Gold Fields Limited
NYSE : GFI
JSE : GFI

Gold Fields Limited

August 17, 2009 14:20 ET

Gold Fields to Acquire Interest in GoldQuest Mining Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2009) - Gold Fields Limited (Gold Fields) (NYSE:GFI)(JSE:GFI)(NASDAQ Dubai:GFI) today announced that on August 5, 2009 its wholly-owned subsidiary Gold Fields Dominican Republic BVI Limited ("GF Dominican Republic") entered into a purchase agreement (the "Purchase Agreement") with GoldQuest Mining Corp. ("GoldQuest") pursuant to which GF Dominican Republic has agreed to transfer its 60% joint interest in a joint venture between GoldQuest and GF Dominican Republic (the "Joint Venture") to GoldQuest. In consideration for GF Dominican Republic's 60% interest in the Joint Venture, GoldQuest has agreed to issue 8,600,000 common shares of GoldQuest to GF Dominican Republic or an affiliate of GF Dominican Republic. The transaction contemplated by the Purchase Agreement is subject to customary closing conditions.

Following completion of the transaction contemplated by the Purchase Agreement (the "Transaction"), subsidiaries of Gold Fields will own an aggregate of 13,962,500 common shares of QuestGold and 1,200,000 common share purchase warrants. Assuming completion of the Transaction, the 13,962,500 common shares owned by subsidiaries of Gold Fields will represent approximately 18.58% of QuestGold's issued and outstanding Common Shares. If exercised, the 1,200,000 common share purchase owned by subsidiaries of Gold Fields would, together with the 13,962,500 common shares that subsidiaries of Gold Fields will own following completion of the Transaction, represent approximately 19.86% of QuestGold's issued and outstanding common shares.

This news release is being issued pursuant to the requirements of Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by Gold Fields in connection with the transactions described herein will be available on the Company's SEDAR profile at www.sedar.com.

FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY GOLD FIELD UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW:

Contact Information

  • Gold Fields Limited - North America
    Willie Jacobsz
    Senior Vice President, Head of Investor Relations
    (+1) 508-358-0188
    or
    Gold Fields Limited - South Africa
    Nikki Catrakilis-Wagner
    Senior Manager: Investor Relations
    (+27)(11) 562 9706
    (+27) (11) 562-9838 (FAX)
    or
    Gold Fields Limited - South Africa
    Julian Gwillim
    Consultant Media Relations
    (+27)(11) 562 9774
    (+27) (11) 562-9838 (FAX)