Bolivar Shareholders Approve Gold Fields Offer
January 12 2006 - 1:03PM
PR Newswire (US)
JOHANNESBURG, South Africa, January 12 /PRNewswire-FirstCall/ --
Gold Fields Limited (Gold Fields) (NYSE:GFI)(JSE:GFI) is pleased to
announce that share- and warrant holders of Bolivar Gold Corp.
(Bolivar)(TSX:BGC) today voted overwhelmingly in favour of the plan
of arrangement through which Gold Fields proposes to acquire
Bolivar. 76.7% of shares and 82.1% of warrants "present and voting"
at the meeting were voted in favour of the transaction. 96.1% of
all outstanding shares and 81.0 % of all outstanding warrants were
represented at the meeting. The next step in the plan of
arrangement process is for the Supreme Court of the Yukon Territory
of Canada to consider the transaction, which hearing is scheduled
for 19 January 2006. If court approval is obtained, the transaction
is expected to close by the end of January 2006, subject to the
completion or waiver of any outstanding contractual conditions.
Commenting on the successful outcome of the meeting, John Munro,
Executive Vice President: Head of Corporate Development at Gold
Fields said, "We are delighted with the outcome of today's vote and
are confident that Gold Fields' ownership of the Choco 10 mine, and
advanced plans for exploring the highly prospective surrounding
area, will contribute positively to the development of the mining
industry in Venezuela." Ian Cockerill, Chief Executive Officer of
Gold Fields added, "Today is another successful milestone in
implementing our growth strategy. With Chico 10 as a strong
operational platform, we are well placed to grow our activities in
what we believe to be a highly prospective gold region, bringing us
closer to our aim of achieving an additional 1.5 million ounces of
international production by 2009." Gold Fields is one of the
world's largest unhedged gold producers, with annual gold
production of approximately 4.2 million ounces from mines in South
Africa, Ghana and Australia as well as a developing mine at Cerro
Corona in Peru. The Company has reserves of 64.8 million ounces and
mineral resources of 174.5 million ounces. Gold Fields has its
primary listing on the Johannesburg Securities Exchange and
secondary listings on the NYSE, LSE, Euronext in Paris and
Brussels, and on the Swiss Exchange. All of Gold Fields' operations
are ISO 14001 certified. Bolivar Gold Corp. is a gold exploration,
development and production company. At its 95%-owned Choco 10
property in Venezuela, drilling has confirmed near-surface proven
and probable ore reserves of 1.3 million ounces. The 5,400 tonne
per day Choco 10 operation commenced commercial production in
August 2005. Bolivar Gold intends to exploit this reserve while
continuing to pursue the exploration potential of the Choco 10
property, as well as throughout the El Callao district in
conjunction with its joint venture partner, Gold Fields Limited.
Enquires: South Africa Willie Jacobsz Tel +27-11-644-2460 Fax
+27-11-484-0639 Nerina Bodasing Tel +27-11-644-2630 Fax
+27-11-484-0639 North America Cheryl A Martin Tel +1-303-796-8683
Fax +1-303-796-8293 DATASOURCE: Gold Fields Limited CONTACT:
Enquires: South Africa, Willie Jacobsz, Tel +27-11-644-2460, Fax
+27-11-484-0639, , Nerina Bodasing, Tel +27-11-644-2630, Fax
+27-11-484-0639, , North America, Cheryl A Martin, Tel
+1-303-796-8683, Fax +1-303-796-8293,
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