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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: The Barracuda™ who wrote (43001)	10/15/1999 2:44:00 AM
From: Alex	Respond to of 116764

<<Gold stayed in a narrow range during Asian trading time after dropped below the key support of $315 overnight, the dealers said. A Hong Kong-based bullion dealer with a US bank said gold returned to normal trading from the recent volatility in the rangebound movement and dealers started quoting normal spread of 50-75 cents compared with $2-$4 in the past week. Some dealers said gold prices may test its nearby support of $310 today in Europe and in the US markets as investment funds continue to sell, but the price is expected to rise after consolidating at $310-$320 in the near term.>> futuresource.com

To: The Barracuda™ who wrote (43001)	10/15/1999 11:02:00 PM
From: Rarebird	Respond to of 116764

GOLD FIELDS LIMITED REPURCHASES ITS HEDGES: Release Date: 15/10/1999 15:32:57Code(s): GFI © 1999 SharenetGOLD FIELDS LIMITED REG. NO 97/19961/06 JOHANNESBURG, 15 OCTOBER 1999: GOLD FIELDS LIMITED TODAY ANNOUNCED THAT IT HAD COMPLETED THE REPURCHASE OF ITS GOLD HEDGE POSITION. CHRIS THOMPSON, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF GOLD FIELDS, SAID; "HAVING LOOKED AT THE FUNDAMENTALS OF THE CURRENT GOLD MARKET AND THE IMPLICATIONS OF THE ASHANTI SITUATION, IT SEEMS INEVITABLE TO US THAT HIGHER, IF NOT MUCH HIGHER, GOLD PRICES ARE POSSIBLE. ACCORDINGLY IT SEEMED PRUDENT TO RETRIEVE OUR HEDGE POSITIONS." ALL FORWARD OBLIGATIONS, SAVE FOR 200 000 OUNCES OF FORWARD SALES ATTRIBUTABLE TO GOLD FIELDS GHANA LIMITED (71% OWNED), HAVE BEEN CLOSED OUT. THESE FORWARDS HAVE BEEN LEFT IN PLACE TO COVER POTENTIAL DEBT COVENANT OBLIGATIONS REQUIRED BY LENDERS TO THE TARKWA PROJECT. GOLD FIELDS CONTINUES TO HOLD APPROXIMATELY 660 000 OUNCES OF RAND-GOLD CALL OPTIONS AT AN AVERAGE STRIKE PRICE OF R2 171 PER OUNCE. THESE MATURE IN SEPTEMBER 2001. IN ADDITION 50 000 OUNCES OF PUT OPTIONS, ACQUIRED AT A STRIKE PRICE OF US$270 PER OUNCE, HAVE BEEN MAINTAINED. THESE EXPIRE IN NOVEMBER 2000. AT A GOLD PRICE OF US$313 PER OUNCE AND A RAND/DOLLAR EXCHANGE RATE OF R6.10, THE OUTSTANDING RAND-GOLD CALL OPTIONS HAVE A MARK TO MARKET VALUE OF US$8.6 MILLION. THIS COMPARES TO THE NET COST OF SOME US$3.0 MILLION INCURRED TO REPURCHASE THE HEDGE POSITION. "AT HIGHER GOLD PRICES THE RESTRICTIVE IMPACT ON OUR BALANCE SHEET AND THE DRAG ON EARNINGS FROM A CONTINUED HEDGE POSITION WOULD LIMIT OUR ABILITY TO MAKE ACQUISITIONS AND DEVELOP NEW DEPOSITS", SAID THOMPSON. PRIOR TO COMMENCING THE HEDGE REPURCHASE, GOLD FIELDS' POSITION WAS 1.8 MILLION OUNCES, COMPRISED OF A MIX OF FORWARD SALES AND CALL OPTION OBLIGATIONS. GOLD FIELDS LIMITED IS THE SECOND LARGEST GOLD PRODUCER IN THE WORLD WITH FOUR MILLION OUNCES OF GOLD PRODUCTION PER ANNUM, 145 MILLION OUNCES OF MINERAL RESOURCES AND ALMOST 73 MILLION OUNCES OF MINERAL RESERVES. GOLD FIELDS TRADES ON THE JOHANNESBURG STOCK EXCHANGE UNDER THE SYMBOL GFI AND ON NASDAQ UNDER THE SYMBOL GOLD. THE COMPANY IS ALSO LISTED ON THE LONDON, PARIS AND SWISS STOCK EXCHANGES AND TRADES ON THE BRUSSELS STOCK EXCHANGE THROUGH AN INTERNATIONAL DEPOSITORY RECEIPT PROGRAMME. - END - ENQUIRIES SOUTH AFRICA WILLIE JACOBSZ TELEPHONE (+27 11) 644-2460 FAX (+27 11) 484-0639 E-MAIL INVESTORS@GOLDFIELDS.CO.ZA NORTH AMERICA CHERYL A. MARTIN TELEPHONE (303) 796-8683 FAX (303) 796-8293 E-MAIL CAMARTIN@GFEXPL.COM sharenet.co.za