| Thu 20 May 2010, 10:40 | | GFI - Gold Fields Limited - Gold Fields Drills out 1 Moz mineral resource at |
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GFI
GOGOF
GFI - Gold Fields Limited - Gold Fields Drills out 1 Moz mineral resource at
Hamlet, St Ives
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123
MEDIA RELEASE
GOLD FIELDS DRILLS OUT 1 MOZ MINERAL RESOURCE AT HAMLET, ST IVES
Johannesburg, 20 May 2010: Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ
Dubai: GFI) is pleased to announce a substantial increase in the Mineral
Resource at Hamlet, an emerging gold deposit in the Argo-Athena camp at its St
Ives Gold Mine in Western Australia.
Exploration drilling over the past year has led to an increase in Indicated and
Inferred Mineral Resources at the Hamlet deposit, which is now reported as 6.62
Mt at 4.86 g/t for a total of 1.03 million ounces. The Mineral Resource
estimate has been independently audited by Optiro, a Perth-Based minerals
industry consulting and advisory organisation.
After Athena, Hamlet is the second major discovery in the developing Argo-Athena
camp in the last two years and is the result of an extensive investment in the
St Ives` near-mine exploration programme.
Table 1: Hamlet Project, Mineral Resources (18 May 2010)*
Resource Tonnes Grade Gold
Category (Mt) (g/t) (Koz)
Indicated 2.43 4.22 330
Inferred 4.19 5.20 700
TOTAL 6.62 4.86 1,030
* The Mineral Resource is reported at a nominal 0.60 g/t gold cut-off grade, for
shallow resources, constrained within an optimised pit shell and 2.4 g/t cut-off
for the underground resources within conceptual stope shapes. It is expected
that the majority of the resource will be mined by underground methods. The pit
shell is based on price assumptions of US$1,150/oz (A$1,375/oz) gold. The
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) and is reported without unplanned dilution
or ore loss.
The Hamlet deposit is located approximately 1km to the east of the new Athena
underground mine and 12km south of the Lefroy Mill. Athena and Hamlet are part
of a larger mineralised system in the Argo-Athena camp, which is being actively
explored by the near mine exploration team.
"This milestone highlights the potential of the developing Argo-Athena camp,
which now has an estimated endowment(1) of about 4 Moz, and is a credit to the
excellent work done by the near mine exploration team," commented Nick Holland,
Chief Executive Officer of Gold Fields.
An initial Indicated and Inferred Mineral Resource for the Hamlet Deposit of 2.1
Mt at 3.65 g/t for 251 Koz was reported in Gold Fields` Mineral Resource and
Mineral Reserve declaration for the 2009 financial year. Drilling since July
2009 has focussed on shallow mine-definition and extensional drilling aimed at
defining the size and content of the deposit. A total of 41,900m of RC (reverse
circulation) drilling and 45,700m of diamond core drilling was completed in 10
months. The deposit consists of an upper and lower lode; the lodes have been
defined over 600m of strike and to a vertical depth of 800m. The deposit
remains open at depth. Drilling to further expand the resource and support a
feasibility study is underway and a construction decision is planned for the
first half of calendar 2011.
Gold Fields recently intersected the first ore on the margins of the main ore
body in underground development at the new Athena mine. The decline and mine
development are progressing on time and within budget and full production
remains on schedule for mid-calendar 2011. The Athena infrastructure, currently
under development, was positioned to provide a potential underground access to
the Hamlet deposit, which would enable the rapid development of the project on
completion of a successful feasibility study.
(1) Endowment is defined here as all Inferred Indicated and Measured Mineral
Resources and past production
Gold Fields Limited
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 to Gold Fields
Investors
Willie Jacobsz
Tel: +1 508 839-1188
Mobile: +1 857 241-7127
Email: Willie.Jacobsz@gfexpl.com
Nikki Catrakilis-Wagner
Tel: +27 11 562-9706
Mobile: +27 (0) 83 309-6720
Email: Nikki.Catrakilis-Wagner@ goldfields.co.za
Media
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
20 May 2010
The information in this media release that relates to the Mineral Resources is
based on information compiled by Malcolm Jolly Pr. Sci. Nat, Manager Mineral
Resources who has overall responsibility and accountability for the St Ives
area, St Ives, Mathew Briggs, MAusIMM, Exploration Manager for St Ives, who has
overall responsibility and accountability for the Hamlet exploration project, in
terms of the SAMREC Code 2007. John Donaldson, MAusIMM, Principal Resource
Geologist, is accountable for the Mineral Resource estimation. All are full
time employees of Gold Fields and qualify as Competent Persons as defined in the
SAMREC Code. Messrs Jolly, Briggs & Donaldson consent to the inclusion in the
press release of the matters based on their information in the form and context
in which it appears.
The United States Securities and Exchange Commission (SEC) permits mining
companies, in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or produce from.
Certain terms are used in this release, such as "Mineral Resource", that the SEC
guidelines strictly prohibit companies from including in filings. US investors
are urged to consider closely the disclosure in our Form 20-F.
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.
Date: 20/05/2010 10:40:01 Produced by the JSE SENS Department.
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