African Barrick Gold plc (the Company or ABG ) Final Condition for Acquisition of Aviva Mining Kenya Ltd Satisfied
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1 22 nd October 2012 African Barrick Gold plc (the Company or ABG ) Final Condition for Acquisition of Aviva Mining Kenya Ltd Satisfied Following the unanimous approval by Aviva shareholders on 11 September 2012, the Kenyan Competition Commission has now formally approved the acquisition by ABG of Aviva Mining (Kenya) Ltd ( AMKL ) from Aviva Corporation ( Aviva ). All conditions have now been satisfied and the transaction will now be finalised. Commenting on the acquisition, ABG s CEO Greg Hawkins said, With the final condition for the acquisition of AMKL now satisfied we look forward to continuing the successful exploration programme on this highly prospective land package. ABG has a proven track record of successfully developing early stage prospects into large scale deposits and we are confident of further successes in Kenya. On completion of the acquisition of AMKL, we plan to continue systematic exploration programmes throughout the licence areas testing for new gold targets and we are targeting advancing one or more projects to resource category level during These exploration programmes will consist of mapping, soil and rock chip sampling campaigns, auger and aircore drilling, and reverse circulation and core drilling. The current core drilling programme is testing high priority regional targets in order to gain a better understanding of the geology and key controls on the gold mineralisation encountered at each prospect and to allow ranking of targets for future programmes. Recent drill results, funded by ABG and released by Aviva, around the Kakamega Dome from the Bushiangala, Kimingini, Dhahabu and Isulu prospects have delivered some high-grade gold intersections within a greater than 30 kilometre structural corridor extending from the historic Rosterman gold mine (approximately 250,000 ounces of gold at 13 grams per tonne) in the northwest to the Dhahabu prospect in the east (Figure 1). Selected, previously announced, results from the Kakamega Dome gold camp have included: Bushiangala: ASBSDD0001: 20m at 9.41g/t Au from 29m and 1m at 1205g/t Au from 101m ASRC019: 7m at 8.29g/t Au from 98m ASRC021: 17m at 7.20 g/t Au from 25m ASBSDD006 6m at 5.02g/t Au from 38m and 16m at 5.91g/t Au from 58m ASBSDD010: 11m at 3.96g/t Au from 49m and 2.93m at 7.77g/t Au from 97m ASBSDD012: 9m at 13.05g/t Au from 6m Kimingini: ASRC025: 9m at 12.7g/t Au from 139m ASKDD003: 3m at 5.31g/t Au from 228m ASKDD004: 3m at 10.23g/t Au from 156m
2 Dhahabu: CKIB01: 62m at 2.45g/t Au from 42m KIB-01: 5.9g/t Au from 43m KIB-02: 5.4g/t Au from 42m KIB-03: 10m at 5.7g/t Au from 29m We believe there is an opportunity to identify several significant scale projects in the structural corridors around the Kakamega Dome, and ongoing drill programmes will target extensions to the known gold zones between individual prospects to delineate sizeable mineral deposits. Figure 1 Kakamega Dome Camp, selected drill intersections, surface geochemistry and structural corridors The Lake Zone Camp (Figure 2 - below) is located across the western half of the license areas and is distinguished from the Kakamega Dome Camp based on its geological and structural setting. The Lake Zone camp is characterised by mafic, intermediate and felsic volcanic units of the Archaean (Nyanzian) system that have been intruded by numerous multi-phase felsic, intermediate and mafic
3 composition intrusions (granite, dacite, granodiorite, diorite, and gabbro). Distinct bands of Kavirondian age sedimentary units (predominantly conglomerate) are interpreted to lie adjacent to large-scale east-west trending structures. A large number of the gold occurrences identified in the Lake Zone camp are associated with multiphase intrusions and gold mineralisation tends to occur as broad disseminated systems, with stock-work higher grade veining or extensional vein systems. As with the Kakamega Dome, ABG believes the Lake Zone gold camp has the potential to host very large gold systems and the limited effective drilling to date has confirmed that potential. This is supported by historical and recent exploration, including soil sampling, rock chip sampling and drilling programmes that have delineated several kilometre-scale gold anomalies. Figure 2 Lake Zone Camp Geology, historical workings and prospects and high priority targets
4 Geology The licence areas cover the Ndori Greenstone Belt, one of several greenstone belts in Kenya. The Ndori Greenstone Belt displays a similar stratigraphy to the Lake Victoria Greenstone belts in Tanzania and other greenstones belts globally (e.g. Abitibi in Canada) with volcanic, intrusive and sedimentary rocks of the Archaean (Nyanzian) system, Kavirondian sediments, and younger felsic to intermediate intrusions varying in composition (granite, dacite, granodiorite, diorite) and often multiphase. Local lithologies include iron-rich basalts and gabbros, andesite, felsic volcanic, BIF-chert-tuff chemical and pyroclastic-sedimentary sequences, as well as late Archaean volcano-sedimentary lithologies within a broad greenstone belt. Over twenty gold prospects worthy of further work have been identified across the project to date. In addition, Bumbo, a stratabound Copper-Zinc-Gold deposit, is currently interpreted to occur within sediments of the Kakamega Dome gold camp. Figure 3 AMKL License Areas - Regional Geology, Gold Camps, Historic Workings, and Key Prospects
5 Background Through the acquisition of AMKL, ABG will now own AMKL s 51% interest (with the potential to move to 75%) in a joint venture ( Lonmin JV ) with Lonmin plc ( Lonmin, LSE:LMI), and AMKL s right to earn up to a 75% interest in a second joint venture ( Advance JV ) with Advance Gold Corporation ("Advance", TSXV:AAX). The exploration properties subject to the Lonmin JV and the Advance JV are referred to herein as the Properties. In addition to the initial cash consideration of A$20 million, ABG has agreed to make a further cash payment of A$10 million to Aviva upon declaration by ABG of an National Instrument ( NI ) compliant Indicated resource of 3 million ounces of gold on the Properties. The principal assets of the Lonmin JV are two Special Licenses in West Kenya (SL123 Ndori and SL213 Siaya, the Lonmin JV Licenses ). Lonmin, through its subsidiary AfriOre International (Barbados) Limited ( AfriOre ), holds the remaining 49% interest in the Lonmin JV. Under the terms of the agreement governing