Gold Fields Acquires an Additional 2.3% of the Shares of Bolivar Gold Corp.
December 21 2005 - 7:00AM
PR Newswire (US)
JOHANNESBURG, South Africa, Dec. 21 /PRNewswire-FirstCall/ -- Gold
Fields Limited (Gold Fields) (NYSE:GFI)(JSE:GFI) announces that
since December 12, 2005 it has acquired a further 2,600,600 common
shares (TSX: BGC) of Bolivar Gold Corp. (Bolivar) through the
facilities of the Toronto Stock Exchange. As a result, Gold Fields
currently holds 17,530,444 common shares of Bolivar, representing
approximately 15.5% of the common shares and 6,172,222 warrants of
Bolivar, representing a further approximately 5.1% of the common
shares on a partially diluted basis, resulting in a combined
ownership of 19.85%. Gold Fields and Bolivar announced on November
21, 2005, that the companies had entered into an agreement by which
all of the outstanding securities of Bolivar will, through a
court-approved plan of arrangement, be combined with Gold Fields
for a total cash consideration of approximately US$330 million
(approximately ZAR 2.2 billion). 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. DATASOURCE: Gold Fields
Limited CONTACT: South Africa, Willie Jacobsz, +27 11 644-2630, or
Fax, +27 11 484-0639, , or Nerina Bodasing, +27 11 644-2460, or
Fax, +27 11 484-0639, , or North America, Cheryl A. Martin,
+1-303-796-8683, or Fax, +1-303-796-8293, , all of Gold Fields
Limited Web site: http://www.goldfields.co.za/
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