Gold One International's (ASX, JSE: GDO) gold production of 28,511 ounces for the June 2011 quarter has exceeded expectations, representing an 8.9% increase on the 26,188 ounces produced in the March quarter.
This is the third quarter in a row Gold One has 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 in South Africa.
Neal Froneman, Gold One president and chief executive officer, said “I am pleased that despite the disruptions caused by the extensive public holidays over the Easter period, the continued production ramp up at Modder East has remained in line with our expectations and plans.
"With half year production exceeding our guidance by some 1,700 ounces I remain confident of attaining our 120,000 ounce gold production target for 2011.”
On May 16, Gold One invited a consortium of Chinese investors to become a long term strategic partner and major shareholder in the company in a transformational transaction.
The consortium will invest at least A$150 million (ZAR1.1 billion) to secure a 60% to 75% stake in Gold One.
On July 1 the company was informed that the conditions for the African Global Capital (AGC) acquisition are now unconditional, signifying a major step in the completion of this process.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17698/gold-one-international-gold-production-continues-to-exceed-expectations-with-89-increase-17698.html
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