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Release of maiden resource for Nuevo Chaquiro Deposit
AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1944/017354/06)
ISIN No: ZAE000043485 – JSE share code: ANG
CUSIP: 035128206 – NYSE share code: AU
NEWS RELEASE
Release of maiden resource for Nuevo Chaquiro Deposit
- 604Mt @ 0.65% Cu, 0.32g/t Au, 4.38g/t Ag, and 116ppm Mo
- Contained metal content of 3.95Mt Cu, 6.13Moz Au, 85.2Moz Ag, and 70Kt Mo
- High grade zone open to the north and south and drilling continues
(JOHANNESBURG – RELEASE) – AngloGold Ashanti Limited (AGA) is pleased to announce the first
Mineral Resource for the Nuevo Chaquiro deposit in the Quebradona Project Area. The Quebradona Project
is a Joint Venture between AGA (88.5%) and B2Gold (11.5%). B2Gold is not participating in the exploration
expenditure and its interest in the project is being diluted.
The Quebradona Project is situated in the Middle Cáuca region of Colombia, in the Department of Antioquia,
60 km southwest of Medellin (Figure 1). Nuevo Chaquiro, a significant copper-gold porphyry-style
mineralised system, is one of five known porphyry centres on the property and has been the focus of
exploration activities since the beginning of 2012.
The maiden Inferred Mineral Resource for Nuevo Chaquiro is 604Mt at an average grade of 0.65%
copper, 0.32g/t gold, 4.38g/t silver and 116ppm molybdenum for a contained metal content of 3.95Mt
copper, 6.13Moz gold, 85.2Moz silver and 70Kt molybdenum.
The Mineral Resource released here was tested for and found to have reasonable and realistic prospects for
eventual economic extraction. It represents a realistic inventory of mineralisation within a conceptual
underground mine design, based on two lifts using a combination of block caving and panel caving (Table 1,
Figure 2). The development levels at 1000mRL and 1400mRL, were assumed to be potentially available to
mine at some point in the future. Therefore all Inferred Mineral Resource above the 1000mRL within the
mine design is included in the estimate and since non-selective mining methods are proposed no cut-off can
be applied.
"Our global exploration programme has again delivered, this time a high-grade copper-gold deposit,"
Graham Ehm, AngloGold Ashanti’s Executive Vice President: Group Planning and Technical, said. "Nuevo
Chaquiro has potential to expand further at depth and along strike, and is an excellent addition to our long-
term pipeline."
An analysis of the distribution of grade shows a high grade zone of >0.6% Cu on the eastern side of the
deposit. This high grade zone is open to the north, south and at depth. The extensions of the high grade
zone are the subject of the present drilling campaign.
Cu
Classification Mine Area Mt Cu % Au g/t Ag g/t Mo ppm Mt Au Moz Ag Moz Mo Kt
Lift 1 229.8 0.77 0.42 4.63 130.7 1.77 3.11 34.22 30.04
Inferred Lift 2 374.8 0.58 0.25 4.23 106.8 2.19 3.02 50.98 40.03
Total 604.5 0.65 0.32 4.38 115.9 3.95 6.13 85.19 70.08
Table 1. Nuevo Chaquiro Inferred Mineral Resource
Competent Persons Statement
The information in this report is compiled by Mr. Rex Brommecker (MSc (Geology), BSc (Geology), PGeo)
who is a Member of the Association of Professional Geoscientists of Ontario (APGO) which is a member of
Canadian Council of Professional Geoscientists (CCPG). Mr. Brommecker has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person, as defined in the 2012 edition of the JORC Code. Rex Brommecker is
a full-time employee of the company and consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
The Mineral Resource estimation has been reviewed and approved by Vaughan Chamberlain (MSc (Mining
Engineering), BSc (Geology), MGSSA, FAusIMM) who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr. Chamberlain has sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent
Person, as defined in the 2012 edition of the JORC Code. Vaughan Chamberlain is a full-time employee of
the company and consents to the inclusion in the report of the matters based on his information in the form
and context in which it appears.
