Chairman Alastair
Walton and CEO
Greg James at
CAG’s first gold
pour
 
Johannesburg, South Africa — MININGREVIEW.COM — 05 December 2008 – London and Johannesburg-listed Central Rand Gold (CRG) has poured its first gold less than two months after receiving its initial new order mining right from the Department of Minerals and Energy.
 
Making the announcement here, CRG confirmed that it was on schedule to commence commercial mining in 2009.

CRG began trial mining at its Consolidated Main Reef tenement on 1 October 2008, processing surface material on a trial basis which resulted in the first gold pour

The company received its mining right in September, just 14 months after applying for permission to mine gold and other minerals at its Consolidated Main Reef, Langlaagte and Crown Mines tenements. Further mining rights will be applied for during 2009 and 2010 to mine other areas of the Central Rand goldfield.

CRG will shallow mine for the next five years from reefs which outcrop from surface down to 300m below surface. These reefs have an average indicated grade of between 5 to 6 grams of gold per tonne.

The company’s current resource estimate comprises 22.4 million ounces in the indicated category and 13.3 million ounces in the inferred category. CRG expects to upgrade portions of its near surface resource to reserve in Q1 of 2009.

Chairman Alastair Walton commented: “Within a period of only two and half years, the current management team has turned an ambitious idea into a well capitalised, listed company which, as of today, is one of the few new gold producers to come on stream this year. The gold pour also demonstrates that we remain on track to deliver on the strategy stated at the time of our IPO last year – to be successfully awarded our initial new order mining rights, begin trial mining, and produce our first gold bullion by the end of 2008.”