Name of the Project
White Rivers Exploration (WRE) and Harmony Gold Mining Joint Venture (JV).

Location
Located in the he Free State, South Africa, the JV project covers a 9.56 km² area directly abutting Harmony Gold’s operating Target mine. The gold resource is contained within the JV area and a 1 km surrounding buffer zone, which attracts a net smelter royalty payable to Harmony Gold.

Client
The project is a JV between WRE (65%) and Harmony Gold Mining.

Project Description
WRE and Harmony have announced the discovery of a major gold deposit, which could lead to one of the country’s first new gold mines in 25 years.

The resources contain 11.5-million ounces of gold at a grade of 8.89 g/t of gold.

A scoping study completed on the project has shown very impressive economic returns, with gold recovery exceeding 6.68-million ounces over the more than 30-year mine life from the measured, indicated and inferred resources.

Mining will target multiple high-grade gold reefs at depths of 1 100 m to 2 200 m below surface over the life-of-mine at a production rate of 250 000 oz/y to 300 000 oz/y of gold.

The JV project is also highly prospective for uranium. According to WRE’s website, the mining and extraction of the gold deposit will include:
• rehabilitation of Target No 3 Shaft and associated infrastructure;
• early development and mining after about 12 months using Target No 3 Shaft, which will bring gold production forward;
• re-equipping Target No 2 Shaft and all associated surface and underground infrastructure;
• all production hoisting being switched in mine life years 10 to 11 to Target No 2 Shaft, with production tonnages to be sourced from areas accessed by the conveyor decline system linked to the shaft – this should allow for a full ore production rate of 100 000 t/m from Target No 2 Shaft, in addition to Target No 3 Shaft operations; and
• accessing deeper portions of the JV orebody as mining progresses using Target No 2 shaft and associated conveyor declines.

Jobs to be Created
Not stated.

Value
Not stated.

Duration
Not stated.

Latest Developments
Scoping study results show impressive economic returns over a 33-year mine life and the JV partners have now approved that the project progress to a full prefeasibility study.

Using Target No 3 Shaft to gain access for early production will be key in delivering a strong economic evaluation.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
WRE, tel +27 11 431 1191, fax +27 11 431 1193 or email info@whiterivers.co.za.