Microsoft Word - 2014.12.01 - Receipt of Bidders Statement ASX Announcement

01 December 2014

SEMAFO Inc Bidder 's Statement Received

Orbis Gold Limited ("Orbis Gold" or "the Company") advises that it has today received a Bidder's Statement from SEMAFO Inc. ("SEMAFO") in relation to its unsolicited offer to acquire 100% of Orbis Gold's issued ordinary shares for cash consideration of A$0.65 per share (the "Offer").
As previously announced to the market on 16 October 2014, the Offer is conditional and subject to minimum acceptance by 50.1% of Orbis Gold shareholders.
Orbis Gold will shortly release its Target's Statement to shareholders in response to SEMAFO's Bidder's Statement. The Target's Statement will contain all the information Orbis Gold shareholders will need to consider the Offer as well as the key reasons for the Board's recommendation.

The Board reiterates that it unanimously REJECTS the SEMAFO Offer and advises shareholders to TAKE NO ACTION in relation to the SEMAFO Offer at this time.

Orbis Gold and its advisers continue to be in active discussions with third parties regarding superior alternatives to SEMAFO's proposed Offer. The Board will advise shareholders of any developments in this regard, if any, in due course.

For more information please contact:

Mr Peter Spiers

Managing Director

Ph: +61 (0)7 3198 3042

Mob: +61 (0)409 407 265

Mr Peter Harding‐Smith

Company Secretary

Ph: +61 (0)7 3198 3043

Mob: +61 (0)488 771 588

Merrill Lynch Markets (Australia) Pty Limited Nick Chappel

Director

Ph: +61 (2) 9226 5347

Mob: +61 (0) 427 406 670

Maxit Capital LP

D. Bob Sangha

Chief Executive Officer

Ph: +1 416 646 7877

MAGNUS Corporate and Financial Communication John Gardner

Ph: +61 (0)413 355 997

Matthew Gerber

Ph: +61 (0)419 423 405

Further information on Orbis Gold can also be found on our website www.orbisgold.com


ASX Code: OBS 1 www.orbisgold.com

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