-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IyVdW873R/qrEVzrtzlv3gIMPJ5UBzF8e2tRDZg5mTlVcWKNv3mL6lsgXW01i6M6
 db3I2kDfTIaQJxTF+5QSeg==

<SEC-DOCUMENT>0001205613-07-000097.txt : 20071214
<SEC-HEADER>0001205613-07-000097.hdr.sgml : 20071214
<ACCEPTANCE-DATETIME>20070731121814
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001205613-07-000097
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20070731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLD FIELDS LTD
		CENTRAL INDEX KEY:			0001172724
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		24 ST ANDREWS ROAD
		CITY:			PARKTOWN
		STATE:			T3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		POST NET SUITE 252
		STREET 2:		PRIVATE BAG X30500
		CITY:			HOUGHTON 2041 SOUTH AFRICA
		STATE:			M3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<HTML>
<HEAD>
<TITLE>Page 1</TITLE>




</HEAD>
<BODY style="margin:0" bgcolor="#A0A0A0" vlink="blue" link="blue"><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;">
<IMG style="position:absolute;clip:rect(0,758,1073,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:667"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:993 ;left:91 "><font style="font-size:8.5pt;">Directors:</font></DIV>
<DIV style="position:absolute;top:992 ;left:135"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 995; left: 141; width: 617; height: 19"><font style="font-size:6.8pt;">A J Wright (Chairman), I D Cockerill</font></DIV>
<DIV style="position: absolute; top: 993; left: 296; width: 462; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 307; width: 451; height: 19"><font style="font-size:6.8pt;"> (Chief Executive Officer), K Ansah</font></DIV>
<DIV style="position: absolute; top: 993; left: 458; width: 300; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 995; left: 467; width: 291; height: 19"><font style="font-size:6.8pt;">, A Grigorian&deg;, N J Holland</font></DIV>
<DIV style="position: absolute; top: 993; left: 582; width: 176; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 590; width: 168; height: 19"><font style="font-size:6.8pt;"> (Chief Financial Officer), J G </font></DIV>
<DIV style="position:absolute;top:1005;left:91 "><font style="font-size:6.8pt;line-height:12px;">Hopwood,  <br>G Marcus, J M McMahon</font></DIV>
<DIV style="position: absolute; top: 1014; left: 192; width: 566; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position:absolute;top:1015;left:194"><font style="font-size:6.8pt;">, D M J Ncube, R L Pennant-Rea</font></DIV>
<DIV style="position: absolute; top: 1014; left: 333; width: 425; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 338; width: 420; height: 19"><font style="font-size:6.8pt;">, P J Ryan, T M G Sexwale, C I von Christierson </font></DIV>
<DIV style="position: absolute; top: 1014; left: 543; width: 215; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 553; width: 205; height: 19"><font style="font-size:6.8pt;">British, </font></DIV>
<DIV style="position: absolute; top: 1014; left: 592; width: 166; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 1015; left: 603; width: 155; height: 19"><font style="font-size:6.8pt;">Ghanaian, </font></DIV>
<DIV style="position: absolute; top: 1015; left: 657; width: 101; height: 19"><font style="font-size:6.8pt;">&deg;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 665; width: 93; height: 19"><font style="font-size:6.8pt;">Russian </font></DIV>
<DIV style="position:absolute;top:1025;left:91 "><font style="font-size:8.5pt;">Corporate Secretary:</font></DIV>
<DIV style="position:absolute;top:1025;left:187"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 1027; left: 198; width: 560; height: 19"><font style="font-size:6.8pt;">C Farrel </font></DIV>
<DIV style="position:absolute;top:197;left:587">Gold Fields Limited </DIV>
<DIV style="position:absolute;top:211;left:587"><font style="font-size:8.5pt;line-height:15px;">Reg. 1968/004880/06 <br>24 St Andrews Road <br>Parktown, 2193 <br> <br>Postnet Suite 252 <br>Private Bag X30500 <br>Houghton, 2041 <br>South Africa <br> </font></DIV>
<DIV style="position:absolute;top:332;left:588"><font style="font-size:8.5pt;line-height:15px;">Tel  +27 11 644-2400 <br>Dir  +27 11 644-2502 <br>Fax  +27 11 484-0590 </font></DIV>
<DIV style="position:absolute;top:372;left:587"><font style="font-size:8.5pt;">www.goldfields.co.za </font></DIV>
<DIV style="position:absolute;top:176;left:614"><font style="font-size:11.9pt;">EXECUTIVE</font></DIV>
<DIV style="position:absolute;top:215;left:91 "><font style="line-height:14px;">Karl Hiller <br>Branch Chief <br>United States Securities and Exchange Commission <br>Division of Corporation Finance <br>100 F Street, N.E. <br>Washington, D.C. 20549-7010 <br>United States of America <br> <br>31 July 2007 </font></DIV>
<DIV style="position:absolute;top:368;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:385;left:91 "><font style="line-height:14px;"><b>By EDGAR <br> <br></b>Dear Mr. Hiller: </font></DIV>
<DIV style="position:absolute;top:432;left:91 "><font style="font-size:12.8pt;line-height:23px;"><b>Re:  Gold Fields Limited <br> </b></font></DIV>
<DIV style="position:absolute;top:453;left:123"><font style="font-size:12.8pt;"><b>Form 20-F for the year ended June 30, 2006 </b></font></DIV>
<DIV style="position:absolute;top:473;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:473;left:123"><font style="font-size:12.8pt;"><b>Filed on November 24, 2006 </b></font></DIV>
<DIV style="position:absolute;top:493;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:493;left:123"><font style="font-size:12.8pt;"><b>File No. 001-31318 </b></font></DIV>
<DIV style="position:absolute;top:523;left:91 "><font style="line-height:17px;">We refer to the comment letter (the &#8220;<b>Comment Letter</b>&#8221;) dated July 3, 2007 of the staff (&#8220;<b>Staff</b>&#8221;) of the <br>Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;<b>Commission</b>&#8221;) on <br>the above referenced Form 20-F (the &#8220;<b>2006</b> <b>Form 20-F</b>&#8221;) of Gold Fields Limited (&#8220;<b>Gold Fields</b>&#8221; or the <br>&#8220;<b>Company</b>&#8221;). For your convenience, each comment is repeated below, prior to the response. <br>Management has discussed the content of this letter (the &#8220;<b>Response Letter</b>&#8221;) with its auditors. </font></DIV>
<DIV style="position:absolute;top:621;left:91 ">Form 20-F for the Fiscal Year Ended June 30, 2006 </DIV>
<DIV style="position:absolute;top:647;left:91 ">Results of Operations &#8211; Years Ended June 30, 2006 and 2005, page 145 </DIV>
<DIV style="position:absolute;top:674;left:91 ">Depreciation and Amortization, page 150 </DIV>
<DIV style="position:absolute;top:700;left:91 ">1. </DIV>
<DIV style="position:absolute;top:700;left:127"><font style="line-height:17px;">We note your June 12, 2007 letter response to our prior comment 2, indicating that you will be <br>filing an amendment to update your reserve information through your fiscal year end of June <br>30, 2006. As conveyed to your external legal counsel Jennifer Schneck in a telephone call on <br>June 14, 2007, we will need your proposed mineral reserve disclosures as of June 30, 2006, <br>mentioned in your response, including a description of the methodology applied to calculate <br>your reserve changes and encompassing the reasons for the changes over the entire fiscal <br>period, in order to continue with our review. Please submit a draft amendment to your Form 20-<br>F, marked to show all changes necessary to comply with the comments issued during this <br>review. We may have further comments after reviewing your proposed disclosures. </font></DIV>
<DIV style="position:absolute;top:869 ;left:127"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:895 ;left:127"><font style="line-height:17px;">The proposed disclosure which the Company expects to include in the Company&#8217;s amended <br>annual report on Form 20-F for the fiscal year ended June 30, 2006 has been included as an <br>Appendix to this Response Letter. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-1073;clip:rect(1073,758,2146,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">2</font></DIV>
<DIV style="position:absolute;top:132;left:91 ">2. </DIV>
<DIV style="position:absolute;top:132;left:127"><font style="line-height:17px;">On a related point, in your response to prior comment 2, you explain that in calculating <br>depreciation, depletion and amortization for the periods presented, you &#8220;&#8230;already followed the <br>approach suggested by the SEC by monitoring and assessing the implications of significant <br>changes in the Company&#8217;s reserves that it became aware of during the relevant period&#8230;,&#8221; for <br>the purpose of updating the reserve estimates utilized in your formulas to reflect material <br>information as it arises during the period. However, you then state that for some of your <br>properties, such calculations are &#8220;adjusted half-yearly,&#8221; while the calculation for other properties <br>are adjusted either in conjunction with a three phase process resulting in your annual reserve <br>updates, or possibly from operational data received from the mine operations during your <br>monthly meetings. </font></DIV>
<DIV style="position:absolute;top:318;left:127"><font style="line-height:17px;">Further ambiguity surfaces in your proposed disclosure, stating that in calculating amortization <br>and depreciation, &#8220;&#8230;account is taken of any major changes in the proven and probable <br>reserves between formal reserve estimations resulting from acquisitions, dispositions or <br>discoveries or changes in assumptions that have a material impact on the reserves that the <br>Company becomes aware of.&#8221; We do not see how the examples you provide result in timely <br>updating of the formulas utilized in calculating DD&amp;A expense, as would be necessary to reflect <br>new information arising during the period that would have a material effect on the DD&amp;A <br>expense that is otherwise being calculated. Please further revise your proposed disclosure to <br>address the following points. </font></DIV>
<DIV style="position:absolute;top:487;left:127">(a) </DIV>
<DIV style="position:absolute;top:487;left:183"><font style="line-height:17px;">Clarify the manner by which &#8220;account is taken&#8221; so that it is clear how this compares to <br>adjusting your DD&amp;A formulas when necessary to reflect new information, and also <br>differentiate between major changes and non-major changes that would have a <br>material effect on the DD&amp;A expense. </font></DIV>
<DIV style="position:absolute;top:566;left:127">(b) </DIV>
<DIV style="position:absolute;top:566;left:183"><font style="line-height:17px;">Indicate the amount of time that generally passes between an event in which you may <br>have informal information about reserve changes, and the formal reserve estimations <br>that may later be prepared and considered in conjunction with one of your monthly, bi-<br>annual, or yearly events.  </font></DIV>
<DIV style="position:absolute;top:646;left:127">(c)  </DIV>
<DIV style="position:absolute;top:646;left:183"><font style="line-height:17px;">Discuss the extent to which you have evaluated changes which would have a <br>material effect on DD&amp;A recorded during the period, in addition to those changes <br>having a material impact on reserves. </font></DIV>
<DIV style="position:absolute;top:708;left:127"><font style="line-height:17px;">If you are not able to show that your DD&amp;A formulas have been updated during the periods <br>presented on a timely basis, to reflect new information that would have a material effect on your <br>DD&amp;A expense, it may be necessary to revise your financial statements. Please describe the <br>nature of the documentation you have supporting the application of your policy. </font></DIV>
<DIV style="position:absolute;top:761;left:596"> </DIV>
<DIV style="position:absolute;top:788;left:127"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:815;left:127"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s observations and wishes to advise the Staff on a <br>supplemental basis that the manner by which (a) &#8220;account is taken&#8221; and  how it differentiates <br>between major changes and non-major changes that would have a material effect on DD&amp;A <br>expense; and, as a consequence, (b) the amount of time that generally passes between an <br>event  about  which the Company may have informal information  relating to the  possibility of <br>reserve changes, and the formal reserve estimations that may be later prepared, differs based <br>on the nature of its mining properties. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-2146;clip:rect(2146,758,3219,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">3</font></DIV>
<DIV style="position:absolute;top:132;left:127"><i>South African Operations </i></DIV>
<DIV style="position:absolute;top:158;left:127"><font style="line-height:17px;">The majority of Gold Fields&#8217; operations, based on gold production and therefore having the <br>most significant impact on DD&amp;A expense, are located in South Africa.  These  South African <br>operations are long-life mines (ranging from 13 to 28 years), characterized by geological and <br>grade continuity proven over many years. Due to the relatively long life of  these operations, <br>their proven and probable reserves are generally less sensitive to changes than the Company&#8217;s <br>shorter  life, surface operations, such as those in Australia.  In addition, and  perhaps more <br>relevant to the discussion of DD&amp;A, is the fact that the majority of the changes in  period-on-<br>period  proven and probable reserves at these South African operations occur in below-<br>infrastructure reserves (DD&amp;A is calculated based on  only  above-infrastructure reserves, as <br>discussed with the SEC in previous comment lett
er). As an example, the Kloof Extension Area <br>(the &#8220;<b>KEA</b>&#8221;) drilling program was completed in fiscal 2005, which resulted in revised geological <br>and evaluation models used to create a new mine design and schedule. Similar revisions were <br>made to the Eastern Boundary Area (the &#8220;<b>EBA</b>&#8221;) geological and evaluation models after <br>completion of the surface drilling program, surveys and analysis in fiscal 2005. These revisions <br>resulted in ounces  being removed  from  both  the EBA and KEA in the  reserve statement for <br>fiscal 2005. However, the revisions only impacted below-infrastructure reserves, resulting in a <br>decrease in below-infrastructure reserves at Kloof from 14.25 million ounces as of June 30, <br>2004 to 1.9 million ounces as of June 30, 2005 and therefore did not impact DD&amp;A calculations. <br>In contrast, above-infrastructure reserves increased marginally during the same period. </font></DIV>
<DIV style="position:absolute;top:504;left:127"><font style="line-height:17px;">As a general guideline at its South African operations, it is the Company&#8217;s policy to update its <br>DD&amp;A calculations only once the new ore reserve declarations have been approved by the <br>Company&#8217;s Board and Executive Committee. The Company considers this policy reasonable in <br>light of the fact that, as confirmed  with the  Staff in previous comment letters, the Company <br>calculates DD&amp;A at its South African underground  operations,  which are less sensitive to <br>changes in reserve assumptions as described above,  using the units-of-production method <br>based on  above-infrastructure proven and probable reserves only.  However,  if it becomes <br>aware of  significant changes in  its above-infrastructure reserves ahead of the scheduled <br>updates,  the Company would not hesitate to  update its DD&amp;A calculations  in advance of <br>receiving approval by the Company&#8217;s Board and Executive Co
