not seem interested in placing a bid for Pamodzi's West Rand assets. The Pamodzi West Rand gold mining operations are an early stage gold-mining project and consist of the Middelvlei opencast mine situated 55 km south-west of Johannesburg. The mineral asset is one of the few remaining opencast gold bearing orebodies in the area. Mining started in July 2006, and continued to the fourth quarter of 2008. During this time, Pamodzi extracted ore from the Black Reef orebody and processed the ore by way of a toll milling arrangement at the nearby Randfontein Estates gold plant. The mine was placed on care-and-maintenance in October 2008, as a result of a funding crisis, which led to its ultimate demise. Motala noted that prior to the cessation of activities, the West Rand operation had reasonably well-developed plans, based on limited prospecting activities, to mine the Middelvlei Reef and the Ventersdorp Contact Reef ore bodies in addition to the Black Reef. The mine has estimated proven and probable gold reserves of 105 877 oz in accordance with South African Mineral Resource Committee-requirements.