ANGLOGOLD - PRESS RELEASE

ANGLOGOLD RESULTS FOR THE QUARTER ENDED 31 MARCH 1998
HIGHLIGHTS
- AVAILABLE PROFIT UP 2%
- GOLD OPERATING PROFIT UP 5%

  - IN SPITE OF 2% DROP IN GOLD VICE RECEIVED ON NORMAL OPERATIONS

- CASH COST TARGET OF $250 REACHED, IN AGGREGATE, FOR THE FIRST TIME
- WESTERN DEEP LEVELS BUILDS ON GOOD PERFORMANCE
- FREEGOLD OPERATIONS BOUNCE BACK
- ELANDSRAND OPERATIONS SATISFACTORY
  - IN SPITE OF GRADE DECLINE
  - DEELKRAAL PROFIT TURNAROUND CONTINUES
- AT ANGLOGOLD (PREVIOUSLY VAAL REEFS):
- NOS 9 & 10 SHAFTS HAVE MCF PROBLEMS
- URANIUM SALES FALL

THE FIVE GOLD PRODUCING COMPANIES SERVICED BY ANGLOGOLD, IN AGGREGATE,
INCREASED AVAILABLE PROFIT BY 2 PER CENT TO R265 MILLION FOR THE QUARTER ENDED
31 MARCH 1998. GOLD OPERATING PROFIT WAS UP FIVE PER CENT AT R528,4 MILLION, IN
SPITE OF A 2 PER CENT DROP IN THE GOLD PRICE RECEIVED ON NORMAL OPERATIONS TO
R55 702. GOLD PRODUCTION DECREASED BY 13 PER CENT TO 50 261 KILOGRAMS.
ANGLOGOLD'S CASH COST TARGET OF $250 WAS REACHED IN AGGREGATE FOR THE FIRST
TIME AND MARKED A SEVEN PER CENT DECLINE ON THE PREVIOUS QUARTER'S FIGURE.
CAPITAL EXPENDITURE WAS 32 PER CENT LOWER AT R153,2 MILLION.

AS ANGLOGOLD ASSUMED RESPONSIBILITY FOR THE MANAGEMENT OF H J JOEL ONLY ON 16
APRIL, IT HAS NOT BEEN INCLUDED IN THE AGGREGATED RESULTS.
ANGLOGOLD (VAAL REEFS) - SUMMARY
- VAAL REEFS BECOMES ANGLOGOLD

- GOLD PRODUCTION DOWN 22%, IN LINE WITH RESTRUCTURING
- LONG LIFE SHAFT PRODUCTION DOWN 9%
- MCF PROBLEM AT NOS 9 & 10 SHAFTS
- $ CASH COSTS DOWN 4%

  -GREAT NOLIGWA (PREVIOUSLY NO 8 SHAFT) CASH COSTS DOWN TO $153/OZ
- URANIUM SALES DOWN
- PRODUCTIVITY UP 5% IN VALUE TERMS
- CAPEX DOWN 40%
- AVAILABLE PROFIT DOWN 25%

FOR VAAL REEFS, THE FIRST QUARTER OF 1998 WAS A LANDMARK. ON 12 MARCH,
SHAREHOLDERS VOTED TO CHANGE THE NAME FROM VAAL REEFS EXPLORATION AND MINING
COMPANY LIMITED TO ANGLOGOLD LIMITED. THIS WAS A KEY STEP TOWARDS THE MERGING
OF ANGLOGOLD LIMITED WITH OTHER COMPANIES TO FORM A FOCUSED, GLOBAL GOLD MINING
AND EXPLORATION ENTITY.

THE SALE OF SHAFTS 1, 3, 4, 5, 6 AND 7 AND THE TRIBUTING OF SHAFT NO. 2 TO
AFRICAN RAINBOW MINERALS AND EXPLORATION COMPANY (PROPRIETARY) LIMITED (ARM),
AS PREVIOUSLY ANNOUNCED, WAS FORMALISED DURING THE QUARTER AND BECAME EFFECTIVE
FROM 27 JANUARY.

