| Thu 1 Aug 2002, 0:00 | | GOLD FIELDS AND OUTOKUMPU ANNOUNCE INCREASED TOTAL |
|
OUNCES IN ARCTIC PLATINUM PARTNERSHIP
GOLDFIELDS LIMITED
1 August, 2002; Johannesburg, South Africa and Espoo, Finland: Gold Fields
Limited (JSE: GFI and New York: GFI) and Outokumpu Oyj (HEX: OUT) are pleased to
announce upgraded and increased platinum group element ("PGE") resources of 9.1
million ounces at their Suhanko Project in Finland, which is part of Arctic
Platinum Partnership ("APP"). Combined with resources of 5.3 million ounces at
SK Reef reported earlier this year, the total JORC classified resource at APP
now amounts to 14.4 million ounces at shallow depths.
APP`s Suhanko Project comprises the Konttijarvi and Ahmavaara PGE deposits. APP
completed an additional 14,300 metres of infill diamond drilling at Konttijarvi
and Ahmavaara during 2002 as part of its Suhanko Feasibility Study. A further
5,300 metres of resource definition drilling was completed on geological
extensions to these deposits at Konttijarvi North and Ahmavaara East. These
extensions are now combined with Konttijarvi and Ahmavaara to form the Suhanko
Project.
The following tables report the 2PGE+Au resource above a cutoff of 0.5 g/t. The
combined resource estimated for Suhanko has increased from 6.0 million ounces to
9.1 million ounces contained in 183.6Mt at an average grade of 1.54g/t
(previously 117.5Mt 1.58g/t). Measured and indicated resources have increased
from 3.1 to 5.6 million ounces and inferred resources from 2.9 to 3.5 million
ounces.
Suhanko Project JORC Classified Mineral Resources
July 2002 (0.5 g/t 2PGE+Au cutoff)
Category Tonnes 2PGE+Au Pd Pt Au 2PGE+Au Cu Ni
Mt g/t G/t g/t g/t Moz % %
Konttijarvi and Konttijarvi North
Measured 19.1 2.09 1.56 0.43 0.10 1.3 0.15 0.08
Indicated 23.6 1.91 1.42 0.39 0.10 1.5 0.17 0.05
Inferred 11.3 1.71 1.27 0.35 0.09 0.6 0.14 0.06
Subtotal 54.0 1.94 1.44 0.40 0.10 3.4 0.16 0.06
Ahmavaara
Measured 27.2 1.76 1.33 0.27 0.16 1.5 0.27 0.12
Indicated 28.3 1.43 1.07 0.23 0.13 1.3 0.20 0.08
Inferred 44.3 1.30 0.97 0.20 0.13 1.9 0.21 0.07
Subtotal 99.8 1.47 1.10 0.23 0.14 4.7 0.22 0.09
Ahmavaara East
Indicated 1.2 0.94 0.71 0.13 0.10 0.0 0.15 0.05
Inferred 28.6 1.13 0.84 0.18 0.11 1.0 0.17 0.06
Subtotal 29.8 1.12 0.83 0.18 0.11 1.0 0.17 0.06
Combined Suhanko
Measured 46.3 1.90 1.42 0.34 0.14 2.8 0.22 0.10
Indicated 53.1 1.64 1.22 0.30 0.12 2.8 0.19 0.07
Inferred 84.2 1.30 0.97 0.21 0.12 3.5 0.19 0.07
Total 183.6 1.54 1.15 0.27 0.12 9.1 0.20 0.08
The Mineral Resource estimates were undertaken by Snowden Mining Industry
Consultants and are classified in accordance with the JORC Code (September
1999). The Code is a recognized standard of Mineral Resource and Ore Reserve
reporting.
Compared to the resource estimates announced in July 2001, Konttijarvi has
increased from 2.7 to 3.4 million ounces with the discovery and evaluation of
Konttijarvi North, which is an up thrown extension to the Konttijarvi orebody.
