| Wed 10 Sep 2008, 11:53 | | GFI - Gold Fields Limited - Media Release - Arctic Platinum project reverts |
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GFI
GOGOF
GFI - Gold Fields Limited - Media Release - Arctic Platinum project reverts
to Gold Fields
Gold Fields Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1968/004880/06)
JSE, NYSE, DIFX Share Code: GFI
ISIN: ZAE000018123
("Gold Fields" or "the Company")
MEDIA RELEASE - ARCTIC PLATINUM PROJECT REVERTS
TO GOLD FIELDS
Johannesburg, 10 September 2008: Gold Fields Limited ("Gold Fields") (NYSE,
JSE, DIFX: GFI) today announced that the Arctic Platinum Project (APP) in
Finland had reverted to Gold Fields after North American Palladium Limited
(NAP), a Canadian platinum metals group producer, had declined to follow its
rights in terms of a Letter of Intent entered into between the parties and
announced on 18 October 2005 and an Acquisition and Framework Agreement
subsequently entered into between the parties.
In terms of the agreement Gold Fields and NAP formed a joint venture to further
explore mining properties and possibly develop a mine at Gold Fields` Arctic
Platinum Project, located approximately 60 kilometers south of the city of
Rovaniemi in northern Finland. Gold Fields also granted an option to NAP to
acquire up to a 60% undivided interest in the Project.
NAP`s option to acquire its interest in APP was subject to NAP undertaking
approved expenditure on the Project of approximately US$12.5 million, and making
a decision to develop a mine at the property, prior to the expiry of the option
period on 31 August 2008. Had NAP satisfied these conditions and exercised the
option, it would have been required to issue up to approximately 9.2 million NAP
common shares to Gold Fields in consideration for the acquisition of its
interest in APP which, based on the weighted average trading price on the
American Stock Exchange for the eleven trading days commencing on October 11,
2005, would have valued the consideration at approximately US$45 million. During
the option period NAP was the operator of the project.
NAP has informed Gold Fields that it will not follow its rights in terms of the
agreement and therefore the option has expired and the agreement has been
terminated.
With effect from 1 September 2008, Gold Fields has therefore again taken full
control and management of APP and will explore ways in which to realize value
for its shareholders from this asset.
-ends-
Enquires
Willie Jacobsz
Tel +508 358-
0188
Mob +857 241-
ile 7127
About Gold Fields
Gold Fields Limited is one of the world`s largest unhedged producers of gold
with attributable production of 3.64 million ounces per annum from eight
operating mines in South Africa, Ghana and Australia. A ninth mine, Cerro
Corona Gold/Copper mine in Peru, commenced production in August 2008 at an
initial rate of approximately 375,000 gold equivalent ounces per annum. The
company has total attributable ore reserves of 83 million ounces and mineral
resources of 251 million ounces. Gold Fields is listed on JSE Limited (primary
listing), the New York Stock Exchange (NYSE), the Dubai International Financial
Exchange (DIFX), the Euronext in Brussels (NYX) and Swiss Exchange (SWX).
10 September 2008
Sponsor: J.P Morgan Equities
Date: 10/09/2008 11:53:01 Produced by the JSE SENS Department.
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