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Update on public announcement made on 8 September 2016 in connection with the Harmony Joint Venture

White Rivers Exploration Proprietary Limited (WRE), the South Africa-focused gold developer, wishes to clarify certain information provided in the public announcement made on 8 September 2016 in connection with the WRE-Harmony Joint Venture (the JV). This announcement should also be read in conjunction with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) Compliant resource declaration):

  1. The JV is between, Loraine Gold Mines Limited (Loraine), Avgold Limited (Avgold) (subsidiaries of Harmony Gold Mining Company Limited (the Harmony Group) and WRE
  1. A shelf company, Friedshelf 1541 Proprietary Limited (Friedshelf) will be used as the vehicle for the JV
  1. The JV covers the following areas as defined in the respective Joint Venture Agreements:
    • The Project Area – The Friedshelf Prospecting Right
    • The Buffer Zone Area constitutes a 1 (one) kilometre perimeter around the Project Area
  1. The total resource mentioned of 11.4 million ounces of gold and 4.2 million kilograms of uranium includes both the Project Area and the Buffer Zone:
    • The Project Area resource is estimated to contain 2.2 million ounces of gold and 0.2 million kilograms uranium
    • The Buffer Zone is estimated to contain 9.3 million ounces of gold and 3.7 million kilograms of uranium
  1. The Harmony Group owns 100% of the Buffer Zone and has agreed to contribute the Buffer Zone resources to Friedshelf, subject to:
    • A Decision to Mine being taken by Friedshelf following the completion of a bankable feasibility study (only a scoping study has been completed to date)
    • Commercial terms having been agreed with the Harmony Group
    • Harmony Board approval

The resource attributable to the Harmony Group within the Buffer Zone area (100%) and the Project Area (35%) has not to date been declared by the Harmony Group.

Media contact:

Kat Fremlin

Brand One Group

+61 (0)451 954 858

kfremlin@brand-one.com.au

 

Download Announcement_Clarification Note (PDF)

Download Annexure _ Clarification Note JORC_ Table 1_WRE_Harmony (PDF)