Jeanette Gold Project

 mine  Add category

This is Lease boundary for Taung Gold's Jeanette Project which is the original mining lease the former Jeannette Gold Mine which was owned and operated by Jeannette Gold Mines Limited and has been closed since 1955. Sephaku Holdings owns a 30% interest in Taung Gold Limited (Taung) and a 30% interest in Sephaku Gold Exploration (Pty) Ltd (SGE).

Jeanette is located within the Welkom Goldfield, 270 km southwest of Johannesburg. It includes several farms over which Taung holds a single New Order Prospecting Right. The area is bordered by Harmony’s Target, Tshepong and Phakisa mines which collectively produced 374 847oz of gold in2010.Development of the Jeanette mine began in 1951 by Anglo American Corporation and was subsequently suspended in 1955 prior to production, as a result of unfavourable market conditions, technical difficulties associated with Khaki Shale and the prospect of significantly better mining opportunities elsewhere in the Welkom Goldfield. But with modern mining methods, support practices and changed market conditions, Jeanette now presents a very attractive investment opportunity with accessible high grade resources and the potential for significantupside, as confirmed by the June 2010 Scoping Study completed by Minxcon. The study demonstrated a potential
production profi le of up to 380 000oz per annum, with average cash costs of US$322/oz
over an estimated 30 year LOM, at an average recovered grade of 6.95g/t, with SAMREC and JORC compliant gold resources of 15.2Moz respectively.

Taung Gold Limited (Taung Gold) is a gold exploration and development company focused on developing assets in South Africa. The company holds an impressive portfolio combining two flagship projects, Evander in the Mpumalanga Province and Jeanette in the Free State Province, with combined mineral resources of over 24.0 million high grade ounces, as well as several other greenfields development projects, all with significant upside potential.

Taung Gold’s two flagship projects are progressing to pre-feasibility study and the company is considering various options for listing. On April 15-2011 87% of Taung Gold Limited was purchased by Wing Hing International (Holdings) Limited for US$580 million.

References for information:
www.taunggold.com/
www.sephaku.co.za/projgold.html
www.sephaku.co.za/pdf/CPR%20Taung%20Gold.pdf
www.taunggold.co.za/fs/Taung%20Gold%20FS_15Mar.pdf

Gold Mines of Witwatersrand Basin:
www.saimm.co.za/Journal/v073n06p184.pdf