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MENAFN - ProactiveInvestors - Australia - 10/10/2012

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(MENAFN - ProactiveInvestors - Australia) Mid-tier mining group Gold One International (ASX: GDO, JSE: GDO) has updated the market on the company's Ezulwini Operation in South Africa.

Gold One said that following appropriate disciplinary procedures, the company dismissed approximately 1,435 of the total 1,900 employees, following the illegal strike action that commenced on 1 October.

The company's management considered the representations made against dismissal and concluded that, in almost all cases, there were insufficient mitigating factors against the sanction of dismissal.

Dismissed employees have been informed of their right to appeal their dismissal, and appeal hearings will take place from Tuesday 9 October until Thursday 11 October. The South African Police Service is maintaining a strong presence.


The flagship Modder East gold mine / Rand Uranium

The company's flagship Modder East gold mine, commissioned in 2009, distinguishes itself from most other gold mines in South Africa owing to its shallow nature (300 to 500 metres below surface) and continues to ramp up production, having produced 123,179 ounces in 2011.

Earlier in the year 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 kilometres from Johannesburg.

Importantly for Gold One - 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.

 






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