mmittee. </font></DIV>
<DIV style="position:absolute;top:691;left:127"><font style="line-height:17px;">Therefore, if the Company becomes aware of a significant change in its above-infrastructure <br>reserve assumptions, including  through  new geological information  (which is gathered and <br>loaded into the geological  mapping and analysis  systems on a continuous basis),  it would <br>update its DD&amp;A calculations as soon as the information has been verified. The Beatrix mine, <br>as an example, is a lower grade mine than Driefontein or Kloof, and therefore generally more <br>sensitive to changes in it cost profile than the Company&#8217;s other South African operations. As a <br>result, changes in the cost profile, which affect pay limits and therefore reserves, are monitored <br>particularly closely. During the May and June 2005 monthly operations meetings, it became <br>apparent that there were cost increases at Beatrix that resulted in an increase in the pay limit. <br>Due to the increase in the pay limit, certain reserv
es (above and below infrastructure) at Shaft <br>No. 2 (now part of the South section) and Vlakpan included in the fiscal 2004 reserve statement <br>became uneconomical to mine and were therefore excluded from the 2005 life of mine profile. <br>In addition, due to the restructuring at the South section of the mine, certain areas were closed <br>which further impacted the life of mine plan. The Company incorporated this new information it <br>its DD&amp;A calculations and year-end impairment analysis in  May 2005, three months  before </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-3219;clip:rect(3219,758,4292,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">4</font></DIV>
<DIV style="position:absolute;top:132;left:127"><font style="line-height:17px;">approval by the Company&#8217;s Board and  Executive Committee.  In particular, the Company <br>confirms that it updated its reserve information as of June 30, 2005 to appropriately conduct <br>impairment testing, following the guidance in paragraphs 16 through 21 of SFAS 144. As a <br>result, the Company recorded an impairment of $211.1 million. Similar procedures are in place <br>at the Company&#8217;s other  South African  operations to monitor  relevant  new information, and to <br>assess whether the new information might also represent a &#8220;major change&#8221; to be incorporated <br>in DD&amp;A calculations ahead of approval  of the new reserve numbers  by the Board and <br>Executive Committee. </font></DIV>
<DIV style="position:absolute;top:283;left:127"><i>International Operations </i></DIV>
<DIV style="position:absolute;top:310;left:127">Gold Fields&#8217; international operations include: </DIV>
<DIV style="position:absolute;top:335;left:127">&#8226; </DIV>
<DIV style="position:absolute;top:337;left:155"><font style="line-height:17px;">Australia: The Australian operations consist of the St. Ives and Agnew mines  which  are <br>located in the state of Western Australia. These two mines together accounted for <br>approximately 17.6% of attributable gold production in fiscal 2006.  </font></DIV>
<DIV style="position:absolute;top:398;left:127">&#8226; </DIV>
<DIV style="position:absolute;top:400;left:155"><font style="line-height:17px;">Ghana: These operations consist of: (1) the Tarkwa mine, which comprises several open <br>pit operations with two heap leach recovery facilities and a SAG mill and CIL plant and (2) <br>the Damang mine, which consists of a number of open pit operations with a CIL plant. The <br>Ghana operations  accounted  for approximately 16.5% of attributable gold production  in <br>fiscal 2006. </font></DIV>
<DIV style="position:absolute;top:497;left:127">&#8226; </DIV>
<DIV style="position:absolute;top:498;left:155"><font style="line-height:17px;">Venezuela: The Venezuela operation  consists of the Choco 10 mine, located in the El <br>Callao district of Guayana, Venezuela, and accounted  for approximately 0.6% of <br>attributable gold production in fiscal 2006. </font></DIV>
<DIV style="position:absolute;top:561;left:127"><font style="line-height:17px;">The lives of the Company&#8217;s operations in Australia are significantly  shorter (two to four years) <br>than the Company&#8217;s South African underground operations and, as a consequence,  more <br>susceptible to changes in reserve estimates.  This has resulted in the Company  adapting its <br>accounting practices to ensure that these operations&#8217; DD&amp;A calculations are updated on a more <br>regular  basis  for all known changes in proven and probable reserves  (regardless of whether <br>they represent a &#8220;major&#8221; or &#8220;non-major&#8221; change). These updates occur at least quarterly, and at <br>times as frequently as monthly. The nature of the orebodies, and the on-going information being <br>gathered in connection with the orebodies, facilitates the Company&#8217;s quarterly updates.  </font></DIV>
<DIV style="position:absolute;top:711;left:127"><font style="line-height:17px;">The Company&#8217;s operations in Ghana, although surface, are  treated  similar to the Company&#8217;s <br>South African underground operations &#8211; mainly as a result of the longer life of the orebody. As a <br>general guideline, the Company only updates its DD&amp;A calculations once the new ore reserve <br>declarations have been approved by the Company&#8217;s Board and Executive Committee. <br>However, it will update its  DD&amp;A calculations  ahead of these approvals being obtained if it <br>becomes aware of  significant changes in its  proven and probable  reserves ahead of the <br>scheduled updates.</font><font style="line-height:17px;">
  </font>The Company&#8217;s assessments of asset recoverability will, consistent with its<font style="line-height:17px;">&nbsp;</font><font style="line-height:17px;"><br>
  other locations,  always incorporate all information known about its reserves on the balance <br>sheet date.  </font></DIV>
<DIV style="position:absolute;top:879 ;left:127"><i>All Operations </i></DIV>
<DIV style="position:absolute;top:906 ;left:127"><font style="line-height:17px;">Finally, in response to the Staff&#8217;s request in (c) above, the Company wishes to confirm that all <br>changes expected to have a material impact on DD&amp;A in addition to those changes having a <br>material impact on reserves, such as  an acquisition, sale,  closure  or  fire at a shaft, are </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-4292;clip:rect(4292,758,5365,0)" src="goldfields_response001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">5</font></DIV>
<DIV style="position:absolute;top:132;left:127"><font style="line-height:17px;">incorporated in its DD&amp;A calculations as soon as they become known. During fiscal 2004 for <br>example, Gold Fields sold a portion of the Driefontein mining area (Block 1C11) to AngloGold <br>(which could be  accessed from the adjacent TauTona mining operation of AngloGold). The <br>Company immediately updated its DD&amp;A calculations in January 2004 upon obtaining approval <br>by the South African Competition Commission. </font></DIV>
<DIV style="position:absolute;top:229;left:127"><font style="line-height:17px;">In response to the Staff&#8217;s comments, the Company  proposes  to  amend its annual report on <br>Form 20-F for the fiscal year ended June 30, 2006 to  expand its discussion of critical <br>accounting policies under Item 5 as follows: </font></DIV>
<DIV style="position: absolute; top: 308; left: 155; width: 603; height: 2"><font style="font-size:8.5pt;">&#8220;<b><i>Depreciation, depletion and amortization of mining assets </b></i></font></DIV>
<DIV style="position: absolute; top: 348; left: 155; width: 603; height: 66"><font style="font-size:8.5pt;line-height:16px;">Depreciation, depletion and amortization charges are calculated using the units of production method <br>and are based on Gold Fields&#8217; current gold production as a percentage of total expected gold production <br>over the lives of Gold Fields&#8217; mines. An item is considered to be produced at the time it is removed from <br>the mine. The lives of the mines are estimated by Gold Fields&#8217; geology department using interpretations <br>of mineral reserves, as determined in accordance with the SEC&#8217;s industry guide number 7.  </font></DIV>
<DIV style="position: absolute; top: 440; left: 155; width: 603; height: 134"><font style="font-size:8.5pt;line-height:16px;">Depreciation, depletion and amortization at Gold Fields&#8217; South African operations (which are long-life <br>mines ranging from 13 to 28 years), are calculated using above-infrastructure proven and probable <br>reserves only, which  because of their reserve base and respective long lives,  are less sensitive to <br>change in reserve assumptions. Accordingly, at these locations, it is the Company&#8217;s policy to update its <br>depreciation, depletion and amortization calculations only once the new ore reserve declarations have <br>been approved by  Gold Field&#8217;s Board and Executive Committee. However, if  Gold Fields becomes <br>aware of significant changes in its above-infrastructure reserves ahead of the scheduled updates, the <br>Company would not hesitate to update its DD&amp;A calculations in advance of receiving approval by the <br>Company&#8217;s Board and Executive C
ommittee.  </font></DIV>
<DIV style="position: absolute; top: 597; left: 155; width: 603; height: 89"><font style="font-size:8.5pt;line-height:16px;">A similar approach is followed at Gold Fields&#8217; operations in Ghana, due to the longer-life of the primary <br>orebody. At Gold Fields&#8217;  Australian operations, where mine-life ranges from two to four years, proven <br>and probable reserves used for the calculation of depreciation, depletion and amortization are  more <br>susceptible to changes in reserve estimates. At these locations, Gold Fields&#8217; depreciation, depletion and <br>amortization calculations are updated on a more regular basis (at least quarterly) for all known changes <br>in proven and probable reserves.  The nature of the orebody, and the on-going information being <br>gathered in connection with the orebody, facilitates these updates.  </font></DIV>
<DIV style="position: absolute; top: 725; left: 155; width: 603; height: 52"><font style="font-size:8.5pt;line-height:16px;">The estimates of the total expected future lives of Gold Fields&#8217; mines could be different from the actual <br>amount of gold mined in the future and the actual lives of the mines due to changes in the factors used <br>in determining Gold Fields&#8217; mineral reserves. Changes in management&#8217;s estimates of the total expected <br>future lives of Gold Fields&#8217; mines would  therefore  impact the  depreciation, depletion and amortization <br>charge recorded in Gold Fields&#8217; consolidated financial statements.&#8221;</font></DIV>
<DIV style="position:absolute;top:693;left:456">   </DIV>
<DIV style="position:absolute;top:719;left:127"> </DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;clip:rect(0,758,1073,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:667"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1017;left:91 "><font style="font-size:6.8pt;line-height:12px;"> <br> </font></DIV>
<DIV style="position:absolute;top:1017;left:662"><font style="font-size:6.8pt;">6</font></DIV>
<DIV style="position:absolute;top:132;left:91 ">Financial Statements </DIV>
<DIV style="position:absolute;top:158;left:91 ">Note 2 &#8211; Significant Accounting Policies, page F-7 </DIV>
<DIV style="position:absolute;top:186;left:91 ">(d) Property, Plant and Equipment, page F-8 </DIV>
<DIV style="position:absolute;top:212;left:91 ">3. </DIV>
<DIV style="position:absolute;top:212;left:127"><font style="line-height:17px;">We note your disclosure under point (i) indicating that you capitalize costs incurred to further <br>develop or define mineralization in an orebody, or which establish or expand productive <br>capacity. Please disclose how you determine whether a cost establishes or expands productive <br>capacity, while addressing the uncertainty that exists at the time of incurring the cost, as to <br>whether you will be successful in this regard.  </font></DIV>
<DIV style="position:absolute;top:310;left:127"><font style="line-height:17px;">Additionally, explain how you account for costs of drilling and other activities necessary to <br>convert measured, indicated and inferred resources to proven or probable reserves, and for <br>upgrading resources from one category to another, in close proximity to your development and <br>production stage properties.  </font></DIV>
<DIV style="position:absolute;top:390;left:127"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:416;left:127"><font style="line-height:17px;">The  determination of  whether the costs  incurred  will establish or expand productive capacity <br>(and therefore embody a probable future benefit), will depend upon the data that has previously <br>been gathered in connection with the orebody through soil sampling, geo-physics, mapping and <br>drilling. The uncertainty, at the time of incurring the cost, will generally be diminished as a result <br>of previously established proven (where the size, shape, depth and mineral content of reserves <br>are well-established) and probable (where the degree of assurance, although lower than that <br>for proven reserves, is high enough to assume continuity between points of observation) <br>reserves. Therefore, where proven and probable reserves have already been established, there <br>is generally a high degree of confidence (&#8220;probable&#8221;) that the costs will establish or expand <br>productive capacity.  </font></DIV>
<DIV style="position:absolute;top:602;left:127"><font style="line-height:17px;">For the South African  operations,  as an example,  all of the surface drilling and long inclined <br>underground boreholes for periods included in the Company&#8217;s 2006 Form 20-F have been &#8220;in-<br>fill&#8221; drilling or reserve definition drilling, which  is designed to provide better resolution of the <br>structural and sedimentological features,  in turn increasing the local knowledge and hence <br>confidence in the mine planning. The Company considers these costs to be development costs <br>eligible for capitalization since the costs are expected to provide future economic benefits as a <br>result of previously-established proven and probable reserves.   </font></DIV>