Nuevo Chaquiro Mineral Resource Explanatory Notes – November 3, 2014
This Mineral Resource statement is the first estimate for the Nuevo Chaquiro Deposit in the Antioquia
Department of Colombia.
Mineral Resource
The Mineral Resource estimate shown below for Nuevo Chaquiro was completed by external consultants
QG Proprietary Limited and validated by an internal team. The Mineral Resource is reported according
to the principles and guidelines of JORC 2012 and meets SAMREC 2007 guidelines. It is based on a database
containing 23,583 records from 54 holes, with a total of 48,601.9m drilled that was available as of
September 8th, 2014.
The Mineral Resource was tested for and found to have reasonable and realistic prospects for eventual
economic extraction. It represents a realistic inventory of mineralisation within a conceptual underground
mine design, based on two lifts using a combination of block caving and panel caving (Table 2, Figure 3).
The development levels at 1000mRL and 1400mRL, were assumed to be potentially available to mine at
some point in the future. Therefore all Inferred Mineral Resource above the 1000mRL within the mine
design is included in the estimate and since non-selective methods are used, no cut-off can be applied.
Additional potentially mineralised material is included in the mine design, but is not included as part of the
reported Mineral Resource due to lower confidence in the grade estimate as a result of limited drill-hole data
in those portions of the deposit.
Cu
Classification Mine Area Mt Cu % Au g/t Ag g/t Mo ppm Mt Au Moz Ag Moz Mo Kt
Lift 1 229.8 0.77 0.42 4.63 130.7 1.77 3.11 34.22 30.04
Inferred Lift 2 374.8 0.58 0.25 4.23 106.8 2.19 3.02 50.98 40.03
Total 604.5 0.65 0.32 4.38 115.9 3.95 6.13 85.19 70.08
Table 2. Nuevo Chaquiro Inferred Mineral Resource
Geology
The Nuevo Chaquiro deposit consists of Miocene-aged diorite and quartz diorite dykes and thin vertical
stocks intruding a thick section of andesitic tuffs and volcaniclastics of the Miocene-aged Combia Formation
(Figure 4) which fills a large pull-apart basin within the prospective middle Cauca belt of central Colombia.
Depth to mineralisation from the surface is of the order of 250–400 m. Typical Cu porphyry alteration
zonation is evident with a high temperature, K-silicate central zone (biotite, magnetite, chalcopyrite, and
molybdenite) which trends into an overlying sericitic alteration zone (muscovite, chlorite, quartz, pyrite, +/-
tourmaline) surrounded by more distal propylitic alteration (chlorite, epidote, illite, carbonate). There is also
an inner core of calcic-potassic alteration featuring biotite, actinolite, epidote, and anhydrite with lesser Cu,
Au, and Mo values. The mineralised zone is characterised by fine stockworks, disseminations and veinlets of
quartz, magnetite, pyrite, chalcopyrite and molybdenite. To date, the intrusive complex can be divided into
an eastern early intrusive centre which contains abundant >0.6% Cu and Au mineralisation, and a central
area comprised of abundant intra-mineral diorite and quartz diorites, of which a classic ore shell of lower
grade mineralisation (>0.3% Cu) appears draped over the intrusions. The mineralisation also contains
considerable amounts of by-product molybdenum and silver.
The mineralisation has been drill tested over a surface area measuring 1400 by 800m and to a vertical depth
of 1550m. Possibilities exist to extend the high grade zone along strike to the north and south and at depth.
Mineral Resource Estimation Methodology
Data was composited to 6m lengths and coded for the geological and mineralisation domains. Extreme
values were capped after examining histograms of the data for each element. Estimation was done using
Ordinary Kriging (OK) into parent cells.
Quantitative Kriging Neighbourhood Analysis (QKNA), an analysis that measures the performance ‘quality’ of
the estimate, was performed for the estimate. The estimation parameters applied for this estimation study
reflect the results of that QKNA. Search ranges were set around 20% longer than the variogram model
ranges for the respective directions. This allowed more cells to be informed, particularly in the background
model, in the first estimation pass without undue effect to the estimation quality. Within the mineralised
zones with greater data density the maximum sample parameter self-limits the range once the maximum is
met.
