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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

1 year chart

1 day chart

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 reaffirms production guidance of 85,000 ozs in 2010

Thursday, June 17, 2010

Production rampup at Gold One International's (ASX and JSE: GDO) Modder East gold mine is continuing as planned, and that the build up rate required to attain this year’s gold production targets of 85,000 to 100,000 ounces is being achieved.

The continuous ramp up in gold production is being achieved by the opening up of additional mining faces through ongoing reef development.

Six mining faces (panels) have mined out against the northern side of the shore line with current output being achieved from the mining of 18 panels, a further 11 panels will be available by the end of the quarter, which will provide significantly more mining flexibility in the third quarter.

Six of the new panels are situated in the new North 2 Raise, where gold values remain consistent with the high gold grades experienced near the shoreline. Off reef development is now approaching the North 3 Raise, where first reef development is expected to start during the third quarter.

At full production, 75 panels will be in operation, and reef development is on target to have 50 panels available at year end. The steady increase in available panels provides the platform for a sustainable increase in output, supporting the forecast build up rate.

Production at Modder is now consistently outperforming levels attained prior to the five week strike that occurred between 23 March and 28 April 2010.

Ramp-up to pre-strike levels was achieved by the end of May, some four weeks after the end of the strike. The graph below illustrates that ramp-up is continuing at a steady rate, with the Company currently producing at an average of over 200 ounces of gold per day. Recoveries remain strong, and continue to exceed 96%.

Gold One has re-affirmed its production guidance of more than 10,000 ounces for the current quarter.

September quarter production is expected to be approximately 25,000 ounces, and total 2010 production guidance remains between 85,000 – 100,000 ounces of gold.

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