| Mon 11 Feb 2002, 0:00 | | Gold Fields And Outokumpu - Announce New Pge Resou |
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In The Sk Reef At Arctic Platinum Partnership
Share code : GFI
ISIN : ZAE000018123
GOLD FIELDS AND OUTOKUMPU ANNOUNCE NEW PGE RESOURCES OF 5.1 MILLION OUNCES
IN THE SK REEF AT ARCTIC PLATINUM PARTNERSHIP
11 February, 2002; Johannesburg, South Africa and Espoo, Finland: Gold
Fields Limited (JSE: GFI and NASDAQ: GOLD) and Outokumpu Oyj (HEX: OUT) are
pleased to announce new platinum group element ("PGE") resources of 5.1
million ounces at their Arctic Platinum Partnership ("APP") in Finland.
These resources, in addition to the PGE resources announced last year, bring
the total of measured, indicated and inferred resources at APP to greater
than 11 million ounces. Gold Fields Limited completed its 51 % earn-in
acquisition in the partnership on January 17,2002.
The SK Reef occurs as a stratiform PGE reef in the Narkaus Intrusion of the
Portimo layered complex situated in northern Finland. The reef has been
traced in outcrops and through shallow drilling over a strike length of
10km. Last year APP completed systematic drilling over an aggregate strike
length of approximately 6 km in three areas known as Siika Kama,
Nutturalampi and Kuohunki.
The resource estimated for the SK Reef is 5.1 million ounces contained in
30Mt at an average grade of 5.2 g/t 2PGE+Au (3.9 g/t Pd, 1.1 g/t Pt, 0.2 g/t
Au), plus 0.14 %Cu and 0.11 %Ni. In the following Table the resource in
each area is reported above a cutoff of 2.0 g/t 2PGE+Au to an average depth
of 260 metres. At a cutoff of 0.5 g/t the estimate is 5.3 million ounces
contained in 35Mt at an average grade of 4.7 g/t 2PGE+Au.
Inferred SK Reef Resource Table
February 2002 (2.0 g/t 2PGE+Au cutoff)
Resource Drill Reef Tonnes 2PGE+Au Cu Ni
Area Holes Thicknes Mt g/t Moz % %
s (m)
Nutturalamp 15 7.0 10.5 5.3 1.8 0.12 0.12
i
Kuohunki 38 4.3 11.5 4.2 1.6 0.14 0.12
Siika Kama 25 3.0 8.4 6.4 1.7 0.16 0.09
Total 78 4.9 30.3 5.2 5.1 0.14 0.11
The Mineral Resource estimate was undertaken by Snowden Mining Industry
Consultants and is classified as Inferred in accordance with the JORC Code
(September 1999). The Code is a recognized standard of Mineral Resource and
Ore Reserve reporting.
The Siika Kama, Nutturalampi and Kuohunki geological models and resource
estimates are based on a total of 16,700 metres of drilling, comprising
4,200 metres of earlier drilling by Outokumpu and 12,500 metres of drilling
by APP. Drilling was carried out on grid lines spaced 200m apart.
The SK Reef dips at 20 - 40 with an average of 30. Good structural and
mineralization continuity has been demonstrated by drilling which has tested
the reef to a maximum depth of 300 metres.
The drilled sections of SK Reef have an average reef thickness of 4.9
metres. Additional PGE mineralization occurs above and below the reef and
can extend up to 15m into mineralized footwall gabbro. This additional
mineralization is not included in the current resource estimate.
Initial metallurgical studies on SK Reef ore types have been completed with
positive results, as part of an ongoing scoping study. The study is
assessing a stand alone SK Reef mining operation and the impact of milling
higher grade SK Reef material as supplementary ore to the Suhanko project,
which envisages open pit mining at the Konttijarvi and Ahmavaara deposits
located 20 - 30 km away. A feasibility study is in progress on the Suhanko
project, as well as exploration to expand the 6.0 million ounce PGE resource
announced from Konttijarvi and Ahmavaara in July 2001. A summary of APP
resources reported above 0.5 g/t 2PGE+Au cutoff follows:
Total Measured, Indicated and Inferred Resources
APP February 2002 (0.5 g/t 2PGE+Au cutoff)
Resource Tonnes 2PGE+Au Cu Ni
Area Mt g/t Moz % %
Konttijarvi 43.4 1.91 2.7 0.15 0.06
Ahmavaara 74.1 1.39 3.3 0.21 0.09
SK Reef 35.0 4.67 5.3 0.12 0.10
Total 152.5 2.29 11.3 0.17 0.08
Gold Fields Limited produces approximately 4.5 million ounces of gold
annually. The company has proven and probable reserves of approximately
84.5 million ounces and resources of approximately 150.7 million ounces in
South Africa, Ghana and Australia. 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
JSE Securities Exchange S.A (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%. The parent company Outokumpu Oyj is listed on the
Helsinki Exchanges.
This press release contains forward-looking statements. Where the companies
express an expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to have a
reasonable basis. However, such forward-looking statements are subject to
risk, uncertainties and other factors that could cause actual results to
differ materially from future results expressed or implied by these forward-
looking statements.
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 M kel , President - Precious Metals Mines, Outokumpu Oyj,
tel. +358 9 421 2217 or +358 40 540 0620 (mobile)
Markku Isohanni, Chief Geologist, Outokumpu Oyj,
tel. +358 9 421 2686 or +358 40 861 5360 (mobile)