RETRENCHMENT COSTS WERE FUNDED BY ACCELERATED HEDGE REVENUE AND THUS HAD NO
IMPACT ON THE NORMAL OPERATING RESULTS OF THE COMPANY.

AS A RESULT OF THE RESTRUCTURING, GOLD PRODUCTION - AT 15 055 KILOGRAMS - WAS
22 PER CENT LOWER THAN THE PREVIOUS QUARTER. PRODUCTION FROM THE LONG LIFE
SHAFTS, HOWEVER, DECREASED BY 9 PER CENT TO 13 570 KILOGRAMS.

THE GOLD PRICE RECEIVED ON NORMAL OPERATIONS (EXCLUDING ACCELERATED HEDGE
REVENUE) DECREASED BY R2 635 PER KILOGRAM. THIS TOGETHER WITH THE FALL IN
PRODUCTION RESULTED IN REVENUE, EXCLUDING ACCELERATED HEDGE REVENUE, DECREASING
BY 17 PER CENT.

ON THE POSITIVE SIDE, UNIT CASH COSTS DECREASED BY FOUR PER CENT TO $224 PER
OUNCE; AND AT GREAT NOLIGWA MINE (FORMERLY NO. 8 SHAFT), 9 092 KGS (292 315 OZ)
WERE PRODUCED AT A CREDITABLE CASH COST OF $153 PER OUNCE. CONSEQUENTLY, THE
DECREASE IN REVENUE WAS PARTIALLY OFFSET BY A 23 PER CENT DECREASE IN

PRODUCTION COSTS (EXCLUDING RESTRUCTURING COSTS) AND LOWER ROYALTY PAYMENTS TO
SOUTHVAAL. PROFIT FROM THE NO. 2 SHAFT TRIBUTE AMOUNTED TO R4,7 MILLION FOR THE
QUARTER.

URANIUM PROFIT AT R20,4 MILLION, DECREASED BY 61 PER CENT LARGELY AS A RESULT
OF LOWER SALES VOLUMES.

AVAILABLE PROFIT FOR THE QUARTER DECREASED BY 25 PER CENT TO R74,0 MILLION.
GROSS CAPITAL EXPENDITURE DECLINED BY 40 PER CENT TO R78,2 MILLION. INCLUDED
FOR THE QUARTER WAS R9,4 MILLION FROM THE SALE OF THE SHAFTS TO ARM.

IN TERMS OF THE VALUE MEASURE, PRODUCTIVITY IMPROVED BY FIVE PER CENT TO 182
GRAMS PER EMPLOYEE OVER THE PREVIOUS QUARTER, AND DECLINED BY 10 PER CENT, IN
TERMS OF THE VOLUME MEASURE, TO 3,52 SQUARE METRES PER EMPLOYEE.
WESTERN DEEP LEVELS - SUMMARY
- HIGHEST QUARTERLY PRODUCTION EVER
- AVAILABLE PROFIT UP 15%
- $ CASH COSTS DOWN 6%
  - EAST MINE CASH COSTS DOWN TO $163
- PRODUCTIVITY UP 29% ON TARGET IN VALUE TERMS
- CAPEX UP 1%

WESTERN DEEP LEVELS' GOLD PRODUCTION, AT 11 350 KILOGRAMS, WAS THE HIGHEST FOR
ANY QUARTER SINCE THE INCEPTION OF THE COMPANY, AND REFLECTED AN IMPROVEMENT OF
SIX PER CENT OVER THE PREVIOUS QUARTER. THE INCREASE IN PRODUCTION, LARGELY DUE
TO A GRADE IMPROVEMENT OF FIVE PER CENT, COUPLED WITH EFFECTIVE COST CONTROL,
RESULTED IN AVAILABLE PROFIT INCREASING BY 15 PER CENT TO R90,9 MILLION.
CASH COSTS FELL BY SIX PER CENT TO $219 PER OUNCE. EAST MINE AGAIN TURNED IN A
PARTICULARLY CREDITABLE CASH COST PERFORMANCE, PRODUCING 5 691 KGS (182 970
OUNCES) AT A CASH COST OF $163 PER OUNCE, AN IMPROVEMENT OF NINE PER CENT OVER
THE PREVIOUS QUARTER.