A minimum of six samples were used for the first two search passes with a minimum of four samples for the
third search pass. A maximum of 40 samples were used for all search passes. Three search passes were
used with the second pass at twice the range of the first pass and the third pass at four times the range of
the first pass. Rotation of the search ellipse was the same as for the variogram models. Estimation was into
parent cells of 80m (Easting) x 80m (Northing) x 20m (RL) using a cell discretisation of 8 (Easting) x 8
(Northing) x 3 (RL).
With a relatively low data density, no sector restrictions were used and no restriction on the number of
samples used from any one hole was imposed for most domains. The exception to this was for Cu in the
background domain in both background and >0.45% Cu domains. Visual validation indicated the grades for
these variables in these domains were overly affected by single drill holes in some areas. Octant restrictions
were imposed for these estimates with a maximum of six samples from any single drill hole used.
Drilling Density
The drill holes have been drilled in a variety of directions and so the spacing between holes is not uniform.
The drill hole spacing is between 100 to 200 metres within the Mineral Resource, becoming wider at depth
and at some of the margins of the mineralisation. The distribution of drill holes and grade shells within the
planned block cave is shown in Figures 3, 5 and 6.
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
Criteria Commentary
AngloGold Ashanti (AGA) has carried out all the drilling within the Nuevo Chaquiro Cu-Au
porphyry deposit. All drilling is diamond drill core using HW, NW and BW (as depths increase)
sizes, with geochemistry carried out every 2m on half-core samples. The other half of the
core is retained for geological / geotechnical reference and potential further sampling
Sampling techniques including metallurgical test work.
In intervals of orientated core, the top half of core is sampled. In un-oriented core, the same
half of the core has been sampled where possible, by extending a cut line from oriented
intervals through into the un-oriented intervals. The lack of a consistent geological reference
plane, (such as bedding or a foliation), precludes using geological features to orient the core.
Drilling techniques Diamond drilling has predominantly been NW and BW in the mineralised zone with HW in the
overlying saprolitic and un-mineralised (sericitic) units.
Drill sample recovery Recovered core length for each drill run is recorded and measured against the expected core
from that run. Core recovery is consistently very high.
All diamond drill cores have been geologically logged for lithology, alteration, mineralisation,
and structure utilising AGA’s standard logging code library. Diamond drill cores are
orientated, photographed and physical parameters logged (density, susceptibility, resistivity,
Logging chargeability and spectral signature). Geotechnical and detailed structural logging is carried
out on orientated core with core orientation confidence recorded. Geotechnical data recorded
includes QSI, RQD, matrix, and fracture categorisation. All logging data are digitally captured
and uploaded to a Century Fusion relational SQL and related databases.
All diamond drill core is sawn into half-core on site.
Sample preparation has been conducted by ALS in Bogota (2010-November 2012),
Bucaramanga (December 2012) and Medellin (since January 2013). Analyses are conducted
at the ALS Lima, Peru facility.
On arrival at the sample preparation facility, the half-core samples are weighed and
Sub-sampling registered into the LIMS system. They are dried at 110°C on stainless steel trays in a gas
techniques and sample fired temperature-controlled oven, then crushed to more than 70% passing 2 mm. One
preparation kilogram is split from the coarse crush using a riffle splitter and pulverised to better than 85%
passing 75 microns in a LM2 ring mill. A second split of the coarse crush is retained for
coarse residue homogeneity testing. A split of approximately 250g of pulverised material is
sent to the analytical facility in Lima, Peru.
Size checks are completed on randomly-selected samples after both the coarse crushing and
pulverizing stages.
All primary analysis has been carried out by ALS in Lima, Peru. Gold is determined by AAS
after fire assay of a 50 g charge (method code Au-AA24). Samples reporting more than 10
ppm Au are reanalysed gravimetrically (Au-GRA22).
