AngloGold concludes letter of intent on Jerritt Ca
AngloGold concludes letter of intent on Jerritt Canyon
AngloGold Ltd today announced that it has concluded a letter of intent with
Queenstake Resources U.S.A. Inc. on its interests in the Jerritt Canyon Joint
Venture. This follows the receipt by the Jerritt Canyon joint venture partners
of a second unsolicited offer from Queenstake.
AngloGold owns 70% of the joint venture and is the operator and managing partner
of the Jerritt Canyon mine. Under the terms of the letter of intent, Queenstake
has paid a $250,000 deposit in satisfaction of amounts owed under a prior
agreement and will pay the Jerritt Canyon Joint Venture an additional $1.25
million in cash and 32 million shares of Queenstake common stock on closing,
with $6 million in deferred payments and approximately $4 million in future
royalty payments.
Queenstake will accept full closure and reclamation and other liabilities.
The closing is set for June 25, 2003.
For the year ended December 31, 2002, Jerritt Canyon produced 237,000
attributable ounces of gold at a total cash cost of $249 per ounce.
Ends
Queries:
www.anglogold.com
South Africa Tel: Mobile: E-mail:
Steve Lenahan +27116376248 +27833082200 slenahan@anglogold.com
Alan Fine +27116376383 +27832500757 afine@anglogold.com
Shelagh Blackman +27116376379 +27833082471 skblackman@anglogold.com
Europe & Asia
Tomasz Nadrowski +12127507999 +19179124641 tnadrowski@anglogold.com
USA
Charles Carter (Toll free) 8004179255
+12127507999 cecarter@anglogold.com
Australia
Andrea Maxey +61894254604 +61438001393 amaxey@anglogold.com.au
CORPORATE AFFAIRS DEPARTMENT
16th Floor, 11 Diagonal Street,
Johannesburg 2001, South Africa
Tel: (+27 11) 637-6385
or Fax: (+27 11) 637-6399/6400
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
