gold fields signs jv with conquest..., page-3

The key terms of the JVA are:

• Gold Fields has the opportunity to earn a 51% interest in the Regional JV Area by completing 150,000 metres of drilling (the Drilling Requirement) within three years.
• Gold Fields is obliged to expend at least $5 million in respect of the Regional JV Area in the first 12 months of the JVA.

• Upon meeting the Drilling Requirement, Gold Fields has the right to increase its interest in the Regional JV by 24% (to 75%) for an amount calculated based on a weighted average of Gold Fields’ expenditure incurred in meeting the Drilling Requirement and an independently determined NPV for the Regional JV Area.

• Upon meeting the Drilling Requirement, Gold Fields also has the right to acquire a 50% interest in the Mt Carlton project based on an independently determined NPV.

• Gold Fields will establish its own exploration team to staff the Regional JV Area, with the understanding that Gold Fields and Conquest will, where possible, share resources to most efficiently and cost effectively allow the exploration activities of both companies to
proceed.

• Conditions precedent comprise ratification by both company’s Boards, SARB approval and a due diligence within 60 days.