A broad suite of elements, including Cu, Mo, and potentially deleterious elements, is
determined by ICP-OES and ICP-MS after four-acid digestion (method code ME-MS61).
These methods are considered total for the economically important elements. Samples
reporting Cu analyses exceeding 10000 ppm are reanalysed using ore-grade method OG62.
Since November 2013 high S concentrations (> 10 %) have been reanalysed by LECO. For
most samples, Hg has been determined by cold vapour AAS after aqua regia digestion
Quality of assay data (method Hg-CV41); however, samples from CHA050 onwards are determined by ICP-MS
and laboratory tests (method Hg-MS42).
Quality control samples are included with each analytical batch. Two coarse blank samples
are inserted at the start of the batch, and one is inserted every 25 samples. One certified
reference material (CRM) is inserted every 25 samples. The reference sample is alternated
between a certified Au standard and a certified Cu standard. A coarse reject duplicate is
analysed every 25 samples and the laboratory-selected pulp duplicates are inserted every
20-25 samples.
CRMs reporting more than two standard deviations from the expected value are reviewed.
Remedial actions are based on the magnitude of the apparently erroneous result, the tenor of
the routine samples with respect to the CRM, and the position within the batch of the CRMs.
These data are reviewed during monthly meetings with the laboratory, during which any
reanalysis programs are agreed.
Precision is evaluated through analysis of a second split from the coarse crush.
Analytical data are of acceptable precision and accuracy.
On receipt of assay results from the laboratory the QA/QC results are verified by the Data
Manager and data integrity by the geologists who compare results with geological logging.
Ten percent of the samples within the +0.3 % Cu ore shell are reanalysed using equivalent
procedures at a second laboratory, in this case SGS (Medellin).
Verification of sampling No twinned holes have been completed.
and assaying Copper assays are returned from the assay laboratory in parts per million, which are
converted to percentages prior to Mineral Resource estimation.
Assay results received from the laboratories are emailed to the Medellin office and stored on
the server. An invoice is mailed to Minera Quebradona SA along with a hard copy or digital
PDFs of the results. The hard copies are filed in folders and PDFs stored on the network for
future auditing purposes.
All hole locations within the Mineral Resource area to date have been located with a standard
Location of data points GPS and on completion the drill hole collars are re-surveyed using a RTK differential GPS.
The grid system is UTM84-18N.
A Digital Terrain Model over the Project area was created from 1:10,000 aerophotos.
Drill hole spacing over the project is variable, being influenced by environmental and social
considerations. Where possible multiple drill holes are conducted from the same drill pad to
minimise impact on the environment. The drill holes, where they pass through the higher
grade zone of mineralisation, are projected to have separations of between 100 to 200m. In
Data spacing and the medium grade zone the separation is generally 150m or above. The data spacing is
distribution considered sufficient to justify the classification of the Mineral Resource as Inferred, with
further drilling required to bring the level of confidence up to Indicated.
The deposit remains open to the north, south, and at depth.
Geochemical sampling down the drill holes is carried out at 2m intervals and these are
composited to 6m prior to resource estimation.
The deposit is related to early quartz diorites intruded into a sub-horizontal tuff package with
the mineralisation both in the diorites and disseminated into the tuffs. There is a WNW trend
Orientation of data in to the intrusive units and the majority of the resource drilling in the higher grade zones is
relation to geological orientated to intersect normal to this trend. The holes are sub-vertical (70-85°) which is
structure largely normal to the general vertical grade variations within the deposit. The chance of bias
introduced by sample orientation is thus considered minimal.
Samples are sealed in plastic bags, which are in turn placed in larger poly-weave bags for
transport. Approximately 5 to 6 sample bags are transported in each poly-weave bag. These
are transported directly via road freight to the laboratory (approx. 3 hrs to ALS Medellin) with
a corresponding submission form and consignment note.
Sample security ALS checks the samples received against the submission form and notifies AGA of any
missing, repeated or additional samples.
