Anglogold Ashanti Limited - Announces That Agreement Reached On Revised Terms

Anglogold Ashanti Limited - Announces That Agreement Reached On Revised Terms   
For Subscriptions In Trans-Siberian Gold                                        
Anglogold Ashanti Limited                                                       
(formerly AngloGold Limited)                                                    
   Incorporated in the Republic of South Africa                                 
   Registration Number: 1944/017354/06)                                         
   ISIN Number:ZAE000043485                                                     
JSE Share Code: ANG                                                          
   ("AngloGold Ashanti/Company")                                                
AGREEMENT REACHED ON REVISED TERMS FOR SUBSCRIPTION IN TRANS-SIBERIAN GOLD      
   AngloGold Ashanti Limited ("AGA") is pleased to report that agreement has    
been reached with Trans-Siberian Gold plc ("TSG") in relation to revised terms  
for the second share subscription envisaged in the agreement with AGA dated 30  
June 2004, and subsequently amended on 22 December 2004 and 15 April 2005.      
   A revised subscription price of GBP1.30 per share has been agreed, as        
compared to GBP1.494 per share, reflecting the increased capital cost of the    
Asacha mine development which is nevertheless projected to provide an acceptable
rate of return for TSG. The subscription is conditional on TSG shareholder      
approval. A notice calling an extraordinary general meeting for this purpose    
will be posted shortly together with a letter to shareholders on the status of  
the Asacha project.                                                             
   The second subscription was originally conditional, inter alia, on TSG       
entering into a binding agreement to implement project financing for Asacha,    
however in the December 2004 amendment this condition was removed. Instead, TSG 
and AGA agreed that the second subscription would be conditional on revised     
implementation and financing plans for the Asacha project being unanimously     
approved by the TSG Board and any regulatory filings in the Russian Federation  
necessary for the revised implementation plan having been made. These conditions
have now been waived or satisfied. The subscription will remain subject to the  
outstanding conditions, such as no material adverse change to the business of   
TSG having occurred.  These conditions will remain in place until TSG           
shareholder approval for the transaction has been obtained.                     
   AGA currently has a 17.5% equity interest in TSG that will increase to 29.9% 
upon completion of the second subscription. The second subscription will involve
the issue of 6,131,585 new ordinary shares to AGA for a consideration of        
GBP7,971,060.50.                                                                
   Assuming shareholder approval is obtained the transaction will then be       
completed. Following the subscription AGA will continue to have all the rights  
contained in the original subscription agreement, including:                    
- two appointees on TSG"s Board;                                             
   - rights of first refusal over the financing of the Veduga project;          
   - pre-emptive rights to a 51% interest in TSG"s new mining or exploration    
projects (subject to certain exceptions); and                                   
- anti-dilution rights in the event of further share issues by TSG.          
   Furthermore, the three-year technical consultancy agreement effective from   
July 2004 continues in force.                                                   
   Richard Duffy, AngloGold Ashanti"s Executive Officer responsible for Business
Development and a non-executive director of TSG comments: "This second          
subscription is a demonstration of AngloGold Ashanti"s continuing commitment to 
TSG. We remain optimistic about both Asacha and Veduga and look forward to      
continuing our partnership on these and other projects going forward."          
ends                                                                         
   Johannesburg                                                                 
   28 April 2005                                                                
Sponsor: UBS                                                                    
Date: 28/04/2005 08:08:37 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department