South African mining company Simmer & Jacks Mines is to invest R300-million to re-open the high-grade Five Shaft at its Buffelsfontein operation in North West and to accelerate the exploration and development of the heap leach potential at its Mpumalanga-based subsidiaries. The Buffelsfontein high-grade Number Five Shaft was rendered inaccessible following a seismic event in March 2005. An independent technical report has confirmed the valuation of Buffelsfontein, including Five Shaft, at an NPV of R2.372-billion using a nominal discount rate of 15.23%, an average life of mine gold price of US$629 per ounce and an exchange rate of R7.51 to the US dollar. Rehabilitation of the shaft has been underway since September 2006 and 80 percent of the rehabilitation on the Main Shaft barrel has already been completed. The project is expected to cost R170-million.