Once ALS has completed the assaying, the pulp packets, pulp residues and coarse rejects
are held in their secure warehouse. On request, the pulp packets are returned to the AGA
warehouse on secure pallets where they are documented for long term storage and retrieval.
Field quality control and assurance is assessed on a daily, monthly and quarterly basis.
Audits or reviews Field QA/QC has been assessed internally by the Chief Geochemist Americas and later Chief
Geochemist Greenfields Exploration as part of their audits of the Quebradona Project
between 2011 and 2014.
Section 2 Reporting of Exploration Results
The Nuevo Chaquiro deposit is part of the Quebradona Project, a joint venture between
Anglogold Ashanti (88.5%) and B2Gold (11.5%). AGA is the manager of the JV. The Project
covers an area of 7,586ha in 5 Tenements. These tenements are in the process of being
Mineral tenement and integrated into a single Contract.
land tenure status
There are no known heritage or environmental impediments over the leases where significant
results were received.
The tenure is secure at the time of reporting. No known impediments exist to operate in the
area.
Exploration done by B2Gold drilled shallow holes to the west of the deposit. AGA was the first company to drill
other parties deep into the porphyry.
The Nuevo Chaquiro deposit is a Cu/Au (Ag,Mo) porphyry related to early quartz diorites
Geology intruded into a sub-horizontal tuff package. The mineralisation occurs both in the diorites and
disseminated in the tuffs.
Drill hole Information No new exploration data is announced within this report.
Data aggregation No new exploration data is announced within this report.
methods
Relationship between
mineralisation widths No new exploration data is announced within this report.
and intercept lengths
Diagrams No new exploration data is announced within this report.
Balanced reporting No new exploration data is announced within this report.
Other substantive No new exploration data is announced within this report.
exploration data
Further work No new exploration data is announced within this report.
Section 3 Estimation and Reporting of Mineral Resources
AGA (Colombia) uses various software programs to collect the different forms of drilling data
obtained during exploration. The main packages are from Microsoft (Excel and Access).
Drilling data is captured in the field directly into laptop computers. Logging information,
geochemical sampling data and physical property measurements are entered by field staff.
Daily drilling forms are completed by the driller in hard copy and signed off by the geologist.
The database is managed with Microsoft’s SQL Server and the Century Fusion SQL data
management system. The Century Fusion SQL data management system has been
specifically developed for AGA’s Colombian exploration and development projects and
contains special queries and data management utilities. Many of these or additional
processes have been modified or added to by AGA.
Database integrity The QC and merging of logging data into the database is semi-automated via Century
Fusion. This program has the ability to read a file to split, composite and append data into the
desired format. Semi-automatic loading of data is preferred so that any problems can be
addressed immediately. These problems may include inconsistent intervals, wrong logging
codes or incorrect initials for the person who collected the data. During the loading process
some logging files are split into several tables, i.e. regolith, geology and alteration, to allow
better management and access to data. Errors are held in the buffer until corrected.
Assay results received from the laboratories are emailed to the Medellin office and stored on
the server. An invoice is mailed to Minera Quebradona SA along with a hard copy or digital
PDFs of the results. The hard copies are filed in folders and PDFs stored on the network for
future auditing purposes.
Site visits The Competent Persons have visited the site on numerous occasions.
Geological 3-dimenisonal solids of copper mineralisation were generated at a 0.45% cut-off grade, with
interpretation an additional higher-grade core envelope at a cut-off grade of 0.6% copper. Molybdenum,
interpreted at a cut-off grade of 100ppm, sits as a cap overlapping and above the copper
mineralisation. A 3-dimensional solid of the host diorite and later quartz and inter-mineral
diorites were created in Leapfrog3D software. A 2-dimensional base of saprock surface was
also used to constrain grade and density estimates.
Dimensions The Mineral Resource model covers an area 1.1km (east-west) by 0.8km (north-south) by
1.1km (vertical). The top of the orebody is a minimum of 200m below surface.
The Mineral Resource was estimated by external consultants QG Pty Ltd.
The Mineral Resource model is estimated using the geostatistical technique of Ordinary Block
Kriging. The estimated block size is 80 x 80 x 20m.
