wage negotiation concluded

Some good news overnight from the JSE site....some certainty at last.

GOLD ONE CONCLUDES A THREE YEAR WAGE AGREEMENT WITH THE NATIONAL UNION OF
MINEWORKERS
Gold One is pleased to announce that it has concluded a three-year wage
agreement with the National Union of Mineworkers ("NUM"). The agreement is
effective from 1 January 2010 to 31 December 2012. Striking employees (Patterson
grades A and B) have agreed to return to work with effect from the start of
dayshift on Wednesday, 28 April 2010.
Gold One`s original, carefully considered wage offer, tabled prior to the
commencement of the industrial action on Tuesday, 23 March 2010, has been
accepted by the NUM. The offer has been re-packaged at the request of the NUM
but the quantum to the company remains the same. The agreed increases are
significant, fair and reasonable and take cognisance of industry norms. The
increases are included in the projected cash costs for 2010, 2011 and 2012 as
they were incorporated into the relevant budgets during the 2009 business
planning cycle.
The average basic salary increase for 2010 is 10%, for 2011 it is 11.5%, and 26%
in 2012. The increases coupled with the allowances below will ensure that
employees benefit in the expected prosperity of the company. In addition, Gold
One will implement a living out allowance, a travelling allowance and allowances
for meal breaks. A living out allowance of ZAR225.00 per month for 2010 and 2011
increasing to ZAR400.00 per month for 2012 will be implemented.
Commented Gold One President and Chief Executive Officer, Neal Froneman: "I am
delighted that this impasse has been resolved. We remained steadfast under very
difficult circumstances throughout the strike because we believed that our
original offer was significant, fair and reasonable and would ensure long-term
sustainability of the mining operations, while also ensuring job retention and
creation. My thanks go to those employees who ensured that production continued
thereby putting Gold One in a position to negotiate these increases to a logical
conclusion."
Issued by Gold One International Limited
Website: www.gold1.co.za
Johannesburg
22 April 2010
For further information contact:
Date: 22/04/2010 12:54:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department