Wrap Text
ANG - Anglogold Ashanti Announces Significant Exploration Results At 100% Owned
La Colosa Project In Colombia
AngloGold Ashanti 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 ANNOUNCES SIGNIFICANT EXPLORATION RESULTS AT 100% OWNED LA
COLOSA PROJECT IN COLOMBIA
Initial La Colosa Inferred Resource: 468.8Mt at 0.86g/t gold totaling 12.9Moz
AngloGold Ashanti is pleased to announce the completion of the initial JORC-
compliant resource estimate for the La Colosa deposit in Colombia.
La Colosa is the second significant greenfields discovery (Gramalote being
the first) in Colombia and was discovered by AngloGold Ashanti`s Colombian
greenfields exploration team during 2006. The Project is 100% owned by AngloGold
Ashanti and is located 150km west of Colombia`s capital city, Bogota, in the
department of Tolima.
Since discovery, only 18 months ago, exploration drilling at La Colosa has
rapidly defined `porphyry style` mineralization at a grade > 0.3 g/t Au
extending over a strike length in excess of 1,500m and a width of 600m.
Additional upside potential, which is considered material, remains untested both
along strike to the north and south as well as to the east of the drilled
portion of the deposit and regionally where at least three quality targets
require follow-up.
A conceptual economic study was completed during the quarter and on this
basis a JORC-compliant Mineral Resource has been defined. The Inferred Mineral
Resource of 12.9Moz is defined at a gold price of $1000/oz and is summarised in
the table below. The table also illustrates the Mineral Resource constrained
within an optimized pit shell at gold prices of $700/oz and $800/oz.
Cut-off Price Tonnage Grade Ounces Mineral Resource
(g/t) (Mt) (g/t) (Moz) Category
0.5 $700 293.4 1.03 9.7 Inferred
0.4 $800 351.6 0.95 10.8 Inferred
0.3 $1,000 468.8 0.86 12.9 Inferred
Included within the pit optimisation are some 0.5Moz of potentially
mineralised material that has not yet been drilled. This material was included
in the pit optimization, as it lies at the crest of the La Colosa Hill and has
not yet been drilled due to logistical constraints. There is strong geological
evidence that this material is mineralised, and as it has not been included in
the Mineral Resource, it constitutes further near term upside. Drilling at La
Colosa is currently suspended pending the issuance of an environmental permit,
which is expected to be finalised within the next few months.
Commenting on the discovery, Mark Cutifani, AngloGold Ashanti`s CEO said, "We
are extremely pleased with exploration results in Colombia. La Colosa
represents a major greenfields find, with further upside to increase its
resource potential. Together with Gramalote, this discovery puts us in a strong
position to benefit from our land holdings in Colombia and to continue building
on the gold producing fundamentals in Colombia that make these such exciting
projects."
Mr. Cutifani added, "La Colosa`s resource declaration of 12.9Moz, together
with AngloGold Ashanti`s Global Greenfield projects in 2007, means that we have
added over 20Moz in new greenfields resources to our portfolio over the last
fifteen months. With these strong exploration results, our next step will be to
continue to refine our processes, convert these resources to reserves and then
to bring them to economic account."
Background Notes for Editors
The Gramalote project, a 51/49 B2Gold/AGA joint venture located 230 km
northwest of Bogota and 80 km northeast of Medellin in the central Colombia, was
the first greenfields discovery made by AngloGold Ashanti in Colombia. For
B2Gold to earn into a 51% shareholding, AGA will be free carried until the
completion of a feasibility study by June 2010. The recently completed, JORC-
compliant resource estimate published in AngloGold Ashanti`s 2007 fourth quarter
exploration summary indicates that Gramalote Ridge contains an initial inferred
resource of 57.8 million tonnes (100% basis) with a diluted grade of 1.14 grams
per tonne (g/t) Au for 2.12 million ounces on a 100% basis using 0.5 g/t Au cut-
off.
As at 31 December 2007, AngloGold Ashanti declared mineral resources totaling
207.6Moz, with reserves of 73.1Moz.
