Pan African Acquires Evander Gold Mines Ltd

Posted: 15th February 2013 09:55

Pan African and Harmony are pleased to advise their shareholders that the last remaining condition precedent to the Transaction has been fulfilled following receipt of the consent required in accordance with section 11 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002.
Accordingly, the Transaction is now unconditional.

Pan African shall assume effective control over Evander on 28 February 2013.

Jan Nelson, CEO of Pan African said:

"We are delighted to finally take full control of Evander - a world class ore body and exceptional team of people will ensure that Pan African continues to deliver profitable, sustainable stakeholder growth. In addition to the 100koz of annual gold production, Evander also provides Pan African with a project pipeline that provides for significant growth possibilities and flexibility.  I would like to thank Harmony on behalf of the board of Pan African for the manner and spirit in which the transaction was concluded. We welcome the Evander team and look forward to an exciting future."

Graham Briggs, CEO of Harmony said:

"The proceeds from the Evander sale further strengthen Harmony's cash position.  We are leaving Evander in the hands of a capable management team, who we believe will run the mine in a sustainable manner."

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