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Gold/Mining/Energy : Gold and Silver Mining Stocks -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (76)	2/9/2000 2:15:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 4051

Ashanti Goldfields Company Limited James Anaman General Manager - Corporate Affairs (233) 21 778178 or Kweku Awotwi Managing Director - Strategic Planning (44) 498 500535 or Ben Pandovan Shandwick Consultants - London (44) 171 9.5 2493 or Allan Jordan Golin/Harris - New York (1) 212 697 9191 -------------------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ASHANTI GOLDFIELDS COMPANY LIMITED TSE SYMBOL: AHD.U NYSE SYMBOL: ASL FEBRUARY 9, 2000 Ashanti Goldfields Company Limited Makes Announcement NEW YORK, NEW YORK--Further to the announcement made by the Ashanti Goldfields Company Limited ("Ashanti") on 4 February 2000, Ashanti confirms that the Ghanaian High Court has upheld the application by Adryx Mining & Metals Limited and certain others to convene an extraordinary general meeting. Ashanti has not yet received a copy of the Court order. A further announcement will be made in due course once the Court order has been received. Certain of the statements made in this announcement are forward looking in nature. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. These factors include, but are not limited to, statements made in this announcement. In addition, risk factors relating to Ashanti can be found in its public SEC filings. Ashanti undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Any statements should be evaluated in the light of these factors. -30-

To: goldsheet who wrote (76)	2/10/2000 8:42:00 AM
From: russwinter	Read Replies (1) \| Respond to of 4051

Bob, I offer the following example towards our ongoing discussion concerning the viability of new mining supply at prices under 325. PDG now estimates an operating cost of only $98 (with a copper credit) for it's enormous 23 million gold, 6 billion copper Cerro Casale project partnered with Arizona Star. Yet the capital costs ($1.4 billion), time value of money and lead time still make this a marginal project despite only $60 capital costs. The same can be said of LaCristinas. Although the cost of money variable can be mitigated somewhat by selling substantial future production (that they may or may not have) into the market as forward sales or naked (I consider it naked until gold is actually in hand) calls, the question still begs: Is that a risk worth assuming for a project that for all practical purposes is still a gleam in it's daddy's eye? Looking at your excellent list of major mines, I really wonder (given the preponderance of cash costs over 200, or even 150) how many could actually be put into production from scratch today. I haven't looked at capital costs for each mine, but my guess is only minority.