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Gold Reef Buys Larger Stake in Silverstar

19 July 2006

SOUTH AFRICA – As reported by MoneyWeb: "Gold Reef Resorts and its empowerment partner Akani Leisure Investments have exercised their option to up their stake in Silverstar, the sixth and last casino licence in Gauteng.

"The two companies have the right to all of Silverstar, which is to be built in Krugersdorp, but have decided to take up 92%.

"…Gold Reef and Akani have been through a drawn-out battle to obtain the licence. In March last year, the Supreme Court dismissed an appeal by the Gauteng Gambling Board and upheld a high court decision to award a casino licence to Gold Reef and Akani.

"…Gold Reef share price remained unchanged yesterday at R14,20."

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