JOHANNESBURG, South Africa, May 3 /PRNewswire-FirstCall/ -- Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings excluding gains and losses on foreign exchange and exceptional items for the March 2007 quarter of R512 million compared with R564 million in the December 2006 quarter and R397 million for the restated March quarter of 2006. In US dollar terms net earnings excluding gains and losses on foreign exchange and exceptional items for the March 2007 quarter were US$71 million compared with US$76 million in the December 2006 quarter and US$63 million for the restated March quarter of 2006. March 2007 quarter salient features: - Acquisition of South Deep finalised as remaining Western Areas Limited shares purchased; - Equity raising successfully completed with gross proceeds received of R10.3 billion (US$1.4 billion), used to retire debt of R8.8 billion (US$1.2 billion); - Western Areas hedge retired cost effectively in a rising gold price environment by generating realised gains of US$21 million on the long gold delta position. A further US$20 million of marked to market losses were avoided based on the gold price as at the end of March of US$663 per ounce; - Attributable gold production 989,000 ounces at a cash cost of US$399 per ounce. Ian Cockerill, Chief Executive Officer of Gold Fields, said: "This quarter has been extremely challenging for Gold Fields. All operations with the exception of Driefontein showed a drop in production due to a combination of lower grades, volume and a slow start up post the Christmas break in South Africa, while Choco 10 continues to suffer as a result of water shortages. Unit cash costs have risen as a result of lower production. While the increase in the rand gold price achieved more than offset the lower production resulting in a 3 per cent increase in revenue, we are very focused on ensuring that our shareholders get the benefit of a higher gold price through increased earnings. As a result we have instituted a Group wide effort focusing on four key components of operational excellence, namely, safety and health, quality gold production, unit cost control and improved productivity. Delivery on these initiatives will see better performances from the operations in coming quarters." The full results are available on the Gold Fields website: http://www.goldfields.co.za/ DATASOURCE: Gold Fields Limited CONTACT: Gold Fields Limited: Reg. 1968/004880/06, 24 St Andrews Road, Parktown, 2193, Postnet Suite 252, Private Bag X30500, Houghton, 2041, South Africa, Tel +27-11-644-2400, Fax +27-11-484-0639, http://www.goldfields.co.za/; 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,

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