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Friday, 20th March 2009 (1973 views)

Virgile Mining has submitted an offer of R200 million (£14.4 million) for the President Steyn gold mine in South Africa.

Located in the Free State, the President Steyn gold mine is currently owned by Pamodzi Gold, the Sapa news agency reported.

Hettie Fourie, chief executive of Virgile Mining, revealed that the final offer will be dependant upon the "state" of the mine and a due diligence audit of the facility will be conducted this month.

In a telephone interview, the Virgile boss revealed that the offer was made months ago and the company wants to preserve the mine operation for the benefit of the local community.

Pamodzi Gold purchased the President Steyn gold property from Thistle Mining in February 2008 and is now seeking to sell it to address a funding shortfall.

Listed on the Johannesburg Stock Exchange, Pamodzi Gold is a junior mining firm with assets on the Witwatersrand gold basin in South Africa.

 

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