|
SIM
SIIF
SIM - Simmer & Jack Mines, Limited - Shareholder Update Following Appointment
Of New Simmers Board
Simmer & Jack Mines, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM
ISIN Code: ZAE000006722
("Simmers" or the "company")
SHAREHOLDER UPDATE FOLLOWING APPOINTMENT OF NEW SIMMERS BOARD
Following the general meeting of Simmers shareholders on 1 February 2010,
whereby shareholders re-elected and appointed new directors to the board of
Simmers, shareholders are informed that the new Simmers board met on 2 February
2010 to address, amongst others, various issues pertaining to Simmers`
investment in its 37 per cent held subsidiary, First Uranium Corporation ("First
Uranium"). At this meeting the board elected Vusi Khanyile as its chairman and
Bernard Swanepoel as its deputy chairman.
The board also established an investment committee, headed by Bernard Swanepoel,
and comprising Ralph Havenstein, David Brown, Stuart Murray and Peter Surgey, to
review Simmers` options with regard to its holding in First Uranium. This
follows disclosures by First Uranium on the Securities Exchange News Service
("SENS") on 2 February 2010 regarding the change to First Uranium`s production
and capital schedule as a result of the withdrawal of an environmental permit to
build a tailings storage facility at its Mine Waste Solutions project.
The investment committee is currently considering the various options available
to Simmers to protect and optimise the company`s investment in First Uranium. It
is worth noting that the board has mandated the investment committee to actively
work with First Uranium in finding sustainable solutions to its funding and
permitting problems and this has been communicated to the First Uranium board.
Simmers` financial results for the quarter ended 31 December 2009 are
anticipated to be released on SENS on 19 February 2010. Production at
Buffelsfontein Gold Mines Limited, which currently produces around 92 per cent
of the company`s gold, is in line with guidance provided in the Q2FY2010 Project
and Production update released on SENS on 19 November 2009, while production at
Tau Lekoa exceeded management`s expectations. Production at Transvaal Gold
Mining Estates Limited however, was lower than expected due to excessive
rainfall in the Mpumalanga region which impacted on leaching operations.
For further information, please contact:
Deon van der Mescht Chief Executive Officer
Mobile +27 82 807 0160
E-mail deon@simmers.co.za
Gail Strauss Group Communications
Mobile +27 82 936 8481
E-mail gail@simmers.co.za
Johannesburg
5 February 2010
Corporate adviser and Sponsor
Macquarie First South Advisers (Pty) Ltd
Date: 05/02/2010 17:34:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |
|