for personal use only - asx2012/01/31 · for personal use only a different approach basic salaries...

Welcomes you to

today’s Site Visit

31 January 2012

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Forward-Looking Statement

FORWARD-LOOKING STATEMENT This release includes certain forward-looking statements and forward-looking information. All statements other than statements of historical fact included in this release including, without limitation, statements regarding future plans and objectives of Gold One International Limited are forward-looking statements (or forward-looking information) that involve various risks, assumptions and uncertainties. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in such statements. Important factors could cause actual results to differ materially from Gold One’s expectations. Such factors include, among others: the actual results of exploration activities; actual results of reclamation activities; the estimation or realisation of mineral reserves and resources; the timing and amount of estimated future production; costs of production; capital expenditures; costs and timing of the development of Modder East and new deposits; availability of capital required to place Gold One’s properties into production; the ability to obtain or maintain a listing in South Africa, Australia, Europe or North America; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other commodities; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, economic and financial market conditions; political risks; Gold One’s hedging practices; currency fluctuations; title disputes or claims limitations on insurance coverage. Although Gold One has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Any forward-looking statements in this release speak only at the time of issue. There can be no assurance that such statements will prove to be accurate as actual values, results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold One does not undertake to update any forward-looking statements that are included herein, or revise any changes in events, conditions or circumstances on which any such statement is based, except in accordance with applicable securities laws and stock exchange listing requirements.

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Modder East

1. Location

2. Safety, Health, Environment and our

Values

3. Being shallow, Being Different

4. Geology

5. Access, Mining Method and Metplant

6. Production 2010 – 2013

7. Modder North

First Gold Pour – 24 June 2009

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Modder East Location

Etendeka

Tulo

Johannesburg

Cooke

New Kleinfontein and Turnbridge

Modder North

Megamine

Ventersburg

Located in the Wits

Basin

**Rand Uranium resources and reserves not yet included.

Modder East

Greatest Gold Resource in the World

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OR Tambo International Airport

Modder East

20 km

Close To All Industrial Amenities

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JHB International

Modder East

20km

Small Footprint – Practical and Environmentally Friendly

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Gold One Executive Team

Izak Marais Operations

Syd Caddy Operations

Chris Chadwick CFO

Pierre Kruger Company Secretary

Richard Stewart Business Development

Neal Froneman President & CEO

People – Our Most Valuable Asset

Dick Plaistowe Surface Operations

Hartley Dikgale General Counsel

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Modder

Team

Level 1 – 4

Leadership

Harold Strydom Mine Overseer

Dana van der Walt Mine Overseer

Moeketsi Mahlatsi HR Superintendent

IR

Steven Rule Employee Development

Manager

Mario Penderis Senior

Engineering Foreman

Ravin Gareeb Chief Procurement

Officer

Steve Rossouw Chief Sampler

Steve de Canha Mine Overseer

Johan Boshoff Engineering

Overseer

Razaro Jele Stores

Superintendent

Geraldine Volschenk Financial

Accountant

Kobus Mitchell Plant Production Superintendent

Hendry Leitao Plant Production Superintendent

Nareadi Molabe Section

Geologist

John Peens Section Surveyor

Patrick Msithini HRM

Ayanda Manyi Resident Engineer

James Mcardle Explosives Manager

Fred Smit Chief Surveyor

Ian Drysdale Engineer

Simon Middlemiss Supply Chain

Manager

Marijke Rust Financial Accountant

Louis Bezuidenhout Manager Mining

Arndt Mittendorf Management Accountant

Jost Barenberg VP Mining

Johan Bruwer Engineering Manager

Mike Philips Metallurgical Manager

Izak Marais SVP: Operations

Jacques Bezuidenhout Mine Overseer

Judi Wilkinson HR Superintendent

PalPay (Acting)

Loselo Segwe SLP Manager

Evan Cook Mineral Resource

Manager

Nico Kirsten Mine Overseer

Andre Hindle GIS Draughting

Sendi Qunta Health, Safety and

Environmnetal Manager

Corrie Stiglingh Mine Overseer:

