"Below Information to be Update. Please see post 2015 ASX Announcements"

Exploration potential

As at October 2011, Mineral Resources at the TGME Project are estimated to total 2.794 million ounces, comprising 90,400 ounces Measured, 610,100 ounces Indicated and 2,093,700 ounces Inferred, as outlined in the following table:

Category Tonnage
(Mt)
Grade
(g/t Au)
Gold
(kg)
Gold
(`000 oz)
Measured Underground 0.17 4.77 811 26.00
Surface 0.15 1.59 240 7.70
Tailings 2.29 0.77 1,770 56.70
Total 2.62 1.08 2,821 90.40
Indicated Underground 2.76 5.87 16,184 519.60
Surface 3.17 0.88 2,811 90.30
Tailings 0.01 0.58 7 0.20
Total 5.94 3.20 19,002 610.1
Inferred Underground 14.54 3.91 56,832 1824.60
Surface 0.80 0.80 642 20.60
Tailings 2.45 3.07 7,516 241.60
Rock dump 0.12 1.59 192 6.20
Plant floats 0.04 0.54 22 0.70
Total 17.94 3.63 65,204 2,093.70
  Grand total 26.50 3.28 87,027 2,794.20

The near-term objective of the Company's exploration strategy is to identify an additional 330,000 to 3,070,000 ounces of Mineral Resources by end-2013. These additional Mineral Resources are proposed to initially come from the Beta, Vaalhoek, Rietfontein and Glynn's Mines. The Company is also currently assessing the commencement of a drilling program at the Bosveld Project in order to delineate further Mineral Resources.

The table below is a summary of the estimated ounces that are targeted with the exploration drilling. These target areas and ounces are based mainly on historical resource block information and the areas that have been targeted are those with historical resource data indicating values greater than 300 cmg/t or 3.00 g/t over a stoping width of 100 cm. This "cut off" was used as it is a possible economic cut off for this type of mining at shallow depths. The ranges or lateral or down dip extent of these conceptual target areas are not based on semi-variogram ranges of the mineralised zones but rather optimistic forecasts of potential pay areas above 300 cmg/t or 3.00 g/t over a stoping width of 100 cm.

MineMin g/t AuMax g/t AuSW (cm)Min tonnes (Mt)Max tonnes (Mt)Min ounces (Moz)Max ounces (Moz)
Vaalhoek (North) 1.00 4.00 100 2.1 6.5 0.07 0.84
Vaalhoek (South) 1.00 4.00 100 1.4 4.4 0.05 0.57
Beta 0.95 3.50 100 3.5 3.5 0.11 0.40
Rietfontein 2.02 6.51 100 0.5 3.0 0.03 0.63
Glynn ‘s – South Wharf 1.00 3.00 100 1.6 4.4 0.05 0.43
Glynn ‘s – Malieveld 1.00 3.00 100 0.4 1.0 0.01 0.10
Glynn ‘s – Compound Hill 1.00 3.00 100 0.5 1.1 0.02 0.11
Total       10.1 24.1 0.33 3.07

Note:
1. The Vaalhoek and Glynn's exploration target ranges are based on a number of assumptions in terms of geological structure and reef occurrence from the limited information available.
2. It is uncertain if further exploration will result in the determination of a resource from these targets.

In addition, the Company is proposing an upgrade of between 399,000 and 665,000 ounces from Inferred to Indicated by end-2013 at the Beta Mine and drilling has commenced on a grid of 200 metres. The table below summarises the estimated range of ounces that might be converted to Indicated Resources from the current Inferred Resources. This is based on an area of 131 hectares and a value of the area from the current estimation model of 3.51g/t Au over a stoping width of 100cm. The minimum and maximum value is 25% on either side of this mean estimate.

MineMin g/t AuMax g/t AuSW (cm)Min tonnes (Mt)Max tonnes (Mt)Min ounces (Moz)Max ounces (Moz)
Beta 2.63 4.38 100 4.7 4.7 0.399 0.665

Beyond these current strategies, the Company has access to nearly 40 additional historic mines and prospect areas that can be accessed and explored.

Drilling programs are currently underway. Assuming that the maximum ranges for anticipated gold recovery are achieved, the discovery rate will be approximately $3 per ounce.