ANGLOGOLD LIMITED/ASHANTI SIGN GEITA PROJECT AGREEMENT

ANGLOGOLD LIMITED
JOINT ANNOUNCEMENT BY ANGLOGOLD AND ASHANTI

AGREEMENT SIGNED IN RESPECT OF ASHANTI'S SALE TO ANGLOGOLD
OF A 50% INTEREST IN GEITA

FURTHER TO THEIR JOINT ANNOUNCEMENT ON 5 APRIL 2000, ASHANTI GOLDFIELDS COMPANY
LIMITED (ASHANTI) AND ANGLOGOLD LIMITED (ANGLOGOLD) ARE PLEASED TO ANNOUNCE
THAT THEY HAVE SIGNED THE AGREEMENT IN RESPECT OF THE ACQUISITION BY ANGLOGOLD
OF A 50% INTEREST IN ASHANTI'S GEITA GOLD PROJECT IN TANZANIA.

THE TWO COMPANIES HAVE ALSO AGREED THE TERMS OF A JOINT VENTURE AGREEMENT WHICH
WILL GOVERN HOW THE TWO PARTNERS WILL JOINTLY OPERATE THE GEITA PROJECT.
AS PREVIOUSLY ANNOUNCED, ANGLOGOLD WILL PAY ASHANTI US$205 MILLION IN CASH FOR
A 50% SHARE OF THE PROJECT AND WILL PROCURE OR PROVIDE PROJECT FINANCING TO THE
GEITA PROJECT TOTALLING US$130 MILLION.  ASHANTI AND ANGLOGOLD WILL EACH BE
RESPONSIBLE FOR REPAYMENT OF 50% OF THIS PROJECT FINANCING FROM THEIR
RESPECTIVE SHARES OF PROJECT CASHFLOW.

THE TRANSACTION, WHICH IS SUBJECT TO REGULATORY AND GOVERNMENTAL APPROVALS AND
ASHANTI SHAREHOLDER AND BANK CREDITOR APPROVALS, IS EXPECTED TO BE COMPLETED BY
THE END OF SEPTEMBER.

GEITA IS CURRENTLY BEING COMMISSIONED AND ACHIEVED ITS FIRST GOLD POUR EARLIER
THIS MONTH, THREE MONTHS AHEAD OF SCHEDULE.  UNDER THE CURRENT MINE PLAN,
ANNUAL PRODUCTION IS ESTIMATED AT 500,000 OUNCES AT AN OPERATING CASH COST OF
UNDER US$180 PER OUNCE.  THE OFFICIAL OPENING OF THE MINE IS SCHEDULED FOR 3
AUGUST.

CERTAIN OF THE STATEMENTS MADE IN THIS ANNOUNCEMENT ARE FORWARD-LOOKING IN
NATURE.  BY THEIR NATURE, THE FORWARD-LOOKING STATEMENTS INVOLVE RISK AND
UNCERTAINTY BECAUSE THEY RELATE TO EVENTS AND DEPEND UPON CIRCUMSTANCES THAT
WILL OCCUR IN THE FUTURE.  THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO,
STATEMENTS MADE ELSEWHERE IN THIS ANNOUNCEMENT.  IN ADDITION, RISK FACTORS
RELATING TO ASHANTI AND ANGLOGOLD CAN BE FOUND IN THEIR RESPECTIVE PUBLIC SEC
FILINGS.  NEITHER ASHANTI NOR ANGLOGOLD UNDERTAKE ANY OBLIGATION TO PUBLICLY
UPDATE ANY FORWARD-LOOKING STATEMENTS WHETHER AS A RESULT OF NEW INFORMATION,
FUTURE EVENTS OR OTHERWISE.  ANY STATEMENT SHOULD BE EVALUATED IN THE LIGHT OF
THESE FACTORS.
ENQUIRIES:

ASHANTI GOLDFIELDS COMPANY                 ANGLOGOLD

WWW.ASHANTIGOLD.COM                        WWW.ANGLOGOLD.COM

GHANA:  KWEKU AWOTWI - MD,         SOUTH AFRICA  :STEVE LENAHAN -

        INVESTOR RELATIONS                        INVESTOR RELATIONS

        +233 21 772 331                           +2711 637 6248

        KWEKU.AWOTWI@ASHANTIGOLD.COM              SLENAHAN@ANGLOGOLD.COM
        JAMES ANAMAN - MD,                        JAMES DUNCAN -

        CORPORATE AFFAIRS                         MEDIA

        +233 21 778 178                           +2711 637 6147

        JAMES.ANAMAN@ASHANTIGOLD.COM              JDUNCAN@ANGLOGOLD.COM
        ERNEST ABANKROH             AUSTRALIA:    ANDREA MAXEY

        COMPANY SECRETARY                         +61 3 9684 4920

        +233 21 774 977                           +61 438 001 393 (MOBILE)
        ERNEST.ABANKROH@ASHANTIGOLD.COM           AMAXEY@ANGLOGOLD.COM
USA:    ALLAN JORDAN                USA:          CHARLES CARTER

        GOLIN/HARRIS                              800 417 9255 TOLL FREE
        +1 212 309 0613                           +1 212 750 7999

        AJORDAN@GOLINHARRIS.COM                   CCARTER@ANGLOGOLD.COM
UK:     CARINA CORBETT              UK:           ALEX BUCK

        4C COMMUNICATIONS                         +44 20 7849 5630

        +44 20 8949 7171                          +44 7932 2740 452 (MOBILE)
        4C4U@UKGATEWAY.NET                        ABUCK@ANGLOGOLD.COM