<DIV style="position:absolute;top:735;left:127"><font style="line-height:17px;">With regards to the last portion of the Staff&#8217;s comment, the Company wishes to advise the Staff <br>that the costs of drilling and other activities necessary to convert &#8220;Measured&#8221;, &#8220;Indicated&#8221; and <br>&#8220;Inferred&#8221; resources to proven or probable reserves,  as well as  for upgrading resources from <br>one category to another, in close proximity to its development and production stage properties, <br>and prior to the establishment of final feasibility study, are expensed as incurred. This approach <br>is in accordance with its accounting policy for mining exploration on page F-19 of the <br>Company&#8217;s 2006 Form 20-F.  </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-1073;clip:rect(1073,758,2146,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">7</font></DIV>
<DIV style="position:absolute;top:132;left:91 ">Supplemental information </DIV>
<DIV style="position:absolute;top:158;left:91 "><font style="line-height:17px;">Pursuant to a request from the Staff, Gold Fields hereby acknowledges  (i) it is responsible for the <br>adequacy and accuracy of the disclosures in the filing, (ii) Staff comments or changes to disclosure in <br>response to Staff comments do not foreclose the Commission from taking any action with respect to <br>the filing and (iii) it  may not assert Staff comments as a defense in any proceeding initiated by the <br>Commission or any person under the federal securities laws of the United States. </font></DIV>
<DIV style="position:absolute;top:256;left:331"><b>*     *     *     *     *</b> </DIV>
<DIV style="position:absolute;top:283;left:91 "><font style="line-height:17px;">Should you or the Staff have any questions or require any additional information, please contact the <br>undersigned at +27 11 644 2502 or via e-mail at nholland@goldfields.co.za.  </font></DIV>
<DIV style="position:absolute;top:327;left:91 "><font style="line-height:17px;"> <br>Yours sincerely, </font></DIV>
<DIV style="position:absolute;top:362;left:91 "><font style="font-size:13.6pt;line-height:20px;"> <br> <br> </font></DIV>
<DIV style="position:absolute;top:415;left:91 "><font style="line-height:14px;">/s/ Nicholas Holland <br> <br>Nicholas J. Holland <br>Chief Financial Officer </font></DIV>
<DIV style="position:absolute;top:459;left:367"> </DIV>
<DIV style="position:absolute;top:474;left:91 "><font style="line-height:14px;">Gold Fields Limited <br> </font></DIV>
<DIV style="position:absolute;top:488;left:367"> </DIV>
<DIV style="position:absolute;top:504;left:91 ">cc: </DIV>
<DIV style="position:absolute;top:504;left:137">Lily Dang, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:518;left:135"><font style="line-height:14px;">Jenifer Gallagher, Securities and Exchange Commission <br>Ken Schuler, Securities and Exchange Commission <br>Michael Fleischer, Gold Fields Limited <br>Paul Schmidt, Gold Fields Limited <br>Jennifer Schneck, Linklaters <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> <br> </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-2146;clip:rect(2146,758,3219,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">8</font></DIV>
<DIV style="position:absolute;top:132;left:91 "><b>APPENDIX </b></DIV>
<DIV style="position:absolute;top:158;left:91 ">The following text will replace the similarly titled text on pages 39-44: <b> </b></DIV>
<DIV style="position:absolute;top:185;left:91 "><b>Reserves of Gold Fields as of June 30, 2006 </b></DIV>
<DIV style="position:absolute;top:212;left:91 "><i><b>Methodology </b></i></DIV>
<DIV style="position:absolute;top:238;left:91 "><font style="line-height:17px;">The June 30, 2006 ore reserve statement presented below formed the basis of the signed Competent <br>Persons Report, requested by Gold Fields and as  required by the Johannesburg Stock Exchange, <br>that underpinned its bid for the South Deep Mine during 2006. The mining industry consultant used in <br>the process was previously involved with auditing Gold Fields&#8217; ore reserve statements and based <br>these June 30, 2006 ore reserves on site audits, extensive reference to internal reports, <br>documentation prepared by Gold Fields, production details, financial valuations and metallurgical and <br>tailings data for each operation.  </font></DIV>
<DIV style="position:absolute;top:372;left:91 "><font style="line-height:17px;">The methodology used by Gold Fields&#8217; internally to produce its ore reserve statements as at <br>December 31, 2005 and that used by the mining industry consultant to re-state the ore reserves to <br>June 30, 2006 were similar in nature and involved for each mining asset reviews and assessments of <br>(i) the mining </font></DIV>
<DIV style="position:absolute;top:425;left:169">asset, including title, rights and applicable laws; (ii) the geology; (iii) mineralised material </DIV>
<DIV style="position:absolute;top:442;left:91 "><font style="line-height:17px;">from which ore reserves are derived; (iv) the mine plan, schedule and ore reserves; (v) the processing <br>method; (vi)  tailings management; (vii) the  engineering  infrastructure,  expected overhead costs and <br>planned capital projects; (viii) human resources; (ix) safety and health issues; (x) any environmental <br>issues, including legislation and liabilities; (xi) valuation, including financial models and resultant net <br>present values; and (xii) risk assessment, including general risks, specific risks and remediation <br>measures. </font></DIV>
<DIV style="position:absolute;top:558;left:91 "><font style="line-height:17px;">The main difference in the process for preparing the ore reserve statement for June 30, 2006 was in <br>the shorter timeframes involved, as only half the time had passed since the preparation of the <br>immediately prior ore reserve statements, resulting in less available data, reviews and processes to <br>which the resulting figures were exposed. The re-statement therefore focused on a review of all <br>available new information, updates, and any other material issues apparent since the last full audit of <br>Gold Fields&#8217; ore reserve statements as at June 30, 2005, while also considering Gold Fields&#8217; ore <br>reserve declaration as at December 31, 2005. In arriving at the final ore reserves for the June 30, <br>2006 declaration, following and based on the reviews and assessments outlined above, the ore <br>reserve estimates were updated where material changes were apparent (such as increases to the <br>below infrastru
cture projects at Kloof and Driefontein), other figures associated with the items outlined <br>above were also updated, and finally mining depletions were applied at the various operations.</font></DIV>
<DIV style="position:absolute;top:736;left:623"> </DIV>
<DIV style="position:absolute;top:762;left:91 "><font style="line-height:17px;">While there are some differences between the definition of the South African Code for Reporting of <br>Mineral Resources and Mineral Reserves, or SAMREC Code, and that of the SEC&#8217;s industry guide <br>number 7, only reserves at each of Gold Fields&#8217; operations and exploration projects as June 30, 2006 <br>which qualify as reserves for purposes of the SEC&#8217;s industry guide number 7 are presented in the <br>table below. See &#8220;&#8212;Glossary of Mining Terms.&#8221; In accordance with the requirements imposed by the <br>JSE, Gold Fields reports its reserves using the terms and definitions of the SAMREC Code. Mineral or <br>ore reserves, as defined under the SAMREC Code, are divided into categories of proven and <br>probable reserves and are expressed in terms of tons to be processed at mill feed head grades, <br>allowing for estimated mining dilution and recovery factors. </font></DIV>
<DIV style="position:absolute;top:930 ;left:91 "><font style="line-height:17px;">Gold Fields reports  reserves using cut-off grades (mainly for open pit operations) and pay limits to <br>ensure the reserves realistically reflect both the cost structures and required margins relevant to each </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-3219;clip:rect(3219,758,4292,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">9</font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">mining operation. Cut-off grade is the grade that distinguishes the material within an orebody that is to <br>be extracted and treated from the remaining material. The pay limit is the grade at which an orebody <br>can be mined without profit or loss calculated using an appropriate gold or copper price and working <br>costs, plus modifying factors. Modifying factors used to calculate the pay limit grades include <br>adjustments to mill delivered amounts, due to dilution incurred in the course of mining. Modifying <br>factors applied in estimating reserves are primarily historical, but commonly incorporate adjustments <br>for planned operational improvements such as those described below under &#8220;&#8212;Description of Mining <br>Business&#8212;Productivity Initiatives.&#8221; Tonnage and grade may include some mineralization below the <br>selected pay limit and cut-off grade to ensure that the reserve comprises blocks of adequ
ate size and <br>continuity. Reserves also take into account cost levels at each operation and are supported by mine <br>plans. </font></DIV>
<DIV style="position:absolute;top:336;left:91 "><font style="line-height:17px;">The estimation of reserves at the South African underground operations is based on surface drilling, <br>underground drilling, surface three-dimensional reflection seismics, orebody facies, structural <br>modeling, underground channel sampling and geostatistical estimation. The reefs are initially explored <br>by drilling from the surface on an approximately 500 meter to 2,000 meter grid. Once underground <br>access is available, drilling is undertaken on an approximately 30 meter by 60 meter grid. <br>Underground channel sampling perpendicular to the reef is undertaken at three meter intervals in <br>development areas and five meter intervals at stope faces.  </font></DIV>
<DIV style="position:absolute;top:469;left:91 "><font style="line-height:17px;">The following sets out the reserve estimation methodologies for the different categories of reserves at <br>the underground operations of each of the South African mines. </font></DIV>
<DIV style="position:absolute;top:513;left:91 "><i>Driefontein </i></DIV>
<DIV style="position: absolute; top: 561; left: 98; width: 660; height: 23"><font style="font-size:8.5pt;"><b>Reserve Classification </b></font></DIV>
<DIV style="position:absolute;top:539;left:371"><font style="font-size:8.5pt;"><b> </b></font></DIV>
<DIV style="position: absolute; top: 563; left: 259; width: 499; height: 18"><font style="font-size:8.5pt;"><b>Sample Spacing Range </b></font></DIV>
<DIV style="position:absolute;top:577;left:331"><font style="font-size:8.5pt;"><b>Min/Max </b></font></DIV>
<DIV style="position: absolute; top: 587; left: 328; width: 430; height: 23"><font style="font-size:8.5pt;"><b> (meters) </b></font></DIV>
<DIV style="position:absolute;top:558;left:389"><font style="font-size:8.5pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position: absolute; top: 570; left: 523; width: 235; height: 21"><font style="font-size:8.5pt;"><b> (meters) </b></font></DIV>
<DIV style="position:absolute;top:614;left:98 "><font style="font-size:8.5pt;">Proven </font></DIV>
<DIV style="position:absolute;top:614;left:334"><font style="font-size:8.5pt;">3 to 180 </font></DIV>
<DIV style="position:absolute;top:614;left:549"><font style="font-size:8.5pt;">110 </font></DIV>
<DIV style="position:absolute;top:639;left:98 "><font style="font-size:8.5pt;">Probable (AI)</font></DIV>
<DIV style="position: absolute; top: 634; left: 163; width: 595; height: 19"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:639;left:168"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:638;left:326"><font style="font-size:8.5pt;">3 to 1,140 </font></DIV>
<DIV style="position:absolute;top:638;left:549"><font style="font-size:8.5pt;">570 </font></DIV>
<DIV style="position:absolute;top:663;left:98 "><font style="font-size:8.5pt;">Probable (BI)</font></DIV>
<DIV style="position: absolute; top: 660; left: 165; width: 593; height: 19"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:663;left:168"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:663;left:326"><font style="font-size:8.5pt;">3 to 2,840 </font></DIV>
<DIV style="position:absolute;top:663;left:541"><font style="font-size:8.5pt;">1,420 </font></DIV>
<DIV style="position:absolute;top:687;left:91 "><font style="font-size:8.5pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:699;left:119"><font style="font-size:8.5pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
<DIV style="position:absolute;top:711;left:91 "><font style="line-height:17px;"> <br>For proven reserves, the orebody is opened-up and sampled on a 3 meter spacing for development <br>(such as raises), and a 5 meter grid for stoping, together with underground borehole spacings ranging <br>from tens to hundred of meters. Blocks classified as proven are therefore generally adjacent to close <br>spaced sampling and generally pierced by a relatively dense irregular pattern of boreholes. Estimation <br>is constrained within both geologically homogenous structural and facies zones, and is generally <br>derived from either ordinary or simple kriged small-scale grids, ranging from 10 meter to 20 meter <br>block sizes. </font></DIV>
<DIV style="position:absolute;top:858 ;left:91 "><font style="line-height:17px;">For above infrastructure probable reserves, the estimates access the significant numbers of samples <br>on a 3 meter spacing for development, and a 5 meter grid for stoping bordering these areas. In <br>addition underground borehole spacings ranging from tens to hundred of meters are used together <br>with surface drillholes and seismic surveys. Blocks classified as probable (AI) are generally adjacent <br>to blocks classified as proven. Estimation is constrained within homogenous structural and facies <br>zones, and is generally derived from either ordinary or simple kriged medium to macro scale sized </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-4292;clip:rect(4292,758,5365,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">10 </font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">grids ranging from 40 meter to 420 meter sizes, or through declustered averaging or Sichel &#8220;t&#8221;  <br>techniques. For planning purposes these blocks are further evaluated to facilitate the selection of <br>blocks above the cut-off grade. </font></DIV>
<DIV style="position:absolute;top:194;left:91 "><font style="line-height:17px;">For below infrastructure probable reserves, the estimates access the significant numbers of samples <br>on a 3 meter spacing for development, and a 5 meter grid for stoping above these areas. In addition <br>underground borehole spacings ranging from tens to hundred of meters are used together with <br>surface drillholes and seismic surveys. Blocks classified as probable (BI) are generally below blocks <br>classified as proven or probable (AI). Estimation is constrained within homogenous structural and <br>facies zones, and is generally derived from either ordinary or simple kriged medium to macro scale <br>sized grids ranging from 40 meters to 420 meter sizes, or through declustered averaging or Sichel &#8220;t&#8221; <br>techniques. For planning purposes these blocks are further evaluated to facilitate the selection of <br>blocks above the cut-off grade.<b><i> </i>  </b></font></DIV>
<DIV style="position:absolute;top:362;left:91 "><i>Kloof </i></DIV>
<DIV style="position: absolute; top: 384; left: 98; width: 660; height: 33"><font style="font-size:8.5pt;line-height:16px;"><b>Reserve <br>Classification</b> </font></DIV>