PRODUCTIVITY, IN TERMS OF VALUE, AT 207 GRAMS PER EMPLOYEE, WAS 29 PER CENT UP
ON TARGET AND EIGHT PER CENT UP ON THE PREVIOUS QUARTER. IN TERMS OF VOLUME,
PRODUCTIVITY WAS ONE PER CENT UP ON THE TARGET OF 3,62 SQUARE METRES PER
EMPLOYEE, BUT DECLINED BY EIGHT PER CENT ON THE PREVIOUS QUARTER.

CAPITAL EXPENDITURE AT R30,3 MILLION WAS UP ONE PER CENT ON THE PREVIOUS
QUARTER. THE OUTLOOK FOR 1998 REMAINS AT R177,6 MILLION.
FREEGOLD - SUMMARY
- AVAILABLE PROFIT UP 123%
  - BETTER OPERATING RESULTS
  - INCOME FROM ASSET SALE

- PRODUCTION DOWN 17%, IN LINE WITH PLANNED DOWNSIZING
  - LONG LIFE SHAFTS' PRODUCTION UP 2%
- $ CASH COSTS DOWN 10%
  - LONG LIFE SHAFTS' $ CASH COSTS DOWN 15%

- LONG LIFE SHAFTS' PRODUCTIVITY UP 10% IN VALUE TERMS
- CAPEX DOWN 39%

FREEGOLD'S AVAILABLE PROFIT FOR THE QUARTER INCREASED BY 123 PER CENT TO R59,2
MILLION DUE TO IMPROVED OPERATING RESULTS AND INCOME FROM THE SALE OF ASSETS.
THE COMPANY'S ONGOING DOWNSIZING PROGRAMME IS REFLECTED IN THE PLANNED GOLD
PRODUCTION DECLINE OF 17 PER CENT TO 14 995 KILOGRAMS. PRODUCTION AT THE LONG
LIFE SHAFTS, HOWEVER, INCREASED BY TWO PER CENT ON THE PREVIOUS QUARTER. THE
DECREASE IN OVERALL PRODUCTION WAS OFFSET BY EFFECTIVE COST CONTROL MEASURES,
AND PRODUCTION COSTS (EXCLUDING RETRENCHMENT COSTS) DECLINED BY 22 PER CENT.
OVERALL UNIT CASH COSTS FOR THE QUARTER DECREASED BY 10 PER CENT TO $295 PER
OUNCE, AND FOR THE LONG LIFE SHAFTS BY 15 PER CENT TO $270 PER OUNCE.

PRODUCTIVITY AT THE LONG LIFE SHAFTS, IN TERMS OF VALUE, INCREASED BY 10 PER
CENT TO 159 GRAMS PER EMPLOYEE OVER THE PREVIOUS QUARTER, AND IN TERMS OF
VOLUME DECLINED BY EIGHT PER CENT TO 4,05 SQUARE METRES PER EMPLOYEE.

CAPITAL EXPENDITURE FOR THE QUARTER DECREASED BY 39 PER CENT TO R22,1 MILLION.
INCLUDED IN THE APPROPRIATIONS FOR CAPITAL EXPENDITURE DURING THE QUARTER IS
THE SALE OF FREDDIES NUMBERS 7, 8 AND 9 SHAFTS WITH THEIR RELATED
INFRASTRUCTURE FOR R26 MILLION.

THE DOWNSIZING PROGRAMME IS NEARING COMPLETION AND WILL BE FINALISED DURING THE
JUNE QUARTER.