ENDS
06 May 2007
Contacts
South Africa Tel: Mobile: E-mail:
Charles Carter (Investor Relations) Tel: +27 (0) 11 637-6385
Mobile: +27 (0) 82 330 5373 E-mail:cecarter@AngloGoldAshanti.com
Himesh Persotam (Investor Relations) Tel: +27 (0) 11 637-6647
Mobile: +27 (0) 82 339 3890 E-mail:hpersotam@AngloGoldAshanti.com
Alan Fine (Media) Tel: +27 (0) 11 637-6383 Mobile:+27 (0) 83 250 0757
E-mail: afine@AngloGoldAshanti.com
Joanne Jones (Media) Tel: +27 (0) 11 637- 6813 Mobile:+27 (0) 82 896 0306
E-mail: jjones@AngloGoldAshanti.com
North America Tel:Mobile:E-mail:
Dan Gagnier (Sard Verbinnen & Co) Tel: +1-212-687-8080 Mobile:+1 646-342-8087
E-mail: dgagnier@sardverb.com
UK and Europe
Rachel Hirst (Hogarth Partnership Ltd) Tel: +44-207-357 9477
E-mail: rhirst@hogarthpr.co.uk
Nick Denton (Hogarth Partnership Ltd) Tel: +44-207-357 9477
E-mail: ndenton@hogarthpr.co.uk
Certain statements made during this communication, including, without
limitation, those concerning the economic outlook for the gold mining industry,
expectations regarding gold prices, production, cash costs and other operating
results, growth prospects and the outlook of AngloGold Ashanti`s operations
including the completion and commencement of commercial operations of certain of
AngloGold Ashanti`s exploration and production projects, and its liquidity and
capital resources and expenditure, contain certain forward-looking statements
regarding AngloGold Ashanti`s operations, economic performance and financial
condition. Although AngloGold Ashanti believes that the expectations reflected
in such forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Accordingly, results
could differ materially from those set out in the forward-looking statements as
a result of, among other factors, changes in economic and market conditions,
success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and
exchange rates, and business and operational risk management. For a discussion
of such factors, refer to AngloGold Ashanti`s annual report for the year ended
31 December 2007, which was distributed to shareholders on 31 March 2008.
AngloGold Ashanti undertakes no obligation to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances
after today`s date or to reflect the occurrence of unanticipated events.
In connection with the proposed merger transaction involving AngloGold
Ashanti and Golden Cycle Gold Corporation, AngloGold Ashanti has filed with the
SEC a registration statement on Form F-4 and GCGC will mail a proxy
statement/prospectus to its stockholders, and each will be filing other
documents regarding the proposed transaction with the U.S. Securities and
Exchange Commission ("SEC") as well. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING
THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION. The final proxy statement/prospectus will be mailed to
GCGC`s stockholders. Stockholders will be able to obtain a free copy of the
proxy statement/prospectus, as well as other filings containing information
about AngloGold Ashanti and GCGC, without charge, at the SEC`s Internet site
(http://www.sec.gov). Copies of the proxy statement/prospectus and the filings
with the SEC that will be incorporated by reference in the proxy
statement/prospectus can also be obtained, without charge, by directing a
request to AngloGold Ashanti, 76 Jeppe Street, Newtown, Johannesburg, 2001 (PO
Box 62117, Marshalltown, 2107) South Africa, Attention: Investor Relations, +27
11 637 6385, or to Golden Cycle Gold Corporation, 1515 S. Tejon, Suite 201,
Colorado Springs, CO 80906, Attention: Chief Executive Officer, (719) 471-9013.
This document is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. AngloGold Ashanti has filed a registration
statement in the United States under the Securities Act of 1933, as amended, in
connection with the offer and sale of the securities described herein and
intends to register the securities described herein for offer and sale in the
United States. Any public offering of securities to be made in the United States
will be made by means of a prospectus and a related prospectus supplement that
form part of this registration statement and that will contain detailed
information about AngloGold Ashanti and its management, as well as financial
statements. Such prospectus may be obtained from AngloGold Ashanti at 76 Jeppe
Street, Newtown, Johannes
Date: 06/05/2008 08:53:09 Supplied by www.sharenet.co.za
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