ANGLOGOLD - CAUTIONARY ANNOUNCEMENT CONCERNING THE ACQUISITION

ANGLOGOLD LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 05/17354/06)
("ANGLOGOLD")

CAUTIONARY ANNOUNCEMENT CONCERNING THE ACQUISITION BY ANGLOGOLD OF THE GOLD
INTERESTS OF MINORCO

SHAREHOLDERS OF ANGLOGOLD ARE ADVISED THAT AGREEMENT IN PRINCIPLE HAS BEEN
REACHED FOR ANGLOGOLD TO ACQUIRE THE GOLD INTERESTS OF MINORCO, FOLLOWING
COMPLETION OF A COMPETITIVE AUCTION PROCESS.

THE AGREEMENT IN PRINCIPLE IS SUBJECT TO THE SIGNATURE OF A FORMAL AGREEMENT
AND THE FULFILMENT OF CERTAIN CONDITIONS PRECEDENT, INCLUDING THE APPROVALS OF
THE RESPECTIVE BOARDS OF DIRECTORS, ANGLOGOLD SHAREHOLDERS AND VARIOUS
REGULATORY AUTHORITIES.
THE MINORCO GOLD INTERESTS INCLUDE:

- THE WHOLLY-OWNED INDEPENDENCE MINING COMPANY, WHICH INCORPORATES PIKES PEAK
MINING COMPANY IN COLORADO AND A 70 PER CENT STAKE IN THE JERRITT CANYON JOINT
VENTURE IN NEVADA, USA;

- THE WHOLLY-OWNED MINERACAO MORRO VELHO MINES AND A 50 PER CENT JOINT VENTURE
IN THE MINERACAO SERRA GRANDE MINES, BOTH IN BRAZIL;

- A 46,25 PER CENT STAKE IN THE CERRO VANGUARDIA MINE IN ARGENTINA; AND
- GOLD EXPLORATION ACTIVITIES IN THE AMERICAS.

THE PURCHASE PRICE IS US$550 MILLION, SUBJECT TO AN ADJUSTMENT FOR NET CURRENT
ASSETS AND LONG-TERM DEBT, AS AT 31 DECEMBER 1998 (THE EFFECTIVE DATE). THE
PURCHASE CONSIDERATION IS PAYABLE IN CASH.

MINORCO'S GOLD OPERATIONS CURRENTLY PRODUCE SOME 800 000 ATTRIBUTABLE OUNCES A
YEAR. THE ACQUISITION OF THESE OPERATIONS WILL INCREASE ANGLOGOLD'S ANNUAL
OUTPUT BY 12 PER CENT TO 7,5 MILLION ATTRIBUTABLE OUNCES.

THE SUCCESSFUL CONCLUSION OF THE TRANSACTION MAY HAVE A MATERIAL EFFECT ON THE
PRICE OF ANGLOGOLD SHARES. ACCORDINGLY, SHAREHOLDERS ARE ADVISED TO EXERCISE
CAUTION WHEN DEALING IN THESE SHARES. A FURTHER ANNOUNCEMENT WILL BE MADE IN
DUE COURSE.
JOHANNESBURG
7 DECEMBER 1998
FINANCIAL ADVISOR
GOLDMAN SACHS
FINANCIAL ADVISOR AND SPONSORING BROKER
SMITH BORKUM HARE
MERRILL LYNCH SOUTH AFRICA (PTY) LTD
REGISTRATION NO. 95/01805/07
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
LEGAL ADVISORS
DENEYS REITZ
ATTORNEYS
SHEARMAN & STERLING