About Taung Gold
Taung Gold is a gold developer, founded and incorporated in South Africa in 2004 by mining entrepreneurs Dr David Twist and Rudolph de Bruin. The company's fundamental strategy remains to acquire gold properties that have the potential to be developed into world-class operating mines.
On 1 February 2008 Taung agreed entered into an agreement with ARMGold/Harmony to acquire 100% of Jeanette. Ownership transferred fully in 2013, allowing Taung to proceed confidently with its mine planning and evaluation. The property has been and is still being drilled on behalf of Taung, providing a sound knowledge of the resource and its structure.
At present TGFS is consolidating several Prospecting Rights (including the Prospecting Right over the Project) into a single Prospecting Right. An application to convert this consolidated Prospecting Right into a Mining Right has been submitted to the DMR.
Clearly, once the existing prospecting rights are consolidated, the area over which Taung has applied for a mining right is greater than that bought from ARMGold/Harmony. Furthermore, no gold was mined by any of the previous owners of the project and Taung is planning to use only a part of the existing (and limited) infrastructure. As a result, Taung purchased a Prospecting Right to which it has added adjacent prospecting rights by way of a S102 application and has applied for a mining right over the consolidated area.
Jeanette, like the Evander No 6 shaft project, will be a brand new mine. As a result it is entitled to the capital allowance applicable to new mine developments under South African legislation.
Evander consists of two adjacent properties, No. 6 Shaft and Twistdraai, located within the eastern Evander goldfield area.