Estimates were completed for copper, gold, silver, molybdenum, sulphur and arsenic using
Estimation and Isatis and Datamine software.
modelling techniques Variograms were generated for each element and modelled using spherical models with a
moderate to low nugget effect.
Search ranges and estimation parameters were validated using Quantitative Kriging
Neighbourhood Analysis, and were consistent with the ranges and rotations applied to the
variogram models.
Moisture Tonnage estimates are on a dry tonne basis.
The Mineral Resource is reported within a notional marginal outline, based on a copper price
of US$3.50/lb, US$1600/oz gold, US$15/lb Mo and US$29.26/oz Ag and values that
Cut-off parameters represent typical costs for the mining method and preliminary mining and metallurgical
recovery assumptions. Due to the limited selectivity in the proposed bulk mining method, no
cut-off grade can be applied, and therefore all Inferred Mineral Resources within the design
are reported, including internal dilution.
Mining factors or The assumed mining method is underground block-caving and panel caving. No external
assumptions dilution is taken into account in the Mineral Resource estimate.
Initial metallurgical test-work indicated no significant impediments to the recovery of Cu (with
lesser recoveries of Au, Mo, and Ag) into a concentrate using standard floatation techniques.
Metallurgical factors or Preliminary, conservative, recovery factors from initial test-work were used in the analysis of
assumptions the conceptual mine design and in the test for reasonable and realistic prospects for eventual
economic extraction. Further test-work is required to validate the recovery assumptions
before declaring an Ore Reserve.
Deleterious elements were reviewed spatially but found to be generally low-grade and
Environmental factors isolated. Further metallurgical test-work is required to assess the likely levels whereby the
or assumptions deleterious elements would become problematic in concentrated form.
Dry Bulk Density determinations have been routinely collected on all core at two-metre
intervals using water immersion methods. A coherent segment of core (>10cm length),
representative of the interval, is selected. The weight is measured dry, in air, then measured
submerged in water. Core was left to dry naturally on the core racks. Every 25th sample is
Bulk density determined in duplicate. Bulk density for one sample in 50 is checked at the commercial
laboratory.
Dry Bulk Density has been estimated using Ordinary Kriging where sufficient data exist. In
non-estimated areas, the average measured value for that lithology and regolith type is used.
The estimates of the Mineral Resources presented in this report have been carried out in
accordance with the principles and guidelines of the Australian Code for Reporting of
Classification Exploration Results, Mineral Resources and Ore Reserves (JORC, 2012) and the South
African code for the reporting of exploration results, Mineral Resources and Mineral Reserves
(The SAMREC code) 2007 edition
Mineral Resources have been classified as Inferred.
Audits or reviews No external audits or reviews have been completed on the Mineral Resource estimate. The
Mineral Resource estimates were completed by external consultants QG Consulting Pty Ltd.
The Mineral Resource is classified as Inferred, which reflects the current understanding on
Discussion of relative the orebody. The geological continuity has been defined by drilling to date, however further
accuracy/confidence drilling will be required to bring the estimate up to a level where detailed mine planning can
occur. No Ore Reserve is declared at this time.
ENDS
3 November 2014
JSE Sponsor: Deutsche Securities (SA) Proprietary Ltd
Contacts
Media
Chris Nthite +27 11 637 6388/+27 83 301 2481 cnthite@anglogoldashanti.com
Stewart Bailey +27 11 637 6031/+27 81 032 2563 sbailey@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors
Stewart Bailey +27 11 637 6031/+27 81 032 2563 sbailey@anglogoldashanti.com
Fundisa Mgidi (South Africa) /+27 11 6376763/+27 82 821 5322 fmgidi@anglogoldashanti.com
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for the gold mining industry, expectations regarding gold prices, production, cash costs, all-in sustaining costs, all-in costs, cost savings and other operating
results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate,
including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration
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Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can
be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating
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exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk
factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2013, which was filed with the United States Securities
and Exchange Commission ("SEC") on 14 April 2014. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s
actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material
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