ANGLOGOLD CONCLUDES SALE OF INTEREST IN JERRITT CA
ANGLOGOLD NEWS RELEASE
Anglogold Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number:ZAE000043485
NYSE Ticker: AU
2 July 2003
AngloGold today announced that it has concluded the transaction with Queenstake
Resources U.S.A. Inc, for the sale of 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 purchase and sale agreement, Queenstake paid the Jerritt
Canyon Joint Venture $1.5 million in cash and 32 million shares of Queenstake
common stock at closing, with $6 million in deferred payments and approximately
$4 million in future royalty payments. Queenstake accepted full closure and
reclamation liabilities and posted surety bonds totalling $33.5 million with the
regulatory agencies. Permits for the operation of the mine were transferred to
Queenstake effective June 30, 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.
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 the Form
20-F for the year ended 31 December 2002 which was filed with the Securities and
Exchange Commission on 7 April 2003.
Date: 02/07/2003 04:41:29 PM Supplied by www.sharenet.co.za
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