TIDMAGD 
 
AngloGold Ashanti Limited 
 
(Incorporated in the Republic of South Africa  Reg. No. 1944/017354/06) 
 
ISIN No. ZAE000043485 - JSE share code: ANG  CUSIP: 035128206 - NYSE share 
code: AU 
 
Website: www.anglogoldashanti.com 
 
News Release 
 
11 November 2010 
 
                  Tropicana Gold Project Development Approved 
 
Development of the Tropicana Gold Project in Western Australia has been 
approved by the Boards of AngloGold Ashanti Ltd and Independence Group NL. 
 
AngloGold Ashanti has a 70% interest in the Project, which is located 330 
kilometres east-northeast of Kalgoorlie in WA, and Independence Group has 30%. 
 
The approved project will produce 3.45 million ounces of gold over a 10 year 
mine life at a cash cost of A$710-A$730/oz (US$696/oz-US$715/oz*). In the first 
three years of operation, gold production will be between 470,000-490,000 ozpa 
at a cash cost of A$580/oz-A$600/oz (US$568/oz-US$588/oz*). 
 
Capital expenditure, including pre-production operating costs, is estimated at 
A$690-A$740 million (Real) or A$725-A$775 million (Nominal - including 
escalation). At current exchange rates* this equates to US$676-US$725 million 
or US$711-US$760 million, respectively. The higher production rate in the first 
three years will contribute to accelerated payback. 
 
Discovered in a remote, barely-explored area not previously thought prospective 
for gold, Tropicana is the most significant gold discovery in Australia for 
more than a decade. The Tropicana Joint Venture's first mover advantage has 
enabled it to peg the bulk of what is now recognised as a major new gold field. 
 
Construction will begin in the June quarter of 2011 and first gold is 
anticipated in the December quarter of 2013. 
 
 "Tropicana is the first of AngloGold Ashanti's major gold discoveries to move 
into production," said CEO Mark Cutifani. "We're delighted to give the green 
light to its development." 
 
"This is a clear demonstration of the impact an innovative, results-driven 
exploration program can have on organic growth," Cutifani said. 
 
"It's gratifying to be developing our own projects at a time when so many 
majors are forced to pay huge premiums to fill their project pipelines." 
 
The decision to commit to development follows the successful outcome of a 
Bankable Feasibility Study (BFS) based on open cut mining of the Tropicana and 
Havana deposits. The BFS does not take into account possible production from 
the Boston Shaker or Havana Deeps deposits. 
 
The approved project will utilise conventional drill and blast, truck and 
excavator open cut mining methods carried out by a mining contractor. The 5.8 
million tonnes per annum capacity (fresh ore)  process plant has been designed 
for water and energy efficiency, with the comminution circuit comprising 
two-stage crushing, high pressure grinding rolls and ball milling, followed by 
a carbon-in-leach circuit for gold recovery (see Figure 1). 
 
The BFS was based on a Proved and Probable Reserve of 48 Mt grading 2.2 g/t for 
3.4 million ounces of gold (see Table 1 in Appendices).  The BFS mining 
inventory totalled 59 million tonnes grading 2.0 g/t for 3.8 million ounces. 
 
Whilst the initial mine life is estimated at 10 years, the Joint Venture 
partners are confident this can be extended. 
 
Step-out exploration drilling in late 2009 returned significant results from 
the Boston Shaker prospect, which lies approximately 360m north of Tropicana 
resource. Drilling to date has identified the faulted offset of Tropicana 
mineralisation over an 850m strike length and the mineralisation remains open 
at depth (see Figure 2). 
 
An open pit scoping study based on data available to July 2010 has been 
completed on Boston Shaker and indicates that an expansion to the current BFS 
open pit resource is highly likely. Boston Shaker progressed into full 
feasibility study in September 2010, with completion targeted for the first 
half of 2011. 
 
Significant results were also received from the Havana Deeps prospect, which 
represents extensions of the Havana mineralised system external to the Havana 
open pit. 
 
