24th Oct 2011 13:17
Central Rand Gold Limited (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 LSE share code: CRND JSE share code: CRD ("Central Rand Gold" or the "Company")
|
SUSPENSION OF DECISION TO cancel mining right
Re-commencement of Central Rand GOld's mining operations
|
The Minister of Mineral Resources of the Republic of South Africa ("the Minister") has consented to the temporary suspension of her decision to cancel the mining right granted to Ferreira Estate and Investment Company Limited ("FEIC"), the registered holder of Central Rand Gold's mining right under departmental reference number GP30/5/1/1/2/140MR ("Mining Right").
The suspension of the Minister's decision to cancel the Mining Right, which is welcomed by the management and staff of Central Rand Gold, is effective immediately and is enforced in terms of the order of court ("the Order") granted by the North Gauteng High Court, Pretoria ("High Court") on 24 October 2011. A copy of the Order is available for download from the Company's website: www.centralrandgold.com ("website").
The effect of the Order means that mining operations can immediately be resumed as an interim arrangement while Central Rand Gold, on behalf FEIC, pursues final relief in the High Court to review and set aside the Minister's decision to cancel the Mining Right pursuant to a notice delivered to FEIC on 22 September 2011. These review proceedings have already been instituted against the Minister and her departmental co‑respondents, as advised in the announcement dated 13 October 2011.
The Minister and her co-respondents have given notice of their intention to oppose the review application, which must take its course in terms of part B of the Notice of Motion, which is also available for download from the Company's website.
FEIC is currently awaiting the record of proceedings before the Minister ("record") which resulted in her decision to cancel the Mining Right, together with such reasons therefore. The aforesaid record and reasons, which the Minister is required by law or may desire to give, must be dispatched within 15 court days of the above Order.
After receipt of the record, FEIC will have an opportunity to supplement its founding papers. Thereafter, the Minister and her co-respondents will become obliged to deliver their answering affidavits within 10 court days after receipt of these amended founding papers.
Further updates regarding the status of the litigation will be announced upon each material milestone leading up to a hearing date and the final outcome of the proceedings.
For further information, please contact:
Central Rand Gold +27 (0) 11 674 2304
Johan du Toit / Patrick Malaza
Evolution Securities Limited +44 (0) 20 7071 4300
Chris Sim / Neil Elliot
Merchantec Capital +27 (0) 11 325 6363
Roger Pitt / Monique Martinez
Buchanan +44 (0) 20 7466 5000
Bobby Morse / James Strong
Jenni Newman Public Relations (Proprietary) Limited +27 (0) 11 506 7351
Jenni Newman
24 October 2011
Johannesburg
JSE Sponsor
Merchantec Capital
Related Shares:
Central Rand Gold