🕐02.11.11 - 08:54 Uhr

ANNOUNCEMENT: VILLAGE ANNOUNCES UPDATE REGARDING DISPOSAL OF FIRST URANIUM



Village announcement
Lock-up period in respect of the FIU Notes lapses as no firm intention to acquire entire issued Share capital of FIU is received from AngloGold
Shareholders are referred to the announcement released on the Securities Exchange News Services of the JSE Limited ("SENS") on 22 July 2011 in which they were advised that an agreement (the "Agreement") had been entered into between Village and AngloGold Ashanti Limited ("AngloGold") in terms of which Village sold and ceded to AngloGold 47 065 916 common shares (the "Sale Shares") in the issued share capital of First Uranium Corporation ("FIU") comprising 19.786% of the issued and outstanding share capital of FIU as at the date of signature of the Agreement (the "Signature Date") for an aggregate purchase price of R205 061 500 (the "Purchase Price")("the Transaction").


In terms of the Agreement, Village undertook to and in favour of AngloGold to lock-up (i) its remaining 13 556 737 common shares in FIU (being the FIU shares beneficially owned by Village following the sale of the Sale Shares (the "Remaining FIU Shares")) for the period expiring on 30 November 2011;and (ii) its 392 874 Rand denominated secured convertible notes in FIU having a face value of R1 000 per note (the "FIU Notes") for the period expiring on 31 October 2011 .
As no firm intention to proceed with the acquisition of the entire issued Share capital of FIU by AngloGold was announced by 31 October 2011, the lock-up period in respect of the FIU Notes has lapsed without any further action being required by Village.
The Remaining FIU Shares remain subject to lock-up until 30 November 2011 unless a firm intention to proceed with the acquisition of the entire issued share capital of FIU by AngloGold is announced by that date.


Shareholders will be advised over SENS of any further developments in this regard.


ENDS
Contacts:
Village CEO | Bernard Swanepoel | | 083 303 9922 Vestor | Media and Investor Relations | Louise Brugman | | 011 787 3015 | 083 504 1186
Logo_sharper02 media & investor relations
louise brugman managing director T: +27 (0) 11 787 3015 C: +27 (0) 83 504 1186 skype louise.brugman E: www.vestor.co.za
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