The recently-completed Havana Deeps scoping study, based on drilling data to 
the end of July 2010, indicates the potential viability of underground mining 
at Havana Deeps (see Figure 4). 
 
Although it is too early to determine the scale or timing of underground 
mining, it could commence in parallel with open pit mining, once a suitable 
portal position is available in the open pit. It is anticipated that Havana 
Deeps will progress into a pre-feasibility study in early 2011. 
 
The potential of Havana Deeps has been highlighted by a recent deep step-out 
exploration drill hole, which intersected the mineralised package at 1km depth, 
in excess of 2.1 km down plunge of the Havana open pit design. Assay results 
are awaited (see Figure 5). 
 
Work is in progress to incorporate the results of the Boston Shaker and Havana 
Deeps scoping studies, along with subsequent drilling results, into a revised 
resource estimate by year-end. 
 
Encouraging intersections have also been returned by recent infill RC drilling 
at the Crouching Tiger Prospect, 250m south of the Havana South BFS pit 
outline, including 11m @ 5.27 g/t from 102m, 13m @ 1.47 g/t from 147m 
(including 7m @ 2.27g/t) and 10m @ 1.69 g/t (including 4m @ 3.24g/t). (Table 2; 
Figure 2) 
 
In addition to the upside in the immediate mine area, the Joint Venture has 
more than 30 exploration targets within trucking distance of the mine, along 
with numerous anomalies on its 16,000 square kilometre tenement holding in the 
highly prospective Tropicana Belt (see Figure 6). 
 
Graham Ehm, EVP Australasia, said Tropicana would add to production from the 
100% owned Sunrise Dam mine to lift AngloGold Ashanti's Australian gold output 
to 600,000 ounces per annum by 2014. 
 
"Tropicana will rank as the fifth largest contributor to the company's global 
production in its first three years and will double the operating cash surplus 
generated by the Australian region," Ehm said. 
 
He said the Project would employ up to 550 people during construction, and up 
to 450 people during operations, as well as contributing an estimated A$836 
million to the WA economy during construction and a further A$825 million 
during operations**. 
 
Infrastructure will include 220 km of new road from Pinjin to the site, a 
sealed all-weather airstrip and development of a borefield 50 km from the mine 
site for water supply. The mine will operate on a fly-in, fly-out basis. 
 
Tropicana was approved by the WA Minister for the Environment, the Hon Donna 
Faragher, in October. Approval by the Federal Minister for Sustainability is 
anticipated by the end of the year. 
 
*The USD capex and cash costs were calculated an AUD:USD exchange rate of 0.98 
(as at 5 November 2010) 
 
**Based on an independent study by Compelling Economics. 
 
                                Project Summary 
 
                 100% Project                     70% 
 
Project Approval November 2010                    November 2010 
 
Construction     January 2011                     January 2011 
Start 
 
Capital          A$690-A$740 million (Real) or    A$483-A$518 million (Real) or 
Expenditure      A$725-A$775 million (Nominal -   A$508-A$543 million 
                 including escalation).           (Nominal). 
 
                 This equates to US$676-US$725    This equates to US$473-US$508 
                 million or US$711-US$760         million or US$498-US$532 
                 million, respectively.           million respectively. 
 
First Production December quarter 2013            December quarter 2013 
 
Plant Throughput 5.8 million tonnes per annum.    4.1 Mtpa 
 
Head Grade       2.01 g/t                         2.01 g/t 
 
Gold Recovery    90.4%                            90.4% 
 
Average Annual   330,000 - 350,000 ozpa           231,000 - 245,000 ozpa 
Production - LOM 
 
Average Annual   470,000 - 490,000 ozpa           329,000 - 343,000 ozpa 
Production- 
First 3 Years 
 
Cash costs LOM   A$710/oz - A$730/oz (US$696/     A$710/oz-A$730/oz (US$696/ 
                 oz-US$715/oz*)                   oz-US$715/oz*) 
 
