GFI Gold Fields Ltd

JOHANNESBURG, South Africa, January 12 /PRNewswire-FirstCall/ -- Gold Fields Limited (Gold Fields) (NYSE:GFINYSE:andNYSE:JSE:NYSE:GFI) is pleased to announce that it has completed the acquisition of the Cerro Corona Project in Northern Peru. Completion of this acquisition means that Gold Fields now owns 92% of the voting interest (80.7% of the economic interest) in Sociedad Minera La Cima SA, which owns the Cerro Corona Project and other mineral properties in the Cajamarca district. Construction of the Project is expected to commence in February 2006, leading to first production towards the end of calendar 2007. The Project involves the development of a 91 million ton gold/copper porphyry deposit at a capital cost of US$277 million. The project has reserves of some 2.9 million ounces of gold and 480,000 tons of copper, or approximately 5.4 million ounces of gold equivalent. The Project is expected to produce approximately 2.3 million ounces of gold and 412,000 tons of copper over its 15-year life, averaging some 300,000 ounces per year of gold equivalent. However, production in the initial years of the project will be closer to 400,000 ounces per year. The Cerro Corona deposit is located within a well-endowed mineralised trend in the Hualgayoc mining district, about 35 kilometres north of the well known Yanacocha mine and approximately 90 kilometres by road north of the Departmental capital of Cajamarca in the western Cordillera of the Andes Mountains. 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. DATASOURCE: Gold Fields Limited CONTACT: Enquiries - 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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