| Mon 10 May 2010, 9:00 | | GFI - Gold Fields Limited - Approval of South Deep new order mining right and |
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GFI
GOGOF
GFI - Gold Fields Limited - Approval of South Deep new order mining right and
granting of new right to contiguous property
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE000018123
MEDIA RELEASE
APPROVAL OF SOUTH DEEP NEW ORDER MINING RIGHT AND GRANTING OF NEW RIGHT TO
CONTIGUOUS PROPERTY
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased
to announce that the South African Department of Mineral Resources has approved
- in terms of the requirements of the Mineral and Petroleum Resources
Development Act 2002 (Act 28 of 2002) (the Act) - the conversion of the South
Deep old order mining right into a new order mining right.
Included in this approval, as a new right, is an additional portion of ground
known as Uncle Harry`s, which is contiguous to South Deep. It contains a mineral
resource of approximately 14.5 million ounces of gold*, which is largely above
the existing South Deep infrastructure. In addition to gold the new order mining
right covers silver, uranium, nickel and pyrite.
Gold Fields Chief Executive Officer, Nick Holland, said: "The cumulative
effect of this approval, together with the previous conversions for Driefontein,
Kloof and Beatrix granted in 2005, is that all of Gold Fields` South African
operations have now been granted their new order mining right."
Recognising that it still has to meet additional Black Economic Empowerment
equity ownership requirements by 2014, Gold Fields is in the early stages of
developing two further empowerment transactions:
1. A broad-based Black Economic Empowerment transaction
for a 9% holding in South Deep, as well as an
additional 1% of GFIMSA, the company that owns Gold
Fields` South African mines; and
2. An Employee Share Option Plan for Historically
Disadvantaged South African employees of GFMSA for
ownership of 10% of GFIMSA. This plan requires the
approval of organised labour represented at our South
African mines.
Holland said: "We believe that these two transactions will meet our commitment
to achieving the 2014 target. It`s integral to our commitment to expand
opportunities for historically disadvantaged persons to enter the South African
mineral industry and for them to benefit from the exploitation of the country`s
mineral resources by promoting employment and the advancement of social and
economic welfare for all South Africans. This goes beyond simply ticking boxes."
*Approximately 78 million tons at 5.8g/t equating to 14.56 million ounces of
gold at a gold price of US$1,000/oz and a cut-off grade of 3.0g/t. The Inferred
Mineral Resource estimate is reported in accordance with the South African Code
for the reporting of Exploration Results, Mineral Resources and Mineral
Reserves, 2007 edition (SAMREC Code).
10 May 2010
ends
Notes to editors
About Gold Fields
Gold Fields is one of the world`s largest unhedged producers of gold with
attributable production of 3.6 million ounces* per annum from nine operating
mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an
extensive growth pipeline with both greenfields and near mine exploration
projects at various stages of development. Gold Fields has total attributable
Mineral Reserves of 81 million ounces and Mineral Resources of 271 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 the Swiss Exchange (SWX). For more information
please visit the Gold Fields website at www.goldfields.co.za
Registered Office:
150 Helen Road
Sandown, Sandton
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel: +27 11 562 9700
Fax: +27 11 562 9838
www.goldfields.co.za
Enquiries:
Media and Investor Enquiries:
Willie Jacobsz
Tel: +508 839 1188
Mobile: +857 241 7127
Email: willie.jacobsz@gfexpl.com
Nikki Catrakilis-Wagner
Tel: +27 11 562 9706
Mobile: +27 83 309 6720
Email: nikki.catrakilis-wagner@goldfields.co.za
Media Enquiries:
Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 (0) 83 260 9279
Email: Sven.Lunsche@goldfields.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 10/05/2010 09:00:06 Produced by the JSE SENS Department.
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