Gold Fields Acquires an Additional 2.3% of the Shares of Bolivar Gold Corp.
December 12 2005 - 7:00AM
PR Newswire (US)
JOHANNESBURG, South Africa, Dec. 12 /PRNewswire-FirstCall/ -- Gold
Fields Limited (Gold Fields) (NYSE: GFI; Johannesburg) announces
that since November 29, 2005 it has acquired an additional
2,585,400 common shares (TSE:BGC) of Bolivar Gold Corp. (Bolivar)
through the facilities of the Toronto Stock Exchange. As a result,
Gold Fields currently holds 14,929,844 common shares of Bolivar,
representing approximately 13.2% 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. 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
Copyright