AngloGold Limited - Anglogold Enters Into Purchase And Sale Agreement On Jerritt

AngloGold Limited - Anglogold Enters Into Purchase And Sale Agreement On Jerritt
Canyon Joint Venture                                                            
AngloGold Limited                                                               
(Incorporated in the Republic of South Africa)                               
   (Registration Number: 1944/017354/06)                                        
   ISIN Number:ZAE000043485                                                     
   JSE Share Code: ANG                                                          
ANGLOGOLD ENTERS INTO PURCHASE AND SALE AGREEMENT ON JERRITT CANYON JOINT       
VENTURE                                                                         
   AngloGold today announced that it has entered into a Purchase and Sale       
Agreement with Queenstake Resources U.S.A. Inc. on its interests in the Jerritt 
Canyon Joint Venture.  This follows the receipt by the Jerritt Canyon joint     
venture partners of a second unsolicited offer from Queenstake and a Letter of  
Intent regarding the transaction dated May 20, 2003.  AngloGold owns 70% of the 
joint venture and is the operator and managing partner of the Jerritt Canyon    
mine.  Under the terms of the Purchase and Sale Agreement, Queenstake has paid a
$250,000 deposit and will pay the Jerritt Canyon Joint Venture an additional    
$1.25 million in cash and 32 million shares of Queenstake common stock on       
closing, with $6 million in deferred payments and approximately $4 million in   
future royalty payments.  Queenstake will accept full closure and reclamation   
and other liabilities.  The closing is set for June 25, 2003.                   
   For the year ended December 31, 2002, Jerritt Canyon produced 237,000        
attributable ounces of gold at a total cash cost of $249 per ounce.             
Ends.                                                                        
Disclaimer                                                                      
   Except for the historical information contained herein, there are matters    
discussed in this news release that are forward-looking statements.  Such       
statements are only predictions and actual events or results may differ         
materially.  For a discussion of important factors including, but not limited   
to, development of the Company"s business, the economic outlook in the gold     
mining industry, expectations regarding gold prices and production, and other   
factors, which could cause actual results to differ materially from such forward
looking statements, refer to the Company"s annual report on Form 20-F for the   
year ended December 31, 2002, which was filed with the Securities and Exchange  
Commission on April 7, 2003.                                                    
Date: 03/06/2003 08:00:04 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department