Directors: A J Wright (Chairman), I D Cockerill
†
(Chief Executive Officer),K Ansah
#
, N J Holland
†
(Chief Financial Officer), G Marcus,
J M McMahon
†
, J G Hopwood, D M J Ncube, R L Pennant-Rea
†
, P J Ryan, C I von Christierson
†
British,
#
Ghanaian,
Corporate Secretary: C Farrel
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
www.goldfields.co.za
Enquires
South Africa
Nerina Bodasing
Tel +27 11 644-2630
Fax +27 11 484-0639
Nerina.bodasing@goldfields.co.za
MEDIA RELEASE
GOLD FIELDS SELLS 60% STAKE IN ESSAKANE PROJECT
FOR US$200 MILLION AND ACQUIRES 12.2% INTEREST IN
OREZONE RESOURCES INC.
Johannesburg, 27 November 2007
: Gold Fields Limited (“Gold Fields”)
(NYSE, JSE, DIFX: GFI) is pleased to announce the successful closing of the
transaction announced on 10 October 2007, as a result of which Gold Fields
sold its 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 paid Gold Fields US$150 million in cash and issued 41,666,667
common shares having an aggregate subscription price of US$50 million to
its wholly-owned subsidiary Gold Fields Essakane (BVI) Limited (“Gold Fields
Essakane”). Following the acquisition, Gold Fields owns 41,666,667 common
shares of Orezone, representing 12.2% of Orezone’s issued and outstanding
common shares. Gold Fields acquired the common shares of Orezone for
investment purposes and has no present intention of acquiring ownership of,
or control over, additional securities of Orezone.
The Essakane Project is a late stage development project located in Burkina
Faso, West Africa. A bankable feasibility study was recently completed which
envisioned a surface mine/CIL operation processing an average of 5,400,000
tonnes per annum. The project has an indicated and inferred resource of 3.8
million ounces of gold at a 1.0 g/t cutoff and a contained reserve of 2.65
million ounces. The project will take 18 months to construct at a total capital
cost of US$346 million, and first gold is expected to be poured by early 2010.
Once operational, the mine will produce an average of 292,000 ounces of
gold per annum.
Orezone is an explorer and emerging gold producer with a pipeline of
advanced and grassroots projects in politically stable areas of West Africa.
West Africa is one of the world’s fastest growing gold producing regions.
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) and the Dubai International Financial
Exchange (DIFX).
-ends-