Business
Aflease Gold Commences Construction at Modder East
Aflease Gold Commences Construction at Modder East.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - The Toronto Stock Exchange\n\nTORONTO and JOHANNESBURG, South Africa, May 17 /CNW/ - sxr Uranium One\nInc. announced today that the Board of Aflease Gold Limited has approved the\ncommencement of the initial phase of the construction of the Modder East Gold\nMine located near the Town of Springs on South Africa's East Rand.\nActivities under the 20 million Rand program approved by the Aflease Gold\nBoard include site clearing and box cut excavation. The program also includes\nthe selection and training of workers, the provision of basic services and\nsurface infrastructure and the purchase of trackless development equipment for\nthe decline. A sod turning ceremony, to mark the commencement of the box cut,\nwill take place tomorrow (May 18) at the Modder East Project site.\nThe decision to fast track the Project reflects the confidence of the\nAflease Gold Board in the robust nature of the Project, based on internal work\nrecently done by the Company in connection with the preparation of a formal\nfeasibility study for the Project. The feasibility study will be audited by\nthe Company's independent engineering consultants, SRK Consulting. Assuming\nthe study confirms Aflease Gold's own assessment of the Project, formal\napproval to proceed with further Project construction and financing will be\nsought at that time from the Aflease Gold Board, and the Board of its parent\ncompany, sxr Uranium One.\nNeal Froneman, CEO of Aflease Gold and CEO and President of sxr Uranium\nOne, said: \"I am very gratified by the decision to get moving and by the\nconfidence shown in the Project by the Aflease Gold Board. The decision is\nalso a testament to three years of hard preparatory work on the project by our\nModder East technical team. I look forward to completing the board approval\nprocess in July and thereafter to the completion of the first new gold mine to\nbe developed in the East Rand in over two decades.\"\nThe projected Modder East mine would employ in excess of 1,000 people,\nthe majority of whom would be drawn from local communities. Further details on\nthe Project, including final projected capital expenditures and operating\ncosts, will be made available following completion of the feasibility study.\n\nAbout sxr Uranium One\n\nsxr Uranium One Inc. is a Canadian uranium and gold resource company w...