JOHANNESBURG, South Africa, October 11 /PRNewswire-FirstCall/ -- Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) is pleased to announce that agreement has been reached in terms of which Gold Fields will sell its current 60% stake in the Essakane project located in Burkina Faso, West Africa, to its partner in the project, Orezone Resources Inc. (Orezone) (TSX:OZN), for a minimum total consideration of US$200 million. Orezone will pay Gold Fields US$150 million in cash and US$50 million in Orezone securities or US$200 million in cash at Orezone's election. Ian Cockerill, Chief Executive Officer of Gold Fields, said: "While the Essakane project is expected to make a good return and deserves to be built, Gold Fields' relatively small stake in the project mitigates against it becoming a Gold Fields franchise asset. We believe that Orezone is well positioned to turn this asset to account." To date Gold Fields has spent a total of US$47million on the project. The sale price represents a significant return on investment for Gold Fields. The proceeds from the sale will be reinvested to create value for Gold Fields' shareholders. Options under consideration include, inter alia, debt reduction and the funding of Gold Fields' extensive capital investment portfolio. Cockerill added that this sale did not detract in any way from Gold Fields' often stated strategy of international growth: "We have definitely not changed course and our aspiration to grow our international portfolio with appropriately sized, value adding assets, remain as strong as ever." The transaction is subject to a number of conditions, including Orezone securing net proceeds of at least US$150 million through a public offering of its securities, and approval of the transaction by the South African Reserve Bank. Gold Fields and Orezone expect the transaction to close towards the end of November. The Essakane Project is the largest gold deposit in Burkina Faso, West Africa. The Definitive Feasibility study envisions a surface mine and CIL facility processing an average of 5,400,000 tonnes per annum. The project has 4.0 million ounces of measured and indicated resources and 1.3 million ounces of inferred resources at a 0.5 g/t cut-off. Reserves contained within a US$500 gold price mine plan are 2.65 million ounces. The project will take 18 months to construct at a total capital cost of US$346 million. Once operational, the mine is expected to produce an average of 292,000 ounces of gold per annum at cash cost of US$356 per ounce. Orezone is an explorer and emerging gold producer. The company has a pipeline of advanced and grassroots projects, all located in politically stable areas of West Africa which is one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner. Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of 4.0 million ounces per annum, mineral reserves of 94 million ounces and mineral resources of 252 million ounces. The Group employs some 47,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) as well as the Dubai International Financial Exchange (DIFX). DATASOURCE: Gold Fields Limited CONTACT: Enquiries: Willie Jacobsz, Tel +27-11-644-2460, Fax +27-11-484-0639, Mobile +27-82-493-1377,

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