Training

Denzil Meredith Cost Accountant

Mining

Emil Glad Acting Mine Overseer

Kenneth Constable HR Superintendent

T & A

Tom Sassenburg Acting

Mine Overseer Marius Steinmann Rock Engineer

OHMS

Wouter Hamman Chief Vent

Officer

Riaan Schutte HSE Systems Consultant

Karyn Rule HR Superintendent

Staffing

Frik Minnaar Senior Electrical

Foreman

Desmond Engelbrecht Acting TMM Engineer

Leatitia Geel IT Services

Co-ordinator

Grant Sandow Chief Safety Officer

Annette Oosthuizen Cost Accountant

Capital

Billy Joubert Engineering

Overseer

Johann Beytell Shaft Engineering

Foreman

Boats Botes Asset Protection

Manager

Nico Niewenhuis VP Finance

Adrian Reynolds VP Projects

Strong Coherent

Leadership Team

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Modder East

1. Location


Values


4. Geology



7. Modder North


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Safety

A Consistent Safety Message

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Empowerment Of The Safety Owner On The Rockface

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Safety Performance

2006 2007 2008 2009 2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Prog 3.18 0.68 1.95 1.19 0.48 0.53 1.29 1.84 1.35 1.08 0.87 0.88 0.82 0.72 0.65 0.59 0.54

Benchmark 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Target 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

LTIs

pe

r 2

00

00

0 H

ou

rs

Lost Time Injury Frequency Rate / 200 000 Hours

Zero

LTI’s

Zero

LTI’s

Two

LTI’s

Zero

LTI’s One

LTI

Zero

LTI

Zero

LTI

Zero

LTI

Zero

LTI

The Safest Underground Goldmine In South Africa

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Environment

2012 Calendar

2 Feb World Wetlands Day

19 – 25 Mar National Water Week

23 March World Meteorological Day

5 June World Environment Day

1 – 7 Sept National Arbour Week

16 Sept World Ozone Day

27 Sept World Tourism Day

4 Oct World Habitat Day

20 Oct National Marine Day

1 Dec World Aids Day

Serious About The Environment That We Operate In

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Summer tips: • Sunburn

• Protect your eyes

• Insect bites

• Heat Stroke

See your nearest WFH- newsletter

Health

Health and Wellness –

a holistic approach: • Mind

• Body

• Spirit

Maintain a healthy lifestyle and habit….

A Healthy Body Is Home To A Healthy Mind

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Values – the golden rules

• Fun

• Respect

• Participation

• Honesty

• Integrity

• Accountability

• Delivery

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January Value

January is the month of

Participation:

• We all contribute to

the solution – identify

YOUR reality and

solve it.

• Your opinions matter –

you like it, tell your

friends – you don’t like

it, TELL US!

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Modder East

1. Location


Values


4. Geology



7. Modder North


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Shallow Depth

Safer working environment

Negligible levels of seismicity

No environmental fatigue

Lower costs

Lower initial capital cost

Lower ongoing capital cost

Lower support cost

No refrigeration

Lower pumping costs

Lower ventilation costs

Higher productivity

Quicker access to the work place - more time on the face

Environmental conditions are conducive to better work performance

Simple logistics with no double handling of personnel, materials and ore

Shallow Is Safer, Simpler And Saves Costs

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Modder East Timeline

Low Technical Risk, Low Cost Delivery Orientated Operation

Construction capital cost of US$ 108 million

First gold pour ahead of schedule in July 2009

Commercial production 5 months later

Achieved positive cash flow 6 months after first gold pour

66,445 ounces produced in first full year of operation (2010)