<DIV style="position: absolute; top: 385; left: 241; width: 517; height: 23"><font style="font-size:8.5pt;"><b>Sample Spacing Range Min/Max </b></font></DIV>
<DIV style="position: absolute; top: 398; left: 353; width: 405; height: 23"><font style="font-size:8.5pt;"><b> (meters)</b> </font></DIV>
<DIV style="position: absolute; top: 384; left: 494; width: 264; height: 24"><font style="font-size:8.5pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position: absolute; top: 399; left: 629; width: 129; height: 22"><font style="font-size:8.5pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:426;left:98 "><font style="font-size:8.5pt;">Proven </font></DIV>
<DIV style="position:absolute;top:426;left:359"><font style="font-size:8.5pt;">3 to 150 </font></DIV>
<DIV style="position:absolute;top:426;left:655"><font style="font-size:8.5pt;">150 </font></DIV>
<DIV style="position:absolute;top:451;left:98 "><font style="font-size:8.5pt;">Probable (AI)</font></DIV>
<DIV style="position: absolute; top: 447; left: 165; width: 593; height: 19"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:451;left:168"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:449;left:359"><font style="font-size:8.5pt;">3 to 718 </font></DIV>
<DIV style="position:absolute;top:450;left:655"><font style="font-size:8.5pt;">360 </font></DIV>
<DIV style="position:absolute;top:476;left:98 "><font style="font-size:8.5pt;">Probable (BI)</font></DIV>
<DIV style="position: absolute; top: 472; left: 165; width: 593; height: 19"><font style="font-size:6.0pt;"> (1)</font></DIV>
<DIV style="position:absolute;top:476;left:170"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:474;left:351"><font style="font-size:8.5pt;">3 to 1,390 </font></DIV>
<DIV style="position:absolute;top:475;left:655"><font style="font-size:8.5pt;">890 </font></DIV>
<DIV style="position:absolute;top:499;left:91 "><font style="font-size:8.5pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:511;left:126"><font style="font-size:8.5pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
<DIV style="position:absolute;top:534;left:91 ">Estimations for proven reserves are made on the same basis as at Driefontein. </DIV>
<DIV style="position:absolute;top:561;left:91 "><font style="line-height:17px;">Estimations for above infrastructure probable reserves are made on the same basis as at Driefontein, <br>but with medium sized kriged grids starting from 40 meters to macro blocks of 400 meters. For <br>planning purposes these blocks are further evaluated to facilitate the selection of blocks above the <br>cut-off grade.  </font></DIV>
<DIV style="position:absolute;top:640;left:91 "><font style="line-height:17px;">Estimations for below infrastructure probable reserves are made on the same basis as at Driefontein, <br>but with medium sized kriged grids starting from 40 meters to macro blocks of 400 meters. The <br>distinction between estimation techniques for above infrastructure and below infrastructure probable <br>reserves is the same as at Driefontein. For planning purposes these blocks are further evaluated to <br>facilitate the selection of blocks above the cut-off grade.</font></DIV>
<DIV style="position:absolute;top:713;left:405"><font style="font-size:9.4pt;"><i><b> </b></i></font></DIV>
<DIV style="position:absolute;top:738;left:91 "><i>Beatrix </i></DIV>
<DIV style="position: absolute; top: 768; left: 98; width: 660; height: 22"><font style="font-size:8.5pt;"><b>Reserve Classification</b> </font></DIV>
<DIV style="position:absolute;top:765;left:229"><font style="font-size:8.5pt;"><b>Sample Spacing Range Min/Max </b></font></DIV>
<DIV style="position: absolute; top: 776; left: 342; width: 416; height: 22"><font style="font-size:8.5pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:765;left:482"><font style="font-size:8.5pt;"><b>Maximum Distance Data is Projected </b></font></DIV>
<DIV style="position: absolute; top: 776; left: 617; width: 141; height: 22"><font style="font-size:8.5pt;"><b> (meters)</b> </font></DIV>
<DIV style="position:absolute;top:802;left:98 "><font style="font-size:8.5pt;">Proven </font></DIV>
<DIV style="position:absolute;top:802;left:348"><font style="font-size:8.5pt;">3 to 120 </font></DIV>
<DIV style="position:absolute;top:802;left:643"><font style="font-size:8.5pt;">120 </font></DIV>
<DIV style="position:absolute;top:827;left:98 "><font style="font-size:8.5pt;">Probable (AI)</font></DIV>
<DIV style="position: absolute; top: 822; left: 163; width: 595; height: 19"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:827;left:168"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:825;left:348"><font style="font-size:8.5pt;">3 to 940 </font></DIV>
<DIV style="position:absolute;top:825;left:643"><font style="font-size:8.5pt;">750 </font></DIV>
<DIV style="position:absolute;top:851 ;left:98 "><font style="font-size:8.5pt;">Probable (BI)</font></DIV>
<DIV style="position: absolute; top: 848; left: 163; width: 595; height: 19"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:851 ;left:168"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:850 ;left:337"><font style="font-size:8.5pt;">540 to 610 </font></DIV>
<DIV style="position:absolute;top:850 ;left:643"><font style="font-size:8.5pt;">740 </font></DIV>
<DIV style="position:absolute;top:875 ;left:91 "><font style="font-size:8.5pt;line-height:13px;">Note:  <br>(1) </font></DIV>
<DIV style="position:absolute;top:886 ;left:137"><font style="font-size:8.5pt;">AI is above infrastructure; BI is below infrastructure. </font></DIV>
<DIV style="position:absolute;top:910 ;left:91 "><font style="line-height:17px;">Estimations for proven reserves are made on the same basis as at Driefontein but with kriging blocks <br>ranging from 16 meters to 32 meters. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-5365;clip:rect(5365,758,6438,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">11 </font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">Estimations for above infrastructure probable reserves are made on the same basis as at Driefontein <br>but with medium-sized kriged blocks of 32 meters, and macro geological zone estimates being made <br>through declustered averaging or Sichel &#8220;t&#8221; techniques. For planning purposes these blocks are <br>further evaluated to facilitate the selection of blocks above the cut-off grade. </font></DIV>
<DIV style="position:absolute;top:212;left:91 "><font style="line-height:17px;">Estimations for below infrastructure probable reserves are made on the same basis as at Driefontein <br>but with medium-sized kriged blocks being 32 meters, to macro geological zone estimates through <br>declustered averaging or Sichel &#8220;t&#8221; techniques. The distinction between estimation techniques for <br>above infrastructure and below infrastructure probable reserves is the same as at Driefontein. For <br>planning purposes these blocks are further evaluated to facilitate the selection of blocks above the <br>cut-off grade. </font></DIV>
<DIV style="position:absolute;top:327;left:91 "><font style="line-height:17px;">The primary assumptions of continuity of the geologically homogenous zones are driven by the <br>geological model, which is updated only if new information arises. Any changes to the model are <br>subject to peer, internal technical corporate consultant and independent consultant review. <br>Historically, mining at South African deep level gold mines has shown significant geological continuity, <br>so that new mines were started based on limited surface borehole information. Customarily, <br>geological facies are primarily based on the definition of different facies within each conglomerate <br>horizon. These facies are extrapolated into new, undeveloped areas taking into account any surface <br>borehole data in those areas. Normally these facies are continuous, supported by extensive historical <br>sample databases, and can be incorporated in the macro kriging of large blocks. </font></DIV>
<DIV style="position:absolute;top:495;left:91 "><font style="line-height:17px;">For the Tarkwa open pit operation, estimation of reserves is based on a combination of an initial 100 <br>or 200 meter grid of diamond drilling and in certain areas a 12.5 meter to 25.0 meter grid of reverse <br>circulation drilling. For the Damang open pit operation, estimation of reserves is based on a 20 meter <br>to 80 meter grid of diamond drilling and in certain areas reverse circulation drilling. </font></DIV>
<DIV style="position:absolute;top:575;left:91 "><font style="line-height:17px;">At the Australian operations, the estimation of reserves for both underground and open pit operations <br>is based on exploration, sampling and testing information gathered through appropriate techniques, <br>primarily from drill holes and mine development. The  locations of sample points are spaced closely <br>enough to deduce or confirm geological and grade continuity. Generally, drilling is undertaken on <br>grids, which range between 20 meters by 20 meters to 40 meters by 40 meters, although this may <br>vary depending on the continuity of the orebody. Due to the variety and diversity of resources at St. <br>Ives and Agnew, sample spacing may also vary depending on each particular ore type. For Choco 10 <br>and the Cerro Corona Project, estimation is based on diamond drill and reverse circulation holes. The <br>spacing of holes at Cerro Corona is generally around 50 meters, with some areas approximating a 25 <br>meter grid. T
he drill spacing at Choco 10 is varied, depending on geological and grade continuity, with <br>a general spacing of 50 meters by 25 meters to 25 meters by 25 meters. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:7pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-6438;clip:rect(6438,758,7511,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">12 </font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="font-size:9pt;"><i><b>Reserve Statement </b></i></font></DIV>
<DIV style="position:absolute;top:158;left:91 "><font style="font-size:9pt;line-height:21px;">As of June 30, 2006, Gold Fields had aggregated attributable proven and probable gold reserves of <br>approximately 61.8 million ounces as set out in the following table.  </font></DIV>
<DIV style="position:absolute;top:203;left:91 "><font style="font-size:9pt;"><b>Gold ore reserve statement as of June 30, 2006</b></font></DIV>
<DIV style="position: absolute; top: 200; left: 364; width: 394; height: 19"><font style="font-size:6.0pt;"><b>(1)</b></font></DIV>
<DIV style="position: absolute; top: 203; left: 365; width: 393; height: 19"><font style="font-size:9pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:290;left:119"><b> </b></DIV>
<DIV style="position:absolute;top:290;left:204"> </DIV>
<DIV style="position:absolute;top:290;left:236"><b>Tons </b> </DIV>
<DIV style="position:absolute;top:271;left:277"><b>Proven </b></DIV>
<DIV style="position:absolute;top:281;left:274"><b>reserves </b></DIV>
<DIV style="position:absolute;top:290;left:261"><b>Head Grade</b> </DIV>
<DIV style="position:absolute;top:290;left:331"><b>Gold </b> </DIV>
<DIV style="position:absolute;top:290;left:379"><b>Tons </b> </DIV>
<DIV style="position:absolute;top:271;left:414"><b>Probable </b></DIV>
<DIV style="position:absolute;top:281;left:417"><b>reserves </b></DIV>
<DIV style="position:absolute;top:290;left:404"><b>Head Grade</b> </DIV>
<DIV style="position:absolute;top:290;left:475"><b>Gold </b> </DIV>
<DIV style="position:absolute;top:290;left:522"><b>Tons </b> </DIV>
<DIV style="position:absolute;top:271;left:569"><b>Total </b></DIV>
<DIV style="position:absolute;top:281;left:561"><b>reserves </b></DIV>
<DIV style="position:absolute;top:290;left:548"><b>Head Grade</b> </DIV>
<DIV style="position:absolute;top:290;left:617"><b>Gold </b> </DIV>
<DIV style="position: absolute; top: 232; left: 634; width: 124; height: 19"><b>Attributable </b></DIV>
<DIV style="position: absolute; top: 242; left: 665; width: 93; height: 19"><b>gold </b></DIV>
<DIV style="position: absolute; top: 251; left: 635; width: 123; height: 19"><b>production </b></DIV>
<DIV style="position: absolute; top: 261; left: 646; width: 112; height: 19"><b>in the 12 </b></DIV>
<DIV style="position: absolute; top: 271; left: 653; width: 105; height: 19"><b>months  </b></DIV>
<DIV style="position: absolute; top: 281; left: 634; width: 124; height: 19"><b>ended June </b></DIV>
<DIV style="position:absolute;top:290;left:651"><b>30, 2006</b></DIV>
<DIV style="position: absolute; top: 289; left: 689; width: 69; height: 19">(2)</DIV>
<DIV style="position: absolute; top: 290; left: 699; width: 59; height: 19"> </DIV>
<DIV style="position:absolute;top:311;left:119"><b> </b></DIV>
<DIV style="position:absolute;top:311;left:204"><b> </b></DIV>
<DIV style="position:absolute;top:311;left:219"><i>(million)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:272"><i>(g/t) </i></DIV>
<DIV style="position:absolute;top:311;left:299"><b> </b></DIV>
<DIV style="position:absolute;top:311;left:314"><i>(&#8216;000 oz)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:362"><i>(million)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:416"><i>(g/t) </i></DIV>
<DIV style="position:absolute;top:311;left:442"><b> </b></DIV>
<DIV style="position:absolute;top:311;left:457"><i>(&#8216;000 oz)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:505"><i>(million)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:559"><i>(g/t) </i></DIV>
<DIV style="position:absolute;top:311;left:585"><b> </b></DIV>
<DIV style="position:absolute;top:311;left:600"><i>(&#8216;000 oz)  </i><b> </b></DIV>
<DIV style="position:absolute;top:311;left:648"><i>(&#8216;000 oz)  </i><b> </b></DIV>
<DIV style="position:absolute;top:331;left:119"><b>Underground </b></DIV>
<DIV style="position:absolute;top:331;left:204"> </DIV>
<DIV style="position:absolute;top:331;left:251"> </DIV>
<DIV style="position:absolute;top:331;left:299"> </DIV>
<DIV style="position:absolute;top:331;left:346"> </DIV>
<DIV style="position:absolute;top:331;left:395"> </DIV>
<DIV style="position:absolute;top:331;left:442"> </DIV>
<DIV style="position:absolute;top:331;left:490"> </DIV>
<DIV style="position:absolute;top:331;left:538"> </DIV>
<DIV style="position:absolute;top:331;left:585"> </DIV>
<DIV style="position:absolute;top:331;left:633"> </DIV>
<DIV style="position:absolute;top:331;left:681"> </DIV>
<DIV style="position: absolute; top: 345; left: 118; width: 640; height: 19">Driefontein (total)
  ...........</DIV>
<DIV style="position:absolute;top:345;left:204"> </DIV>
<DIV style="position:absolute;top:345;left:238">26.0  </DIV>
<DIV style="position:absolute;top:345;left:289">7.8  </DIV>
<DIV style="position:absolute;top:345;left:330">6,491  </DIV>
<DIV style="position:absolute;top:345;left:381">61.3  </DIV>
<DIV style="position:absolute;top:345;left:432">8.1  </DIV>
<DIV style="position:absolute;top:345;left:470">15,918  </DIV>
<DIV style="position:absolute;top:345;left:524">87.3  </DIV>
<DIV style="position:absolute;top:345;left:576">8.0  </DIV>
<DIV style="position:absolute;top:345;left:612">22,408  </DIV>
<DIV style="position:absolute;top:345;left:664">1,011  </DIV>
<DIV style="position:absolute;top:361;left:119">Above infrastructure </DIV>
<DIV style="position: absolute; top: 360; left: 207; width: 551; height: 19">(3)</DIV>
<DIV style="position: absolute; top: 361; left: 219; width: 539; height: 19">....</DIV>
