Queries
Tel:
Mobile:
E-mail:
Australia
Andrea Maxey
+61 8 9425 4604
+61 438 001 393
amaxey@anglogoldashanti.com.au
South Africa
Steve Lenahan
+27 11 637 6248
+27 83 308 2200
slenahan@AngloGoldAshanti.com
Michael Clements
+27 11 637 6647
+27 82 339 3890
mclements@AngloGoldAshanti.com
USA
Charles Carter
Toll Free 800 417 9255
+ 1 212 750 7999
cecarter@AngloGoldAshanti.com
Disclaimer
Except for historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For discussion of important factors including, but not limited to development of the Company's business the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended 31 December 2003 which is filed with the Securities and Exchange Commission on 19 March 2004.
13 December 2004
AngloGold Ashanti and Oxiana form exploration alliance
AngloGold Ashanti Ltd has taken another step forward in its new frontiers growth strategy, today announcing an exploration alliance with Oxiana Ltd to explore for gold in Laos.
As part of this growth strategy the company's business development team has been assessing opportunities in prospective, but under-explored, new frontier regions.
The agreement with Oxiana follows the investment in Trans-Siberian Gold in Russia and a strategic alliance in the Philippines with Red 5 Ltd.
Laos is highly prospective for both gold and copper, but is under-explored. This initiative aims to further unlock Laos' gold potential by combining AngloGold Ashanti's technical expertise with Oxiana's in-depth country knowledge and operating experience.
The alliance will explore for gold throughout the country, excluding all areas currently held or under application by Oxiana.
Key terms of the Exploration Alliance Agreement are summarized as follows:
•
The generative phase will be funded jointly by AngloGold Ashanti and Oxiana. Oxiana will be the initial Manager with both Oxiana and AngloGold Ashanti personnel seconded to the Alliance.
• Projects generated will be owned 50% by AngloGold Ashanti and 50% by Oxiana.
•
AngloGold Ashanti has an option to earn an additional 10% equity in any project generated by either sole funding the first $US10 million of expenditure where a project is still early stage (pre-drilling) or sole funding through to completion of a bankable feasibility study (BFS) where a significant drill intersection has already been made.
more
Queries
Tel:
Mobile:
E-mail:
Australia
Andrea Maxey
+ 61 8 9425 4604
+ 61 438 001 393
amaxey@anglogoldashanti.com.au
South Africa
Steve Lenahan
+27 11 637 6248
+27 83 308 2200
slenahan@AngloGoldAshanti.com
Michael Clements
+27 11 637 6647
+27 823393890
mclements@aAngloGoldAshanti.com
USA
Charles Carter
Toll Free 800 417 9255
+ 1 212 750 7999
cecarter@AngloGoldAshanti.com
Disclaimer
Except for historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For discussion of important factors including, but not limited to development of the Company's business the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended 31 December 2003 which is filed with the Securities and Exchange Commission on 19 March 2004.
•
Oxiana is free to explore Laos for copper and any copper projects generated in the course of exploration by the AngloGold Ashanti-Oxiana alliance will revert 100% to Oxiana.
•
Oxiana may sole fund gold projects not of interest to AngloGold Ashanti, however, AngloGold Ashanti retains the right to claw back up to 60% in any projects by proving up a 2 million ounce gold resource (JORC compliant) within 24 months and then sole funding the project to completion of a BFS. Projects of less than 2 million ounces will revert 100% to Oxiana.
ends