123,179 ounces for 2011, against 120,000 guidance – an 85% increase on 2010

Forecast production for 2012: 150,000 ounces – a further 25% increase

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More Than Just Mining

Created employment for 1,800 people from Modder East’s surrounding

impoverished areas

Adult Basic Education Training undertaken to facilitate employees becoming

functionally literature and numerate

167 women employed in core mining, engineering and metallurgical positions

representing 10% of the workforce, and 122 women in surface occupations

Committed to the development of a level 3 clinic to service the Ekhuruleni

Metropolitan Municipality, where Modder East is located

Established a sustainable community based agricultural co-operative, employing

locals and producing fresh produce for sale within the local community

Established the Modder East Mine Community Trust to assist and enhance the

social upliftment of surrounding communities. The Trust forms 15% of our 26%

Modder East BEE initiative

Conscious of our Role in the Greater Community

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WHAM! Initiative

WHAM focuses on building a mining

company different to all others

Local recruiting – people have a place of

residence

Screening includes community background

checks

Visual display of ID cards across all bands

and biometric recognition system

English as a language of first approach

Training philosophies designed to acknowledge everyone’s desire to see how their

contribution is making a difference

In Gold One, people feel as important as what they really are through the

application of our values on all levels

Developing short interval control philosophies as a safety net where WHAM does

not achieve desired outcome

I am the ONE in Gold One

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A Different Approach

Basic salaries acknowledges equal mental and emotional

contribution to team success

No incentive to put production ahead of safety – an industry

pioneering approach recognised by DMR

Incentive schemes designed around the amount of value add

Measuring cycles abolished to ensure a goal orientated approach

Team ownership of daily output through visual recording

Visual display of participating individuals

Complete transparency around incentive payments ensures zero

production disruptions

Hard On Results, Soft On People

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Modder East

1. Location


Values


4. Geology



7. Modder North


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Stratigraphy

Targeting Two Of Eleven Reef Horizons

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Schematic Section

Malmani Dolomite

Witwatersrand Quartzite

Transvaal Quartzite Fluvial Beach Marine

300 m

2,500 cmg/t 850 cmg/t 400 cmg/t

Section Perpendicular to the Black Reef Shoreline

Black Reef

Simple and Well-Understood Geology

Karoo Sandstone

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26

Black Reef

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Black Reef

Buckshot Pyrite Leader Zone

(BPLZ)

Channel Facies

Black Reef Quartzite

Visual Reef Ensures Easy Identification

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Depositional Model

Consistent, High Payability Due To Marine Activity

Fluvial

Marine

Beach

UK9A Reef Main Reef

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Kimberley Reef (UK9A)

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Mineral Resource: 2011

Significantly enhanced

database

2011 mining depletion

Increased cut-off

grades (122 cmg/ton –

171 cmg/ton)

2011 surface

exploration drill

program

Continued advancement of resources

2010 2011

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Mineral Resource: 2011

Continued advancement of resources

1Modder East Consolidated Resource Table (September 2011)1

Tonnes Grade Gold content

(Mt) (g/t) (Moz)

Measured BPLZ + Channel Facies2,6 0.54 14.93 0.26

Total Measured: 0.54 14.93 0.26

Indicated BPLZ + Channel Facies2,6 7.02 5.18 1.17

Black Reef Channel Facies3 19.98 1.39 0.89

UK9A4,6 3.45 4.03 0.45

Total Indicated: 30.45 2.56 2.51

Total Indicated and Measured 30.99 2.78 2.77

Inferred BPLZ + Channel Facies2 1.50 3.13 0.15

Black Reef Channel Facies3 8.77 0.76 0.22

UK9A4 3.97 3.03 0.39

UK5a5 9.41 1.82 0.55

Total Inferred: 23.65 1.71 1.31

Total Resource 54.64 2.32 4.08 1 Resources are reported in accordance with SAMREC guidelines (estimates would be identical if reported in accordance with JORC standards)

2 Signed-off by Glanville Consulting, independent resource consultants to Gold One, audited by SRK, Quoted at a cut-off of 171 cmg/t

3 Signed-off by Glanville Consulting, independent resource consultants to Gold One, audited by SRK, Quoted at a cut-off of 260 cmg/t

4 Signed-off by Minxcon, independent resource consultants to Gold One, audited by SRK, Quoted at a cut-off of 119 cmg/t

5 Signed-off by Minxcon, independent resource consultants to Gold One, audited by SRK, Quoted at a cut-off of 496 cmg/t

6 Mineral resources are quoted inclusive of mineral (ore) reserves


(Mt) (g/t) (Moz)

