ANGLOGOLD TO HOLD A POSITION IN QUEENSTAKE UPON CL
ANGLOGOLD TO HOLD A POSITION IN QUEENSTAKE UPON CLOSING
OF THE SALE OF THE JERRITT CANYON JOINT VENTURE
New York - June 3, 2003 - AngloGold (NYSE:AU) today announced, further to its
June 2, 2003 announcement regarding the sale of AngloGold"s interests in the
Jerritt Canyon Joint Venture to Queenstake Resources U.S.A. Inc., a subsidiary
of Queenstake Resources Ltd., that upon closing of the transaction, AngloGold
may beneficially own more than 10% in the outstanding stock of Queenstake
Resources Ltd. Queenstake has announced its intention to finance this purchase
in part by a $15 to $20 million brokered equity financing. The closing of the
Jerritt Canyon transaction is scheduled for June 25, 2003, at which time
Queenstake will issue to AngloGold"s subsidiary, AngloGold (Jerritt Canyon)
Corp., 22,400,000 common shares of Queenstake Resources Ltd. Based on the
current market price of Queenstake"s common shares, the shares acquired by
AngloGold will represent, between approximately 10.3% and 11.8% (undiluted) of
the outstanding shares after giving effect to the financing. AngloGold does not
currently have any intention to acquire additional shares of Queenstake;
depending, however, on the market price of Queenstake shares, general economic
and industry conditions and other factors, and subject to applicable securities
laws, AngloGold may either sell its shares of Queenstake or acquire additional
shares.
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