Alert posted 11-10-2003 to stock traders around the world who specialise in gold mining stocks - those mines leading the industry out of a mini recession caused by co-ordinated national banks efforts to slow down the increase in gold price, are Newmont (NEM), Gold Fields (GFI), and Golden Star Resources (GSS). All three are heavily dependent on locally mined gold.

Newmont Updates 5-Year Business Plan - 2003 Gold Reserves in Ghana Expected to Reach 10 Million Ounces

DENVER, Sept. 24 2003 : Newmont Mining Corporation (NYSE:NEM) today provided updated information on a number of projects that, if developed as currently anticipated, will increase annual gold sales from approximately 7.3 million ounces in 2003 to approximately 7.7 million ounces in 2007. In addition, Newmont announced that gold reserves in Ghana are expected to double to approximately 10 million ounces by year-end.

Commenting on the projects, Wayne W. Murdy, Chairman and Chief Executive Officer of Newmont, said, "The development of these projects will, on a risk-adjusted basis, significantly enhance the Company's net asset value. These projects are expected to generate double digit rates of return based on a conservative gold price assumption of $325 an ounce. Newmont is well positioned to deliver significant earnings growth going forward as we increase production and, more importantly, the profit margin per ounce as average cash costs are reduced over time."

Development details for selected projects are outlined below; further

information on these and other projects is contained in the Supplemental Information section of this release.

Equity Gold

Reserves(2) Estimated

Ahafo Ghana Optimization 100%(3) 3.9 2006

Akyem Ghana Optimization 85%(4) 1.6 2007

Notes:

1. As of August 31, 2003.

2. Reserves at December 31, 2002 based on a $300 gold price, adjusted to reflect equity interest as of August 31, 2003.

3. Assumes closing of the acquisition of Moydow's 50% interest in the

Ntotoroso property and is subject to the Ghanaian government's 10%carried interest after capital is returned.

4. Subject to the Ghanaian government's 10% carried interest after

capital is returned.

5. Subject to approval of the joint venture partners.

Commenting further, Mr. Murdy noted: "Declining industry-wide exploration expenditures over the last five years supports our view that aggregate gold production will continue to decline for the foreseeable future. For 2003, I expect Newmont's production to be at the higher-end of previous guidance of between 7.2 million and 7.4 million ounces. Our goal is to maintain a production profile of approximately 7 million ounces a year for the 2004 to 2006 timeframe, after which we expect to see organic growth to approximately 7.7 million ounces in 2007."

For 2003, total cash costs are expected to be in the middle of previous guidance of between $198 and $208 per ounce. Total cash costs are expected to be between $190 and $205 per ounce in 2004 and 2005, decreasing to between $175 and $190 in 2007.

Financial parameters for selected projects are outlined below; further detail on these and other projects is contained in the Supplemental Information section of this release.

Mine Plan

Project Location ($ million) (000 ounces) ($/ounce) (years)

Ahafo Ghana $300 - $325 425 - 475 $175 - $185 15

Akyem Ghana $220 - $245 350 - 400 $150 - $160 13

======================================

AHAFO, Ghana

Location: In the Brong Ahafo Region of western Ghana in west Africa, about 180 miles (300 kilometers) northwest of the capital city of Accra.

Ownership: Newmont has 100%, assuming the closing of Newmont's acquisition of Moydow Mines' remaining 50% interest in the Ntotoroso property. This interest is subject to the Ghanaian Government's 10% carried interest after capital is returned.

Equity Capex: $300 million to $325 million

First Production: 2006E

Current Mine Plan: 15 years

Average Annual Gold Sales/Production(1): 425,000 - 475,000 equity ounces

Average Recovery: 85% - 90%

Total Cash Costs(1): $175 - $185 per ounce

Reserves: 3.9 million ounces on a 100% basis (12/31/02 at $300)

Mineralized Material Not in Reserves: 56.9 million tons at 0.054 opt on a 100% basis (12/31/02)

Type of Mine: Open pits

Processing: SAG and ball mills with carbon-in-leach recovery circuit. Possible gravity circuit.

Average Mining Rate: 100,000 tons per day

OVERVIEW

Ahafo was part of the Normandy Mining acquisition in February 2002. The Ahafo land position totals approximately 269.5 square miles, with several deposits identified along an approximate 47-mile strike length. The deposits occur along two shear structures that extend over the strike length. To date, 12 ore bodies have been defined with significant potential for further discoveries. The deposits are open at depth and along strike extensions.

At year-end 2002, on a 100% basis, Ahafo had 53.0 million tons of proven and probable reserves, grading 0.074 ounce of gold per ton, representing 3.9 million equity ounces. On a 100% basis, mineralized material not in reserves totaled 56.9 million tons at 0.054 ounce per ton. Ongoing feasibility optimization work includes engineering, environmental, geotechnical and hydrological studies and metallurgical tests. In addition, community development programs, including the establishment of tree nurseries and infrastructure, have begun.

