Gold Fields to Acquire Interest in GoldQuest Mining Corp.
August 17 2009 - 2:20PM
Marketwired
Gold Fields Limited (Gold Fields) (NYSE: GFI)(JSE: GFI)(NASDAQ
Dubai: GFI) today announced that on August 5, 2009 its wholly-owned
subsidiary Gold Fields Dominican Republic BVI Limited ("GF
Dominican Republic") entered into a purchase agreement (the
"Purchase Agreement") with GoldQuest Mining Corp. ("GoldQuest")
pursuant to which GF Dominican Republic has agreed to transfer its
60% joint interest in a joint venture between GoldQuest and GF
Dominican Republic (the "Joint Venture") to GoldQuest. In
consideration for GF Dominican Republic's 60% interest in the Joint
Venture, GoldQuest has agreed to issue 8,600,000 common shares of
GoldQuest to GF Dominican Republic or an affiliate of GF Dominican
Republic. The transaction contemplated by the Purchase Agreement is
subject to customary closing conditions.
Following completion of the transaction contemplated by the
Purchase Agreement (the "Transaction"), subsidiaries of Gold Fields
will own an aggregate of 13,962,500 common shares of QuestGold and
1,200,000 common share purchase warrants. Assuming completion of
the Transaction, the 13,962,500 common shares owned by subsidiaries
of Gold Fields will represent approximately 18.58% of QuestGold's
issued and outstanding Common Shares. If exercised, the 1,200,000
common share purchase owned by subsidiaries of Gold Fields would,
together with the 13,962,500 common shares that subsidiaries of
Gold Fields will own following completion of the Transaction,
represent approximately 19.86% of QuestGold's issued and
outstanding common shares.
This news release is being issued pursuant to the requirements
of Part 3 of National Instrument 62-103 The Early Warning System
and Related Take-Over Bid and Insider Reporting Issues of the
Canadian Securities Administrators. A copy of the report to be
filed by Gold Fields in connection with the transactions described
herein will be available on the Company's SEDAR profile at
www.sedar.com.
FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY
WARNING REPORT FILED BY GOLD FIELD UNDER APPLICABLE SECURITIES
LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW:
Contacts: Gold Fields Limited - North America Willie Jacobsz
Senior Vice President, Head of Investor Relations (+1) 508-358-0188
Gold Fields Limited - South Africa Nikki Catrakilis-Wagner Senior
Manager: Investor Relations (+27)(11) 562 9706 (+27) (11) 562-9838
(FAX) Gold Fields Limited - South Africa Julian Gwillim Consultant
Media Relations (+27)(11) 562 9774 (+27) (11) 562-9838 (FAX)
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