Sibanye Gold declares updated Mineral Resources and Mineral Reserves
Westonaria, 5 February 2015: Sibanye Gold Limited (JSE: SGL & NYSE: SBGL) has declared updated Group Mineral Resources and Mineral Reserves, as at 31 December 2014.
- Gold Mineral Reserves at the Group operations increased by 2.1Moz or 12% to 19.9Moz, from 17.8Moz declared at December 2013, despite depletion of 1.7Moz in 2014
- Underground gold Mineral Reserves increased by 2.3Moz (14%), net of depletion, following the successful conclusion of feasibility studies on various organic growth projects at the operations
- A maiden gold Mineral Resource of 8.9Moz has been declared at the Burnstone project, following significant revision of the available data and geological model
- Sibanye will continue to review recently acquired projects in accordance with Group protocols and procedures and assessing possible synergies which may exist with its current operations
The 12% increase in declared gold Mineral Reserves at the Group’s operations is primarily a result of an additional 1.7Moz of gold Mineral Reserves being declared at the Kloof 4 and Driefontein 5 shafts, following the completion of pre-feasibility studies on below infrastructure “drop-down projects”. Development of these projects will substantially enhance the life of these key operations. Definitive feasibility studies for these projects are in progress and will be completed during 2015. An additional 1Moz from so-called “secondary reefs” and “white areas” were also declared at the Kloof and Driefontein operations. Studies to bring more of these Resources to account are ongoing.
Neal Froneman commented: “It is extremely pleasing to see our operating strategy taking effect. Significant improvements in the quality of mining and cost control at our operations in the last two years, have facilitated a further increase in our Mineral Reserve base at our key operations”.
James Wellsted Head of Investor Relations Sibanye Gold Limited +27 83 453 4014 email@example.com
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd