Sibanye Gold declares significant increase in mineral reserves
Sibanye Gold Limited
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye Gold” or “the Company”)
SIBANYE GOLD DECLARES SIGNIFICANT INCREASE IN MINERAL RESERVES
Westonaria, 17 February 2014: Sibanye Gold Limited (JSE: SGL &
NYSE: SBGL) is pleased to advise stakeholders that at 31 December
2013, its economically extractable gold Mineral Reserves have
increased by 46% to 19.73Moz (net of 1.48Moz depleted from mining
in 2013). This increase in Mineral Reserves will significantly
enhance and extend Sibanye Gold’s Life of Mine (LOM) production
profile. All of the declared Mineral Reserves are above current
infrastructure.
The Mineral Resources and Mineral Reserves, have been revised
taking into account, inter alia, lower operating costs, improved
efficiencies and improved mining quality factors at its
operations. This follows significant restructuring and the
implementation of a new operating model.
Highlights include:
- Capex maintained at approximately R3-R3.5 billion per annum.
- Successful results from the economic and technical
assessment of previously unmined areas.
- A maiden gold and uranium Mineral Resource declared at Beisa
Reef Section at the Beatrix West Section.
- Positive results from the pre-feasibility study on the West
Rand Tailings Retreatment Project and the Driefontein 1
Shaft Pillar extraction project.