Anglogold Ashanti sells La Rescatada Exploration Project
AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1944/017354/06)
ISIN Number: ZAE000043485
JSE Share Code: ANG
(`AngloGold Ashanti/Company`)
ANGLOGOLD ASHANTI SELLS LA RESCATADA EXPLORATION PROJECT
AngloGold Ashanti Ltd. (`AngloGold Ashanti`) has concluded an agreement for
the disposal of its La Rescatada Project (`La Rescatada`) to Aruntani SAC
(`Aruntani`), a local Peruvian corporation, for a total consideration of US$12.5
million. In addition, AngloGold Ashanti has retained an option to repurchase
60% of the project should reserves in excess of 2 million ounces be identified
within the next three years.
La Rescatada is located approximately 800km south-east of the city of Lima in
the Department of Puno, Peru. High sulphidation epithermal style gold and
silver mineralisation was first discovered by AngloGold Ashanti at La Rescatada
in August 2000. Intensive drilling was carried out in the district and the
company subsequently concluded that La Rescatada did not meet its criteria for
further investment. Oxide resources are estimated to contain approximately 500
000 ounces of gold with upside potential. The project was put out to tender in
late 2004 and following a formal adjudication process, the Aruntani bid
succeeded.
Commenting on the transaction, Roberto Carvalho Silva, Chief Operating
Officer International for AngloGold Ashanti, said: `Despite its relative size,
La Rescatada is a good project and Aruntani is well positioned to take it to
production.`
ends
11 August 2005
JSE Sponsor - UBS
Date: 11/08/2005 12:01:26 PM
Produced by the JSE SENS Department
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