IN ORDER TO SECURE THE VIABILITY OF THE FREEGOLD 4 PROJECT, THE WORK PRACTICES
FOR THIS PROJECT CONTINUE TO BE DISCUSSED WITH UNIONS AND ASSOCIATIONS.
ELANDSRAND - SUMMARY
- A REASONABLE QUARTER
- PRODUCTION DOWN 6%
  - PLANNED REDUCTION AT DEELKRAAL
- $ CASH COSTS DOWN 3%
- PRODUCTIVITY IMPROVES
- CAPEX DOWN 16%
- AVAILABLE PROFIT DOWN 36 PER CENT
  - DISTORTED BY TAX ADJUSTMENT LAST QUARTER

- PRODUCTION VOLUMES AT ELANDSRAND DIVISION TO BE SCALED DOWN BY 10%

ELANDSRAND HAD A REASONABLE QUARTER. GOLD PRODUCTION, AT 5 852 KILOGRAMS, WAS
SIX PER CENT BELOW THE PREVIOUS QUARTER. PRODUCTION AT THE ELANDSRAND

DIVISION INCREASED BY TWO PER CENT TO 3 824 KILOGRAMS DESPITE A FALL IN GRADE.
AT THE DEELKRAAL DIVISION, THOUGH 17 PER CENT LOWER THAN THE PREVIOUS QUARTER
DUE TO A SHORTER MILLING PERIOD, PRODUCTION WAS A CREDITABLE 2 028 KILOGRAMS.
COSTS WERE WELL CONTROLLED, DOWN THREE PER CENT IN UNIT CASH COST TERMS TO $258
PER OUNCE.

AVAILABLE PROFIT FOR THE QUARTER, AT R24,6 MILLION, DECLINED BY 36 PER CENT,
BECAUSE OF THE DISTORTION OF THE TAXATION BENEFIT ACHIEVED DURING THE PREVIOUS
QUARTER FROM THE MERGER OF ELANDSRAND AND DEELKRAAL.

PRODUCTIVITY, IN TERMS OF VALUE, WAS THREE PER CENT ABOVE THE TARGET OF 169
GRAMS PER EMPLOYEE AND NINE PER CENT UP ON THE PREVIOUS QUARTER, AND IN TERMS
OF VOLUME, TWO PER CENT ABOVE THE TARGET OF 4,79 SQUARE METRES PER EMPLOYEE AND
FOUR PER CENT UP ON THE PREVIOUS QUARTER.

CAPITAL EXPENDITURE, AT R18,4 MILLION, DECLINED BY 16 PER CENT. THE FORECAST
FOR THE YEAR REMAINS UNCHANGED AT R1 04,9 MILLION.

THE TURNAROUND AT THE DEELKRAAL DIVISION CONTINUED DURING THIS QUARTER. MAJOR
IMPROVEMENTS IN THE SAFETY PARAMETERS ARE BEING RECORDED: 32 PER CENT AND 53
PER CENT IN THE REPORTABLE AND DISABLING RATES RESPECTIVELY. GOLD PRODUCTION IS
BEING MAINTAINED THROUGH IMPROVED GRADES AND EFFICIENCIES, AND AT A CASH COST
OF $270 PER OUNCE.

PRODUCTION VOLUMES AT THE ELANDSRAND DIVISION ARE TO BE SCALED DOWN BY
APPROXIMATELY 10 PER CENT, AS A RESULT OF LOW GRADES IN THE WESTERN AREA, IN
ORDER TO SUSTAIN THE CURRENT PROFIT LEVELS. DEVELOPMENT IS BEING CONCENTRATED
ON THE HIGHER GRADE EASTERN AREA.
COMMENTS
ERGO - SUMMARY
- AVAILABLE PROFIT DOWN 3%
- GOLD PRODUCTION DOWN 6%
  - LOWER TONNAGE TREATED
- $ CASH COSTS DOWN 5%
- COST CONTROL MEASURES INSTITUTED
- PRODUCTIVITY UP 5% ON TARGET IN VALUE TERMS

