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09/03/2012 : 14:22:01
GDO - Gold One International Limited - Work Stoppage at Modder East Operations
GDO
Posted Fri, 09 Mar 2012

GDO GDO GDO - Gold One International Limited - Work Stoppage at Modder East Operations Gold One International Limited Registered in Western Australia under the Corporations Act, 2001 (Cth) with registration number ACN: 094 265 746 (Registered in South Africa as an external company with registration number 2009/000032/10) ISIN: AU000000GDO5 Share Code on the ASX/JSE: GDO OTCQX International: GLDZY ("Gold One" or the "company") Work Stoppage at Modder East Operations Gold One advises that on Friday 9 March, 2012, the morning shift workers at the company`s Modder East Operations embarked on an unprotected strike. Gold One Management is engaging with the National Union of Mine Workers ("NUM"), which represents the majority of Modder East`s 1800 workers. To date no formal dispute has been declared, nor has the company received a notice of the commencement of strike action. Under these circumstances the strike is unprotected and may constitute fair reason for dismissal of the workers who participate in same. Management understands that the suspension of six employees after their alleged involvement in an underground incident on 24 February, 2012, when an underground shift supervisor was removed from his working place by a group of employees who demanded that he be withdrawn from underground, is the reason for the work stoppage. Management has issued an ultimatum to return to work. Gold One is continuing to evaluate all options and will be implementing the policy of `no work - no pay`. Management has ensured that contingency plans are in place to manage the impact of strike action and will continue to keep shareholders informed on further developments. END Johannesburg 09 March 2012 JSE Sponsor: Macquarie First South Capital (Proprietary) Limited Issued by Gold One International Limited www.gold1.co.za Neal Froneman President and CEO +27 11 726 1047 (office) +27 83 628 0226 (mobile) neal.froneman@gold1.co.za Grant Stuart Investor Relations +27 10 591 5219 (office) +27 82 602 5992 (mobile) grant.stuart@gold1.co.za Carol Smith Investor Relations +27 11 726 1047 (office) +27 82 338 2228 (mobile) carol.smith@gold1.co.za Derek Besier Farrington National Sydney +61 2 9332 4448 (office) +61 421 768 224 (mobile) derek.besier@farrington.com.au About Gold One Gold One International Limited ("Gold One") is a dual listed (ASX/JSE: GDO) mid- tier mining group with gold operations and gold and uranium prospects across Southern Africa. Gold One remains focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions. The company`s flagship Modder East gold mine, commissioned in 2009, continues to ramp up production. Gold sold for 2011 amounted to 123,179 ounces, exceeding the company`s stated target of 120,000 ounces and reflecting an increase of 85% compared to 2010. At the beginning of 2012, the group expanded further with the acquisition of the Cooke 1,2 and 3 Underground Operations and the Cooke surface assets (Randfontein Surface Operations) located in the West Rand, 30 kilometers from Johannesburg. The Cooke underground operations continue to deliver in line with expectations and are currently the subject of a turnaround intervention. Through Gold One`s purchase of Rand Uranium (Pty) Limited, the group has also acquired one of the world`s most advanced uranium projects, which envisages recovering uranium, gold and sulphur from the Cooke Tailings Dam and underground ores. The Gold One group is majority-owned by a consortium comprising Baiyin Non- Ferrous Group Co. Limited, the China-Africa Development Fund, and Long March Capital Limited. This news release does not constitute investment advice. Neither this news release nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. Forward-Looking Statement This release includes certain forward-looking statements and forard-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. Date: 09/03/2012 14:22:01 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.


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