Gold Fields Announces That It Has Increased Its Total Indirect Stake in GoldQuest

2005-08-08

NYSE - New York Stock Exchange · Copper · Gold · Silver · Zinc · Lead · Nickel · Cobalt · Platinum · Palladium · Vanadium · United States

JOHANNESBURG, South Africa, Aug. 8 /CNW/ -- Gold Fields Limited (NYSE: GFI; JSE) announced that its indirect wholly-owned subsidiary, Gold Fields Exploration B.V. ("Gold Fields Exploration") has acquired 1,200,000 units of GoldQuest Mining Corp (TSXV: GQC) ("GoldQuest"), each of such units consisting of one common share and one common share purchase warrant to purchase an additional common share of GoldQuest. If Gold Fields Exploration were to exercise all such warrants for common shares, it would, together with its existing investment in common shares, hold in aggregate approximately 12.2% of the outstanding common shares of GoldQuest. The units of GoldQuest were acquired by Gold Fields Exploration from treasury on August 8, 2005 by way of private placement. The securities were acquired for investment purposes. While Gold Fields Exploration has no current intention to acquire additional securities of GoldQuest in the immediate future, Gold Fields Exploration may increase or decrease its interest in GoldQuest at prices which it determines to be attractive at any time.

GoldQuest is focused on gold exploration in the Dominican Republic. Certain of GoldQuest's mineral properties circumscribe Placer Dome's Pueblo Viejo gold deposit.

Gold Fields Limited is one of the world's largest unhedged producers of gold, with attributable production of 4.2 million ounces per annum, mineral reserves of 75.6 million ounces and mineral resources of 179 million ounces. The company is listed on the JSE Securities Exchange (primary listing), NYSE, LSE, Euronext in Paris and Brussels, as well as on the Swiss Exchange.