AngloGold Ashanti Australia sells Laverton Tenements to Crescent
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| Friday, April 29, 2005 |
AngloGold Ashanti Australia Limited has agreed to sell exploration assets in the Laverton area to Crescent Gold Limited.
The assets comprise the Sickle royalty of $30 per ounce; the Child Harold prospect; various 100% AngloGold Ashanti Australia-owned MLs and ELs, which include the Lord Byron and Fish projects; and AngloGold Ashanti Australia’s interests in the Jubilee, Black Swan and Jasper Hills Joint Ventures.
Crescent Gold has agreed to pay total consideration of A$4.4 million for the assets payable as:
- $250,000 payable upon execution of a binding sale and purchase agreement;
- $1 million in Crescent Gold shares, at an issue price calculated as the volume weighted average price for the 20 business days prior to settlement; and
- $3.15 million in cash payable on or before 15 December, 2006
The transfer of the assets is conditional upon:
- Final due diligence on the Laverton assets by Crescent Gold within 45 days of executing the Heads of Agreement;
- Crescent Gold shareholder approval, if required;
- Regulatory approval, if required;
- Assignment of any standard NEIB heritage clearance agreements that may be applicable to the tenure;
- Assignment of any access agreements that may be applicable to the tenure; and
- Any ministerial or other regulatory consent.
| Queries |
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Tel: |
Mobile |
E-mail: |
Australia |
| Andrea Maxey |
+ 61 8 9425 4604 |
+ 61 438 001 393 |
amaxey@AngloGoldAshanti.com |
| South Africa |
| Steve Lenahan |
+27 (0) 11 637 6248 |
+27 (0) 83 308 2200 |
slenahan@AngloGoldAshanti.com |
| Michael Clements |
+27 (0) 11 637 6647 |
+27 (0) 82 339 3890 |
mclements@AngloGoldAshanti.com |
USA |
| Charles Carter |
Toll Free 800 417 9255 |
+ 1 212 750 7999 |
cecarter@AngloGoldAshanti.com |
Disclaimer
Except for historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For discussion of important factors including, but not limited to development of the Company's business the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended 31 December 2003 which is filed with the Securities and Exchange Commission on 19 March 2004. | |
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