| Tue 3 Aug 2004, 15:46 | | Gold Fields And Orezone Announce Increase In Gold |
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Gold Fields And Orezone Announce Increase In Gold Resources
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE000018123
GOLD FIELDS AND OREZONE ANNOUNCE INCREASE IN GOLD RESOURCES AT THE ESSAKAN
PROJECT IN BURKINA FASO.
Indicated Resource increases 45 per cent to 1.9 million ounces.
August 3, 2004 - Gold Fields Limited (GFI:NYSE, JSE) and Orezone Resources Inc.
(OZN:TSX, AMEX) are pleased to announce an increase in resources for the Essakan
Main Zone (`EMZ`), located on the Essakan property in Burkina Faso, West Africa.
Based on a 1.0 g/t cut off, Indicated Resources now total 30.5 Mt at 1.95 g/t
(1.9 Moz) and Inferred Resources total 4.4 Mt at 2.00 g/t (0.3 Moz).
Measured and Indicated Resources in the EMZ had been calculated by previous
operators as being 18.9 Mt at 2.14 g/t (1.3 Moz) with Inferred Resources at 5.2
Mt at 1.8 g/t (0.29 Moz), both based on the JORC Code and a 1.0 g/t cut off.
The increase in total resources is the result of geological re-modelling and
subsequent revision of the resource estimate after drilling confirmed a NNE
plunging high-grade core to the EMZ. The higher grade zones exhibit reasonable
continuity in longitudinal section and can be correlated from section to
section. Additional drilling along extensions of these higher grade zones is
expected to further enhance resources.
Mr. Martin Pittuck, CEng MIMMM, Principal Resource Geologist with SRK Consulting
in Cardiff, UK, prepared the resource estimate in accordance with the guidelines
set out in National Instrument 43-101 and acted as the `Independent Consultant`
as defined therein. A full report will be filed on SEDAR within 30 days.
Indicated Inferred
Resources Resources
Cutoff Mt g/t Moz Mt g/t Moz
(g/t)
0.50 49.0 1.49 2.35 5.7 1.7 0.3
1.00 30.5 1.95 1.91 4.4 2.0 0.3
1.50 18.1 2.43 1.42 2.7 2.5 0.2
2.00 9.9 3.01 0.96 2.0 2.7 0.2
Vic King, Gold Fields` Regional Exploration Manager for Africa stated that:
`Our improved understanding of the orientation and geometry of the higher grade
zones has highlighted the potential for significantly extending resources down
dip and on similar targets along strike on the EMZ. This will be the primary
focus of our efforts during the next phase of drilling. Drilling will also be
carried out at the Falagountou, Gossey and Sokadie prospects, which are all
located around the EMZ on the Essakan property. Infill drilling at the exciting
Falagountou prospect will be carried out to confirm the geometry and continuity
of the discovery and also extend this highly prospective zone southward.` He
added that `We are very pleased with Orezone`s performance in operating this
project and Essakan is one of Gold Field`s top ranked exploration projects.`
Ron Little, Orezone`s President and CEO commented that: `While the existence of
high grade veins in the EMZ has always been known, they have now been better
reflected in the resource calculation which has resulted in the indicated
resource increasing by almost 50 per cent. Alternatively, the grade of the
indicated resource can be increased to 2.42 g/t by raising the cut off to 1.5
g/t and we still have more ounces than were in the previous estimate.`
The Essakan Project is a joint venture in which Gold Fields can earn a 50 per
cent interest by spending US $8 million over five years, and can increase its
interest to 60 per cent by completing a bankable feasibility study. Gold Fields
has spent approximately US $2.8 million to date. Orezone is currently the
operator and expects to make an announcement shortly on the budget for the next
phase of drilling.
Gold Fields Limited (GFI:NYSE, JSE) is one of the world`s largest unhedged gold
companies with annual gold production of 4.3 million ounces, mineral resources
of 196 million ounces and mineral reserves of 85 million ounces. Gold Fields
has operations in South Africa, Australia and Ghana (West Africa) and has an
exciting growth project pipeline. This includes exploration projects in all of
the major gold provinces of the world as well as 100% ownership of the 12
million ounce Arctic Platinum Project, an advanced stage PGM project in Northern
Finland, and 92% of the developing Cerro Corona Project in Peru, a 4 million
ounce copper/gold project. Gold Fields has its primary listing on the JSE
Securities Exchange in South Africa (GFI) with secondary listings on the London,
Euronext, Paris, Brussels, and Swiss exchanges. The company`s American
Depositary shares are listed on the New York Stock Exchange, where it also
trades under the symbol GFI.
Orezone Resources Inc. (OZN:TSX, Amex) is an emerging Canadian gold producer
with three advanced projects moving rapidly toward the pre-feasibility stage in
Burkina Faso, West Africa. Orezone has a very large and strategic land position
in Burkina Faso, which is a relatively unexplored part of one of the world`s
fastest growing gold producing regions. The Company`s mission is to create
wealth by discovering and developing the earth`s resources in an efficient and
responsible manner.
Gold Fields Limited Orezone Resources Inc.
Willie Jacobsz Ron Little
Senior Vice President, President & CEO
Investor Relations rlittle@orezone.com
williej@goldfields.co.za
Phone +27 11 644-2460
Fax +27 11 484-0639
Cheryl Martin Greg Bowes
Vice President, North Vice President, Corporate
American Investor Relations Development
camartin@gfexpl.com gbowes@orezone.com
Phone +1 303 796-8683 Phone (613) 241-3699
Toll Free 888 673-0663
FORWARD-LOOKING STATEMENTS: This news release contains certain `forward-looking
statements` within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Except for statements of historical fact
relating to the company, certain information contained herein constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as `plan,` `expect,` `project,` `intend,` `believe,`
`anticipate`, `estimate` and other similar words, or statements that certain
events or conditions `may` or `will` occur. Forward-looking statements are based
on the opinions and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those projected
in the forward-looking statements. These factors include the inherent risks
involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other geological
data, fluctuating metal prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability and
costs of financing needed in the future and other factors. The Company
undertakes no obligation to update forward-looking statements if circumstances
or management`s estimates or opinions should change. The reader is cautioned not
to place undue reliance on forward-looking statements.
Date: 03/08/2004 03:30:09 PM
Produced by the JSE SENS Department
