HomeGoldGold One moves ahead with Ventersburg project

Gold One moves ahead with Ventersburg project

The portal at Gold
One’s flagship Modder
East mine
Johannesburg, South Africa — MININGREVIEW.COM — 16 April 2010 – Gold One International – a combination of South African gold development company Aflease Gold Limited and Australian gold exploration and development company BMA Gold Limited –has announced that it is to proceed to a full pre-feasibility study at its Ventersburg project, after receiving positive results from its scoping study.

A statement released by the company here revealed that the Ventersburg scoping study had confirmed that the project, which has an expected capital cost of R1.9 billion, could achieve steady state production of eight years peaking at 157 000 ounces a year.

It added that a shallow underground mine, at 465m deep, would have a life of 11 years with low cash costs of US$379 an ounce at an exchange rate of R8.81 to the US dollar.

“I am extremely pleased with the outcome of this study, which will now lead into a full pre-feasibility study and further resource delineation drilling,” said Gold One president and CEO Neal Froneman.

Ventersburg has a current indicated resource of 8.73Mt at an average grade of 5.12 g/t, resulting in 1.44 million ounces of gold, plus an additional 13.48Mt at an average grade of 4.24 g/t giving a yield of 1.84Mt, in the inferred resource category.

The Gold One statement said a resource upgrade was anticipated in third quarter of 2010 as part of the full pre- feasibility study to be conducted.

First gold production was targeted for 2015.