0.29 16.25 0.15

0.29 16.25 0.15

9.19 4.56 1.35

33.19 1.11 1.18

3.45 4.03 0.45

45.83 2.02 2.98

46.12 2.11 3.13

2.62 1.85 0.16

4.73 0.73 0.11

3.97 3.03 0.39

9.41 1.82 0.55

20.73 1.81 1.21

66.85 2.02 4.34

2010

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Black Reef Reserve: 2010

Cut-off of 149

cmg/t


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UK9A Reserve: 2010

Remained

largely

unchanged

since feasibility

study


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Modder East

1. Location


Values


4. Geology



7. Modder North


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Modder East Access

Primary Access Surface Decline

Mechanised decline and footwall

development

Conventional narrow reef breast stoping

Truck hoisting

Secondary Access Vertical Shaft

345 metre deep and 6.5 metre in

diameter with fixed guides

Primary access for personnel with

Koepe winder

Ventilation shaft

Designed For Efficiency

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Hydropower

Trade-off study completed by

Turgis Consulting in June 2007

Penetration rate for

hydropower drills is double

that of compressed air drills

Requires 195 fewer rock drill

operators

Capex 60% less than that for

compressed air

Drilling cost 30% less than that for compressed air

Eliminates need for expensive and energy inefficient compressors

Power Requirement Reduced From 35MVA to 20MVA

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Conventional Process Design

LOM feasibility study

determined plant recoveries

of 88%

Knelson Concentrator

commissioned in Q4 2010 –

recoveries to remain above

90% over LOM

Secondary crushing circuit

commissioned and ready for

use, allowing plant nameplate

capacity to increase

from 70 000 tonnes/month

to 100 000 tonnes/month

Plant Recoveries of 96.1% for 2011

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Relative Orebody Positions

BPLZ

UK9a

Continuous and Tabular Orebody Conducive to Low Cost Mining

Black Reef

UK9a Reef

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Development Layouts

Modern Underground Infrastructure Geared for Productivity

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Modder East

Modern Underground Infrastructure Geared for Productivity

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Modder East

1. Location


Values


4. Geology



7. Modder North


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Development

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ME TMM Waste Meters

0

100

200

300

400

500

600

Jan

-10

Feb

-10

Mar

-10

Apr

-10

May

-10

Jun

-10

Jul-

10

Aug

-10

Sep

-10

Oct

-10

No

v-10

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Apr

-11

May

-11

Jun

-11

Jul-

11

Aug

-11

Sep

-11

Oct

-11

No

v-11

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun

-12

Jul-

12

Aug

-12

Sep

-12

Oct

-12

No

v-12

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Apr

-13

May

-13

Jun

-13

Jul-

13

Aug

-13

Sep

-13

Oct

-13

No

v-13

Dec

-13

ME Trackless Waste Development

TMM Waste Ave per year Budget 2012/2013

Note: values sourced from MRM

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ME Conv Reef Meters

0

50

100

150

200

250

300

350

Jan

-10

Feb

-10

Mar

-10

Apr

-10

May

-10

Jun

-10

Jul-

10

Aug

-10

Sep

-10

Oct

-10

No

v-1

0

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Apr

-11

May

-11

Jun

-11

Jul-

11

Aug

-11

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Apr

-12

May

-12

Jun

-12

Jul-

12

Aug

-12

Sep

-12

Oct

-12

No

v-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Apr

-13

May

-13

Jun

-13

Jul-

13

Aug

-13

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

ME Conventional Reef Development

Conv Reef Budget 2012/2013 Ave per year


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M2 Available for Mining

0

46000

92000

138000

184000

230000

276000

322000

368000

414000

460000

506000

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-12

Sep

-12

Oct

-12

No

v-12

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-13

Sep

-13

Oct

-13

No

v-13

Dec

-13

M2 Available for Mining – 2012 - 2013

Budget 2012/2013


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Reef Production F

