Gold Fields and Bolivar Gold Execute Definitive Ag
Gold Fields and Bolivar Gold Execute Definitive Agreement
Gold Fields limited
Code: GFI
ISIN: ZAE000018123
JOINT PRESS RELEASE
Gold Fields and Bolivar Gold Execute Definitive Agreement
Johannesburg, Toronto; December 1, 2005: Gold Fields Limited (Gold Fields) (NYSE
and JSE: GFI) and Bolivar Gold Corp. (Bolivar) (TSX: BGC) announced today that
the companies have executed a definitive agreement by which Gold Fields will
combine, through a court approved plan of arrangement, all of the outstanding
securities of Bolivar with its international asset portfolio for a total cash
consideration of approximately US$330 million (approximately ZAR 2.2 billion).
As announced on November 29, 2005, the proposed transaction has been approved by
the South African Reserve Bank.
Furthermore, the Board of Directors of Bolivar have today unanimously approved
and recommended acceptance of the Gold Fields offer. An independent committee
of the Board of Directors obtained a valuation of Bolivar and fairness opinion
from Sprott Securities Inc. which confirms the fairness of the Gold Fields
offer. The recommendation of Bolivar"s Board of Directors is also supported by
a fairness opinion from its financial advisor, GMP Securities Ltd.
Full details of the definitive agreement, as well as the Sprott valuation, will
be included in the proxy circular to be mailed to Bolivar security holders on or
about December 12, 2005. A shareholders meeting has been scheduled for January
12, 2006 at 10:00 a.m. in the TSX Auditorium in Toronto, Canada.
Gold Fields is one of the world"s largest unhedged gold producers, with annual
gold production of approximately 4.2 million ounces from mines in South Africa,
Ghana and Australia as well as a developing mine at Cerro Corona in Peru. The
Company has reserves of 64.8 million ounces and mineral resources of 174.5
million ounces. Gold Fields has its primary listing on the Johannesburg
Securities Exchange and secondary listings on the NYSE, LSE, Euronext in Paris
and Brussels, and on the Swiss Exchange. All of Gold Fields" operations are ISO
14001 certified.
Bolivar Gold Corp. is a gold exploration, development and production company. At
its 95%-owned Choco 10 property in Venezuela, drilling has confirmed near-
surface proven and probable ore reserves of 1.3 million ounces. The 5,400 tonne
per day Choco 10 operation commenced commercial production in August 2005.
Bolivar Gold intends to exploit this reserve while continuing to pursue the
exploration potential of the Choco 10 property, as well as throughout the El
Callao district in conjunction with its joint venture partner, Gold Fields
Limited.
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Date: 02/12/2005 12:34:02 PM Produced by the JSE SENS Department
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