🕐10.01.12 - 12:54 Uhr
VILLAGE ANNOUNCEMENT: LESEGO SUCCESSFULLY COMPLETES POSITIVE PRE-FEASIBILITY STUDY
Press announcement
10 January 2012
Lesego successfully completes positive pre-feasibility study
- Project progresses to definitive feasibility study
Village is pleased to announce the successful conclusion of the
pre-feasibility study ("PFS") of the companys majority owned Lesego
Platinum Project ("Lesego") situated near Burgersfort in the Limpopo
province.
In consultation with independent consultants DRA, the PFS confirms that the
extraction of the high grade Merensky and UG2 is economically viable at
shallower depths from between 700m to 2300m below surface.
Previously
reported grades have been confirmed at 6.75g/t 3 PGEs + gold over widths of
1.08m for Merensky and 6.52g/t 3PGEs + gold over widths of 1.26m for UG2.
The PFS has met all the criteria set by the Industrial Development
Corporation ("IDC") enabling Lesego to issue a drawdown notice to the IDC
for an amount of R54 million, which will fully fund the proposed Definitive
Feasibility Study ("DFS").
This final drawdown brings the IDCs total
investment in Lesego to R150 million and is its 3rd and final payment for
its 23% effective stake in the project.
On the strength of the results of this PFS, the Lesego board has resolved to
embark on the completion of the DFS.
The DFS phase will include an updated
resource from 700m to 350m below surface and increase the indicated and
measured resources of the project.
Chief Financial Officer Marius Saaiman said: "We are excited to have reached
another important milestone on the Lesego Project which continues to show
remarkable consistency in grade, width and recoveries.
Progressing with the
DFS is the next step in unlocking shareholder value from this promising
project."
Contacts:
Village CFO | Marius Saaiman | | 2711 274
4602
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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