Cash costs -     A$580/oz-A$600/oz (US$568/       A$580/oz-A$600/oz (US$568/ 
first 3 years    oz-US$588/oz*)                   oz-US$588/oz*) 
 
 
* AUD:USD 0.98  (as at 5 November 2010) 
 
Table 1: Tropicana Gold Project October 2010 Proved and Probable Reserve 
Classification 
 
Category Tonnes (Mt) Gold Grade (g/t) Contained Gold (Moz) 
 
Proved   24          2.3              1.8 
 
Probable 24          2.1              1.6 
 
Total    48          2.2              3.4 
 
 
Proved and Probable Ore Reserves have been reported above break-even cut-off 
grade of 0.6 g/t for Oxide (Transported, Saprolite) and Sap-Rock (also referred 
to as Transition) materials and 0.7 g/t for Fresh material at a nominated gold 
price of US$880/oz and an exchange rate of 0.80 AUD:USD (equivalent to A$1,100/ 
oz) as specified in the Tropicana Gold Project Feasibility Study Charter 
(2009). 
 
                                      ES 
 
                   Table 2: Crouching Tiger Drilling Results 
 
Collar Information                               Intercept Details 
 
Hole     Easting   Northing   RL   Dip    Azi    From             To     Width 
         (m)       (m)        (m)  (deg)  (deg)                          (m) 
 
TFRC3301 649066.95 6760515.01 367  -61    319    121.00 including 131.00 10.0 
                                                 122.00 
                                                                  126.00 4.0 
                                                 173.00 
                                                                  182.00 9.0 
                                                 including 
                                                                  182.00 2.0 
                                                 180.00 
 
TFRC3302 649138.92 6760439.65 370  -61    318    147.00           160.00 13.0 
 
                                                 including        160.00 7.0 
 
                                                 153.00           208.00 2.0 
 
                                                 206.00 
 
TFRC3303 648979.55 6760527.65 365  -60    317    91.00            98.00  7.0 
 
                                                 including        97.00  4.0 
 
                                                 93.00            113.00 11.0 
 
                                                 102.00           106.00 4.0 
 
                                                 including        111.00 2.0 
 
                                                 102.00 
 
                                                 109.00 
 
TFRC3304 649086.03 6760430.89 370  -61    319    107.00           110.00 3.0 
 
                                                 149.00           152.00 3.0 
 
                                                 including        152.00 2.0 
 
                                                 150.00 
 
 
Intercept Parameters: Minimum intercept 2m @ 0.5g/t; Lower cut off grade 0.5g/ 
t; Maximum Consecutive Waste 2m; Minimum intercept grade 1.0g/t. 
 
Figure 1: BFS Processing Plant Layout. 
 
[For picture see www.anglogoldashanti.com] 
 
Figure 2: BFS pit design with gram x metre contours and showing significant 
intercepts at Boston Shaker and Havana South (Crouching Tiger). 
 
[For picture see www.anglogoldashanti.com] 
 
Figure 3: BFS 3D pit shells with Boston Shaker scoping study pits and Havana 
Deeps Target. 
 
[For picture see www.anglogoldashanti.com] 
 
Figure 4: Havana Deeps Scoping Study Conceptual Underground Mine Design. 
 
[For picture see www.anglogoldashanti.com] 
 
Figure 5: Havana Deeps cross section showing step-out hole 
 
[For picture see www.anglogoldashanti.com] 
 
Figure 6: Tropicana JV regional geochemical anomalies and significant drilling 
intercepts. 
 
