baker steel, page-6

Hurricane, you sound surprised. There's been a loss of interest in GDO on HC but it's fundamantals are still strong. It's the Rand deal that adds uncertainty, IMO. But I think it's seriously value adding.

Here's something I read recently;

" In 2010, Rand 163 koz of gold @ US$1,222/oz from three underground shafts with additional surface ore supply. While underground ore has predominantly been treated at Harmony?s Doornkop plant, Rand Uranium owns the Cooke Plant which was constructed in 1978 and was originally designed to treat high grade gold ores from the adjacent Cooke 1, 2 and 3 shafts. It has a nameplate capacity of 280 kilo tonnes per month. The Cooke Plant is currently treating surface material from Dump 20. The company has reserves of 1.96 Moz Gold and resources inclusive of reserves of 13.46 Moz Gold. Rand Uranium also hosts an impressive uranium mineral resource and mineral (ore) reserve base of 90 Mlb and 41 Mlb, respectively. Gold One has secured a US$210m underwritten facility from a leading international financial institution which will be available to fund part of the purchase price [24 May 2011].

? Financing agreements signed with Investec Bank Limited totalling ZAR 1.47b (US$210m) consisting of a) ZAR 945m 5 year term debt facility; and b) A two year senior secured amortising term loan facility of up to ZAR 525m (GOA Facility) which may be repaid through the issue of Gold One shares or settled in cash at Gold One?s election. The funds will be used to finance the Rand Uranium acquisition which is scheduled for completion by the end of 2011 [30 Aug 2011]."