DECEMBER QUARTERLY REPORT FOR GOLDFIELDS AND THE FIRST ONE THAT...

DECEMBER QUARTERLY REPORT FOR GOLDFIELDS AND THE FIRST ONE THAT I HAVE FOUND WHERE CQT GETS A MENTION.

Exploration and corporate development
Gold Fields completed the sale of its 60 per cent stake in the Essakane project in Burkina Faso. Refer the Corporate section below for more detail.
At the 25 per cent owned Sankarani project in south-western Mali, operated by partner Glencor Mining plc (AIM: “GEX”), an exploration programme including litho-geochemical sampling by means of air core drilling, an airborne geophysical survey and over 19,000 metres of RAB drilling has been planned which, upon completion, should bring Gold Fields’ share in the project to 51 per cent. At the 80 per cent owned Kisenge project in the southern DRC, the third phase of drilling was initiated at the Kajimba, Mpokoto, Lungenda and Katompe targets. A ground magnetic and induced polarisation survey was completed at Kajimba and Mpokoto, with additional geophysical work performed on other parts of the tenements.

In Kyrgyzstan, where Gold Fields has an option to joint venture the Talas project via its equity placement in Lero Gold Corp (TSX-V: “LER”), 5,000 metres of drilling and 90 kilometres of induced polarisation geophysics at the Taldybulak Central, Tokhtanysai and Korgontash Cu-Au porphyry and skarn targets were completed. In Slovakia where Gold Fields has a right of first refusal to joint venture the Biely Vrch project through our equity holdings in EMED Mining Public Limited (AIM: “EMED”), in-fill drilling was completed on the main prospect along with scout drilling on the Kralova prospect.

At the Central Victoria project in Australia, the aircore and diamond drilling programme was completed and results are currently being compiled and interpreted. At the Gobondery joint venture in New South Wales where Gold Fields is earning an 80 per cent stake, two “blind” porphyry targets were identified and diamond drilling commenced to assess their potential. In South Australia at the Delamarian project, an exploration joint venture agreement was executed with Australian Zircon NL (ASX: “AZC”) to farm-in to 80 per cent of the gold rights on the Pine Valley licenses which lie adjacent to our tenements. Aircore drilling continued on Gold Fields ground outside the joint venture license holdings for the quarter. In Central Queensland at the Mt Carton joint venture with Conquest Mining Limited (ASX: “CQT”), where GoldFields is earning a 51 per cent stake in eight exploration tenements surrounding Conquest’s Silver Hill discovery, diamond drilling has commenced on ground to the southeast and east of Silver Hill. Geophysical data, soil geochemistry samples and geological mapping was collected on surrounding parts of the joint venture ground and are ongoing.

In Venezuela, the exploration holdings in the El Callao District were sold along with the Choco 10 mine to Rusoro Mining Limited.

At the Dominican Republic joint venture where Gold Fields is earning a 60 per cent initial interest in a portfolio of properties with partner GoldQuest Mining Corp (TSX-V: “GQC”), scout drilling was completed at the Cerro Dorado target and is currently in progress at the Piedra Iman target. In Peru at the Consolidada de Hualgayoc joint venture with Compania de Minas Buenaventura SA (NYSE: “BVN”), underground drilling was completed at Cerro Jesus. In Central Chile at the joint venture with a private Chilean company (Gold Fields earning 70 per cent), field work commenced to assess several selected high sulphidation epithermal and porphyry targets.

In Australia, near-mine extensional drilling and brownfields exploration at Agnew and St Ives continued with promising drilling results being returned. Good progress was also made with the new Athena and Nelson’s Fleet discoveries at St Ives. In Ghana, the main focus has been on drilling for mineral resource conversion at Rex Main and Bonsa North located on the Damang Tenements, and brownfields exploration at Rex South and four other near-site prospects.

THESE ARE THEIR EXPLORATION PLAYS AROUND THE WORLD BUT CQT IS BY FAR THEIR BIGGEST GREENFIELDS INVESTMENT. I DON'T THINK THEY WOULD MAKE THAT SORT OF DECISION IF THEY ARE CONCERNED THAT YOU CAN'T PROFITABLY SEPERATE THE GOLD FROM THE ORE. YOU WOULD ASSUME THEY WOULD BE AWARE OF THIS AND MANY OTHER FACTS BEFORE THEY COMMITTED A CRACKER.