| Tue 24 Jul 2001, 0:00 | | Gold Fields And Outokumpu Announce Upgraded And In |
|
PGE RESOURCES OF 6.0 MILLION OUNCES AT ARCTIC PLATINUM PARTNERSHIP
GOLD FIELDS LIMITED
23 July, 2001; Johannesburg, South Africa and Espoo, Finland: Gold Fields
Limited (JSE: GFI and NASDAQ: GOLD) and Outokumpu Oyj (HEX: OUT) are pleased
to announce an increase in their platinum group element ("PGE") resource to
6.0 million ounces at their Arctic Platinum Partnership ("APP") in Finland.
This is an increase of 3.1 million ounces over the previously reported
figure in August 2000 of 2.9 million ounces at the Ahmavaara and Konttijarvi
Cu-Ni-PGE deposits. The increase in resource is explained by a significant
increase in drill hole coverage.
Detailed metallurgical studies on typical ore types from each deposit are in
progress. These studies form part of an ongoing process, which APP intends
to develop into a full bankable feasibility study by the third quarter of
2002. Preliminary studies indicate that open pit mining methods could
extract a significant proportion of the PGE resources at overall stripping
ratios in the range 2.0 to 3.0 : 1 (waste tonnes : ore tonnes) from the
combined deposits. A short-list of possible feasibility consultants has been
identified.
The Ahmavaara and Konttijarvi deposits are found in the Konttijarvi -
Suhanko Intrusion, which forms part of the Portimo mafic layered complex
situated in northern Finland. APP completed an infill drilling program
between January and May of this year to upgrade the largely inferred
resources reported previously. It also undertook some step out drilling to
test the strike and dip extensions. A total of 25,722 metres of drilling
was completed during this recent phase of drilling. The updated resource
estimate is presented below at a cutoff of 0.5 g/t 2PGE+Au:
Summary of Classified Arctic Platinum Resources
July 2001 (0.5 g/t 2PGE+Au cutoff)
2PGE+Au 2PGE+Au Pd Pt Au Cu Ni
Category Mt (g/t) Moz (g/t) (g/t) (g/t) (%) (%)
Konttijarvi
Measured 11.7 2.13 0.8 1.60 0.43 0.10 0.15 0.07
Indicated 12.7 1.86 0.8 1.38 0.38 0.10 0.14 0.06
Inferred 19.0 1.80 1.1 1.33 0.37 0.10 0.15 0.06
Subtotal 43.4 1.91 2.7 1.42 0.39 0.10 0.15 0.06
Ahmavaara
Measured 11.8 1.34 0.5 1.02 0.19 0.10 0.21 0.09
Indicated 20.5 1.51 1.0 1.15 0.24 0.12 0.23 0.10
Inferred 41.8 1.35 1.8 1.01 0.22 0.12 0.20 0.09
Subtotal 74.1 1.39 3.3 1.05 0.22 0.12 0.21 0.09
Combined
Measured 23.5 1.73 1.3 1.31 0.31 0.10 0.18 0.08
Indicated 33.2 1.64 1.8 1.24 0.29 0.11 0.20 0.08
Inferred 60.8 1.49 2.9 1.11 0.27 0.11 0.18 0.08
Total 117.5 1.58 6.0 1.19 0.28 0.11 0.19 0.08
The mineral resource estimation study was undertaken by Snowden Mining
Industry Consultants and the estimates have been classified in accordance
with the JORC Code (September 1999). The Code is a recognized standard of
Mineral Resource and Ore Reserve reporting.
The upgraded Konttijarvi geological model and resource estimate is now based
on 322 diamond drill holes totalling 27,999 metres of drilling with an
average depth of 87 metres. The Ahmavaara model and resource estimate is
based on 163 diamond drill holes totalling 19,171 metres with an average
depth of 117 metres.
At a cutoff of 0.9 g/t 2PGE+Au the combined resource estimate is 5.2 million
ounces contained in 85.4 million tonnes at an average grade of 1.91 g/t.
Other grade - tonnage relationships are presented below:
Combined Konttijarvi - Ahmavaara Resources
Grade - Tonnage Relationships
2 PGE+Au Cutoff Tonnes 2PGE+Au 2PGE+Au
g/t Mt g/t Moz
0.5 117.5 1.58 6.0
0.7 101.6 1.74 5.7
0.8 93.3 1.82 5.5
0.9 85.4 1.91 5.2
The PGE resources occur in a persistent strata-bound zone of mineralization
at the base of the Konttijarvi - Suhanko Intrusion. The mineralized zone is
typically 30 - 60 metres thick and occurs on surface below a thin layer of
glacial till. The combined resources have been estimated over a strike
length exceeding 2,000 metres. The average dip of the mineralization is 30
degrees but at Ahmavaara the mineralization flattens with increasing depth
over a large area. Mineralization has been drill tested to depths of 200
metres at both deposits.
Work on other occurrences of PGE mineralization, such as the stratiform SJ
Reef in the Penikat Intrusion and the SK Reef in the Narkaus Intrusion, is
being advanced in step with project requirements but these studies are at an
earlier stage compared to Konttijarvi and Ahmavaara.
Gold Fields Limited produces approximately 4 million ounces of gold
annually. The company has proven and probable reserves of approximately 70
million ounces and resources of approximately 142 million ounces in South
Africa and Ghana. Gold Fields is focussed on international growth through
development of precious metals mining projects in Australasia, North and
South America, Europe and Africa. It trades on the Johannesburg Stock
Exchange (GFI) as well as on the NASDAQ (GOLD), London, Paris, Brussels and
Swiss stock exchanges.
Outokumpu is a leading metals and technology group, which specializes in non-
ferrous metals business; fabricated copper products, copper and zinc metals
production and related technology. The Group also comprises the world's
second largest stainless steel producer, AvestaPolarit Oyj Abp, of which
Outokumpu owns 55%. Outokumpu has mining operations in Australia, Finland,
Ireland and Norway. The parent company Outokumpu Oyj is listed on the
Helsinki Exchanges.
Gold Fields Contact Information:
Willie Jacobsz, Senior Manager - Corporate Affairs and Investor Relations
Tel: +27 11 644-2460, Fax: +27 11 484-0639, E-mail: williej@goldfields.co.za
Cheryl A Martin, Vice President - North American Investor Relations
Tel. +1 303 796-8683, E-mail: camartin@gfexpl.com
Outokumpu contact information:
Tuomo Makela, President - Precious Metals Mines, Outokumpu Oyj,
tel. +358 9 421 2217 or +358 40 540 0620 (mobile)
Markku Isohanni, Senior Vice President - Exploration, Outokumpu Mining Oy,
tel. +358 9 421 2686 or +358 40 861 5360 (mobile)
