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AngloGold concludes letter of intent on Jerritt Canyon

Release Date: 21/05/2003 08:01
Code(s): ANG
Wrap Text

AngloGold concludes letter of intent on Jerritt Canyon                          
AngloGold Limited                                                               
(Incorporated in the Republic of SA)                                            
(Registration Number: 1944/017354/06)                                           
ISIN Number:ZAE000043485                                                        
JSE Share Code: ANG                                                             
NYSE Ticker: AU                                                                 
20 May 2003                                                                     
AngloGold concludes letter of intent on Jerritt Canyon                          
AngloGold Ltd today announced that it has concluded a letter of intent with     
Queenstake Resources U.S.A. Inc. on its interests in the Jerritt Canyon Joint   
Venture.  This follows the receipt by the Jerritt Canyon joint venture partners 
of a second unsolicited offer from Queenstake.                                  
AngloGold owns 70% of the joint venture and is the operator and managing partner
of the Jerritt Canyon mine.  Under the terms of the letter of intent, Queenstake
has paid a $250,000 deposit in satisfaction of amounts owed under a prior       
agreement and will pay the Jerritt Canyon Joint Venture an additional $1.25     
million in cash and 32 million shares of Queenstake common stock on closing,    
with $6 million in deferred payments and approximately $4 million in future     
royalty payments.                                                               
Queenstake will accept full closure and reclamation and other liabilities.      
The closing is set for June 25, 2003.                                           
For the year ended December 31, 2002, Jerritt Canyon produced 237,000           
attributable ounces of gold at a total cash cost of $249 per ounce.             
Ends                                                                            
Queries:                                                                        
www.anglogold.com                                                               
South Africa     Tel:              Mobile:        E-mail:                       
Steve Lenahan    +27116376248      +27833082200   slenahan@anglogold.com        
Alan Fine        +27116376383      +27832500757   afine@anglogold.com           
Shelagh Blackman +27116376379      +27833082471   skblackman@anglogold.com      
Europe & Asia                                                                   
Tomasz Nadrowski +12127507999      +19179124641   tnadrowski@anglogold.com      
USA                                                                             
Charles Carter   (Toll free) 8004179255                                         
+12127507999   cecarter@anglogold.com        

Australia                                                                       
Andrea Maxey     +61894254604      +61438001393   amaxey@anglogold.com.au       
 CORPORATE AFFAIRS DEPARTMENT                                                   
16th Floor, 11 Diagonal Street,                                                 
Johannesburg 2001, South Africa                                                 
Tel: (+27 11) 637-6385                                                          
or Fax: (+27 11) 637-6399/6400                                                  
Date: 21/05/2003 08:02:01 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department