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Additional Information

Market:	ASX
Sector:	Gold Mining
EPIC:	GDO
Latest Price:	0.48 (0.00%)
52-week High:	0.56
52-week Low:	0.29
Market Cap:	388.32M

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Gold One International Full Gold One International profile here

Gold One International (ASX: GDO, JSE: GDO) flagship operation is the Modder East mine, also owns the nearby existing Sub Nigel mine. The company's assets include a pipeline of Southern African projects comprising 21.71 million ounces.

Gold One is currently under a A$0.55 cash offer for a minimum 60% stake from a Chinese consortium.

Gold One International in historic first gold pour in South Africa

Thursday, May 13, 2010 by Jeff Coote

Gold One International (ASX, JSE: GDO) has reported that on Wednesday 12 May 2010, a doré gold bar of approximately 20 kilogram of fine gold was poured at its flagship Modder East mine in South Africa, thereby completing the production of its first tonne (32,105 ounces) of gold.

This significant achievement comes less than 10 months after Modder East poured its first ounce of gold from underground operations, and within four years of commencement of construction of the mine which is located at the East Rand, some 30 kilometres from Johannesburg.

In a statement the company said the production ramp-up is progressing well and Gold One is set to produce between 85,000 and 100,000 ounces of gold in 2010, with average cash costs expected to be below US$400/oz.

Neal Froneman, Gold One president and chief executive officer, commented “I am delighted at achieving this milestone at Modder East, which is a tremendous achievement for Gold One and its shareholders, and is testament to the commitment and hard work of the entire Gold One team."

"I look forward to continued strong gold production from Modder East as ramp-up to steady state moves ahead. I am also pleased to see the operation performing well and the positive impact it is having on the local community, of which we are a proud stakeholder."

"Our next milestone will be the refinancing of our convertible bond with a vanilla debt facility that is being arranged with a two bank consortium. This process is progressing well,” he added.

Modder East is the first new mine to be built in the region in 28 years and distinguishes itself from most of the other gold mines in South Africa, due to its shallow nature (300 metres to 500 metres below surface), having to date provided direct employment opportunities for over 1000 people.

Gold One also owns the nearby existing Sub Nigel mine, which is used primarily as a training centre in the build-up of the Modder mine to full production.

The company's other projects and targets include Ventersburg and Bothaville, both in the Free State goldfields, the Tulo concession in Mozambique and the Etendeka greenfields project in Namibia.

In addition to today's announcement, fund managers, Baker Steel Capital Managers LLP have increased their holding in Gold One International by 1% from 49,899,139 ordinary shares to 58,284,160 in on-market purchases on 10th May.

Currently, GDO is trading at $0.26.

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