ANGLOGOLD ACQUIRES AN ADDITIONAL 46.25% IN CERRO VANGUARDIA

ANGLOGOLD ACQUIRES AN ADDITIONAL 46.25% IN CERRO VANGUARDIA                     
NEWS RELEASE                                                                    
ISIN Number:ZAE000014601                                                        
JSE Share Code: ANG                                                             
NYSE Ticker: AU                                                                 
30 July 2002                                                                    
ANGLOGOLD ACQUIRES AN ADDITIONAL 46.25% IN CERRO VANGUARDIA                     
AngloGold announced today that agreement has been reached with Perez Companc    
International ("Perez Companc") and has acquired its entire equity interest in  
Cerro Vanguardia S.A. ("CVSA") for a cash consideration of US$90 million,       
increasing AngloGold`s interest in the Argentinean mining operation of Cerro    
Vanguardia to 92.5% ("the transaction").                                        
Prior to the transaction, AngloGold and Perez Companc each owned a 46.25%       
interest in CVSA. CVSA owns the exclusive right to exploit the Cerro Vanguardia 
Mine, which is located in Patagonia in the Santa Cruz Province of Argentina.    
Fomento Minero de Santa Cruz Sociedad del Estado ("Formicruz"), the Santa Cruz  
state mining promotion company has a 7.5% interest in CVSA and has advised      
AngloGold that it will not exercise its pre-emptive rights to acquire any       
additional interest in CVSA as a result of the transaction. Therefore, the      
transaction will double AngloGold`s interest in CVSA and the Cerro Vanguardia   
Mine to 92.5%.                                                                  
AngloGold developed and has operated this mine for the past three years and is  
confident of its existing and upside potential. The transaction, which is       
immediately accretive to AngloGold`s earnings and cash flow, will reduce        
AngloGold`s cash and total operating costs per ounce and further operationally  
and geographically diversify its production, reserve and resource base.         
CVSA holds tax and foreign exchange stability and investment agreements with the
governments of the Santa Cruz Province and Argentina.  The terms of these       
agreements ensure that there will be no adverse change in the tax payable by    
CVSA or the provisions for the remittance or payment of foreign exchange. The   
operation also has the support of the local government, which has an economic   
interest in the mine both through Formicruz and via a royalty.                  
Commenting on the transaction, AngloGold`s CEO Bobby Godsell said: "Throughout  
Argentina`s current problems, the mine has continued to generate cash and       
profits, and AngloGold is convinced that it will continue to do so for the rest 
of its economic life, which is expected to extend until at least 2012."         
A note to editors                                                               
For the year ended 31 December 2001, AngloGold`s 46.25% interest in CVSA        
produced:                                                                       
-  attributable operating profit including realised non-hedge derivatives of    
   US$15 million;                                                               
-  attributable earnings before interest, tax, depreciation and amortisation    
   ("EBITDA") of US$24 million; and                                             
-  attributable gold production of 136,000 ounces of gold at a total cash cost  
   of US$133 per ounce.                                                         
For the six months ended 30 June 2002, AngloGold`s 46.25% interest in CVSA      
produced:                                                                       
-  attributable operating profit including realised non-hedge derivatives  of   
   US$9 million;                                                                
-  attributable EBITDA  of US$14 million; and                                   
-  attributable gold production of 62,000 ounces at a total cash cost of US$101 
per ounce.                                                                   
AngloGold acquired its original interest in CVSA from Minorco in 1999.          
The Cerro Vanguardia Mine is one of the lowest cost gold producers in the world.
The mine is currently entirely an open-pit operation. The orebody comprises a   
series of hydrothermal vein deposits containing gold at relatively high grades. 
Silver exists in vast quantities and is produced as a by-product. The mine      
produces gold bullion dor which is shipped via port facilities in the Santa    
Cruz Province (for which CVSA receives certain incentives) and is refined in    
South Africa and in England.                                                    
As at 31 December 2001, Cerro Vanguardia had total ore reserves of 2.4 million  
ounces and total resources of 3.6 million ounces. Current plant throughput is   
900,000 tonnes a year and it is planned to increase this to 1 million tonnes a  
year from 2004 at relatively minimal additional capital costs. The existing     
reserve base is sufficient to support a life of mine to 2012. However, recent   
exploratory drilling has confirmed additional resources of 400,000 ounces of    
gold. These additional resources and further resources that may result from     
continued exploratory drilling would extend the life of the open-pit operations 
or allow the annual gold production from these operations to be increased.      
In addition to resources minable using open-pit techniques, exploratory drilling
has indicated that the hydrothermal vein mineralisation extends at depth. A     
small percentage of underground mining is planned below the current pits in the 
existing life of mine plan. However, the extension of mineralisation at depth   
could expand the planned underground operation and therefore further extend the 
life of mine. Finally, the vein mineralisation extends as a stockwork structure 
into the country rock of the existing veins. This results in lower grade        
resources, which are currently being mined and stockpiled to be extracted by    
heap leach techniques once sufficient ore resources have been stockpiled. On    
site heap leach testwork has confirmed the viability of this proposal.          
ends                                                                            
Date: 30/07/2002 02:47:47 PM Supplied by www.sharenet.co.za                     
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