| Mon 16 Jan 2006, 11:27 | | Gold Fields Limited - Bolivar Gold Plan of Arrange |
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GFI
GOGOF
Gold Fields Limited - Bolivar Gold Plan of Arrangement Update
Gold Fields Limited
Share code: GFL
Iain: ZAE000014270
JOINT PRESS RELEASE
Bolivar Gold Plan of Arrangement Update
Johannesburg and Toronto, Canada, January 16, 2006 - Gold Fields Limited
(NYSE/JSE: GFI) and Bolivar Gold Corp. (TSX:BGC) announced today that Scion
Capital, LLC has delivered a notice of dissent in respect of its approximately
19% common share interest in Bolivar and that Gold Fields intends to waive the
condition in section 7.2(e) of its Arrangement Agreement with Bolivar.
Gold Fields has also been advised by Scion Capital, LLC that it does not intend
to proceed with the hearing before the Ontario court scheduled for Tuesday,
January 17, 2006.
The Supreme Court of the Yukon Territory of Canada is scheduled to hear the plan
of arrangement on Thursday, January 19, 2006. If court approval is obtained, the
transaction is expected to close by the end of January 2006.
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.
For further information:
Bolivar Gold Corp:
Peter Volk, General Counsel & Secretary, Tel: (416) 360-4653,
pvolk@bolivargold.com
Gold Fields Limited:
Willie Jacobsz, Tel: +27-11-644-2460, williej@goldfields.co.za;
Nerina Bodasing, Tel: +27-11-644-2630, nerinab@goldfields.co.za;
Cheryl Martin, Tel: (303) 796-8683, camartin@gfexpl.com.
Date: 16/01/2006 11:27:41 AM Produced by the JSE SENS Department