or p

erso

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M2 – depletion

-

5 000

10 000

15 000

20 000

25 000

30 000

Jan

-10

Feb

-10

Mar

-10

Ap

r-1

0

May

-10

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct

-10

No

v-1

0

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Ap

r-1

1

May

-11

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

ME M2

ME Actual Budget 2011/2012 Budget 2012/2013 Ave per year


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ME Reef Tons Broken

-

20 000

40 000

60 000

80 000

100 000

120 000

Jan

-10

Feb

-10

Mar

-10

Ap

r-1

0

May

-10

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct

-10

No

v-1

0

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Ap

r-1

1

May

-11

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

ME Reef Tons Broken - Monthly

Tons Broken Budget 2012/2013 Ave per year


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Relative Orebody Positions

BPLZ

UK9a

Continuous and Tabular Orebody Conducive to Low Cost Mining

Black Reef

UK9a Reef

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Underground Workings

UG Plan 31 Dec 10 to 31 Dec 13

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../../../Production Reports/Modder east ug plans/110117 Quarterly 2010 Workings and 2011 Planned Andre.pptx

31 December 2010 F

or p

erso

nal u

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31 March 2011 F

or p

erso

nal u

se o

nly

30 June 2011 F

or p

erso

nal u

se o

nly

30 September 2011 F

or p

erso

nal u

se o

nly

31 December 2011 F

or p

erso

nal u

se o

nly

31 December 2012 F

or p

erso

nal u

se o

nly

31 December 2013 F

or p

erso

nal u

se o

nly

31 December 2013 (UK9A) F

or p

erso

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Hauling F

or p

erso

nal u

se o

nly

Stoping Width 1

33

.10

13

2.6

0

13

2.5

6

13

2.6

0

13

1.9

9

13

1.8

1

13

0.2

8

13

2.6

0

13

1.4

7

13

1.1

7

13

0.7

7

13

2.8

5

13

1.0

2

13

0.3

5

13

0.5

6

12

8.0

0

13

2.7

8

12

9.9

6

12

9.2

5

12

5.4

1

12

4.4

8

12

3.6

5

12

1.6

9

120.0

125.0

130.0

135.0

17-J

ul-1

1

24-J

ul-1

1

31-J

ul-1

1

07-A

ug

-11

15-A

ug

-11

22-A

ug

-11

29-A

ug

-11

04-S

ep

-11

12-S

ep

-11

19-S

ep

-11

26-S

ep

-11

3-O

ct-

11

10-O

ct-

11

17-O

ct-

11

24-O

ct-

11

31-O

ct-

11

7-N

ov-1

1

14-N

ov-1

1

21-N

ov-1

1

28-N

ov-1

1

5-D

ec-1

1

12-D

ec-1

1

19-D

ec-1

1

Stoping Width

S/W Prog Ave

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Reef Tonnes Trammed

-

20 000

40 000

60 000

80 000

100 000

120 000

Jan

-10

Feb

-10

Mar

-10

Ap

r-1

0

May

-10

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct

-10

No

v-1

0

Dec

-10

Jan

-11

Feb

-11

Mar

-11

Ap

r-1

1

May

-11

Jun

-11

Jul-

11

Au

g-1

1

Sep

-11

Oct

-11

No

v-1

1

Dec

-11

Jan

-12

Feb

-12

Mar

-12

Ap

r-1

2

May

-12

Jun

-12

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

No

v-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

Dec

-13

Reef Tonnes Trammed

ME Tonnes Trammed Budget (Broken) 2012/2013 Ave per year


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or p

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Gold per Quarter

13 207 12 288

19 470 21 480 26 184

28 511

35 128 33 352 20 000

25 000 28 000 34 000 33 000

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

Q1 - 2010 Q2 - 2010 Q3 - 2010 Q4 - 2010 Q1 - 2011 Q2 - 2011 Q3 - 2011 Q4 - 2011

Gold Production per Quarter 2010 - 2011

Five Quarters of Consecutive over-delivery

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Gold Forecast per Quarter

34 000 36 000 42 000

38 000

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

40 000

45 000

Q1 - 2012 Q2 - 2012 Q3 - 2012 Q4 - 2012

Gold Production per Quarter for 2012

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LOM Profile (2010)

0

20 000

40 000

60 000

80 000

100 000

120 000

140 000

160 000

180 000

0

200 000

400 000

600 000

800 000

1 000 000

1 200 000

1 400 000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Ou

nce

s

Ton

nes

Production Profile

Tonnes mined Gold Produced (oz's)

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LOM Profile (2010)

