AngloGold Limited - Anglogold Enters Into Purchase
Canyon Joint Venture
AngloGold Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number:ZAE000043485
JSE Share Code: ANG
ANGLOGOLD ENTERS INTO PURCHASE AND SALE AGREEMENT ON JERRITT CANYON JOINT
VENTURE
AngloGold today announced that it has entered into a Purchase and Sale
Agreement 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 and a Letter of
Intent regarding the transaction dated May 20, 2003. AngloGold owns 70% of the
joint venture and is the operator and managing partner of the Jerritt Canyon
mine. Under the terms of the Purchase and Sale Agreement, Queenstake has paid a
$250,000 deposit 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.
Disclaimer
Except for the historical information contained herein, there are matters
discussed in this news release that are forward-looking statements. Such
statements are only predictions and actual events or results may differ
materially. For a discussion of important factors including, but not limited
to, development of the Company"s business, the economic outlook in the gold
mining industry, expectations regarding gold prices and production, and other
factors, which could cause actual results to differ materially from such forward
looking statements, refer to the Company"s annual report on Form 20-F for the
year ended December 31, 2002, which was filed with the Securities and Exchange
Commission on April 7, 2003.
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