The overall 2PGE+Au grade for this deposit shows a slight increase from 1.91 to
1.94 g/t.
At Ahmavaara the resource has increased from 3.3 to 4.7 million ounces. Tonnage
and grade at Ahmavaara have increased from 74.1Mt to 99.8Mt and from 1.39 to
1.47 g/t, respectively, as a result of the higher density of drilling, improved
geological knowledge, and step out drilling to locate structural limits to the
deposit. Ahmavaara East represents a contiguous strike extension to Ahmavaara
and has not been reported previously. The geological model and inferred
resource estimate of 1.0 million ounces contained in 29.8Mt at an average grade
of 1.12 g/t 2PGE+Au, is based on 11 boreholes with an average depth of 141
metres.
During February of this year, Outokumpu and Gold Fields announced new PGE
resources for the SK Reef in the Narkaus Intrusion, which is located some 20km
north east of the Ahmavaara and Konttijarvi deposits. A summary of APP
resources, for all deposits, reported above a 0.5g/t 2PGE+Au cut off follows:
Arctic Platinum Partnership July 2002
Total Measured, Indicated and Inferred Resources (0.5 g/t 2 PGE+Au cutoff)
Category Tonnes 2PGE+Au Pd Pt Au 2PGE+Au Cu Ni
Mt g/t g/t g/t g/t Moz % %
54.0 1.94 1.44 0.40 0.10 3.4 0.16 0.06
Konttijarvi
Ahmavaara 99.8 1.47 1.10 0.23 0.14 4.7 0.22 0.09
Ahmavaara 29.8 1.12 0.83 0.18 0.11 1.0 0.17 0.06
East
SK Reef 35.0 4.67 3.55 0.97 0.15 5.3 0.12 0.10
Total 218.6 2.05 1.54 0.38 0.13 14.4 0.18 0.08
During the year APP also continued with definition drilling on SK Reef to
upgrade the inferred resource estimates reported in February this year and to
assess the overall scope for underground and open pit mining. Since inception
APP has undertaken some 130 000 metres of exploration drilling on all deposits
of which some 66,000 metres was completed in the 12 months to June 2002.
APP is now focussed on the completion of a feasibility study of the Suhanko
Project which is expected to involve open pit mining of the Konttijarvi and
Ahmavaara deposits and on-site production of a flotation concentrate for
treatment at off-site facilities. The scope for exploiting ores mined by open
pit or underground methods from the SK Reef, as part of the Project, is also
being assessed. Extensive flotation and communition testwork has been undertaken
as part of this study and there is currently considerable focus on the
development of suitable downstream processing and realisation options for the
Suhanko Project. The open pit mine and concentrator feasibility study is due for
completion in September 2002.
Since January 2002 Outokumpu and Gold Fields have been jointly funding this
Project at their respective 49-51 per cent interests.
Gold Fields
Gold Fields is one of the world`s largest gold producers with annual production
of approximately 4.5 million ounces1 from operations in South Africa, Ghana and
Australia and reserves of approximately 84.5 million ounces. It also has a 51%
stake in an advanced stage exploration project, the Arctic Platinum Partnership,
in Finland. Gold Fields trades on the Johannesburg and New York Stock Exchanges
(GFI) as well as on the London, Paris, Brussels and Swiss exchanges.
Outokumpu
Outokumpu is a leading metals and technology company. It specializes both in
stainless steel and non-ferrous metals i.e. fabricated copper products, copper
and zinc metals production and related technology. The Group`s some EUR 6
billion net sales are derived from the international market, and it employs
19,000 people in more than 40 countries. The Group`s 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.
1. Q4 F2002 production annualised
Gold Fields Contact Information:
Willie Jacobsz, Senior Vice President - 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, Chief Geologist, Outokumpu Oyj,
tel. +358 9 421 2686 or +358 40 861 5360 (mobile)
Date: 01/08/2002 08:20:04 AM Produced by the JSE SENS Department
