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PZ Gold -- Goliath Gold receives licence
PZ Gold shareholders were referred to the below announcement, which was released by Gold One International Ltd. and Goliath Gold Mining Ltd. on Wednesday, 18 September 2013
Goliath Gold Receives Final East Rand Prospecting Licence
Gold One International Ltd. (and Goliath Gold Mining Ltd. advised that the final prospecting right pertaining to the acquisition agreement to purchase the underground deposits and selected surface assets of Pamodzi Gold East Rand (Pty) Ltd. ("Pamodzi") has been granted.
On 17 April 2012 Gold One and Goliath Gold announced that they had entered into an ZAR 70 million Acquisition Agreement with the joint provisional liquidators representing Pamodzi and its subsidiaries ("the Sellers") to acquire the Grootvlei Proprietary Mines Ltd. ("Grootvlei") treatment plant, selected Grootvlei surface assets (including primarily the Grootvlei office complex), historical geological data, and the right to apply for three prospecting rights. Gold One was to acquire the treatment plant and surface assets together with the right to apply for a prospecting right over the down-dip extensions to Gold One's Modder East Operations for ZAR 65 million. Goliath Gold was to obtain the remaining two prospecting rights and acquire historical mining and geological data from Consolidated Modderfontein Mines 1979 Ltd., Consolidation Modderfontein Mines Ltd., Nigel Gold Mining Company (Pty) Ltd. and Grootvlei for ZAR 5 million.
On 7 August 2013, Gold One and Goliath Gold announced that two of three prospecting applications had been granted and that, in addition, the acquisition of selected surface assets by Gold One and underground mining and geological information by Goliath Gold had been made unconditional. The third and final prospecting right was granted on 12 September 2013.
The granting of this right provides Goliath Gold with a contiguous prospecting area in extent of 64 481 hectares over the greater portion of one of the most prolific historic gold producing regions in South Africa.
The contiguous prospecting area comprises Goliath Gold's existing Megamine Project, including the Sub Nigel Mining Right and the recently awarded prospecting rights over selected portions of the historic Pamodzi Gold mining areas.
The final payment to the Sellers will be made upon transfer of the properties to Gold One. The outstanding payment amounts to ZAR 63 million, of which ZAR 58.5 million is payable by Gold One and ZAR 4.5 million by Goliath Gold, given that a deposit of ZAR 7 million was paid on signature.
Further information pertaining to Gold One and Goliath Gold's rationale for the acquisition can be referenced in the joint media release titled "Gold One and Goliath Gold to Acquire the Pamodzi East Rand Underground Deposits and Selected Assets for ZAR 70 million", released on 17 April 2012 on both companies' websites (www.gold1.co.za and www.goliathgold.co.za) and the respective news services of the JSE Ltd. and the ASX Ltd..
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