INTERCEPTS Thu 31/07/2014

Village positive after Q3 production slump

8th May 2012

JOHANNESBURG, May 8 – Village Main Reef tips a solid improvement in the June 2012 quarter after the usual seasonal slump in the March quarter (Q3) dropped its net cash flow to R73.2M, down 58.2% from R175.1M in Q2.

Q3 gold production from Buffels and Tay operations in South Africa was 1237kg (Q2: 1388kg). Antimony production from Cons Murch was 909 tons (837t).

CEO Bernard Swanepoel says the company focused during Q3 on building its long-term sustainability by reducing costs, investing in development and opening up additional pay areas.

The Blyvoor acquisition is on track for Part A completion during Q4 while an independent financial advisor is being appointed to evaluate the binding R1B offer from Tannous Investment Group for the Tau operations, although Village considers the offer well short of its own valuation. The company looks more favourably on the R85M non-binding offer for Weltevreden assets, although the offer is still subject to due diligence and other conditions.



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