EXPLORATION POTENTIAL

Exploration at Ahafo in 2003 involves up to five drill rigs for a 190,000- foot drilling program. This includes step-out and at depth drilling to convert inferred material to reserves and to expand the deposits. Drilling at the Kenyase pit shown below has continued to encounter high-grade mineralization at depth, extending the proposed ultimate pit design by approximately 330 feet. Further deep drilling results are pending.

Akyem, Ghana

Fact Sheet

Location: In the Birim North District in the eastern region of Ghana, in West Africa, about 80 miles northwest of the capital city, Accra.

Ownership: Newmont holds 85%, with Kenbert Mines Ltd., a Ghanaian company, owning the remaining 15%. Both interests are subject to the Ghanian Government's 10% carried interest after capital is returned.

Equity Capex: $220 million - $245 million

First Production: 2007E

Current Mine Plan: 13 years

Average Annual Gold

Sales/Production(1): 350,000 - 400,000 equity ounces

Average Recovery: 85% - 90%

Total Cash Costs(1): $150 - $160 per ounce

Reserves: 1.6 million equity ounces (12/31/02 at $300)

Mineralized Material Not in Reserves: Equity 51.9 million tons at 0.053 opt (12/31/02)

Type of Mine: Open pit

Processing: SAG and ball mills with carbon-in-leach recovery

circuit. Possible gravity circuit.

Average Mining Rate: 75,000 tons per day

OVERVIEW

Akyem was part of the Normandy Mining acquisition in February 2002. The Akyem land position totals approximately 1,468 square miles. The deposit is open at depth and along strike.

At year-end 2002, Akyem had 25.8 million tons of proven and probable reserves accessible by open pit, grading 0.061 ounce of gold per ton, representing 1.6 million equity ounces. On a 100% basis, mineralized material not in reserves totaled 61 million tons at 0.053 ounce per ton. Ongoing optimization work includes metallurgical tests and related engineering and environmental studies.

"Community development (token, very low cost - Ed. Asantedom) programs including the establishment of nurseries and infrastructure" have been cynically deployed as vehicles to channel bribes to a few uneducated but influential villagers and present a pseudo benign face to international media.

EXPLORATION POTENTIAL

Exploration at Akyem in 2003 involves using up to seven drill rigs for a 120,000-foot drilling program. Exploration is focused on development drilling to convert mineralized material to reserves and definition drilling to expand the Akyem deposit, and to define the ultimate pit limits at depth and along strike.

Golden Star Resources  (GGS)

Owns a controlling interest in four gold mines in "Ghana", at Bogosa, Prestsea and Wassa. The company also has a 73% interest in Guyanor Resources SA which 'owns' several exploration properties in 'Ghana'.

Chief Financial Officer (annual pay $189,000) of Golden Star Resources Ltd. (GSS) "we have a hundred kilometres of the Asante gold belt" - Bloomberg TV 12-April-2004

Golden Star owns 90% of Bogoso Gold Ltd., and Wexford Goldfields Ltd.

12-April-2004
 

Goldfields Ltd.

Have extensive gold mining interests in 'Ghana' and South Africa.

CAPE TOWN, Feb 12 (Reuters) - Ashanti Goldfields (AGC.GH) said on Wednesday that Ghana's parliament would approve the firm's takeover by South Africa's AngloGold (ANGJ.J) despite opposition threats to derail the deal.

AA parliamentary committee recently issued a favourable recommendation on the $1.55 billion takeover of the Ghanaian mining company, and a vote is due later this week or early next week, Ashanti Chief Executive Sam Jonah told reporters at the Indaba African mining conference in Cape Town.

"I have no doubt at all that the vote will go in one direction," he said.

AngloGold Chief Executive Bobby Godsell, also meeting the reporters, said the deal was evidence of a trend among major gold miners to buy additional output through takeovers because many existing mines are running out of high-quality reserves.

"All of us have declining production profiles going forward ... that was the attraction of Ashanti. They had more ounces than money to develop them," Godsell said. In late October, Ghana's government agreed to back the purchase by AngloGold, the world's second biggest gold producer, after AngloGold won a bitter takeover battle for the Ghanaian company against smaller rival Randgold Resources.

Ghana's main opposition leader, John Atta Mills, earlier this month vowed to oppose the merger.

His National Democratic Congress (NDC) has 90 seats in the 200-member legislature, while the ruling New Patriotic Party (NPP) has 102. The remaining deputies, including independents and members of small parties, usually vote with the ruling NPP.

AngloGold plans to pour hundreds of millions of dollars into extending the life of Ashanti's prized Obuasi mine by establishing deep-level operations.

The combined company would have around 7.3 million ounces of annual gold production, the same level as current number one Newmont Mining Corp of the United States.

Anglogold, the biggest South African-based gold miner, is 51.49 percent owned by diversified miner Anglo American.

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