the Lonmin JV ( Lonmin JV Agreement ), AMKL would be entitled to increase its interest in the Lonmin JV from 51% to 75% by meeting certain conditions which include advancing the project through the prefeasibility stage. The terms of the Lonmin JV Agreement will remain unchanged following the acquisition of AMKL. The principal assets of the Advance JV are three Special Licenses in West Kenya (SL265 Bukura, SL266 Sigalagala and SL267 Rosterman, together, the Advance JV Licenses ). Under the terms of the agreement governing the Advance JV ( Advance JV Agreement ), AMKL would be entitled to acquire up to a 75% interest in the Advance JV from Gold Rim Exploration Kenya Limited ( Gold Rim ), a subsidiary of Advance, by meeting certain conditions which include making pre-defined exploration expenditures as set out in the Advance JV Agreement. The terms of the Advance JV Agreement will remain unchanged following the acquisition of AMKL. The Properties, which have only seen limited previous exploration, contain multiple large gold anomalies and cover five contiguous licenses over a land package in excess of 2,800km 2 of the highly prospective Ndori Greenstone Belt in Kenya, which forms part of the Tanzanian Archaean Craton. Sporadic, historic and current exploration activities have identified a large number of targets that justify extensive follow-up, and ABG intends to implement a systematic and focused gold exploration programme. These targets represent a significant addition to the grassroots and target delineation segments of our exploration pipeline. Transaction Description and License Details ABG has agreed to pay initial cash consideration of A$20 million, plus an amount equal to the completion working capital of AMKL to Aviva to acquire all of the outstanding share capital of AMKL, with a further potential cash payment of A$10 million to Aviva upon declaration by ABG of an NI compliant Indicated resource of 3 million ounces of gold on the Properties. The cash consideration will be satisfied by cash on hand.
6 Asset Location The Properties are located in the southwest corner of Kenya, approximately 300km northwest of Nairobi, near the border of Uganda and on the shores of Lake Victoria. The license area is 30km from Kisumu, which is the third largest city in Kenya, and is serviced by air (with a daily flight from Nairobi), road, power, and telecommunication networks. Tenements are cut by a bitumen dual carriageway and a system of local unpaved roads and are inhabited by mainly small scale subsistence farmers. There is a 750km rail connection to the port of Mombasa, where ABG has an existing supply chain as a result of 90% of North Mara s goods and major equipment for all of ABG s sites coming through the port. In addition to the special licenses, the acquisition of AMKL will bring ABG a strong Kenyan based exploration team and continuity of project history and knowledge, as well as existing local and country Government and Ministry relationships. ENQUIRIES For further information contact: African Barrick Gold plc +44 (0) Andrew Wray, Head of Corporate Development & Investor Relations Giles Blackham, Investor Relations Manager RLM Finsbury +44 (0) Charles Chichester About ABG ABG is Tanzania s largest gold producer and one of the five largest gold producers in Africa. We have four producing mines, all located in northwest Tanzania, and several exploration projects at various stages of development. We have a high-quality asset base, solid growth opportunities and a clear strategy. The key pillars to our strategy are: driving operating efficiencies to optimise production from our existing asset base; growing through near mine expansion and development of advanced-stage projects; and organic greenfield growth and acquisitions in Africa. Maintaining our licence to operate through acting responsibly in relation to our people, the environment and the communities in which we operate is central to achieving our objectives.
7 ABG is a UK public company with its headquarters in London. We are listed on the Main Market of the London Stock Exchange under the symbol ABG and have a secondary listing on the Dar es Salaam Stock Exchange. Historically and prior to our initial public offering (IPO), our operations comprised the Tanzanian gold mining business of Barrick Gold Corporation (Barrick), our majority shareholder. ABG reports in US dollars in accordance with IFRS as adopted by the European Union, unless otherwise stated in this announcement. Forward-looking statements This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of ABG in any jurisdiction. This announcement includes forward-looking statements that express or imply expectations of future events or results. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words plans, expects, anticipates, believes, intends, estimates and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors, many of which are beyond the control of ABG, which could cause actual results and developments to differ materially from those expressed in, or implied by, the forward-looking statements. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, but are not limited to, changes or developments in political, economic or business conditions or national or local legislation in countries in which ABG conducts or may in the future conduct business, future industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices, changes in regulation, currency fluctuations (including the US dollar, South African rand, Kenyan shilling and Tanzanian shilling exchange rates), ABG s ability to successfully integrate this and future acquisitions, ABG s ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, and successfully and in a timely manner process its mineral reserves, risk of trespass, theft and vandalism, changes in its business strategy as well as risks and hazards associated with the business of mineral exploration, development, mining and production. Although ABG s management believes that the expectations reflected in such forward-looking statements are reasonable, ABG cannot give assurances that such statements will prove to be correct. Accordingly, investors should not place reliance on forward looking statements in this announcement. Any forward-looking statements in this announcement only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in ABG s expectations or to reflect events or circumstances after the date of this announcement. Nothing in this announcement should be construed as a profit forecast or estimate.
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