AMN - SOUTH AFRICA: Galane fulfils empowerment obligation

Galane Gold has completed the donation of 17% of the total issued share capital of Galaxy Gold Mining (Pty) Ltd to the Phakamani Foundation NPC as part of its empowerment requirements in South Africa.

Phakamani is a development micro-finance institution that envisages South Africa as a country in which even the poorest entrepreneur can create a micro-enterprise and build a dream.

Since inception in 2008, the foundation has issued over US$32 million in loans to over 96,000 different women. Each client has been exposed to an integrated program of basic business training, group loans, and on-going support.

Phakamani’s end goal is to lead its clients towards a liveable income, savings, and hope for the next generation.

Further information on Phakamani and its activities in South Africa can be found on their website http://phakamanifoundation.org/

Phakamani's CEO Mark Tucker said: “Phakamani cannot do this alone and we are delighted that Galaxy is partnering with us to enrich the development of the poorest people in South Africa.”

Galane Gold CEO Nick Brodie said: “We are delighted that Phakamani has agreed to partner with us and believe its aspirations to empower the poorest people within South Africa embodies Galaxy’s requirement to empower the historically disadvantaged.”

In addition to the donation of the Galaxy shares to Phakamani, Galaxy’s subsidiary Galaxy Gold Reefs (Pty) Ltd has donated 5% of its total issued share capital to a community-based trust and 5% to a local employee share scheme.

With these three donations, Galaxy has fulfilled its obligations with regards to Black Economic Empowerment.

Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange.

Galane’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs.

www.GalaneGold.com