Bolivar Gold Plan of Arrangement Update
January 16 2006 - 3:38AM
PR Newswire (US)
JOHANNESBURG, South Africa and TORONTO, Canada, January 16
/PRNewswire-FirstCall/ -- Gold Fields Limited (NYSE:GFI)(JSE:GFI)
and Bolivar Gold Corp. (TSX:BGC) announced today that Scion
Capital, LLC has delivered a notice of dissent in respect of its
approximately 19% common share interest in Bolivar and that Gold
Fields intends to waive the condition in section 7.2(e) of its
Arrangement Agreement with Bolivar. Gold Fields has also been
advised by Scion Capital, LLC that it does not intend to proceed
with the hearing before the Ontario court scheduled for Tuesday,
January 17, 2006. The Supreme Court of the Yukon Territory of
Canada is scheduled to hear the plan of arrangement on Thursday,
January 19, 2006. If court approval is obtained, the transaction is
expected to close by the end of January 2006. 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 & Bolivar Gold Corp. CONTACT:
Bolivar Gold Corp: Peter Volk, General Counsel & Secretary,
Tel: +1-416-360-4653, , Gold Fields Limited: Willie Jacobsz, Tel:
+27-11-644-2460, , Nerina Bodasing, Tel: +27-11-644-2630, , Cheryl
Martin, Tel: +1-303-796-8683,
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