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AngloGold Ashanti's Tropicana Starts Commissioning; First Gold Expected in Q3

01.08.2013  |  Marketwired

JOHANNESBURG, SOUTH AFRICA--(Marketwired - Aug 1, 2013) - AngloGold Ashanti (NYSE: AU) -- The Tropicana Gold Project (AngloGold Ashanti Australia Ltd 70% and manager, Independence Group NL 30%) has commenced its commissioning phase and is expected to produce first gold in the September quarter.

"Tropicana is a significant new, low-cost mine in an emerging gold province and will improve the quality of AngloGold Ashanti's portfolio," Graham Ehm, AngloGold Ashanti's Executive Vice President: Australia, Group Planning & Technical, said. "We continue to make good progress with our partners on a project we've taken up the value curve, from discovery to commissioning."

Commissioning is underway, the tailings storage facility is complete and the operating team has been mobilised on site. Initial grade control results are in line with the resource model.

Tropicana, located 330 kilometres east-northeast of Kalgoorlie in Western Australia, was originally forecast to begin production in the December 2013 quarter, but commissioning is already underway and ramp up will occur in the December quarter.

The estimated capital expenditure for the project remains unchanged at between A$820-A$845 million on a 100% basis. Average annual production and cash operating costs in the first three years have been reviewed and remain within previous guidance (100% project) of between 470,000-490,000 ounces at between A$590/oz- A$630/oz.

SPONSOR: UBS South Africa (Pty) Limited

Disclaimer
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts 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, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to the document entitled "Risk factors related to AngloGold Ashanti's suite of 2012 reports" on the AngloGold Ashanti online corporate report website at

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

AngloGold Ashanti posts information that is important to investors on the main page of its website at


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AngloGold Ashanti Ltd. (ADR)
Bergbau
915102
US0351282068

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