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

To: LoneClone who wrote (66644)	8/31/2010 9:48:29 AM
From: LoneClone	Read Replies (1) \| Respond to of 194794

Gold One narrows loss as Modder East ramps up miningweekly.com By: Esmarie Swanepoel 30th August 2010 PERTH (miningweekly.com) – South Africa-focused Gold One has narrowed its interim after-tax loss to A$3,94-million, compared with the A$39,47-million loss reported in the first half of 2009, as its Modder East mine continued to increase production. Revenue for the six months ended June 30, increased to A$32,9-million, compared with the A$1,4-million in the first half of 2009, on the back of increased gold sales. The miner said on Monday that the financial statements reflected the progress of the company since declaring commercial production at Modder East in December, and its pursuit of both internal growth, through existing exploration projects, and its external growth, through corporate activity. Besides the Modder East mine, Gold One also owns the Sub Nigel mine, in South Africa, which was recently recommissioned. Its other projects and targets include the Ventersburg and Bothaville operations, both in the Free State, as well as the Tulo concession, in Mozambique, and the Etendeka greenfield project, in Namibia. Last month, CEO Neal Froneman reported that Gold One had produced 12 287 oz of gold in the second quarter, ended June 30. The June month's output was a record at 5 981 oz. Froneman said, at the time, that with the establishment of the first new panels in the number-two raise line, at Modder East, the company was positioned to continue its planned ramp-up to meet the production guidance of 25 000 oz for the third quarter, and between 85 000 oz and 100 000 oz for the year.