<DIV style="position: absolute; top: 361; left: 227; width: 531; height: 19"> </DIV>
<DIV style="position:absolute;top:361;left:238">26.0  </DIV>
<DIV style="position:absolute;top:361;left:289">7.8  </DIV>
<DIV style="position:absolute;top:361;left:330">6,491  </DIV>
<DIV style="position:absolute;top:361;left:381">27.8  </DIV>
<DIV style="position:absolute;top:361;left:432">8.0  </DIV>
<DIV style="position:absolute;top:361;left:473">7,120  </DIV>
<DIV style="position:absolute;top:361;left:524">53.8  </DIV>
<DIV style="position:absolute;top:361;left:576">7.9  </DIV>
<DIV style="position:absolute;top:361;left:612">13,611  </DIV>
<DIV style="position:absolute;top:361;left:664">1,011  </DIV>
<DIV style="position:absolute;top:375;left:119">Below infrastructure </DIV>
<DIV style="position: absolute; top: 374; left: 205; width: 553; height: 19">(3)</DIV>
<DIV style="position: absolute; top: 375; left: 218; width: 540; height: 19">....</DIV>
<DIV style="position: absolute; top: 375; left: 232; width: 526; height: 19"> </DIV>
<DIV style="position:absolute;top:375;left:243">&#8212;  </DIV>
<DIV style="position:absolute;top:375;left:291">&#8212;  </DIV>
<DIV style="position:absolute;top:375;left:339">&#8212;  </DIV>
<DIV style="position:absolute;top:375;left:381">33.5  </DIV>
<DIV style="position:absolute;top:375;left:432">8.2  </DIV>
<DIV style="position:absolute;top:375;left:473">8,798  </DIV>
<DIV style="position:absolute;top:375;left:524">33.5  </DIV>
<DIV style="position:absolute;top:375;left:576">8.2  </DIV>
<DIV style="position:absolute;top:375;left:617">8,798  </DIV>
<DIV style="position:absolute;top:375;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:391;left:119">Kloof
  (total)....................</DIV>
<DIV style="position:absolute;top:391;left:204"> </DIV>
<DIV style="position:absolute;top:391;left:238">13.7  </DIV>
<DIV style="position:absolute;top:391;left:289">9.7  </DIV>
<DIV style="position:absolute;top:391;left:330">4,286  </DIV>
<DIV style="position:absolute;top:391;left:381">29.3  </DIV>
<DIV style="position:absolute;top:391;left:429">10.2  </DIV>
<DIV style="position:absolute;top:391;left:473">9,590  </DIV>
<DIV style="position:absolute;top:391;left:524">43.0  </DIV>
<DIV style="position:absolute;top:391;left:572">10.0  </DIV>
<DIV style="position:absolute;top:391;left:612">13,877  </DIV>
<DIV style="position:absolute;top:391;left:669">897 </DIV>
<DIV style="position:absolute;top:405;left:119">Above infrastructure </DIV>
<DIV style="position: absolute; top: 404; left: 208; width: 550; height: 19">(3)</DIV>
<DIV style="position: absolute; top: 405; left: 221; width: 537; height: 19">...</DIV>
<DIV style="position: absolute; top: 405; left: 233; width: 525; height: 19"> </DIV>
<DIV style="position:absolute;top:405;left:238">13.7  </DIV>
<DIV style="position:absolute;top:405;left:289">9.7  </DIV>
<DIV style="position:absolute;top:405;left:330">4,286  </DIV>
<DIV style="position:absolute;top:405;left:381">24.1  </DIV>
<DIV style="position:absolute;top:405;left:432">9.8  </DIV>
<DIV style="position:absolute;top:405;left:473">7,568  </DIV>
<DIV style="position:absolute;top:405;left:524">37.8  </DIV>
<DIV style="position:absolute;top:405;left:576">9.8  </DIV>
<DIV style="position:absolute;top:405;left:612">11,854  </DIV>
<DIV style="position:absolute;top:405;left:669">897 </DIV>
<DIV style="position:absolute;top:420;left:119">Below infrastructure </DIV>
<DIV style="position: absolute; top: 419; left: 206; width: 552; height: 19">(3)</DIV>
<DIV style="position:absolute;top:420;left:184">...............</DIV>
<DIV style="position:absolute;top:420;left:204"> </DIV>
<DIV style="position:absolute;top:420;left:243">&#8212;  </DIV>
<DIV style="position:absolute;top:420;left:291">&#8212;  </DIV>
<DIV style="position:absolute;top:420;left:339">&#8212;  </DIV>
<DIV style="position:absolute;top:420;left:385">5.2  </DIV>
<DIV style="position:absolute;top:420;left:429">12.1  </DIV>
<DIV style="position:absolute;top:420;left:473">2,022  </DIV>
<DIV style="position:absolute;top:420;left:528">5.2  </DIV>
<DIV style="position:absolute;top:420;left:572">12.1  </DIV>
<DIV style="position:absolute;top:420;left:617">2,022  </DIV>
<DIV style="position:absolute;top:420;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:435;left:119">Beatrix (total)
  .................</DIV>
<DIV style="position:absolute;top:435;left:204"> </DIV>
<DIV style="position:absolute;top:435;left:238">15.9  </DIV>
<DIV style="position:absolute;top:435;left:289">4.9  </DIV>
<DIV style="position:absolute;top:435;left:330">2,517  </DIV>
<DIV style="position:absolute;top:435;left:381">28.7  </DIV>
<DIV style="position:absolute;top:435;left:432">5.9  </DIV>
<DIV style="position:absolute;top:435;left:473">5,410  </DIV>
<DIV style="position:absolute;top:435;left:524">44.6  </DIV>
<DIV style="position:absolute;top:435;left:576">5.5  </DIV>
<DIV style="position:absolute;top:435;left:617">7,927  </DIV>
<DIV style="position:absolute;top:435;left:669">596 </DIV>
<DIV style="position:absolute;top:450;left:119">Above infrastructure </DIV>
<DIV style="position: absolute; top: 448; left: 208; width: 550; height: 19">(3)</DIV>
<DIV style="position: absolute; top: 450; left: 220; width: 538; height: 19">...</DIV>
<DIV style="position: absolute; top: 450; left: 223; width: 535; height: 19"> </DIV>
<DIV style="position:absolute;top:450;left:238">15.9  </DIV>
<DIV style="position:absolute;top:450;left:289">4.9  </DIV>
<DIV style="position:absolute;top:450;left:330">2,517  </DIV>
<DIV style="position:absolute;top:450;left:381">28.7  </DIV>
<DIV style="position:absolute;top:450;left:432">5.9  </DIV>
<DIV style="position:absolute;top:450;left:473">5,410  </DIV>
<DIV style="position:absolute;top:450;left:524">44.6  </DIV>
<DIV style="position:absolute;top:450;left:576">5.5  </DIV>
<DIV style="position:absolute;top:450;left:617">7,927  </DIV>
<DIV style="position:absolute;top:450;left:669">596 </DIV>
<DIV style="position:absolute;top:464;left:119"><b>Australia </b></DIV>
<DIV style="position:absolute;top:464;left:204"> </DIV>
<DIV style="position:absolute;top:464;left:251"> </DIV>
<DIV style="position:absolute;top:464;left:299"> </DIV>
<DIV style="position:absolute;top:464;left:346"> </DIV>
<DIV style="position:absolute;top:464;left:395"> </DIV>
<DIV style="position:absolute;top:464;left:442"> </DIV>
<DIV style="position:absolute;top:464;left:490"> </DIV>
<DIV style="position:absolute;top:464;left:538"> </DIV>
<DIV style="position:absolute;top:464;left:585"> </DIV>
<DIV style="position:absolute;top:464;left:633"> </DIV>
<DIV style="position:absolute;top:464;left:681"> </DIV>
<DIV style="position:absolute;top:479;left:119">St. Ives
  ........................</DIV>
<DIV style="position:absolute;top:479;left:204"> </DIV>
<DIV style="position:absolute;top:479;left:242">0.2  </DIV>
<DIV style="position:absolute;top:479;left:289">5.4  </DIV>
<DIV style="position:absolute;top:479;left:339">27  </DIV>
<DIV style="position:absolute;top:479;left:385">5.0  </DIV>
<DIV style="position:absolute;top:479;left:432">5.4  </DIV>
<DIV style="position:absolute;top:479;left:478">868  </DIV>
<DIV style="position:absolute;top:479;left:528">5.1  </DIV>
<DIV style="position:absolute;top:479;left:576">5.4  </DIV>
<DIV style="position:absolute;top:479;left:622">895  </DIV>
<DIV style="position:absolute;top:479;left:669">243 </DIV>
<DIV style="position:absolute;top:494;left:119">Agnew...........................</DIV>
<DIV style="position:absolute;top:494;left:204"> </DIV>
<DIV style="position:absolute;top:494;left:242">0.6  </DIV>
<DIV style="position:absolute;top:494;left:286">12.1  </DIV>
<DIV style="position:absolute;top:494;left:335">237  </DIV>
<DIV style="position:absolute;top:494;left:385">0.9  </DIV>
<DIV style="position:absolute;top:494;left:432">7.2  </DIV>
<DIV style="position:absolute;top:494;left:478">211  </DIV>
<DIV style="position:absolute;top:494;left:528">1.5  </DIV>
<DIV style="position:absolute;top:494;left:576">9.2  </DIV>
<DIV style="position:absolute;top:494;left:622">448  </DIV>
<DIV style="position:absolute;top:494;left:669">166 </DIV>
<DIV style="position:absolute;top:510;left:119"><b>Total Underground </b>......</DIV>
<DIV style="position:absolute;top:510;left:204"> </DIV>
<DIV style="position:absolute;top:510;left:238">56.4  </DIV>
<DIV style="position:absolute;top:510;left:289">7.5  </DIV>
<DIV style="position:absolute;top:510;left:326">13,558  </DIV>
<DIV style="position:absolute;top:510;left:378">125.2  </DIV>
<DIV style="position:absolute;top:510;left:432">7.9  </DIV>
<DIV style="position:absolute;top:510;left:470">31,997  </DIV>
<DIV style="position:absolute;top:510;left:521">181.5  </DIV>
<DIV style="position:absolute;top:510;left:576">7.8  </DIV>
<DIV style="position:absolute;top:510;left:612">45,555  </DIV>
<DIV style="position:absolute;top:510;left:664">2,913  </DIV>
<DIV style="position:absolute;top:524;left:119"><b>Surface (Rock Dumps) </b></DIV>
<DIV style="position:absolute;top:524;left:204"> </DIV>
<DIV style="position:absolute;top:524;left:251"> </DIV>
<DIV style="position:absolute;top:524;left:299"> </DIV>
<DIV style="position:absolute;top:524;left:346"> </DIV>
<DIV style="position:absolute;top:524;left:395"> </DIV>
<DIV style="position:absolute;top:524;left:442"> </DIV>
<DIV style="position:absolute;top:524;left:490"> </DIV>
<DIV style="position:absolute;top:524;left:538"> </DIV>
<DIV style="position:absolute;top:524;left:585"> </DIV>
<DIV style="position:absolute;top:524;left:633"> </DIV>
<DIV style="position:absolute;top:524;left:681"> </DIV>
<DIV style="position:absolute;top:538;left:119">Driefontein ....................</DIV>
<DIV style="position:absolute;top:538;left:204"> </DIV>
<DIV style="position:absolute;top:538;left:243">&#8212;  </DIV>
<DIV style="position:absolute;top:538;left:291">&#8212;  </DIV>
<DIV style="position:absolute;top:538;left:339">&#8212;  </DIV>
<DIV style="position:absolute;top:538;left:385">6.2  </DIV>
<DIV style="position:absolute;top:538;left:432">1.1  </DIV>
<DIV style="position:absolute;top:538;left:478">225  </DIV>
<DIV style="position:absolute;top:538;left:528">6.2  </DIV>
<DIV style="position:absolute;top:538;left:576">1.1  </DIV>
<DIV style="position:absolute;top:538;left:622">225  </DIV>
<DIV style="position:absolute;top:538;left:669">139 </DIV>
<DIV style="position:absolute;top:554;left:119">Kloof
  ............................</DIV>
<DIV style="position:absolute;top:554;left:204"> </DIV>
<DIV style="position:absolute;top:554;left:243">&#8212;  </DIV>
<DIV style="position:absolute;top:554;left:291">&#8212;  </DIV>
<DIV style="position:absolute;top:554;left:339">&#8212;  </DIV>
<DIV style="position:absolute;top:554;left:385">9.9  </DIV>
<DIV style="position:absolute;top:554;left:432">0.7  </DIV>
<DIV style="position:absolute;top:554;left:478">216  </DIV>
<DIV style="position:absolute;top:554;left:528">9.9  </DIV>
<DIV style="position:absolute;top:554;left:576">0.7  </DIV>
<DIV style="position:absolute;top:554;left:622">216  </DIV>
<DIV style="position:absolute;top:554;left:673">17 </DIV>
<DIV style="position:absolute;top:568;left:119">Beatrix...........................</DIV>
<DIV style="position:absolute;top:568;left:204"> </DIV>
<DIV style="position:absolute;top:568;left:243">&#8212;  </DIV>
<DIV style="position:absolute;top:568;left:291">&#8212;  </DIV>
<DIV style="position:absolute;top:568;left:339">&#8212;  </DIV>
<DIV style="position:absolute;top:568;left:390">0  </DIV>
<DIV style="position:absolute;top:568;left:434">&#8212;  </DIV>
<DIV style="position:absolute;top:568;left:486">0  </DIV>
<DIV style="position:absolute;top:568;left:533">0  </DIV>
<DIV style="position:absolute;top:568;left:578">&#8212;  </DIV>
<DIV style="position:absolute;top:568;left:629">0  </DIV>
<DIV style="position:absolute;top:568;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:583;left:119"><font style="line-height:9 px;"><b>Surface (Production <br>Stockpile) </b></font></DIV>
<DIV style="position:absolute;top:593;left:204"> </DIV>
<DIV style="position:absolute;top:593;left:251"> </DIV>
<DIV style="position:absolute;top:593;left:299"> </DIV>
<DIV style="position:absolute;top:593;left:346"> </DIV>
<DIV style="position:absolute;top:593;left:395"> </DIV>
<DIV style="position:absolute;top:593;left:442"> </DIV>
<DIV style="position:absolute;top:593;left:490"> </DIV>
<DIV style="position:absolute;top:593;left:538"> </DIV>
<DIV style="position:absolute;top:593;left:585"> </DIV>
<DIV style="position:absolute;top:583;left:633"> </DIV>
<DIV style="position:absolute;top:593;left:681"> </DIV>
<DIV style="position:absolute;top:608;left:119"><b>Ghana </b></DIV>
<DIV style="position:absolute;top:608;left:204"> </DIV>
<DIV style="position:absolute;top:608;left:251"> </DIV>
<DIV style="position:absolute;top:608;left:299"> </DIV>
<DIV style="position:absolute;top:608;left:346"> </DIV>
<DIV style="position:absolute;top:608;left:395"> </DIV>
<DIV style="position:absolute;top:608;left:442"> </DIV>
<DIV style="position:absolute;top:608;left:490"> </DIV>
<DIV style="position:absolute;top:608;left:538"> </DIV>
<DIV style="position:absolute;top:608;left:585"> </DIV>
<DIV style="position:absolute;top:608;left:633"> </DIV>
<DIV style="position:absolute;top:608;left:681"> </DIV>
<DIV style="position:absolute;top:623;left:119">Tarkwa
  ..........................</DIV>
<DIV style="position:absolute;top:623;left:204"> </DIV>
<DIV style="position:absolute;top:623;left:242">4.1  </DIV>
<DIV style="position:absolute;top:623;left:289">0.8  </DIV>
<DIV style="position:absolute;top:623;left:335">102  </DIV>
<DIV style="position:absolute;top:623;left:386">&#8212;  </DIV>
<DIV style="position:absolute;top:623;left:434">&#8212;  </DIV>
<DIV style="position:absolute;top:623;left:482">&#8212;  </DIV>
<DIV style="position:absolute;top:623;left:528">4.1  </DIV>
<DIV style="position:absolute;top:623;left:576">0.8  </DIV>
<DIV style="position:absolute;top:623;left:622">102  </DIV>
<DIV style="position:absolute;top:623;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:638;left:119">Damang ........................</DIV>
<DIV style="position:absolute;top:638;left:204"> </DIV>
<DIV style="position:absolute;top:638;left:242">5.4  </DIV>
<DIV style="position:absolute;top:638;left:289">1.2  </DIV>
<DIV style="position:absolute;top:638;left:335">210  </DIV>
<DIV style="position:absolute;top:638;left:386">&#8212;  </DIV>
<DIV style="position:absolute;top:638;left:434">&#8212;  </DIV>
<DIV style="position:absolute;top:638;left:482">&#8212;  </DIV>
<DIV style="position:absolute;top:638;left:528">5.4  </DIV>
<DIV style="position:absolute;top:638;left:576">1.2  </DIV>
<DIV style="position:absolute;top:638;left:622">210  </DIV>
<DIV style="position:absolute;top:638;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:652;left:119"><b>Australia </b></DIV>
<DIV style="position:absolute;top:652;left:204"> </DIV>
<DIV style="position:absolute;top:652;left:251"> </DIV>
<DIV style="position:absolute;top:652;left:299"> </DIV>
<DIV style="position:absolute;top:652;left:346"> </DIV>
<DIV style="position:absolute;top:652;left:395"> </DIV>
<DIV style="position:absolute;top:652;left:442"> </DIV>
<DIV style="position:absolute;top:652;left:490"> </DIV>
<DIV style="position:absolute;top:652;left:538"> </DIV>
<DIV style="position:absolute;top:652;left:585"> </DIV>
<DIV style="position:absolute;top:652;left:633"> </DIV>
<DIV style="position:absolute;top:652;left:681"> </DIV>
