COMPANIES
Gold Fields to buy Bolivar shares
Posted Mon, 05 Dec 2005
Gold Fields will buy out all of the outstanding securities from the Canadian Bolivar Gold Corp. for R2.2-billion, the companies said on Friday.
The companies said they had executed a definitive agreement by which Gold Fields would combine all of the outstanding securities of Bolivar with its international asset portfolio.
The proposed transaction has been approved by the South African Reserve Bank and the board of directors of Bolivar.
Gold Fields is one of the world's largest unhedged gold producers, with annual gold production of approximately 4.2 million ounces from mines in South Africa, Ghana and Australia and a developing mine at Cerro Corona in Peru.
The company has reserves of 64.8 million ounces and mineral resources of 174.5 million ounces.
Bolivar Gold Corp. is a gold exploration, development and production company. At its 95 percent-owned Choco 10 property in Venezuela, drilling has confirmed near-surface proven and probable
ore reserves of 1.3 million ounces.
The 5400 ton per day Choco 10 operation commenced commercial production in August 2005.
Bolivar Gold intends to exploit this reserve while continuing to pursue the exploration potential of the Choco 10 property, and throughout the El Callao district with Gold Fields.
Sapa
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