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Gold Fields Limited - Press Release

Release Date: 24/05/2002 10:46:27      Code(s): GFI HAR AOD
Gold Fields Limited - Press Release                                             
Joint Announcement                                                              
By                                                                              
Gold Fields Limited                                                             
Harmony Gold Mining Co. Ltd.                                                    
African Rainbow Minerals Gold Limited                                           
Gold Fields To Sell St Helena to Free Gold                                      
Johannesburg, 24 May 2002: Gold Fields Limited [JSE & NYSE-.GFI] is pleased     
to announce that agreement in principle has been reached for its subsidiary,    
St Helena Gold Mines Limited, to sell its St Helena Gold Mine to Free Gold      
(a Joint Venture company between ARMgold and Harmony).                          
The gross sale consideration is R120 million, as well as a one per cent         
royalty on revenue, the latter effective for a period of 48 months.             
Chris Thompson, Chairman and Chief Executive Officer of Gold Fields said:       
"This transaction makes imminent sense for all of the parties involved. It      
progresses the consolidation of the Free State goldfields in the most           
sensible manner possible, and further strengthens ARMgold and Harmony`s         
empowerment vehicle, Free Gold."                                                
Patrice Motsepe, Executive Chairman of ARMgold commented: "We are pleased       
that the consolidation of the Free State goldfields continues with the          
inclusion of St Helena. This operation which produces approximately 120,000     
ounces per annum at a cash cost of US$234, will add 60,000 ounces to the        
ARMgold production base."                                                       
"This transaction will allow the exploitation of previously sterilized ore      
reserves between the three Free State mining companies, i.e. Harmony,           
ARMgold and Free Gold. This is a unique situation where the synergies from      
this acquisition will probably extend the life of these operations from its     
current 18 months to approximately 4 years. In a continuous rising gold         
price scenario, the extensive ore reserves at St Helena could allow for         
mining to extend beyond that date," concluded Bernard Swanepoel, Chief          
Executive of Harmony.                                                           
The agreement is subject to the fulfilment of conditions precedent,             
including the completion of a final due diligence investigation and the         
conclusion of a formal agreement of sale by 1 July 2002. Thereafter             
implementation of the agreement will be subject to the obtaining of all         
necessary regulatory consents and approvals by 31 October 2002.                 
END                                                                             
For further details contact:                                                    
Gold Fields Limited                                                             
Willie Jacobsz                                                                  
+27(0)82 493-1377                                                               
Cheryl Martin                                                                   
+303 796-8683                                                                   
Harmony Gold Mining Company Limited                                             
Bernard Swanepoel                                                               
+27(0)83 303-9922                                                               
African Rainbow Minerals Limited                                                
Patrice Motsepe                                                                 
+27(0)82 560-0930                                                               
Mangisi Gule                                                                    
+27(0)82 805-3863                                                               
Date: 24/05/2002 10:45:00 AM Produced by the SENS Department                    



                                        
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