M E D I A
R E L E A S E
Gold Fields Limited
Reg. 1968/004880/06
24 St Andrews Road
Parktown, 2193
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 644-2400
Dir +27 11 644-2460
Fax +27 11 484-0639
www.goldfields.co.za
Enquires
South Africa
Willie Jacobsz
Tel +27 11 644-2460
Fax +27 11 484-0639
North America
Cheryl A Martin
Tel +1 303 796-8683
Fax +1 303 796-8293
Gold Fields' Board Expresses Concern Over
Harmony's Delay In Producing Its Resources And
Reserves Statement
Johannesburg, 10 December 2004. The Board of Gold Fields Limited (GFI: JSE and NYSE) notes with concern that Harmony appears to be delaying the disclosure of its independently audited Reserves and Resources Statement.
In Harmony's offer document, and in subsequent statements, Harmony promised that it would produce its Reserves Statement by early December 2004. It is now approaching mid-December and still there has been neither Reserves Statement nor any explanation for the delay in producing it.
In its offer response document published on 3 November 2004 the Gold Fields Board expressed concern over the unexplained differences between Harmony's claimed reserve position of 62 million ounces as reported in its 2004 Annual Report and the 41 million ounces of reserves stated in the Competent Persons Report (`CPR') included in Harmony's South African offer document.
Gold Fields' shareholders need to know whether Harmony has 41 million or 62 million ounces of reserves.
• Why the delay in providing the independent report?
•
Does this indicate that the independent auditors are having difficulty reconciling the two conflicting numbers?
•
Each further day of delay gives rise to suspicions that serious problems are being experienced.
Gold Fields Chief Executive Officer, Ian Cockerill commented,
"An up to date, independently audited Reserves Statement is vital in understanding Harmony's true value and hence the value of its offer. We have significant concerns about the conflicting statements on Harmony's reserve position. Our shareholders have the right to make an assessment of Harmony's true value based on accurate, independent information. By delaying publication of its Reserves Statement Harmony is depriving shareholders of that right.
2/......
Directors: C M T Thompson* (Chairman), A J Wright (Deputy Chairman), I D Cockerill+
(Chief Executive Officer),K Ansah
#
, G J Gerwel, N J Holland+
(Chief
Financial Officer), J M McMahon+
, G R Parker^
, R L Pennant-Rea+
, P J Ryan, T M G Sexwale, B R van Rooyen, C I von Christierson
*Canadian,
+British,
^American,
#
Ghanaian.
Corporate Secretary: C Farrel