ERGO'S GOLD PRODUCTION FOR THE QUARTER DECLINED BY SIX PER CENT TO 3 009
KILOGRAMS DUE MAINLY TO A FIVE PER CENT REDUCTION IN MATERIAL TREATED. THIS WAS
LARGELY OFFSET BY A REDUCTION OF FIVE PER CENT IN $ CASH COSTS (EXCLUDING
RETRENCHMENT COSTS), ACHIEVED AS A RESULT OF COST CONTROL MEASURES INSTITUTED
BY MANAGEMENT. AVAILABLE PROFIT DECREASED BY THREE PER CENT TO R16,2 MILLION.
PARTNERS' SHARE OF PROFITS FROM TREATING EAST DAGGAFONTEIN MATERIAL INCREASED
BY 93 PER CENT TO R5,6 MILLION, AS A RESULT OF INCREASED PRODUCTION FROM THE
HIGH GRADE 7L1 DAM AND SIGNIFICANTLY HIGHER METALLURGICAL EFFICIENCIES.
PRODUCTIVITY IN TERMS OF VALUE WAS FIVE PER CENT ABOVE TARGET AT 6,1 KILOGRAMS
PER EMPLOYEE (ANNUALISED) BUT SEVEN PER CENT DOWN IN TERMS OF VOLUME AT 24 154
TONS TREATED PER EMPLOYEE (ANNUALISED).
H J JOEL - SUMMARY
- UNDER ANGLOGOLD MANAGEMENT FROM 16 APRIL
- GOLD PRODUCTION DOWN 13%
  - LOWER TONNAGE
- 4% GRADE DECLINE
- $ CASH COSTS UP 11%
- CAPEX UP 51%
- R13,7 MILLION ON SINKING PROJECT

H J JOEL'S GOLD PRODUCTION FOR THE QUARTER DECLINED BY 13 PER CENT TO 1 763
KILOGRAMS AS A RESULT OF DECREASED TONNAGE AND A FOUR PER CENT DECLINE IN
AVERAGE GRADES IN SPITE OF A REDUCED STOPING WIDTH. REDUCED PRODUCTION COUPLED
WITH A TWO PER CENT REDUCTION IN THE AVERAGE PRICE RECEIVED RESULTED IN GOLD
REVENUE DECLINING BY 15 PER CENT TO R92,3 MILLION.

PRODUCTION COSTS WERE MAINTAINED AT LEVELS SIMILAR TO THE PREVIOUS QUARTER.
HOWEVER WITH THE REDUCTION IN PRODUCTION, UNIT CASH COSTS INCREASED BY 11 PER
CENT TO $271 PER OUNCE.

PROFIT BEFORE TAXATION THEREFORE DECLINED BY 54 PER CENT TO R14,5 MILLION.
CAPITAL EXPENDITURE FOR THE QUARTER INCREASED BY 51 PER CENT TO R69,8 MILLION.
R13,7 MILLION WAS SPENT ON THE SINKING PROJECT. THE UPGRADE OF THE

METALLURGICAL PLANT PROGRESSED AS PLANNED AND IS DUE TO BE COMPLETED BY MID-MAY
ANGLOGOLD ASSUMED RESPONSIBILITY FOR THE MANAGEMENT OF THIS COMPANY ON 16 APRIL
FORECASTS OF PRODUCTION AND CAPITAL EXPENDITURE WILL BE UPDATED BY NEXT QUARTER
24 APRIL 1998
QUERIES:        JAMES DUNCAN
                0027 11 638-3545 (O)
                0027 11 849-4161 (H)
                0027 11 82 892-8O52 (CELL)
                CHARMANE RUSSELL
                0027 11 638-2762 (O)
                0027 11 486-3615 (H)
                0027 11 82 895-3162 (CELL)