0

1

2

3

4

5

6

7

0

200

400

600

800

1 000

1 200

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

g/t

US$

/oz

Production Profile

Cost per ounce (US$/oz) Grade (g/t)

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Rand per Tonne Treated

0

100

200

300

400

500

600

700

800

900

1 000

1 100

1 200

1 300

Jan

-10

Mar

-10

May

-10

Jul-

10

Sep

-10

No

v-10

Jan

-11

Mar

-11

May

-11

Jul-

11

Sep

-11

No

v-11

Jan

-12

Mar

-12

May

-12

Jul-

12

Sep

-12

No

v-12

Rand per Tonne Treated

Monthly 2012 Budget Ave per year

Note: actual values sourced from cost accounting information

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Modder East

1. Location


Values


4. Geology



7. Modder North


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Modder North

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Modder North refers to the area situated approximately 5km North of

the Modder East Operation, within the existing new order mining

right

The primary target is a main reef resource, approximately 500m

below surface

Access to main reef traverses black reef

Modder North

Excellent Opportunity within Existing Mining Right

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Schematic Section

Malmani Dolomite

Witwatersrand Quartzite

Transvaal Quartzite Fluvial Beach Marine

160 m

Section Perpendicular to the Black Reef Shoreline

Black Reef


Karoo Sandstone

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East Rand Basin Boundary

Modder East

Holfontein

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Modder North

A Clearly Defined Target

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Resample Program

Low Technical Risk, Low Cost Operation

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Historical Data

-58000 -56000 -54000 -52000

-58000 -56000 -54000 -52000

-2898000

-2897000

-2896000

-2895000

-2894000

-2893000

-2892000

-2898000

-2897000

-2896000

-2895000

-2894000

-2893000

-2892000

LVLC 5

LVLC 4

LVLC 3

LVLC 2

LVLC 1

HVHC 2

HVHC 1

MCMH 1

LCHG 1

KN4

KN5

KN3

HME 2

HME 3HME 4

HME 5

HME 6HME 7

HME 8

HME 9

HME 10

HME 11

0m 500m 1000m 1500m 2000mcmg/t

0 to 100

100 to 200

200 to 300

300 to 400

400 to 600

600 to 10000


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Updated Resource

Confirmed previous resource

estimates

Decision made to drill “white area

extensions”


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Modder North Exploration

Modder East Plant

An Aggressive Drilling Program

MN1 MN2

MN3

MN4

MN5

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Drill Hole Results

BH_ID REEF

Depth (m) Bottom Contact

Dip Corrected

Channel Thickness (cm)1

g/t cm.g/t

MN1_0D BPLZ 167.75 50 3.80 189

MN1_4D BPLZ 168.21 53 4.39 231

MN1_5D BPLZ 168.53 44 4.29 188

MN1_0D Main Reef 435.01 10 0.31 3

MN1_1D Main Reef 435.63 12 5.79 70

MN1_2D Main Reef 435.00 10 0.10 1

MN2_D0 BPLZ 166.38 25 0.80 20

MN2_D0 Main Reef 462.66 31 3.80 117

MN2_1D Main Reef 464.42 26 3.99 102

MN2_2D Main Reef 464.46 34 3.28 112

MN3_D0 BPLZ 179.47 119 31.37 3,727

MN3_3D BPLZ 179.21 112 25.82 2,894

MN3_4D BPLZ 178.43 57 2.88 163

MN3_D0 Main Reef 473.92 12 0.60 7

MN3_1D Main Reef 476.68 16 14.50 228

MN3_2D Main Reef 470.08 11 4.00 43

MN4_D0 Main Reef 479.59 30 24.84 734

MN4_1D Main Reef 479.64 30 28.02 828

MN4_2D Main Reef 480.52 30 29.18 881

MN5_D0 BPLZ 177.23 20 0.11 2

MN5_3D BPLZ 178.02 18 0.10 2

MN5_D0 Main Reef 450.10 17 2.93 50

MN5_1D Main Reef 450.15 18 0.73 13

MN5_2D Main Reef 450.04 19 2.40 45

1 Channel thickness represents the true, dip corrected thickness of the Reef. Dip corrections are undertaken based on dip measurements from core bedding angles.

