17th Sep 2008 09:31
|
For immediate release |
17 September 2008 |
Central Rand Gold Limited
("CRG" or "the Company")
(Incorporated as a company with limited liability under the laws of Guernsey, Company Number 45108)
(Incorporated as an external company with limited liability under the laws of South Africa, registration number 2007/0192231/10)
ISIN: GG00B24HM601
Share code on LSE: CRND
Share code on JSE: CRD
Media release - Central Rand Gold CENTRAL RAND GOLD AWARDED NEW ORDER MINING RIGHT FOR SOUTH AFRICA'S CENTRAL RAND GOLDFIELD TENEMENTS
Trial Mining to begin by October; full scale surface mining scheduled for end Q1 2009
London and Johannesburg listed Central Rand Gold (CRG) has today, 17 September, 2008, received confirmation that a New Order mining right has been granted by the South African Department of Minerals and Energy (DME), enabling the company to now rapidly transform from an explorer to an active miner at its Consolidated Main Reef, Langlaagte and Crown Mines tenements in the Central Rand Goldfield.
The New Order mining right entitles CRG to perform mining activities on the three tenements to a depth of 900 metres below surface. This application covers approximately 33.67 million tons of CRG's current resource base and is expected to yield around 4.2 million ounces of gold over a seven year period.
This is the first mining right in a series of New Order mining rights that will be applied for by CRG.
CRG, which listed on the London Stock Exchange and the JSE Limited on November 8, 2007, expects to start trial mining by October 2008. The company's trial processing plant, arrived in Johannesburg on 10 September, 2008 and is currently being constructed. It is expected that the plant will be commissioned in October 2008.
"Receiving our mining right is a major step forward in our overall strategy as we can now focus on implementing the mining plans that will see us becoming a gold producer during 2009," said Greg James, CRG's chief executive, stressing that comprehensive planning, analysis, Broad Based Black Economic Empowerment structuring, exploration and community interaction have advanced the company to this stage.
"We are grateful to the Department of Minerals and Energy for their professional handling of our application and related submissions," he said.
As a mining company, James said CRG's immediate goal is to be producing gold at an annualised rate of 100,000 ounces by the end of 2009.
Ends
Issued on behalf of: Central Rand Gold Limited
Date: 17 September 2008
Contact:
Greg James
(011) 551 4000
Related Shares:
Central Rand Gold