Anglogold Ashanti Signs Agreement with Bema Gold C
ANG
ANANO
Anglogold Ashanti Signs Agreement with Bema Gold Corporation
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 SIGNS AGREEMENT WITH BEMA GOLD CORPORATION
AngloGold Ashanti is pleased to announce the signing of a Heads of Agreement
with Bema Gold Corporation to form a New Company ("Newco") to jointly explore a
select group of AngloGold Ashanti"s mineral opportunities located in Northern
Colombia. Newco"s initial work will be focused on the prospective La Mina and
El Pino targets.
Under the terms of the agreement, Newco will have the right to earn-in up to
a 51% interest on any property that AngloGold Ashanti elects to farm-out within
the area of interest, by executing a minimum of 3,000 metres of exploration
drilling and by matching prior AngloGold Ashanti exploration expenditure.
AngloGold Ashanti has initially agreed to provide a minimum of eight exploration
properties to the venture and Bema will provide or arrange a minimum $US5
million in exploration funding.
The agreement contemplates that within two years, Newco will be listed on a
recognised stock exchange, at which point AngloGold Ashanti will hold 20% of
Newco"s issued capital.
Commenting on the transaction, Executive Officer: Business Development
Richard Duffy said, `This new relationship with Bema Gold Corporation
complements our own dedicated exploration programme in Colombia by ensuring that
we optimally fund and explore our extensive land position, partially through
this type of partnering strategy, thereby leveraging our first-mover advantage
in this highly prospective gold region."
AngloGold Ashanti has been actively exploring in Colombia since 1999 and has
a strong commitment to exploring and developing Colombian mineral resources in
an environmentally and socially responsible way.
ends
Johannesburg
1 June 2006
JSE Sponsor: UBS
Date: 02/06/2006 08:05:04 AM Produced by the JSE SENS Department
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