Drilling results are

sufficiently positive to

warrant aggressive

exploration program

2012 drilling focused

on:

Black Reef

Main Reef

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Modder North– Initial Steps

Turgis engaged on 13 July

Turgis site visit to Modder North 20 July

Briefing to Turgis was “where can we position the portal”

High level concept study presented on 4 Aug

Drilling continues


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Conceptual Layout

Main Reef Access Shaft

Black Reef Access Ramp Vent Raise

Coal Seam

Black Reef

Main Reef

Settlers & Dams

Pump Station

Loading Box

Silo’s

50

m

50

m

45

m

44

0m

58

5m

16

0m

Ø 8,0m

Ø 5,5m

5,5m X 5,5m


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• The project to amend the existing EIA and EMP, to include the

proposed new access portal to be located on Modder North and the

proposed new access road linking Modder East and Modder North,

is well underway.

• The process aims to ensure compliance with both the requirements

of the MPRDA and NEMA legislation, and as such the two

processes are run in parallel. To this effect it was decided to proceed

with a Basic Assessment process as opposed to the EIA process.

This is possible since, the area to be disturbed by infrastructure at

Modder North remains beneath 20 hectares.

Modder North: Progress


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The basic assessment application has been submitted and the required meetings

with the relevant authorities undertaken. The resulting and required specialist

studies are all well underway.

The scoping report (EIA in terms of MPRDA) has been completed and made

available for public review and comment on 23 January.

All registered Interested and affected parties (IAPs) notified via mail, email and

fax.

The IWWMP and WUL –necessary meetings with DWA conducted. Ground-

and surface water specialists appointed and necessary studies underway.

Public consultation thus far has included meetings with local council, -

communities and the relevant authorities such as DMR, GDARD and DWA.

Media notices, site notices and background information documents have been

published and distributed

Modder North: Progress


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Bulk Sampling

Although necessary, the aforementioned process is time consuming and

will take the best part of 2012 to complete

Final detail is currently being attended to in order to facilitate all work

necessary to extract a bulk sample of black reef from the northen-most

part of the property. Some realities to be considered:

Footprint of the disturbed area must be smaller than one hectare

No water storage allowed on site

No Eskom power available

Our objective is to complete all required work to enable the first hard rock

blast on 31 March 2012


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Modder East

1. Location


Values


4. Geology



7. Modder North


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• Built and developed mine in accordance with modern mining methods and best

practice

– Internal benchmark

• Lower technical risk close to surface; well understood geology

• Strong capable and experienced team with track record of delivery

• A benchmark for safety

• A productive and cost efficient mine; quick access with more time on face

– Consistently beat guidance

• Strong environmental focus

• Untapped potential – exploration of Modder North

Conclusion

Being shallow, being different; positioned for success For

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Gold One Resources and Reserves


Measured (Mt) (g/t) (Moz)

Modder East 1,20.54 14.93 0.26

Total Measured: 0.54 14.93 0.26

Indicated Modder East 1,230.45 2.56 2.51

Megamine 321.55 4.36 3.02

Ventersburg 422.83 3.90 2.86

Turnbridge 51.92 2.70 0.17

Total Indicated: 76.76 3.47 8.56

Total Measured and Indicated: 77.30 3.55 8.82

Inferred

Modder East 223.65 1.71 1.31

Turnbridge 53.88 2.73 0.34

New Kleinfontein62.47 6.9 0.55

Ventersburg 411.44 3.50 1.29

Megamine 364.62 4.64 9.63

Total Inferred: 106.07 3.84 13.12

183.36 3.72 21.93


(Mt) (g/t) (Moz)

Modder East Proved Reserves 0.24 10.90 0.08

Probable Reserves 11.69 3.86 1.45

Probable and Proved Reserves 11.93 4.00 1.531 Signed off by Turgis Consulting, independent resource consultants to Gold One, audited by SRK,

BPLZ w as estimated at a cut-off of 149 cmg/t and UK9A estimated at a cut-off of 146 cmg/ton

4 Signed-off by Dr I.C. Lemmer, independent resource consultant to Gold One, audited by SRK

2 Reserves are reported in accordance w ith SAMREC guidelines (estimates w ould be identical if reported in accordance w ith JORC standards)

