SOURCE: AngloGold Ashanti

October 17, 2008 07:40 ET

AngloGold Ashanti Does Not Recommend or Endorse Below-Market Mini-Tender Offer From TRC Capital

JOHANNESBURG, SOUTH AFRICA--(Marketwire - October 17, 2008) - AngloGold Ashanti (NYSE: AU) does not recommend or endorse below-market mini-tender offer from TRC Capital

AngloGold Ashanti announced today that it has been notified of an unsolicited below-market "mini-tender offer" by TRC Capital Corporation of Toronto, Canada to purchase up to 4,000,000 American depositary shares ("ADSs") of AngloGold Ashanti Limited (each of which represents one ordinary share), representing approximately 1.14% of AngloGold Ashanti's outstanding share capital, at a price of US$18.00 per ADS. AngloGold Ashanti cautions shareholders that this offer represented a 2.65% discount to the US$18.49 closing price of ADSs on the New York Stock Exchange on October 15, 2008, the day prior to the date of the offer and a 2.39% discount to the US$18.44 closing price of ADSs on October 16, 2008.

AngloGold Ashanti recommends against ADS holders tendering their ADSs in response to this unsolicited mini-tender offer. AngloGold Ashanti also notes that it is in no way associated with TRC Capital, the offer or the offer documentation. TRC Capital's offer is subject to numerous conditions, including there being no decrease in the market price of AngloGold Ashanti's ADSs or ordinary shares and TRC Capital obtaining sufficient financing to consummate the offer on terms acceptable to TRC Capital. There is no assurance that the conditions to the offer will be satisfied.

AngloGold Ashanti shareholders are cautioned that TRC Capital has made a multitude of below-market mini-tender offers for the shares of other companies for its profit. Mini-tender offers such as this one by TRC Capital are devised to seek less than five percent of a company's shares thereby avoiding many of the disclosure and procedural requirements of the United States Securities and Exchange Commission (the "SEC") that are applicable to larger tender offers.

The SEC has issued an investor alert regarding mini-tender offers, noting that "some bidders make mini-tender offers at below market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." The SEC's publication on this topic can be found at

AngloGold Ashanti urges investors to obtain current market quotations for their ADSs, to consult with their financial advisors and to exercise caution with respect to TRC Capital's offer.

AngloGold Ashanti ADS holders who have tendered their ADSs into TRC Capital's offer are advised that they may withdraw their ADSs as described in TRC Capital's offer to purchase by providing written notice to the receiving agent for the offer prior to the expiration of the offer, which is currently scheduled to occur at 12:01 a.m., New York City time, on Friday, November 14, 2008, but may be extended by TRC Capital.

AngloGold Ashanti also refers broker-dealers and other market participants in the dissemination of the offer to the SEC's recommendations to broker/dealers in these circumstances, which can be found at, and to Information Memo Number 01-27 issued by the New York Stock Exchange on September 28, 2001, regarding dissemination of mini-tender offer materials, which can be found under the "Market Professionals - Information Memos" tab on the NYSE's website at

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 the outlook of AngloGold
Ashanti's operations including the completion and commencement of
commercial operations of certain of AngloGold Ashanti's exploration and
production projects, and its liquidity and capital resources and
expenditure, 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, fluctuations in gold prices and exchange rates, and business and
operational risk management. For a discussion of such factors, refer to
AngloGold Ashanti's annual report on Form 20-F for the year ended December
31, 2007,which was filed with the Securities and Exchange Commission on
May 19, 2008.  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.

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