AngloGold Ashanti and Oxiana form exploration alliance

AngloGold Ashanti and Oxiana form exploration alliance                          
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")                                                
AngloGold Ashanti and Oxiana form exploration alliance                          
   AngloGold Ashanti Ltd has taken another step forward in its new frontiers    
growth strategy, today announcing an exploration alliance with Oxiana Ltd to    
explore for gold in Laos.                                                       
   As part of this growth strategy the company"s business development team has  
been assessing opportunities in prospective, but under-explored, new frontier   
regions.                                                                        
The agreement with Oxiana follows the investment in Trans-Siberian Gold in   
Russia and a strategic alliance in the Philippines with Red 5 Ltd.              
   Laos is highly prospective for both gold and copper, but is under-explored.  
This initiative aims to further unlock Laos" gold potential by combining        
AngloGold Ashanti"s technical expertise with Oxiana"s in-depth country knowledge
and operating experience.                                                       
   The alliance will explore for gold throughout the country, excluding all     
areas currently held or under application by Oxiana.                            
Key terms of the Exploration Alliance Agreement are summarized as follows:   
      - The generative phase will be funded jointly by AngloGold Ashanti and    
Oxiana. Oxiana will be the initial Manager with both Oxiana and AngloGold       
Ashanti personnel seconded to the Alliance.                                     
- Projects generated will be owned 50% by AngloGold Ashanti and 50% by    
Oxiana.                                                                         
      - AngloGold Ashanti has an option to earn an additional 10% equity in any 
project generated by either sole funding the first $US10 million of expenditure 
where a project is still early stage (pre-drilling) or sole funding through to  
completion of a bankable feasibility study (BFS) where a significant drill      
intersection has already been made.                                             
      - Oxiana is free to explore Laos for copper and any copper projects       
generated in the course of exploration by the AngloGold Ashanti-Oxiana alliance 
will revert 100% to Oxiana.                                                     
      - Oxiana may sole fund gold projects not of interest to AngloGold Ashanti,
however, AngloGold Ashanti retains the right to claw back up to 60% in any      
projects by proving up a 2 million ounce gold resource (JORC compliant) within  
24 months and then sole funding the project to completion of a BFS. Projects of 
less than 2 million ounces will revert 100% to Oxiana.                          
   ends                                                                         
Perth, Australia                                                             
   13 December 2004                                                             
   AngloGold Ashanti Limited sponsor : UBS                                      
Date: 13/12/2004 08:30:05 AM Supplied by www.sharenet.co.za                     
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