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Disclaimer
Except for the 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 a 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 2002 which was
filed with the Securities and Exchange Commission on 7 April 2003.
(Incorporated in the Republic of South Africa)
CORPORATE AFFAIRS DEPARTMENT
(Registration Number: 1944/017354/06)
16th Floor, 11 Diagonal Street, Johannesburg 2001, South Africa
Tel: (+27 11) 637-6385 or Fax: (+27 11) 637-6399/6400
AngloGold concludes letter of intent on Jerritt Canyon
AngloGold Ltd today announced that it has concluded a letter of intent with Queenstake
Resources U.S.A. Inc. on its interests in the Jerritt Canyon Joint Venture. This follows the
receipt by the Jerritt Canyon joint venture partners of a second unsolicited offer from
Queenstake.
AngloGold owns 70% of the joint venture and is the operator and managing partner of the
Jerritt Canyon mine. Under the terms of the letter of intent, Queenstake has paid a
$250,000 deposit in satisfaction of amounts owed under a prior agreement and will pay the
Jerritt Canyon Joint Venture an additional $1.25 million in cash and 32 million shares of
Queenstake common stock on closing, with $6 million in deferred payments and
approximately $4 million in future royalty payments.
Queenstake will accept full closure and reclamation and other liabilities. The closing is set
for June 25, 2003.
For the year ended December 31, 2002, Jerritt Canyon produced 237,000 attributable
ounces of gold at a total cash cost of $249 per ounce.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Name: C R Bull
Title: Company Secretary