2000 Operating Budget and LOM Plan August 31, 1999

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Sunday, Sept. 26, 2004
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Tour Agenda
930 AM Arrive Cripple Creek Continental
Breakfast at Teller County
Centennial Building 930 - 945 AM
Continental Breakfast 945 AM - 1115
Management Briefing - Teller County Centennial
Building 1115 1130 AM Mine Safety Training
Session 1130 AM - 100 PM Mine Tour - Cripple
Creek School Bus 100 - 230 Lunch - Teller
County Centennial Building 230 PM Departure
from Site for Denver Charter Bus
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CCV Briefing Agenda
Introduction Dave Hodgson Introduction of
Johannesburg Team North America Overview Don
Ewigleben CCV Operations, Staff Introductions
Ron Largent CCV Management Briefing Mine
Location, Corporate Values, Joint Venture History
District Production History District
Geology Ore Reserve and Resource
Growth Permitting History Cresson Mine
Expansion Project Review Sustainability
Safety and Environmental, General Operational
Overview Sustainability Community
Involvement and Historic Preservation 2005
Life of Mine District Exploration
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CCV Staff Introductions
Ron Largent Vice President and General
Manager Larry Newcomer Operations
Manager Lowe Billingsley Technical Services
Manager Jane Mannon Community Affairs
Manager Larry Snyder Safety Manager David
Vardiman Exploration Manager
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Location

• Cripple Creek Victor Gold Mine
• 70 miles (113Km) South of Denver
• 24 miles (40 Km) West of Colorado Springs

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Highlights
CCV Reaches Expansion Capacity Of 20 M Ore Tons
In Q4, 2003 Total Resource Reaches 8.54 M Au
Ounces, Dec. 2003 Cresson Project Pours Its Two
Millionth Gold Ounce In 2004 Cresson Mine
Expansion Scheduled For Completion Q4, 2004 2004
Production Forecast At 316,000 Gold Ounces
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Sustainability

• AngloGold Ashanti Values
• Generate Competitive Shareholder Returns
• - Replacing Profitable Gold Reserves
• - Continuously Improve The Performance Of Our
  Key Resources Our People, Our
  Assets And Our Product
• - Conduct Ourselves With Honesty And Integrity
• Every Manager And Employee Takes Responsibility
  For Health And Safety Of The Workplace
• We Strive To Form Partnerships With Host
  Communities, Sharing Their Environments,
  Traditions And Values
• We Want The Host Communities To Be Better Off For
  AngloGold Ashanti Having Been There
• We Are Committed To Working In An Environmentally
  Responsible Way

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CCV Joint Venture History

• 1891-1961 21 M gold ounces produced since Bob
  Womacks Discovery
• 1976 - CCV Joint Venture formed (Texas Gulf -
  67 and Golden Cycle - 33)
• 1989 - NERCO Minerals acquires Texas Gulfs
  interests in CCV
• 1993 - IMC acquires NERCO Minerals interests
  in CCV
• 1994 - Cresson Project permitted development
  begins
• 1995 - First Cresson Mine Gold Poured
• 1999 - AngloGold Limited acquires IMCs
  interests in CCV
• 2000 - CCV Cresson Mine Expansion Construction
  begins
• 2003, Q4 - CCV reaches planned expansion
  capacity of 20 M ore tons
• 2004, Q2 - Cresson Mine pours two millionth
  ounce
• 2004, Q4 - Cresson Mine Expansion Construction
  completed
• 2004 - Cresson Mine Forecast to produce 316,000
  gold ounces

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District Production History
1.9 M ounces 1995 - 2003
0.3 M ounces 1976 - 1994
21 M ounces 1891 - 1961
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District Geology
32-30 Ma Alkaline Volcanic
Complex
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District Geology - Isometric View Of Lithologic
Model
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District Geology
Age Tertiary Age, Hydrothermal Potassium
and Carbonate Alteration, Alkaline
Volcanic/Diatreme Complex, 32 30 Ma District
Host Rocks Hetrolithic Volcanic Eruptive Phase
Cripple Creek Breccia Igneous Intrusive Phase
Phonolites, Syenites and Lamphrophyres
Precambrian Granites Metavolcanic
Metasedimentary Units Primary District
Structures Subvertical - NW, NNE, E-W
Mineralization Low Sulphidation Telluride
Gold/Silver System, 30-28 Ma Two Ore
Types (1) Broad Zones Of Low-Grade,
Gold-Pyrite Mineralization, Microfracture-Cont
rolled Disseminated (2) Discrete Fracture
Zones Of High-Grade, Gold-Silver Tellurides,
Native Gold After Tellurides
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CCV Ore Reserve Resource Growth
43.1 Million Invested In Exploration From 1996
Thru 2003 Two Million Ounces Produced From
Startup Thru June 2004 8.54 M Ounce Total
Resources (Dec. 2003)
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Sustainability - Cresson Mine Permitting History

