Acquisition of Damang

RNS Number:4349Q
Gold Fields Ld
24 January 2002


REPARDRE                  Joint Press Release                     GOLD FIELDS

                          Gold Fields Limited

                      Repadre Capital Corporation



                            Gold Fields And Repadre

                     Finalises Purchase of Damang Gold Mine

Johannesburg and Toronto: January 24, 2002: Gold Fields Limited (("Gold Fields")
(JSE:GFI, Nasdaq:GOLD)) and Repadre Capital Corporation (("Repadre") (TSE:RPD))
are pleased to announce that the purchase by Gold Fields and Repadre of Ranger
Minerals Limited's (("Ranger") (ASE:RGS)) 90 percent beneficial interest in
Abosso Goldfields Limited ("Abosso"), and its associated mining and exploration
assets, has been concluded. Abosso is an unlisted Ghanaian company holding 100
percent of the Damang Gold Mine in Ghana.

The purchase consideration comprised A$63.3 million in cash contributed by Gold
Fields and 4.0 million Repadre shares contributed by Repadre. Gold Fields funded
the purchase through a corporate debt facility provided by Barclays Capital, the
investment banking division of Barclays Bank PLC.

With the conclusion of the transaction, the shareholding in Abosso is 71.1
percent owned by Gold Fields, 18.9 percent owned by Repadre and 10 percent by
the Ghanaian Government. This shareholding mirrors that of Gold Fields Ghana
Limited, owner of the adjacent Tarkwa Gold Mine of which Gold Fields is the
operator.

Chris Thompson, Chairman and Chief Executive Officer of Gold Fields, said:

"This is a particularly attractive acquisition for Gold Fields. In addition to
the potential synergies between the two properties, it gives us control of one
of the most permissive gold provinces in West Africa. Between Tarkwa and Damang
we now have more than 18 kilometers of Tarkwaian Structure along strike, similar
to the geology in which we are successfully heap leaching at Tarkwa. In
addition, the Damang property contains at least two additional prospects with
mineralisation similar to that presently being mined at Damang, which could be
amenable to milling. We are planning to aggressively explore this ground. This
acquisition also gives Tarkwa access to the Damang mill facility, enabling
greater flexibility in the treatment of varying types of ore found in the area."

Joe Conway, President and Chief Executive Officer of Repadre, comments: "The
combined Tarkwa / Damang complex will contribute more than 150,000 ounces of
annual gold production to Repadre's account. We look forward to the synergies
that will arise from this combination and the continuance of our excellent
relationship with the operator, Gold Fields."

Damang has resources of approximately 3.03 million ounces and reserves of 1.53
million ounces. During the financial year ended June 31, 2001 the mine processed
4.54 million tonnes at an average grade of 2.42 grams per tonne to recover
322,046 ounces of gold at total cash costs of US$208 per ounce.

As at December 31, 2001, Abosso had US$10 million of external debt;
approximately US$9 million of net working capital; and a hedge book of
approximately 420,000 ounces of gold which, at current gold prices, has a
positive mark-to-market value and will be opportunistically unwound over the
next three months.

Gold Fields Limited is one of the world's largest unhedged gold producers, with
operating mines in South Africa, Ghana and Australia. This acquisition, together
with the recently acquired St Ives and Agnew Mines in Australia, increases
attributable gold production from 3.7 million ounces to 4.5 million ounces,
attributable reserves to 84 million ounces and attributable resources to more
than 150 million ounces. Gold Fields is listed on the Johannesburg, Nasdaq,
London, Paris and Swiss exchanges.

Repadre is a public company listed on the Toronto Stock Exchange whose principal
activity is the creation and purchase of royalties and non-operating interests
on a global basis. One of Repadre's main assets is its 18.9 percent interest in
Gold Fields Ghana Limited.. Repadre also holds a 1 percent royalty on future
production from the Diavik diamond mine in Canada, currently under construction
with start-up expected in early 2003. During the past month Repadre shares have
been trading in the range C$4.25 to C$5.25. In conjunction with the Abosso
transaction and in light of liquidity concerns that may arise from potential
dispositions of Repadre shares from Ranger's portfolio, Repadre's Board of
Directors has agreed to waive the provisions of its shareholder rights plan to
allow Dundee Bancorp to make normal course purchases of Repadre shares as
allowed by applicable securities legislation.



                                    - end -


                                 ENQUIRIES

GOLD FIELDS                       REPADRE                        RANGER

www.goldfields.co.za              www.repadre.com                www.ranger.com.au
South Africa
Willie Jacobsz                    Joseph Conway                  Guy Travis
Tel: [phone]              Tel: [phone]             Tel: [phone]
Fax: [phone]              Fax: [phone]             Fax: [phone]
Email:[e-mail]    Email: [e-mail]     Email: [e-mail]

North America
Cheryl Martin
Tel: [phone]
Fax: [phone]
Email: [e-mail]




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