[For picture see www.anglogoldashanti.com] 
 
Contacts 
 
Tel:          E-mail: 
 
Andrea Maxey  +61 (0) 8 9425 4603/ +61   amaxey@anglogoldashanti.com.au 
(Australia)   (0) 400 072 199 
 
Alan Fine      +27 (0) 11 637- 6383/ +27 afine@anglogoldashanti.com 
(Media)       (0) 83 250 0757 
 
Stewart        +1 212 836 4303 / +27 (0) sbailey@anglogoldashanti.com 
Bailey        82 330 9628/ +1 646 338 
(Investors)   4337 
 
 
Certain statements made in this communication, including, without limitation, 
those concerning the economic outlook for the gold mining industry, 
expectations regarding gold prices, production, cash costs and other operating 
results, growth prospects and outlook of AngloGold Ashanti's operations, 
individually or in the aggregate, including the completion and commencement of 
commercial operations of certain of AngloGold Ashanti's exploration and 
production projects, the completion of announced mergers and acquisitions 
transactions, AngloGold Ashanti's liquidity and capital resources, and 
expenditure and the outcome and consequences of any litigation proceedings or 
environmental issues, contain certain forward-looking statements regarding 
AngloGold Ashanti's operations, economic performance and financial condition. 
Although AngloGold Ashanti believes that the expectations reflected in such 
forward-looking statements are reasonable, no assurance can be given that such 
expectations will prove to have been correct. Accordingly, results could differ 
materially from those set out in the forward-looking statements as a result of, 
among other factors, changes in economic and market conditions, success of 
business and operating initiatives, changes in the regulatory environment and 
other government actions including environmental approvals and actions, 
fluctuations in gold prices and exchange rates, and business and operational 
risk management. For a discussion of certain of these factors, refer to 
AngloGold Ashanti's annual report for the year ended 31 December 2009, which 
was distributed to shareholders on 30 March 2010.  The company's annual report 
on Form 20-F, was filed with the Securities and Exchange Commission in the 
United States on April 19, 2010 and as amended on May 18, 2010. AngloGold 
Ashanti undertakes no obligation to update publicly or release any revisions to 
these forward-looking statements to reflect events or circumstances after 
today's date or to reflect the occurrence of unanticipated events.  All 
subsequent written or oral forward-looking statements attributable to AngloGold 
Ashanti or any person acting on its behalf are qualified by the cautionary 
statements herein. 
 
AngloGold Ashanti posts information that is important to investors on the main 
page of its website at www.anglogoldashanti.com and under the "Investors" tab 
on the main page.  This information is updated regularly.  Investors should 
visit this website to obtain important information about AngloGold Ashanti. 
 
JORC Compliance: The information in this report that relates to Ore Reserves is 
based on information compiled by Marek Janas, a full time employee of AngloGold 
Ashanti Australia Ltd, who is a member of the AusIMM. Marek Janas has 
sufficient experience relative to the type and style of mineral deposit under 
consideration, and to the activity which has been undertaken, to qualify as a 
Competent Person (or Recognised Mining Professional) as defined in the 2004 
Edition of the JORC Code. Marek Janas consents to the release of this reserve 
based on the information in the form and context in which it appears. 
 
The information in this report that relates to Mineral Resources is based on 
information compiled by Mark Kent, a full-time employee of AngloGold Ashanti 
Australia Ltd, who is a member of the AusIMM. Mark Kent has sufficient 
experience relative to the type and style of mineral deposit under 
consideration, and to the activity which has been undertaken, to qualify as a 
Competent Person (or Recognised Mining Professional) as defined in the 2004 
Edition of the 
 
JORC Code. Mark Kent consents to the release of this resource based on the 
information in the form and context in which it appears. 
 
The information in this report that relates to Exploration Results is based on 
information compiled by Mark Doyle, a full-time employee of AngloGold Ashanti 
Australia Ltd, who is a member of the AusIMM. Mark Doyle has sufficient 
experience relative to the type and style of mineral deposit under 
consideration and to the activity that has been undertaken, to qualify as a 
Competent Person (or Recognised Mining Professional) as defined in the 2004 
Edition of the JORC Code. Mark Doyle consents to the release of this resource 
based on the information in the form and context in which it appears. 
 
                                                                           Ends 
 
 
 
END 
 

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