<DIV style="position:absolute;top:667;left:119">St. Ives
  ........................</DIV>
<DIV style="position:absolute;top:667;left:204"> </DIV>
<DIV style="position:absolute;top:667;left:242">7.1  </DIV>
<DIV style="position:absolute;top:667;left:289">1.1  </DIV>
<DIV style="position:absolute;top:667;left:335">257  </DIV>
<DIV style="position:absolute;top:667;left:386">&#8212;  </DIV>
<DIV style="position:absolute;top:667;left:434">&#8212;  </DIV>
<DIV style="position:absolute;top:667;left:482">&#8212;  </DIV>
<DIV style="position:absolute;top:667;left:528">7.1  </DIV>
<DIV style="position:absolute;top:667;left:576">1.1  </DIV>
<DIV style="position:absolute;top:667;left:622">257  </DIV>
<DIV style="position:absolute;top:667;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:682;left:119">Agnew...........................</DIV>
<DIV style="position:absolute;top:682;left:204"> </DIV>
<DIV style="position:absolute;top:682;left:242">0.4  </DIV>
<DIV style="position:absolute;top:682;left:289">1.4  </DIV>
<DIV style="position:absolute;top:682;left:339">19  </DIV>
<DIV style="position:absolute;top:682;left:386">&#8212;  </DIV>
<DIV style="position:absolute;top:682;left:434">&#8212;  </DIV>
<DIV style="position:absolute;top:682;left:482">&#8212;  </DIV>
<DIV style="position:absolute;top:682;left:528">0.4  </DIV>
<DIV style="position:absolute;top:682;left:576">1.4  </DIV>
<DIV style="position:absolute;top:682;left:625">19  </DIV>
<DIV style="position:absolute;top:682;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:697;left:119"><b>Surface (Open Pit) </b></DIV>
<DIV style="position:absolute;top:697;left:204"> </DIV>
<DIV style="position:absolute;top:697;left:251"> </DIV>
<DIV style="position:absolute;top:697;left:299"> </DIV>
<DIV style="position:absolute;top:697;left:346"> </DIV>
<DIV style="position:absolute;top:697;left:395"> </DIV>
<DIV style="position:absolute;top:697;left:442"> </DIV>
<DIV style="position:absolute;top:697;left:490"> </DIV>
<DIV style="position:absolute;top:697;left:538"> </DIV>
<DIV style="position:absolute;top:697;left:585"> </DIV>
<DIV style="position:absolute;top:697;left:633"> </DIV>
<DIV style="position:absolute;top:697;left:681"> </DIV>
<DIV style="position:absolute;top:712;left:119"><b>Ghana </b></DIV>
<DIV style="position:absolute;top:712;left:204"> </DIV>
<DIV style="position:absolute;top:712;left:251"> </DIV>
<DIV style="position:absolute;top:712;left:299"> </DIV>
<DIV style="position:absolute;top:712;left:346"> </DIV>
<DIV style="position:absolute;top:712;left:395"> </DIV>
<DIV style="position:absolute;top:712;left:442"> </DIV>
<DIV style="position:absolute;top:712;left:490"> </DIV>
<DIV style="position:absolute;top:712;left:538"> </DIV>
<DIV style="position:absolute;top:712;left:585"> </DIV>
<DIV style="position:absolute;top:712;left:633"> </DIV>
<DIV style="position:absolute;top:712;left:681"> </DIV>
<DIV style="position:absolute;top:726;left:119">Tarkwa .........................</DIV>
<DIV style="position:absolute;top:726;left:204"> </DIV>
<DIV style="position:absolute;top:726;left:234">117.9  </DIV>
<DIV style="position:absolute;top:726;left:289">1.3  </DIV>
<DIV style="position:absolute;top:726;left:330">5,021  </DIV>
<DIV style="position:absolute;top:726;left:378">120.2  </DIV>
<DIV style="position:absolute;top:726;left:432">1.2  </DIV>
<DIV style="position:absolute;top:726;left:473">4,758  </DIV>
<DIV style="position:absolute;top:726;left:521">238.0  </DIV>
<DIV style="position:absolute;top:726;left:576">1.3  </DIV>
<DIV style="position:absolute;top:726;left:617">9,779  </DIV>
<DIV style="position:absolute;top:726;left:669">504</DIV>
<DIV style="position: absolute; top: 725; left: 689; width: 69; height: 19">(4) </DIV>
<DIV style="position:absolute;top:742;left:119">Damang</DIV>
<DIV style="position: absolute; top: 741; left: 158; width: 600; height: 19">(5)</DIV>
<DIV style="position: absolute; top: 742; left: 172; width: 586; height: 19">..................</DIV>
<DIV style="position:absolute;top:742;left:204"> </DIV>
<DIV style="position:absolute;top:742;left:242">3.2  </DIV>
<DIV style="position:absolute;top:742;left:289">2.4  </DIV>
<DIV style="position:absolute;top:742;left:335">247  </DIV>
<DIV style="position:absolute;top:742;left:385">8.6  </DIV>
<DIV style="position:absolute;top:742;left:432">1.7  </DIV>
<DIV style="position:absolute;top:742;left:478">471  </DIV>
<DIV style="position:absolute;top:742;left:524">11.7  </DIV>
<DIV style="position:absolute;top:742;left:576">1.9  </DIV>
<DIV style="position:absolute;top:742;left:622">717  </DIV>
<DIV style="position:absolute;top:742;left:669">167</DIV>
<DIV style="position: absolute; top: 741; left: 689; width: 69; height: 19">(4) </DIV>
<DIV style="position:absolute;top:756;left:119"><b>Australia </b></DIV>
<DIV style="position:absolute;top:756;left:204"> </DIV>
<DIV style="position:absolute;top:756;left:251"> </DIV>
<DIV style="position:absolute;top:756;left:299"> </DIV>
<DIV style="position:absolute;top:756;left:346"> </DIV>
<DIV style="position:absolute;top:756;left:395"> </DIV>
<DIV style="position:absolute;top:756;left:442"> </DIV>
<DIV style="position:absolute;top:756;left:490"> </DIV>
<DIV style="position:absolute;top:756;left:538"> </DIV>
<DIV style="position:absolute;top:756;left:585"> </DIV>
<DIV style="position:absolute;top:756;left:633"> </DIV>
<DIV style="position:absolute;top:756;left:681"> </DIV>
<DIV style="position:absolute;top:771;left:119">St. Ives</DIV>
<DIV style="position: absolute; top: 770; left: 157; width: 601; height: 19">(5)</DIV>
<DIV style="position: absolute; top: 771; left: 171; width: 587; height: 19">................... </DIV>
<DIV style="position:absolute;top:771;left:242">1.4  </DIV>
<DIV style="position:absolute;top:771;left:289">2.8  </DIV>
<DIV style="position:absolute;top:771;left:335">123  </DIV>
<DIV style="position:absolute;top:771;left:381">10.4  </DIV>
<DIV style="position:absolute;top:771;left:432">1.9  </DIV>
<DIV style="position:absolute;top:771;left:478">647  </DIV>
<DIV style="position:absolute;top:771;left:524">11.8  </DIV>
<DIV style="position:absolute;top:771;left:576">2.0  </DIV>
<DIV style="position:absolute;top:771;left:622">770  </DIV>
<DIV style="position:absolute;top:771;left:669">253</DIV>
<DIV style="position: absolute; top: 770; left: 688; width: 70; height: 19">(4) </DIV>
<DIV style="position:absolute;top:786;left:119">Agnew</DIV>
<DIV style="position: absolute; top: 785; left: 151; width: 607; height: 19">(5)</DIV>
<DIV style="position: absolute; top: 786; left: 163; width: 595; height: 19">..................... </DIV>
<DIV style="position:absolute;top:786;left:242">0.6  </DIV>
<DIV style="position:absolute;top:786;left:289">2.5  </DIV>
<DIV style="position:absolute;top:786;left:339">47  </DIV>
<DIV style="position:absolute;top:786;left:385">1.7  </DIV>
<DIV style="position:absolute;top:786;left:432">3.1  </DIV>
<DIV style="position:absolute;top:786;left:478">172  </DIV>
<DIV style="position:absolute;top:786;left:528">2.2  </DIV>
<DIV style="position:absolute;top:786;left:576">3.1  </DIV>
<DIV style="position:absolute;top:786;left:622">218  </DIV>
<DIV style="position:absolute;top:786;left:673">56</DIV>
<DIV style="position: absolute; top: 785; left: 688; width: 70; height: 19">(4) </DIV>
<DIV style="position:absolute;top:801;left:119"><b>Venezuela </b></DIV>
<DIV style="position:absolute;top:801;left:204"> </DIV>
<DIV style="position:absolute;top:801;left:251"> </DIV>
<DIV style="position:absolute;top:801;left:299"> </DIV>
<DIV style="position:absolute;top:801;left:346"> </DIV>
<DIV style="position:absolute;top:801;left:395"> </DIV>
<DIV style="position:absolute;top:801;left:442"> </DIV>
<DIV style="position:absolute;top:801;left:490"> </DIV>
<DIV style="position:absolute;top:801;left:538"> </DIV>
<DIV style="position:absolute;top:801;left:585"> </DIV>
<DIV style="position:absolute;top:801;left:633"> </DIV>
<DIV style="position:absolute;top:800;left:681"> </DIV>
<DIV style="position:absolute;top:816;left:119">Choco 10 ............... </DIV>
<DIV style="position:absolute;top:816;left:242">1.3  </DIV>
<DIV style="position:absolute;top:816;left:289">3.7  </DIV>
<DIV style="position:absolute;top:816;left:335">162  </DIV>
<DIV style="position:absolute;top:816;left:381">17.8  </DIV>
<DIV style="position:absolute;top:816;left:432">1.7  </DIV>
<DIV style="position:absolute;top:816;left:478">972  </DIV>
<DIV style="position:absolute;top:816;left:524">19.1  </DIV>
<DIV style="position:absolute;top:816;left:576">1.8  </DIV>
<DIV style="position:absolute;top:816;left:617">1,133  </DIV>
<DIV style="position:absolute;top:816;left:673">24</DIV>
<DIV style="position:absolute;top:815;left:681"> </DIV>
<DIV style="position:absolute;top:831;left:119"><b>Peru </b></DIV>
<DIV style="position:absolute;top:831;left:204"> </DIV>
<DIV style="position:absolute;top:831;left:251"> </DIV>
<DIV style="position:absolute;top:831;left:299"> </DIV>
<DIV style="position:absolute;top:831;left:346"> </DIV>
<DIV style="position:absolute;top:831;left:395"> </DIV>
<DIV style="position:absolute;top:831;left:442"> </DIV>
<DIV style="position:absolute;top:831;left:490"> </DIV>
<DIV style="position:absolute;top:831;left:538"> </DIV>
<DIV style="position:absolute;top:831;left:585"> </DIV>
<DIV style="position:absolute;top:831;left:633"> </DIV>
<DIV style="position:absolute;top:831;left:681"> </DIV>
<DIV style="position:absolute;top:845;left:119">Cerro Corona .........</DIV>
<DIV style="position:absolute;top:845;left:204"> </DIV>
<DIV style="position:absolute;top:845;left:238">22.0  </DIV>
<DIV style="position:absolute;top:845;left:289">1.2  </DIV>
<DIV style="position:absolute;top:845;left:335">816  </DIV>
<DIV style="position:absolute;top:845;left:381">57.0  </DIV>
<DIV style="position:absolute;top:845;left:432">1.0  </DIV>
<DIV style="position:absolute;top:845;left:473">1,761  </DIV>
<DIV style="position:absolute;top:845;left:524">79.1  </DIV>
<DIV style="position:absolute;top:845;left:576">1.0  </DIV>
<DIV style="position:absolute;top:845;left:617">2,578  </DIV>
<DIV style="position:absolute;top:845;left:673">&#8212; </DIV>
<DIV style="position:absolute;top:861 ;left:119"><b>Total Surface</b>.........</DIV>
<DIV style="position:absolute;top:861 ;left:204"> </DIV>
<DIV style="position:absolute;top:861 ;left:234">163.4  </DIV>
<DIV style="position:absolute;top:861 ;left:289">1.3  </DIV>
<DIV style="position:absolute;top:861 ;left:330">7,004  </DIV>
<DIV style="position:absolute;top:861 ;left:378">231.7  </DIV>
<DIV style="position:absolute;top:861 ;left:432">1.2  </DIV>
<DIV style="position:absolute;top:861 ;left:473">9,222  </DIV>
<DIV style="position:absolute;top:861 ;left:521">395.0  </DIV>
<DIV style="position:absolute;top:861 ;left:576">1.3  </DIV>
<DIV style="position:absolute;top:861 ;left:612">16,224  </DIV>
<DIV style="position:absolute;top:861 ;left:664">1,160  </DIV>
<DIV style="position:absolute;top:877 ;left:119"><b>Total </b>.....................</DIV>
<DIV style="position:absolute;top:877 ;left:204"> </DIV>
<DIV style="position:absolute;top:877 ;left:234">219.8  </DIV>
<DIV style="position:absolute;top:877 ;left:289">2.9  </DIV>
<DIV style="position:absolute;top:877 ;left:326">20,562  </DIV>
<DIV style="position:absolute;top:877 ;left:378">356.9  </DIV>
<DIV style="position:absolute;top:877 ;left:432">3.6  </DIV>
<DIV style="position:absolute;top:877 ;left:470">41,219  </DIV>
<DIV style="position:absolute;top:877 ;left:521">576.6  </DIV>
<DIV style="position:absolute;top:877 ;left:576">3.3  </DIV>
<DIV style="position:absolute;top:877 ;left:612">61,778  </DIV>
<DIV style="position:absolute;top:877 ;left:664">4,073</DIV>
<DIV style="position:absolute;top:875 ;left:681"> </DIV>
<DIV style="position:absolute;top:891 ;left:91 "><font style="font-size:9pt;"> </font></DIV>
<DIV style="position:absolute;top:925 ;left:119"><font style="font-size:8.5pt;">Notes: </font></DIV>
<DIV style="position:absolute;top:920 ;left:210"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:940 ;left:119"><font style="font-size:8.5pt;">(1)  (a) Quoted as mill delivered tons and Run of Mine, or RoM, grades, inclusive of all mining dilutions and gold losses </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:8pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-7511;clip:rect(7511,758,8584,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">13 </font></DIV>
<DIV style="position:absolute;top:132;left:137"><font style="line-height:13px;">except mill recovery. Metallurgical recovery factors have not been applied to the reserve figures. The approximate <br>metallurgical factors are as follows: (1) Driefontein 97%; (2) Kloof 97%; (3) Beatrix 96%; (4) Tarkwa 95% for milling, 64% <br>for heap leach; (5) Damang 90.9% to 93.5%; (6) St. Ives 85% to 95% for milling, 55% to 60% for heap leach; and <br>(7) Agnew 93% to 95%. The metallurgical recovery is the ratio, expressed as a percentage, of the mass of the specific <br>mineral product actually recovered from ore treated at the plant to its total specific mineral content before treatment. The <br>South African operations have a fairly consistent metallurgical recovery, while the recoveries on the International <br>operations vary according to the mix of the source material and method of treatment. </font></DIV>
<DIV style="position:absolute;top:240;left:137"><font style="line-height:13px;">(b) For Driefontein, Kloof and Beatrix, a gold price of Rand 92,000 per kilogram ($400 per ounce at an exchange rate of <br>Rand 7.15 per $1.00) was applied in calculating ore reserve figures. For the Tarkwa and Damang operations and the <br>Cerro Corona Project, ore reserve figures are based on an optimized pit at a gold price of $400 per ounce. For the <br>Australian operations ore reserve figures are based on a gold price of A$560 per ounce ($400 per ounce at an exchange <br>rate of A$1.40 per $1.00). Open pit ore reserves at the Australian operations are similarly based on optimized pits. The <br>gold price used for reserves is the three-year average, calculated on a monthly basis, of the London afternoon fixing <br>price of gold. </font></DIV>
<DIV style="position:absolute;top:348;left:137"><font style="line-height:13px;">(c) For the South African operations, mine dilution relates to the difference between the mill tonnage and the stope face <br>tonnage and includes other sources stoping (which is waste that is broken on the mining horizon, other than on the <br>stope face), development to mill and tonnage discrepancy (which is the difference between the tonnage expected on the <br>basis of the mine&#8217;s measuring methods and the tonnage accounted for by the plant). For the International operations, <br>dilution relates to unplanned waste and/or low-grade material being mined and delivered to the mill. Ranges are given <br>for those operations that have multiple orebody styles and mining methodologies. The mine dilution factors are as <br>follows: (i) Driefontein 24%; (ii) Kloof 22%; (iii) Beatrix 23%; (iv) Tarkwa 10%; (v) Damang 11% to 15%; (vi) St. Ives 16% <br>to 18%; and (vii) Agnew 10% to 20%. </font></DIV>