• Proven Success In Permitting New Mining Areas And
  Facilities
• - 1994 Permit Amendment No. 6
• - 1999 Permit Amendment No. 7
• - 2000 Permit Amendment No. 8
• - 44 Technical Revisions To The Mining Permit
• 2001 Bulk Emulsion Facility
• 2004 East Cresson Mine Extension

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Cresson Mine Expansion Project
Capital Expansion Expenditures - 195 MM Upgrade
in Truck Fleet Upgrade in Shovel Fleet New
Production Drills New Truck Maintenance
Facilities Upgrade Primary and Secondary Crushers
Increase in ADR Capacity Colorado State Highway
67 Realignment New Bridge, Colorado State Highway
67
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Cresson Mine Expansion Project
Cresson Mine 195 MM Capital Expansion New Truck
Fleet New Shovel Fleet New Production Drills New
Truck Maintenance Facilities New Primary and
Secondary Crushers Increase in ADR
Capacity Colorado State Highway 67
Realignment New Bridge, Colorado State Highway 67
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Cresson Mine Expansion Project - VLF Expansion
Phase 4C
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Cresson Mine Expansion Project Issues

• Crusher Fully Commissioned
• Blasting Practices
• Conveyor Modifications
• Control Systems
• Screen Improvements

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Cresson Mine Expansion Project Issues

• VLF Metallurgical Performance
• Alkalinity Transitional Ores
• Increased Lime To Improve pH
• Solution Management

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Cresson Mine Expansion Project Issues
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Sustainability - Safety
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Sustainability - Safety
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Sustainability - Environmental

• Environmental Compliance
• CCV Is In Compliance With Regulatory
  Requirements
• Compliance Maintained By Systematic And
  Integrated
• Management
• Mine Planning
• Daily Operations Management
• Environmental Monitoring
• Regulatory Requirements
• Reclamation

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Sustainability - Environmental

• Reclamation
• Concurrent With Operations
• Liabilities Accrued Under Accounting Rules
• Financial Warranty - Currently 45 MM
• Proven Site Specific Reclamation Techniques

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Sustainability Community Participation
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Sustainability Concurrent Reclamation
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Sustainability Environmental Monitoring
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General Operational Overview
Total Mineral Resource 284.6 M Ore Tons
(258.2 M metric tons) Contains 8.54 M Gold
Ounces Average Grade - 0.030 Gold Ounces Per
Ton ( 1 gram per metric ton) 2 Active Surface
Mines, 3 Inactive Surface Deposits
Mining Surface Mining Techniques Employing
Front End Loader/Shovel/Haul Truck
Combinations Ore Processing Crusher -
Two-Stage, Open Circuit Crushing To 0.75 Inches
(1.9 cm) Small Component Of Run-Of-Mine (ROM)
Ore Heap Leach - Valley Leach
Facility (VLF) Land Ownership 100 Private
Surface Mineral
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Manpower
Manpower Hourly Employees 191 Salary
Employees 94 Temporary/Summer 28
Total Workforce 313 Payroll 20,700,00
0 Annual (Benefits Equal An Additional 31 or
6,415,000 Equivalent) Average Hourly Wage -
18.05 Average Seniority 5.7 Years Annual
Turnover Rate 18.7 Year-To-Date Workforce By
County 63 - Teller County (Includes Cripple
Creek, Victor, Woodland Park And
Florissant) 22 - Fremont County (Canon
City) 8 - El Paso County (Colorado
Springs) 7 - Park County And Chaffee
Counties (Lake George and Salida)
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Mine Operations - Mining
Mining Statistics 158,000 Tons (143,335
metric tons) Per Day 35 Foot (10.7 meter)
Benches /- 0.55 Per Ton Mined On Site
Emulsion Facility
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Mine Operations - Mining
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Mine Operations - Maintenance
Equipment 9 Euclid 300-Ton (272 metric
tons) Capacity Trucks 1 240-ton (218
metric tons) Capacity Trucks 2 150-ton
(136 metric tons) Capacity Trucks 2 39.5
cu yd (30.2 cu meters) Hitachi Shovels
2 18 cu yd (13.8 cu meters) Hitachi Shovels
4 D55SP Drilltech Drills 2 DM45
Ingersoll-Rand Drills
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Mine Operations - Maintenance
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Process - Crusher
Equipment 1 - Primary Crusher - 800
Horsepower Fuller Traylor 60 Inch x 89 Inch
(152 centimeters x 226 centimeters) Closed
Side Setting 5 Inch (12.7 centimeters)
2 - Vibrating Screens 75 Horsepower
Svedala 10 Foot x 24 Foot Banana (3 meters x
7.3 meters) Top Deck 2.5 Inch x 5 Inch (6.4
centimeters x 12.7 centimeters) Bottom Deck
0.75 Inch x 6 Inch (1.9 centimeters x 15.2
centimeters) 3 - Secondary Crushers
1000 Horsepower Metso - MP1000, P800.79 (2
cm) 1 - Truck Loadout Bin 400 Ton
Capacity Fills 300 Ton (272 metric ton) Truck
in 1 minute Processing Statistics 20.0 M
Tons Per Year (18.14 M metric tons) 55,000 Tons
Per Day (49,895 metric tons) 2,890 Tons Per
Hour (2,621 metric tons)
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Process - Crusher
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Process Valley Leach Facility (VLF)
VLF Statistics VLF Capacity Permitted to
262 M Tons (239 M metric tons) 12.9 M Square
Feet (1.2 M square meters) Of VLF Liner In
Place Three Internal Pregnant Solution
Ponds Total Capacity - 130 M Gallons (492 M
liters) Ore Stacked In 35-50 Foot (10.7-15.2
meters) Lifts Lime Addition 10 Pounds Per Ton
(4.5 kilograms per metric ton) Lime Added At
Crusher To Maintain 10.5 pH Leaching Drip
Emitters - 0.004 gpm/Feet2 (0.163 liters per
minute per meter2 ) Buried 8 (20.3
centimeters) below surface
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Process Valley Leach Facility (VLF)
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Process Valley Leach Facility (VLF)
262 Million Tons
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Process Valley Leach Facility (VLF)
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Process Adsorption/Desorption/Refinery ADR
Equipment 4 Trains Of Carbon Adsorption
Columns, 5 Tanks Per Train Processing
Statistics Utilizes Medium Hard Activity
Coconut Shell Carbon 6x12 mesh VLF Water Flow
To Columns 13,500 gpm (51,100 liters per
minute) Fresh Water Addition To Barren Solution
500 gpm (1,890 liters per minute) Cyanide
Concentration 0.2 lb Per Ton Of Solution (0.1 kg
per metric ton) Loaded Carbon Stripped By
Using AARL Pregnant Strip Solution Processed
Through Electrowinning Cells Sludge Filtered
Smelted Dore Product 60.6 Au Carbon 90 Acid
Washed, 80 Thermally Regenerated
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Process Adsorption/Desorption/Refinery ADR
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Process Adsorption/Desorption/Refinery ADR
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2004 Operation - Objectives

