AngloGold Limited

Exploration Workshop

Chris Lodder
Exploration Manager: South America

February, 2003

AngloGold – South America

Venezuela
AngloGold Exploration – South America
Key Facts
Colombia
• Exploration offices in Peru and Brazil
Ecuador
• Total staff 86 (and 14 contractors) including:
7 expatriates, 49 technical, 31 support staff
BRAZIL
• Positions including explorationists, mine
Serra
Lima Grande geologists and technical specialists
AngloGold
exploration office Nova Lima
• Supported by regional head office in Nova
AngloGold Lima, Brazil
Morro exploration office
Velho
Iron Quadrangle
Sao Paulo

ARGENTINA Buenos Aires

Cerro Vanguardia

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AngloGold South America Exploration Management

Chris Lodder, Exploration Manager, South America

South America Exploration Office, Lima, Peru

Cesar Riveros
Dave Trabert Mike Schmulian
Exploration Manager
Peru Exploration Manager Brazil Exploration Manager
Cerro Vanguardia
Lima, Peru Nova Lima, Brazil
San Julian, Argentina

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AngloGold South America Exploration Objectives 2003

Key Objectives – 2003

• Complete ramp and sulphide drilling at the Cachorro Bravo zone of
Corrego do Sitio project

• Complete resource definition drilling between Level 8 and 11 at Cuiaba

• Complete feasibility at the Lamego project

• Develop a 3D model of the central mine area at Cerro Vanguardia and

initiate new target generation around the operation

• Complete third-phase drilling at La Rescatada and perform scoping study

• Have at least three new prospects drilled or at the drill stage by the end of
2003.

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AngloGold South America Exploration Budget

2002 2003
Actual Budget

Other Other
15% 16%

Argentina
9% Brazil Argentina
44% Brazil
14%
49%

Peru
Peru
21%
32%

Total - $12.7 million Total - $16 million

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AngloGold South America – Brazil Projects

Crixas: 8 year mine life

remaining with exploration
focusing on new resources
to extend life by 2 more
years
Corrego do Sitio: Small OP
heap leach production centre
with exploration
concentrating on sulphide
potential for UG mining
Cuiaba: Exploration at lower
levels of principal production
centre in Brazil.
Tocantins: Greenfields JV

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Brazil Summary

Four Brownfields projects:

Lamego - 1.2 Mt @ 6 g/t. Pre-feasibility by end 2003

(Cuiabá Expansion decision)
Córrego Do Sítio - First pass evaluation of sulphide potential
by end 2003. Target of 4.7 Mt @ 8 g/t
Crixás - Evaluation of key targets to ensure
continuity of production
Cuiabá - Essential resource definition u/g drilling between
8 & 11 levels in 2003

Greenfields - Participation in promising Tocantins JV with

IAMGOLD. IAMGOLD is the operator.

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Near-mine Exploration - Iron Quadrangle

Sabara
Belo
Horizonte Cuiaba
Lamego
Project

Morro Velho Santa Cruz Santa Barbara

Raposos
Nova Lima Corrego do Sitio

Engenho
D'Agua LEGEND

Minas Supergroup
Rio das Velhas
Supergroup
Granite-gneiss
AngloGold
properties

0 20 km

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 Cuiabá Mine Resource Definition Drilling

• 215 koz/yr

• 1.744 Moz Reserves, 9.426 Moz

Resources (7.1 g/t)

• 6,600m of u/g drilling

• Anticipated reserve
addition 1.3Mt @ 8.5 g/t (370
koz)

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Córrego do Sítio – Orebody Locations

• 30 – 40koz/ yr
heap leach

• 393koz
resources (8.51
g/t)

• Ramp to access
prospective Ramp
sulphide
mineralization

• Target of 4.0 Mt
at 9 g/t

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 Iron Quadrangle Regional Exploration

• Ongoing detailed
geological modelling and
target generation

• 5 year ($3m) programme to

test new targets in old
camps

• Mina Velha and Cuiaba

Trend

Spectrum TEM

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Crixas Deposits

• 896koz att.
resources
(8.13 g/t)

• 90koz/yr
attributable
production

• Testing new
targets
generated
in 2002 by
structural
and
geophysical
work

• Expected to
increase
mine life by
two years

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Cerro Vanguardia
• 2.353Moz reserves (7.68
g/t)
• 3.868Moz resources (3.53
g/t)
• Annual attributable
production 250koz/ yr
• Exploration targeting UG
and OP resources
• Expected 2003 resource
addition of 640koz
• USD 2.24M exploration
budget
• Allow production increase
to 350koz/yr attributable

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Cerro Vanguardia – Strike & Depth Potential

Cerro Vanguardia Au and Ag epithermal deposits

Epithermal quartz adularia vein system hosted in Jurassic
rhyolite ignimbrites.
98 outcropping veins 181km of extension
Extension 150 m to 11 km
Thickness 0.5 m to 10 m (3.5m)
Variable strike N45°W to N70°W
Dip 70° to 90°
Ore shoots 150 m to 2200m strike and 50 to
350 m depth.
30,000t to 2.5 Mt

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 Cerro Vanguardia – Geological Model

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Peru Greenfields
Four Regional Greenfields
Programmes
Initiated 2000
USD 12 M investment
220,000km2
648 targets generated
457 evaluated
140,000 ha tenement
1 advanced project (La Rescatada)
6 prospects drilled and discarded
2 drilled prospects to farm-out
2 prospects at drill stage
18 prospects at detailed geology stage
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La Rescatada High Sulphidation Gold System

LA RESCATADA PROJECT
PUNO
PUNO
PUNO
PUNO
PUNO
PUNO

Jessica Zone
Puno .

BO LI VIA
pa

MOQUEGUA
MOQUEGUA
MOQUEGUA

. Moquegua

PA
P A LL C
CAA
TT
TTTACNA
TACNA
ACNA
ACNA
ACNA
ACNA

Janet Zone . Tacna

CHILE

Old Camp Zone

• Discovered in Oct. 2000 from regional
target generation and ground follow up
• 40,000 ha of tenement 100% AngloGold
• Detailed Geology at 1:5000 scale in core
area and 1:10000 over original target area
• Principal area of high sulphidation
alteration covers 125km2
• Drilling campaigns in 2001 & 2002 totaling 32
core holes and 18 RC holes in 5500 meters
• 36 line km of CSAMT; 620 line km of ground
mag
• Oxide mineralisation (less than 2 g/t) with good
Au recovery (80 - 90%)*
• “Apparent” sulphide ore (2 – 5 g/t) with low
recovery (10%)*

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La Rescatada High Sulphidation Gold Project

Mineralization at La
Rescatada

• Both structural and

lithological control in
volcanoclastics

• Supergene oxidation from 0

to 220 m

• Several 10’s of
geochemical
and geophysical anomalies
yet to be drill tested

• USD 1.3 M designated for

2003 exploration. 9000 M
of drilling (35 holes)
and scoping study
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Summary – to date

2002 – 2003
• Exploration upside at Cerro Vanguardia is excellent
• New concepts and understanding in the Fe Quad has reinvigorated
exploration in this historic camp
• Peru’s greenfields projects, although at early stages, have advanced
quickly and show promise of new resources in 2003 and 2004
• Actively pursuing new greenfields projects and opportunities in other
areas of South America

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