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Gold/Mining/Energy : Pangea Goldfields T.PGD

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To: salva who wrote (175)	3/24/1999 10:16:00 AM
From: Gord Bolton	Read Replies (1) of 1178

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: PANGEA GOLDFIELDS INC. TSE SYMBOL: PGD MARCH 24, 1999 Barrick Gold To Become Pangea Goldfields' Partner On Golden Ridge Deposit In Tanzania - Randgold Sells Its Interest in 1.6 Million Ounce Gold Deposit to Barrick Gold - TORONTO, CANADA--Pangea Goldfields Inc. announced today that joint-venture partner Randgold Resources Limited has agreed to sell its 50 percent interest in the Golden Ridge gold deposit in Tanzania to Barrick Gold Corporation. This purchase by Barrick Gold follows its recent offer to acquire Sutton Resources Ltd., owner of the nearby Bulyanhulu deposit which has a resource of 8.8 million ounces of gold. The Golden Ridge deposit contains a total gold resource of 1.6 million ounces as calculated by Randgold, to a maximum depth of 120 meters. The orebody is open at depth and the potential exists to expand the resource on other untested targets such as the Siga Hills area where trenching returned gold grades up to 21 grams per tonne over five meters. J.C. Potvin, President and C.E.O. of Pangea said: "Golden Ridge should benefit from this transaction given the obvious synergies created by the construction of the milling facility and the general infrastructure for the Bulyanhulu deposit, which is located only 30 kilometres away." Under the terms of the original Pangea/Randgold agreement which Barrick Gold will now assume, Randgold could earn a 65 percent interest in the project by completing a bankable feasibility study by September 2000. The transaction, financial terms of which were not disclosed, is subject to due diligence and regulatory approval. Access previous PANGEA press releases on our Website: pangeagoldfields.com -30-

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