Gold One International Consolidated Mineral Resource Statement

Total Measured, Indicated and Inferred: 7

1 Mineral Resources are quoted inclusive of ore reserves

2 Signed-off by Glanville Consulting and Minxcon, independent resource consultants to Gold One, audited by SRK

3 Signed-off by Dr I.C. Lemmer and Minxcon, independent resource consultants to Gold One, audited by SRK

5 Signed-off by SRK Consulting

7 Resources are reported in accordance w ith SAMREC guidelines (estimates w ould be identical if reported in accordance w ith JORC standards)

Gold One International Mineral (Ore) Reserve Statement1,2

6 Signed-off by Camden Geoserve, independent resource consultants to Gold One, audited by SRK

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Competent Person

SAMREC AND JORC TERMINOLOGY In addition, this release uses the terms ‘indicated resources’ and ‘inferred resources’ as defined in accordance with the SAMREC Code, prepared by the South African Mineral Resource Committee (SAMREC), under the auspices of the South African Institute of Mining and Metallurgy (SAIMM), effective March 2000 or as amended from time to time and where indicated in accordance with the Canadian National Instrument 43-101 – Standards for Disclosure for Mineral Projects. The terms ‘indicated resources’ and ‘inferred resources’ are also defined in the 2004 Edition of the JORC Code, prepared by the Joint Ore Reserves Committee (JORC) of the Australasian Institute of Mining and Metallurgy (AusIMM), the Australian Institute of Geoscientists (AIG) and the Minerals Council of Australia (MCA). [The use of these terms in this release is consistent with the definitions of both the SAMREC Code and the JORC Code.] A mineral reserve (or ‘ore reserve’ in the JORC Code) is the economically mineable part of a measured or indicated resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate at the time of reporting that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve (or ‘proved ore reserve’ in the JORC Code) is the economically mineable part of a measured resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. A probable mineral reserve (or ‘probable ore reserve’ in the JORC Code) is the economically mineable part of an indicated mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. A mineral resource is a concentration or occurrence of natural, solid, inorganic or fossilised organic material in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited exploration and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drillholes. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of the mineral deposits in the measured and indicated resource categories will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will be ever be upgraded to a higher category. Under South African and Australian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except under conditions noted in the SAMREC Code and the JORC Code, respectively. Investors are cautioned not to assume that all or any part of an inferred resource exists or is economically or legally mineable. Exploration data is acquired by Gold One and its consultants under strict quality assurance and quality control protocols. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. COMPETENT PERSONS The information in this release that relates to Gold One exploration results, mineral resources or ore reserves is based on information compiled by Dr Richard Stewart, who has a doctorate in geology and who is a professional natural scientist registered with the South African Council for Natural Scientific Professions (SACNASP), membership number 400051/04. Dr Stewart is also a member of the Geological Society of South Africa (GSSA) and the senior vice president of Business Developmentfor Gold One with which he is a full-time employee. He has 10 years’ experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person for the purposes of both the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the 2007 Edition of the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). Dr Stewart consents to the inclusion in this release of the matters based on information compiled by Gold One employees and it’s consultants in the form and context in which they appear. Further information on Gold One’s resource statement is available in the pre-listing statement of Gold One International Limited issued on 19 December 2008 and in the resource statements released by Gold One on the ASX Announcements Platform and the Stock Exchange News Service (SENS) on 11 October 2010 (Megamine), 7 December 2010 (Ventersburg) and 15 December 2010 (Modder East). The information in this release that relates to Rand Uranium exploration results, mineral resources or ore reserves is based on information compiled by Mr. Jurgens Visser who is a professional mine surveyor registered with the South African Council for Professional and Technical Surveyors (PLATO), membership number PLS0693. Mr Visser is the Head of Mineral Resources Management for Rand Uranium, with which he is a full-time employee. He has 25 years experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person for the purposes of both the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and the 2007 Edition of the South African Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code). Mr Visser consents to the inclusion in this release in the form and context in which they appear.”

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Discussion and

Safety Induction

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for personal use only - asx2012/01/31 · for personal use only a different approach basic salaries...

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