Gold One International makes key appointments to bolster management team

Gold One International (ASX, JSE: GDO) has made several key appointments in order to underpin its management team across the company’s asset base and project pipeline.

Gold One recently signed financing agreements with Investec Bank for the acquisition of Rand Uranium Limited, and its gold production of 28,511 ounces for the June 2011 quarter exceeded expectations at its newly built shallow Modder East mine in South Africa.

Dick Plaistowe has been appointed as senior vice president of surface operations and will also be joining the executive committee of the company.

Plaistowe has a track record of close to 40 years’ experience in the mining industry, having most recently been a director and chairman of mining consultancy Digby Wells Environmental.

He has previously held executive and board appointments for various South African listed mining companies, including Rand Mines Limited, RMP Properties Limited and Randgold and Exploration Limited. Plaistowe’s primary focus will be on the recently acquired surface operations at Rand Uranium.

With the appointments of mining engineers Collie Russouw and Wouter de Vos, operational capacity has increased.

Collie joins Gold One as vice president of mining in the projects team, and has previously held various senior positions at DRDGold Limited.

Wouter has joined Gold One as vice president of mining and will be seconded to the Cooke Operations at Rand Uranium once regulatory approvals for the acquisition have been received.

Wouter was until recently employed by First Uranium where he played an integral part in the re-commissioning of the Ezulweni operations as well as in the subsequent ramp up of production and commissioning of the gold and uranium plants.

Gold One announced its planned acquisition of Rand Uranium for a purchase price of US$ 250 million and the signing of a Sale of Shares Agreement to effect such on 24 May, 2011. The company expects that the transaction will be completed by the end of 2011.

Syd Caddy, an existing executive of Gold One and senior vice president of operations will be responsible for leading the planned turnaround of the Cooke underground operations at Rand Uranium following the necessary regulatory approvals being received.

Ollie Iberson will fulfil the role of underground manager for Cooke 2, with Danie de Klerk as underground manager for Cooke 3, and Dave Whittaker as mineral resource manager.

In addition Barry Smit, vice president of mining; Ian Hanrahan, engineering manager; and Ronnie Lousteau, human resources manager, will be permanently seconded to the Cooke Operations from Modder East.

Neal Froneman, Gold One president and CEO said “we are serious about making sure that Gold One has sufficient capacity to deliver on its strategy of value accretive growth and the planned senior appointments above are testament to our commitments.

"I am pleased to welcome our new employees to Gold One and am confident that our new appointments, together with the pre-existing strong and competent Rand Uranium team, will result in success.”

Gold One strategy for Rand

On August 29 Gold One signed financing agreements with Investec Bank for the acquisition of Rand Uranium Limited.

Gold One has already outlined a plan for the Rand acquisition, with includes the creation of separate surface and underground business units.

There will be a restructure and re-focus the underground operations, with an aim of enhancing mining efficiencies - and finding the optimal mining mix.

The plan is for uranium and gold production from the Cooke Dump by 2015, along with treating all ore at Cooke Plant within twelve months.

The company also has plans to implement a uranium co-product resource optimisation strategy.

Modder East mine

At the newly built shallow Modder East mine on the East Rand, some 30 kilometres from Johannesburg, Gold One's gold production of 28,511 ounces for the June 2011 quarter exceeded expectations, representing an 8.9% increase on the 26,188 ounces produced in the March quarter.

This was the third quarter in a row Gold One exceeded its production targets. Gold produced exceeded the quarter’s guidance of 28,000 ounces and total production during the first half of 2011 amounts to 54,699 ounces.

The company’s guidance of 120,000 ounces for 2011 remains on track as it continues to ramp up production at Modder East.

Gold One also owns the nearby existing Sub Nigel mine, which is used primarily as a training centre in the build-up of Modder East to full production.

Gold One’s other projects and targets include Ventersburg in the Free State Goldfields, the Tulo concession in Mozambique and the Etendeka greenfield project in Namibia.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19256/gold-one-international-makes-key-appointments-to-bolster-management-team-19256.html