• 0.56 per Ton Mined
• 1.65 per Ore Ton Processed
• 90 Fleet Availability
• 92 Crusher Availability
• 58 M Prime Tons
• 20 M Ore Tons
• 38 M Waste Tons
• 374,034 Placed Recoverable Ounces
• 158,904 Prime Tons per Day
• 54,800 Ore Tons Crushed per Day
• 16.7 M CAPEX Budget

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Outlook 2004 Key Statistics
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Sustainability Community Involvement

• Monetary
• Employee Volunteer Program
• Over 5,000 hours donated annually since the
  program's inception
• in 1998 for a variety of community
  programs and activities,
• ranging from Volunteer Firefighters
  to Planning Commission and City
• Council.
• Community Participation

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Sustainability Community Involvement
Community Involvement
Pikes Peak Regional Hospital
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Sustainability Community Involvement
Surplus Trucks Copier to Cripple Creek School
District and Library
Vindicator Valley Trail
Colorado Flag donated to Explorer Scouts
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Sustainability Community Involvement
Gold Belt Byway
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Sustainability Community Involvement
Historic Preservation
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Sustainability Historic Preservation
Cresson Headframe Donated To Victor Gold
Sovereign Headframe To Cripple Creek
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Sustainability Community Involvement
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Sustainability Community Involvement
Community Involvement
Cresson Elementary School Computer Equipment
Victor Gold Rush Days Mining Contests - 1999
Woodland Park High School Wrestling Team
Cripple Creek and Victor Recreation Program
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CCV Ore Reserve Resource Growth
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District Historic Production and CCV LOM
Production
LOM 3.8 M ounces 2004 - 2016
1.9 M ounces 1995 - 2003
0.3 M ounces 1976 - 1994
21 M ounces 1891 - 1961
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Exploration Program History
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Exploration Process
Management Information Tools
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Exploration Process
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Exploration Process
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Exploration Process
Outline of Cresson Pipe Lamprophyre Breccia
PRODUCTION FIGURES TONS GRADE (opt)
OUNCES (recovered) 3.20MM 0.694
2.22MM

1,000 Meters
ORE BODY GEOMETRY (Meters) WIDTH
LENGTH DEPTH 17-33
33- 133 167 - 340
Stope Geometry - Cresson Pipe
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District Potential

• Exploration Strategic Goals
• Production Delineation Drilling
• Optimizing Resources to Reserves
• - Replacement of Depletion
• New Resource Identification
• Near Surface Bulk Mineable
• Underground High Grade

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