<DIV style="position:absolute;top:470;left:137"><font style="line-height:13px;">(d) The mining recovery factor relates to the proportion or percentage of ore mined from the defined orebody at the gold <br>price used for the declaration of reserves. This percentage will vary from mining area to mining area. This percentage <br>reflects planned and scheduled reserves against total potentially available reserves (at the gold price used for the <br>declaration of reserves), with all modifying factors, mining constraints and pillar discounts applied. The mining recovery <br>factors are as follows: (i) Driefontein 86.5%; (ii) Kloof 61%; (iii) Beatrix 65%; (iv) Tarkwa 95%; (v) Damang 91.6%; (vi) St. <br>Ives 81%; and (vii) Agnew 96%. </font></DIV>
<DIV style="position:absolute;top:563;left:137"><font style="line-height:13px;">(e) The pay limit (South African operations) and cut-off grade (International operations) vary per shaft, open pit or <br>underground mine, depending on the respective costs, depletion schedule, ore type and dilution. The following are the <br>average or range of values applied in the planning process: (i) Driefontein 1,520 cm.g/t; (ii) Kloof 1,500 cm.g/t; <br>(iii) Beatrix 970 cm.g/t; (iv) Tarkwa 0.33 g/t for heap leach and 0.54 g/t for mill feed; (v) Damang 0.89 g/t for fresh ore <br>and 0.59 g/t for oxide ore; (vi) St. Ives 0.8 g/t for heap leach, 1.0 g/t for mill feed&#8212;open pit, and 2.2&#8212;5.1 g/t for mill <br>feed&#8212;underground; (vii) Agnew 0.71-0.89 g/t for mill feed&#8212;open pit, and 3.1&#8212;6.1 g/t for mill feed&#8212;underground. </font></DIV>
<DIV style="position:absolute;top:657;left:137">(f) Totals may not sum due to rounding. Where this occurs it is not deemed significant </DIV>
<DIV style="position:absolute;top:680;left:119">(2)  Actual gold produced after metallurgical recovery. </DIV>
<DIV style="position:absolute;top:699;left:119">(3)  Above infrastructure reserves relate to mineralization which is located at a level at which an operation currently has </DIV>
<DIV style="position:absolute;top:714;left:137"><font style="line-height:13px;">infrastructure sufficient to allow mining operations to occur. Below infrastructure reserves relate to mineralization which <br>is located at a level at which an operation currently does not have infrastructure sufficient to allow mining operations to <br>occur, but where the operation has made plans to install additional infrastructure in the future which will allow mining to <br>occur at that level. </font></DIV>
<DIV style="position:absolute;top:775;left:119">(4)  Includes some gold produced from stockpile material, which cannot be separately measured. </DIV>
<DIV style="position:absolute;top:794;left:119">(5)  Excludes inferred material within the pit design. </DIV>
<DIV style="position:absolute;top:811;left:91 "> </DIV>
<DIV style="position: absolute; top: 834; left: 91; width: 643; height: 30"><font style="font-size:9pt;line-height:21px;">The following table sets forth the proven and probable copper reserves of the Cerro Corona Project as <br>of June 30, 2006, that are attributable to Gold Fields.  </font></DIV>
<DIV style="position:absolute;top:879 ;left:91 "><font style="font-size:9pt;"> </font></DIV>
<DIV style="position:absolute;top:906 ;left:91 "><font style="font-size:9pt;"> </font></DIV>
<DIV style="position:absolute;top:932 ;left:91 "><font style="font-size:9pt;"> </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-8584;clip:rect(8584,758,9657,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.7pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">14 </font></DIV>
<DIV style="position:absolute;top:132;left:91 "><b>Copper ore reserve statement as of June 30, 2006 </b></DIV>
<DIV style="position:absolute;top:207;left:119"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:199;left:204"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 204; left: 234; width: 524; height: 22"><font style="font-size:7pt;">Tons</font></DIV>
<DIV style="position:absolute;top:199;left:251"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 187; left: 276; width: 482; height: 23"><font style="font-size:7pt;">Proven</font></DIV>
<DIV style="position: absolute; top: 196; left: 268; width: 490; height: 21"><font style="font-size:7pt;">Reserves </font></DIV>
<DIV style="position: absolute; top: 205; left: 267; width: 491; height: 21"><font style="font-size:7pt;">Grade Cu</font></DIV>
<DIV style="position:absolute;top:199;left:299"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 201; left: 337; width: 421; height: 25"><font style="font-size:7pt;">Cu</font></DIV>
<DIV style="position:absolute;top:199;left:346"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 204; left: 378; width: 380; height: 22"><font style="font-size:7pt;">Tons</font></DIV>
<DIV style="position:absolute;top:199;left:395"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 187; left: 413; width: 345; height: 23"><font style="font-size:7pt;">Probable </font></DIV>
<DIV style="position: absolute; top: 196; left: 412; width: 346; height: 21"><font style="font-size:7pt;">Reserves </font></DIV>
<DIV style="position: absolute; top: 204; left: 411; width: 347; height: 22"><font style="font-size:7pt;">Grade Cu</font></DIV>
<DIV style="position:absolute;top:199;left:442"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 202; left: 480; width: 278; height: 24"><font style="font-size:7pt;">Cu</font></DIV>
<DIV style="position:absolute;top:199;left:490"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 204; left: 521; width: 237; height: 22"><font style="font-size:7pt;">Tons</font></DIV>
<DIV style="position:absolute;top:199;left:538"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 187; left: 569; width: 189; height: 23"><font style="font-size:7pt;">Total </font></DIV>
<DIV style="position: absolute; top: 195; left: 555; width: 203; height: 22"><font style="font-size:7pt;">Reserves </font></DIV>
<DIV style="position: absolute; top: 204; left: 554; width: 204; height: 22"><font style="font-size:7pt;">Grade Cu</font></DIV>
<DIV style="position:absolute;top:199;left:585"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:207;left:623"><font style="font-size:7pt;">Cu</font></DIV>
<DIV style="position:absolute;top:199;left:633"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position: absolute; top: 154; left: 645; width: 113; height: 23"><font style="font-size:7pt;">Attributable </font></DIV>
<DIV style="position: absolute; top: 163; left: 657; width: 101; height: 22"><font style="font-size:7pt;">Copper </font></DIV>
<DIV style="position: absolute; top: 172; left: 647; width: 111; height: 22"><font style="font-size:7pt;">production </font></DIV>
<DIV style="position: absolute; top: 180; left: 653; width: 105; height: 21"><font style="font-size:7pt;">in the 12 </font></DIV>
<DIV style="position: absolute; top: 187; left: 657; width: 101; height: 23"><font style="font-size:7pt;">months </font></DIV>
<DIV style="position: absolute; top: 196; left: 643; width: 115; height: 21"><font style="font-size:7pt;">ended June </font></DIV>
<DIV style="position: absolute; top: 204; left: 652; width: 106; height: 22"><font style="font-size:7pt;">30, 2006</font></DIV>
<DIV style="position:absolute;top:199;left:681"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:215;left:119"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:215;left:204"><font style="font-size:7pt;">  (million) </font></DIV>
<DIV style="position: absolute; top: 215; left: 261; width: 497; height: 19"><font style="font-size:7pt;">  (%) </font></DIV>
<DIV style="position: absolute; top: 215; left: 299; width: 459; height: 19"><font style="font-size:7pt;">  (million lbs)&nbsp;</font><font style="font-size:7pt;">&nbsp;&nbsp;&nbsp;
  </font><font style="font-size:7pt;">(million) </font></DIV>
<DIV style="position: absolute; top: 215; left: 407; width: 351; height: 19"><font style="font-size:7pt;">  (%) </font></DIV>
<DIV style="position: absolute; top: 215; left: 446; width: 312; height: 19"><font style="font-size:7pt;">  (million lbs)&nbsp;</font><font style="font-size:7pt;">&nbsp;&nbsp;
  </font><font style="font-size:7pt;">(million) </font></DIV>
<DIV style="position: absolute; top: 215; left: 547; width: 211; height: 19"><font style="font-size:7pt;">  (%) </font></DIV>
<DIV style="position:absolute;top:215;left:585"><font style="font-size:7pt;">  (million lbs)    (million lbs)   </font></DIV>
<DIV style="position: absolute; top: 218; left: 119; width: 639; height: 27"><font style="font-size:7pt;line-height:9px;"><b>Surface (Open Pit) <br>Peru </b></font></DIV>
<DIV style="position:absolute;top:232;left:204"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:251"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:299"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:346"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:395"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:442"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:490"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:538"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:585"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:224;left:633"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:232;left:681"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:239;left:119"><font style="font-size:7pt;">Cerro
  Corona...........</font></DIV>
<DIV style="position:absolute;top:239;left:204"><font style="font-size:7pt;"> </font></DIV>
<DIV style="position:absolute;top:239;left:237"><font style="font-size:7pt;">20.7  </font></DIV>
<DIV style="position:absolute;top:239;left:288"><font style="font-size:7pt;">0.6  </font></DIV>
<DIV style="position:absolute;top:239;left:334"><font style="font-size:7pt;">288  </font></DIV>
<DIV style="position:absolute;top:239;left:379"><font style="font-size:7pt;">55.1  </font></DIV>
<DIV style="position:absolute;top:239;left:431"><font style="font-size:7pt;">0.5  </font></DIV>
<DIV style="position:absolute;top:239;left:477"><font style="font-size:7pt;">591  </font></DIV>
<DIV style="position:absolute;top:239;left:523"><font style="font-size:7pt;">75.9  </font></DIV>
<DIV style="position:absolute;top:239;left:574"><font style="font-size:7pt;">0.5  </font></DIV>
<DIV style="position:absolute;top:239;left:620"><font style="font-size:7pt;">879  </font></DIV>
<DIV style="position:absolute;top:239;left:673"><font style="font-size:7pt;">&#8212; </font></DIV>
<DIV style="position:absolute;top:248;left:91 "> </DIV>
<DIV style="position:absolute;top:275;left:91 "><b>Gold and copper price sensitivity </b></DIV>
<DIV style="position:absolute;top:301;left:91 "><font style="line-height:17px;">The amount of gold mineralization that Gold Fields can economically extract, and therefore can <br>classify as reserves, is very sensitive to fluctuations in the price of gold. At gold prices different from <br>the gold price of $400 per ounce used to estimate Gold Fields&#8217; attributable reserves of 61.8 million <br>ounces of gold as of June 30, 2006 listed above, Gold Fields&#8217; operations would have had significantly <br>different reserves. Based on the same methodology and assumptions as were used to estimate Gold <br>Fields&#8217; reserves as of June 30, 2006 listed above, but applying different gold prices that are 10% <br>above and below the $400 per ounce gold price used to estimate Gold Fields&#8217; attributable reserves, <br>the attributable gold reserves of Gold Fields&#8217; operations would have been as follows (excluding <br>attributable reserves from Choco 10 as explained below): </font></DIV>
<DIV style="position:absolute;top:477;left:119"> </DIV>
<DIV style="position:absolute;top:470;left:411"> </DIV>
<DIV style="position:absolute;top:477;left:451"><b>$ 360/oz</b></DIV>
<DIV style="position:absolute;top:470;left:501"><b> </b></DIV>
<DIV style="position:absolute;top:477;left:541"><b>$ 400/oz </b></DIV>
<DIV style="position:absolute;top:470;left:592"><b> </b></DIV>
<DIV style="position:absolute;top:477;left:632"><b>$ 440/oz </b></DIV>
<DIV style="position:absolute;top:470;left:682"><b> </b></DIV>
<DIV style="position:absolute;top:493;left:119"> </DIV>
<DIV style="position:absolute;top:493;left:411"> </DIV>
<DIV style="position:absolute;top:493;left:531">(&#8216;000 oz) </DIV>
<DIV style="position:absolute;top:493;left:682"> </DIV>
<DIV style="position:absolute;top:507;left:119">Driefontein</DIV>
<DIV style="position:absolute;top:505;left:181"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:507;left:192">................................................................ </DIV>
<DIV style="position:absolute;top:507;left:462">14,145</DIV>
<DIV style="position: absolute; top: 505; left: 506; width: 252; height: 19"><font style="font-size:6.0pt;">(2) </font></DIV>
<DIV style="position:absolute;top:507;left:552">22,633  </DIV>
<DIV style="position:absolute;top:507;left:642">22,741  </DIV>
<DIV style="position:absolute;top:522;left:119">Kloof</DIV>
<DIV style="position:absolute;top:520;left:148"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:522;left:159">...........................................................................</DIV>
<DIV style="position:absolute;top:522;left:411"> </DIV>
<DIV style="position:absolute;top:522;left:462">10,432</DIV>
<DIV style="position: absolute; top: 520; left: 504; width: 254; height: 19"><font style="font-size:6.0pt;">(3)</font></DIV>
<DIV style="position:absolute;top:522;left:511"> </DIV>
<DIV style="position:absolute;top:522;left:552">14,092  </DIV>
<DIV style="position:absolute;top:522;left:642">15,526  </DIV>
<DIV style="position:absolute;top:537;left:119">Beatrix</DIV>
<DIV style="position:absolute;top:534;left:158"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:537;left:170">.......................................................................</DIV>
<DIV style="position:absolute;top:537;left:411"> </DIV>
<DIV style="position:absolute;top:537;left:469">6,402 </DIV>
<DIV style="position:absolute;top:537;left:559">7,927  </DIV>
<DIV style="position:absolute;top:537;left:649">9,362  </DIV>
<DIV style="position:absolute;top:551;left:119">Tarkwa
  ..........................................................................</DIV>
<DIV style="position:absolute;top:551;left:411"> </DIV>
<DIV style="position:absolute;top:551;left:469">8,404 </DIV>
<DIV style="position:absolute;top:551;left:559">9,881  </DIV>
<DIV style="position:absolute;top:551;left:642">12,441  </DIV>
<DIV style="position:absolute;top:566;left:119">Damang
  .......................................................................</DIV>
<DIV style="position:absolute;top:566;left:411"> </DIV>
<DIV style="position:absolute;top:566;left:479">814 </DIV>
<DIV style="position:absolute;top:566;left:570">928  </DIV>
<DIV style="position:absolute;top:566;left:660">984  </DIV>
<DIV style="position:absolute;top:581;left:119">St. Ives
  ..........................................................................</DIV>
<DIV style="position:absolute;top:581;left:411"> </DIV>
<DIV style="position:absolute;top:581;left:469">1,622 </DIV>
<DIV style="position:absolute;top:581;left:559">1,921  </DIV>
<DIV style="position:absolute;top:581;left:649">2,100  </DIV>
<DIV style="position:absolute;top:595;left:119">Agnew
  ...........................................................................</DIV>
<DIV style="position:absolute;top:595;left:411"> </DIV>
<DIV style="position:absolute;top:595;left:479">538 </DIV>
<DIV style="position:absolute;top:595;left:570">685  </DIV>
<DIV style="position:absolute;top:595;left:660">753  </DIV>
<DIV style="position:absolute;top:610;left:119">Cerro Corona
  ..............................................................</DIV>
<DIV style="position:absolute;top:610;left:411"> </DIV>
<DIV style="position:absolute;top:610;left:469">2,419 </DIV>
<DIV style="position:absolute;top:610;left:559">2,578  </DIV>
<DIV style="position:absolute;top:610;left:649">2,578 </DIV>
<DIV style="position: absolute; top: 607; left: 686; width: 72; height: 19"><font style="font-size:6.0pt;">(4) </font></DIV>
<DIV style="position:absolute;top:625;left:119">Total</DIV>
<DIV style="position:absolute;top:623;left:147"><font style="font-size:6.0pt;">(1)(5)</font></DIV>
<DIV style="position:absolute;top:625;left:170">.......................................................................</DIV>
<DIV style="position:absolute;top:625;left:411"> </DIV>
<DIV style="position:absolute;top:625;left:462">44,776 </DIV>
<DIV style="position:absolute;top:625;left:552">60,645  </DIV>
<DIV style="position:absolute;top:625;left:642">66,485  </DIV>
<DIV style="position:absolute;top:642;left:91 "> </DIV>
<DIV style="position:absolute;top:680;left:119"><font style="font-size:8.5pt;">Notes: </font></DIV>
<DIV style="position:absolute;top:672;left:210"> </DIV>
<DIV style="position:absolute;top:691;left:119"><font style="font-size:8.5pt;">(1) </font></DIV>
<DIV style="position:absolute;top:691;left:149"><font style="font-size:8.5pt;">South African operations&#8217; reserves include run-of-mine ore stockpiles.  </font></DIV>
<DIV style="position:absolute;top:706;left:119"><font style="font-size:8.5pt;">(2) </font></DIV>
<DIV style="position:absolute;top:706;left:149"><font style="font-size:8.5pt;line-height:16px;">Excludes Shaft No. 5 below infrastructure material that would not be economical to mine, and thus would not be a <br>reserve, at this lower gold price. </font></DIV>
<DIV style="position:absolute;top:739;left:119"><font style="font-size:8.5pt;">(3) </font></DIV>
<DIV style="position:absolute;top:739;left:148"><font style="font-size:8.5pt;line-height:16px;">Excludes revised Kloof Extension Area, or KEA, below infrastructure material that would not be economical to mine, <br>and thus would not be a reserve, at this lower gold price. </font></DIV>
<DIV style="position:absolute;top:773;left:119"><font style="font-size:8.5pt;">(4) </font></DIV>
<DIV style="position:absolute;top:773;left:148"><font style="font-size:8.5pt;line-height:16px;">The tailings management facility, or TMF, has a finite capacity of 90Mt and the ore reserves therefore cannot change <br>once the TMF has been filled. </font></DIV>
<DIV style="position:absolute;top:806;left:119"><font style="font-size:8.5pt;">(5) </font></DIV>
<DIV style="position:absolute;top:806;left:148"><font style="font-size:8.5pt;line-height:16px;">The sensitivity analyses are calculated as 10% above and below the base price in the local currency of the respective <br>operation, with Ghana and Cerro Corona in US$, at an exchange rate of Rand 7.15 per $1.00 for the South African <br>operations and A$1.40 per $1.00 for the Australian operation. Choco 10 was acquired by Gold Fields in early 2006, <br>and, because equivalent sensitivities to those declared above were not available, they have been excluded from the <br>above table. </font></DIV>
<DIV style="position:absolute;top:880 ;left:91 "> </DIV>
<DIV style="position:absolute;top:906 ;left:91 ">The London afternoon fixing price for gold on November 15, 2006 was $617.75 per ounce. </DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-9657;clip:rect(9657,758,10730,0)" src="goldfields_response006n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:657"><font style="font-size:6.8pt;">15 </font></DIV>
<DIV style="position:absolute;top:132;left:91 "><font style="line-height:17px;">Gold Fields&#8217; attributable gold reserves decreased from 62.8 million ounces at June 30, 2005 to 61.8 <br>million ounces at June 30, 2006, primarily as a result of depletion due to mining, and offset in part by <br>the inclusion of Choco 10. </font></DIV>
<DIV style="position:absolute;top:194;left:91 "><font style="line-height:17px;">The amount of copper mineralization that Gold Fields can economically extract, and therefore can <br>classify as reserves, is sensitive to fluctuations in the price of copper. At copper prices different from <br>the copper price of $1.00 per pound used to estimate Gold Fields&#8217; attributable copper reserves of 879 <br>million pounds as of June 30, 2006 listed above, Gold Fields&#8217; operations would have had significantly <br>different copper reserves. Based on the same methodology and assumptions as were used to <br>estimate Gold Fields&#8217; copper reserves as of June 30, 2006 listed above, but applying different copper <br>prices that are 10% above and below the copper price of $1.00 per pound used to estimate Gold <br>Fields&#8217; attributable copper reserves, the attributable copper reserves of Gold Fields&#8217; operations would <br>have been as follows: </font></DIV>
<DIV style="position:absolute;top:370;left:85 "> </DIV>
<DIV style="position:absolute;top:362;left:380"> </DIV>
<DIV style="position:absolute;top:370;left:421"><b>$ 0.90/lb</b></DIV>
<DIV style="position:absolute;top:362;left:472"><b> </b></DIV>
<DIV style="position:absolute;top:370;left:512"><b>$ 1.00/lb</b></DIV>
<DIV style="position:absolute;top:362;left:563"><b> </b></DIV>
<DIV style="position:absolute;top:370;left:604"><b>$ 1.10/lb</b></DIV>
<DIV style="position:absolute;top:362;left:655"> </DIV>
<DIV style="position:absolute;top:385;left:85 "> </DIV>
<DIV style="position:absolute;top:385;left:380"> </DIV>
<DIV style="position:absolute;top:385;left:471">Copper (million lbs) </DIV>
<DIV style="position:absolute;top:385;left:655"> </DIV>
<DIV style="position:absolute;top:400;left:85 ">Cerro Corona................................................................</DIV>
<DIV style="position:absolute;top:400;left:380"> </DIV>
<DIV style="position:absolute;top:400;left:450">861 </DIV>
<DIV style="position:absolute;top:400;left:542">879 </DIV>
<DIV style="position:absolute;top:400;left:633">879</DIV>
<DIV style="position:absolute;top:397;left:655"><font style="font-size:6.0pt;">(1)</font></DIV>
<DIV style="position:absolute;top:400;left:665"> </DIV>
<DIV style="position:absolute;top:488;left:91 "> </DIV>
<DIV style="position:absolute;top:515;left:91 "><font style="line-height:17px;">Gold Fields&#8217; methodology for determining its reserves is subject to change and is based upon <br>estimates and assumptions made by management regarding a number of factors as noted above <br>under &#8220;&#8212;Methodology.&#8221; Accordingly, the sensitivity analysis of Gold Fields&#8217; reserves provided above <br>should not be relied upon as indicative of what the estimate of Gold Fields&#8217; reserves would actually be <br>or have been at the gold or copper prices indicated, or at any other gold or copper price, nor should it <br>be relied upon as a basis for estimating Gold Fields&#8217; ore reserves based on the current gold or copper <br>price or what Gold Fields&#8217; reserves will be at any time in the future. See &#8220;Risk Factors&#8212;Gold Fields&#8217; <br>reserves are estimates based on a number of assumptions, any changes to which may require Gold <br>Fields to lower its estimated reserves. </font></DIV>

<DIV style="position:absolute;top:683;left:91 "><b> </b></DIV>
<DIV style="position:absolute;top:709;left:91 "><font style="line-height:17px;">The following additional terms will be included in the Glossary of Mining Terms, which starts on page <br>119: </font></DIV>
<DIV style="position:absolute;top:753;left:91 "><b>Declustered averaging:</b>  an estimation technique used in the evaluation of ore reserves. </DIV>
<DIV style="position:absolute;top:781;left:91 "><b>Kriging:</b>  an estimation technique used in the evaluation of ore reserves. </DIV>
<DIV style="position:absolute;top:807;left:91 "><b>Sichel &#8220;t&#8221;</b>: an estimation technique used in the evaluation of ore reserves. </DIV>
<DIV style="position:absolute;top:834;left:91 "> </DIV>
<DIV style="position:absolute;top:441;left:91 "><font style="font-size:8.5pt;">Note: </font></DIV>
<DIV style="position:absolute;top:432;left:183"> </DIV>
<DIV style="position:absolute;top:453;left:91 "><font style="font-size:8.5pt;">(1) </font></DIV>
<DIV style="position:absolute;top:453;left:122"><font style="font-size:8.5pt;line-height:13px;">Under the current tailings dam design at the Cerro Corona Project, reserves would not respond to an upward <br>movement of the copper price because of current capacity constraints at the tailings storage facility for the Cerro <br>Corona Project. </font></DIV>
</DIV>
</FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>goldfields_response006n.gif
<TEXT>
begin 644 goldfields_response006n.gif
M1TE&.#EA]@+J*?<``````(````"``("`````@(``@`"`@("`@,#`P/\```#_
M`/__````__\`_P#______P``````````````````````````````````````
M````````````````````````````````````````````````````````````
M````,P``9@``F0``S```_P`S```S,P`S9@`SF0`SS``S_P!F``!F,P!F9@!F
MF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9_P#,``#,,P#,9@#,F0#,S`#,_P#_
M``#_,P#_9@#_F0#_S`#__S,``#,`,S,`9C,`F3,`S#,`_S,S`#,S,S,S9C,S
MF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F_S.9`#.9,S.99C.9F3.9S#.9_S/,
M`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_9C/_F3/_S#/__V8``&8`,V8`9F8`
MF68`S&8`_V8S`&8S,V8S9F8SF68SS&8S_V9F`&9F,V9F9F9FF69FS&9F_V:9
M`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,9F;,F6;,S&;,_V;_`&;_,V;_9F;_
MF6;_S&;__YD``)D`,YD`9ID`F9D`S)D`_YDS`)DS,YDS9IDSF9DSS)DS_YEF
M`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF99IF9F9F9S)F9_YG,`)G,,YG,9IG,
MF9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G__\P``,P`,\P`9LP`F<P`S,P`_\PS
M`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF9LQFF<QFS,QF_\R9`,R9,\R99LR9
MF<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,_\S_`,S_,\S_9LS_F<S_S,S___\`
M`/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S9O\SF?\SS/\S__]F`/]F,_]F9O]F
MF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9___,`/_,,__,9O_,F?_,S/_,____
M`/__,___9O__F?__S/___R'Y!`$``!``+`````#V`NHI``C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW,FSI\^?0(,*'4JTJ-&C2),J7<JTJ=.G4*-*G4JUJM6K
M6+-JW<JUJ]>O8,.*'4NVK-FS:-.J7<NVK=NW<./*G4NWKMV[>//JW<NWK]^_
M@`,+'DRXL.'#B!,K7LRXL>/'D"-+GDRYLN7+F#-KWLRYL^?/H$.+'DVZM.G3
MJ%.K7LVZM>O7L&/+GDV[MNW;N'/KWLV[M^_?P(,+'TZ\N/'CR),K7\Z\N?/G
MT*-+GTZ]NO7KV+-KW\Z]N_?OX,.+_Q]/OKSY\^C3JU_/OKW[]_#CRY]/O[[]
M^_CSZ]_/O[___P`&*."`!!9HX($()JC@@@PVZ."#$$8HX8045FCAA1AFJ.&&
M'';HX8<@ABCBB"26:.*)**:HXHHLMNCBBS#&*..,--9HXXTXYJCCCCSVZ../
M0`8IY)!$%FGDD4@FJ>223#;IY)-01BGEE%16:>656&:IY99<=NGEEV"&*>:8
M9)9IYIEHIJGFFFRVZ>:;<,8IYYQTUFGGG7CFJ>>>?/;IYY^`!BKHH(06:NBA
MB":JZ**,-NKHHY!&*NFDE%9JZ:689JKIIIQVZNFGH(8JZJBDEFKJJ:BFJNJJ
MK+;JZJNPQO\JZZRTUFKKK;CFJNNNO/;JZZ_`!BOLL,06:^RQR":K[++,-NOL
ML]!&*^VTU`(XA1_79HOMMMIVR^VWWH8+[KCBEDONN>:F.VZUK%'SC[OPOBMO
MO/3.:V^]^-ZK;[[\[NMOOP#KR^[`!!=L\,$()ZSPP@PW[/##$$<L\<045VSQ
MQ1AGK/'&''?L\<<@ARSRR"27;/+)#*9"C<HLK^QRRS"_+'/,-,]L<\TXWZQS
MSCSO['//0/\L=-!$#VUTT4CK?#`U*#3M]--01RWUU%17;?756&>M]=9<=^WU
MUV"'+7;4"*=B]MEHIZWVVFRW[?;;<,<M]]QTUVWWW7CGK??>:J/_[/??@`<N
M^."$%V[XX8@GKOCBC#?N^..01R[YY)17;OGEF&>N^>:<=^[YYR:Z*Y#H\HX^
M$.FHGZZZZ:R7[GKJK</^^NJSQTZ[[+C?KKOMO-?N>^Z]`__[[L,''_@4R">O
M_/+,-^_\\]!'+_WTU%=O_?789Z_]]MC[`?KWX(<O_OCDEV_^^>BGK_[Z[+?O
M_OOPQR___/37;__]^.>O__[\]^___P`,H``'2,`"&O"`"$R@`A?(P`8Z\($0
MC*`$)TC!"EKP@AC,H`8WR,$.>O"#(`RA"$=(PA*:\(0H3*$*5\C"%KKPA3",
MH0QG2,,:VO"&.,RA#G?(PQ[Z\(=`#*(0_X=(Q"(:\8A(3*(2E\C$)CKQB5",
MHA2G2,4J6O&*6,RB%K?(Q2YZ\8M@#*,8QTC&,IKQC&A,HQK7R,8VNO&-<(RC
M'.=(QSK:\8YXS*,>]\C'/OKQCX`,I"`'2<A"&O*0B$RD(A?)R$8Z\I&0C*0D
M)TG)2EKRDIC,I"8WR<E.>O*3H`RE*$=)RE*:\I2H3*4J5\G*5KKRE;",I2QG
M2<M:VO*6N,RE+G?)RU[Z\I?`#*8PATG,8AH3+JD8FS*M-H4[)G.9T(Q:,^VX
M,K/Y86W75%LVT[9-M'7S;-^T)C9)=\QRFO.<Z$RG.M?)SG:Z\YWPC*<\YTG/
M>MKSGOC,IS[WR?_/?OKSGP`-J$`'2M""&O2@"$VH0A?*T(8Z]*$0C:A$)TK1
MBEKTHAC-J$8WRM&.>O2C(`VI2$=*TI*:]*0H3:E*5\K2EKKTI3"-J4QG2M.:
MVO2F.,VI3G?*TY[Z]*=`#:I0ATK4HAKUJ$A-JE*7RM2F.O6I4(VJ5*=*U:I:
M]:I8S:I6M\K5KGKUJV`-JUC'2M:RFO6L:$VK6M?*UK:Z]:UPC:M<YTK7NMKU
MKGC-JU[WRM>^^O6O@`VL8`=+V,(:]K"(3:QB%\O8QCKVL9"-K&0G2]G*6O:R
MF,VL9C?+V<YZ]K.@#:UH1TO:TIKVM*A-K6I7R]K6NO:UL(VM;&=+V]K_VO:V
MN,VM;G?+V][Z]K?`#:YPATO<XAKWN,A-KG*7R]SF.O>YT(VN=*=+W>I:][K8
MS:YVM\O=[GKWN^`-KWC'2][RFO>\Z$VO>M?+WO:Z][WPC:]\YTO?^MKWOOC-
MKW[WR]_^^O>_``ZP@`=,X`(;^,`(3K""%\S@!COXP1".L(0G3.$*6_C"&,ZP
MAC?,X0Y[^,,@#K&(1TSB$IOXQ"A.L8I7S.(6N_C%,(ZQC&=,XQK;^,8XSK&.
M=\SC'OOXQT`.LI"'3.0B&_G(2$ZRDI?,Y"8[^<E0CK*4ITSE*EOYREC.LI:W
MS.4N>_G+8`ZSF,=,YC*;^<QH3K.:U\SF-KOY_\UPCK.<YTSG.MOYSGC.LY[W
MS.<^^_G/@`ZTH`=-Z$(;^M"(3K2B%\WH1COZT9".M*0G3>E*6_K2F,ZTIC?-
MZ4Y[^M.@#K6H1TWJ4IOZU*A.M:I7S>I6N_K5L(ZUK&=-ZUK;^M:XSK6N=\WK
M7OOZU\`.MK"'3>QB&_O8R$ZVLI?-[&8[^]G0CK:TITWM:EO[VMC.MK:WS>UN
M>_O;X`ZWN,=-[G*;^]SH3K>ZU\WN=KO[W?".M[SG3>]ZV_O>^,ZWOO?-[W[[
M^]\`#[C`!T[P@AO\X`A/N,(7SO"&._SA$(^XQ"=.\8I;_.(8S[C&-\[QCGO\
MXR`/N<A'3O*2F[Q"X__R0\I7[BV5MYSEWW)YS&&N+9G7G.;;LGG.<7XMG?<\
MY>0$(36&3O2B&_WH2$^ZTI?.]*8[_>E0C[K23T[UJEO]ZEC/NM:WSO6N>_WK
M8`^[V,=.]K*;_>QH3[O:U\[VMKO][7"/N]SG3O>ZV_WN>,^[WO?.][[[_>^`
M#[S@!T_XPAO^\(A/O.(7S_C&._[QD(^\Y"=/^<I;_O*8S[SF-\_YSGO^\Z`/
MO>A'3_K2F_[TJ$^]ZE?/^M:[_O6PC[WL9T_[VMO^]KC/O>YWS_O>^_[WP`^^
M\(=/_.(;__C(3[[RE\_\YCO_^="/OO2G3_WJ6__ZV,^^]K?/_>Y[__O@#[__
M^,=/_O*;__QQY)[ZU\_^[`V1:=&,O_S'-DWTV__^^,^__O?/__[[__\`&(`"
M.(`$6(`&>(`(F(`*N(`,V(`.^(`0&($2.($46($6>($8F($:N($<V($>^($@
M&((B.((D6((F>((HF((JN((LV((N^((P&(,R.(,T6(,V>(,XF(,ZN(,\V(,^
M^(-`&(1".(1$6(1&>(1(F(1*N(1,V(1.^(10&(52.(546(56>(58F(5:N(5<
MV(5>^(5@&(9B.(9D6(9F>(9HF(9JN(9LV(9N^(9P&(=R.(=T6(=V>(=XF(=Z
MN(=\V(=^^(>`&(B".(B$6(B&>(B(F(B*N(B,V(B.__B(D!B)DCB)E%B)EGB)
MF)B)FKB)G-B)GOB)H!B*HCB*I%B*IGB*J)B*JKB*K-B*KOB*L!B+LCB+M%B+
MMGB+N)B+NKB+O-B+OOB+P!B,PCB,Q%B,QGB,R)B,RKB,S-B,SOB,T!B-TCB-
MU%B-UGB-V)B-VKB-W-B-WOB-X!B.XCB.Y%B.YGB.Z)B.ZKB.[-B.[OB.\!B/
M\CB/]%B/]GB/^)B/^KB/_-B/_OB/`!F0`CF0!%F0!GF0")F0"KF0#-F0#OF0
M$!F1$CF1%%F1%GF1&)F1&KF1'-F1'OF1(!F2(CF2)%F2)GF2*)F2*KF2+-F2
M+OF2,!F3,CF3-%F3-GF3./^9DSJYDSS9DS[YDT`9E$(YE$19E$9YE$B9E$JY
ME$S9E$[YE%`9E5(YE519E59YE5B9E5JYE5S9E5[YE6`9EF(YEF19EF9YEFB9
MEFJYEFS9EF[YEG`9EW(YEW19EW9YEWB9EWJYEWS9EW[YEX`9F((YF(19F(9Y
MF(B9F(JYF(S9F([YF)`9F9(YF919F99YF9B9F9JYF9S9F9[YF:`9FJ(YFJ19
MFJ9YFJB9FJJYFJS9FJ[YFK`9F[(YF[19F[9YF[B9F[JYF[S9F[[YF\`9G,(Y
MG,19G,9YG,B9G,JYG,S9G,[YG-`9G=(YG=19G=9YG=B9G=JYG=S9G=[YG>`9
MGN+_.9[D69[F>9[HF9[JN9[LV9[N^9[P&9_R.9_T69_V>9_XF9_ZN9_\V9_^
M^9\`&J`".J`$6J`&>J`(FJ`*NJ`,VJ`.^J`0&J$2.J$46J$6>J$8FJ$:NJ$<
MVJ$>^J$@&J(B.J(D6J(F>J(HFJ(JNJ(LVJ(N^J(P&J,R.J,T6J,V>J,XFJ,Z
MNJ,\VJ,^^J-`&J1".J1$6J1&>J1(FJ1*NJ1,VJ1.^J10&J52.J546J56>J58
MFJ5:NJ5<VJ5>^J5@&J9B.J9D6J9F>J9HFJ9JNJ9LVJ9N^J9P&J=R.J=T6J=V
M>J=XFJ=ZNJ=\VJ=^^J>`&JB".JB$6JB&>JB(FJB*NJB,_]JHCOJHD!JIDCJI
ME%JIEGJIF)JIFKJIG-JIGOJIH!JJHCJJI%JJIGJJJ)JJJKJJK-JJKOJJL!JK
MLCJKM%JKMGJKN)JKNKJKO-JKOOJKP!JLPCJLQ%JLQGJLR)JLRKJLS-JLSOJL
MT!JMTCJMU%JMUGJMV)JMVKJMW-JMWOJMX!JNXCJNY%JNYGJNZ)JNZKJN[-JN
M[OJN\!JO\CJO]%JO]GJO^)JO^KJO_-JO_OJO`!NP`CNP!%NP!GNP")NP"KNP
M#-NP#ONP$!NQ$CNQ%%NQ%GNQ&)NQ&KNQ'-NQ'ONQ(!NR(CNR)%NR)GNR*)NR
M*KNR+-NR+ONR,!NS,CNS-%NS-O][LSB;LSJ[LSS;LS[[LT`;M$([M$1;M$9[
MM$B;M$J[M$S;M$[[M%`;M5([M51;M59[M5B;M5J[M5S;M5[[M6`;MF([MF1;
MMF9[MFB;MFJ[MFS;MF[[MEM$#>TWMW1+MT$71,\T?WJ[MU:3"G#[MT>1MWQ+
M-HB4"NARN.IB+H"[N(S;N([[1$D3N8_D!X.+`O7'2-7$-V_SN)S;N9[[N:`;
MNJ([NJ1;NJ9[NJB;NJJ[NJS;NJ[[NK`;N[([N[1;N[9[N[B;N[J[N[S;N[[[
MN\`;O,([O,1;O,9[O,B;O,J[O,S;O,[[O-`;O=([O=1;O=9[O=B;O=J[O=S;
MO=[[O>#_&[[B.[[D6[[F>[[HF[[JN[[LV[[N^[[P&[_R.[_T6[_V>[_XF[_Z
MN[_\V[_^^[\`',`"/,`$7,`&?,`(G,`*O,`,W,`._,`0',$2/,$47,$6?,$8
MG,$:O,$<W,$>_,$@',(B/,(D7,(F?,(HG,(JO,(LW,(N_,(P',,R/,,T7,,V
M?,,XG,,ZO,,\W,,^_,-`',1"/,1$7,1&?,1(G,1*O,1,W,1._,10',52/,54
M7,56?,58G,5:O,5<W,5>_,5@',9B/,9D7,9F?,9HG,9JO,9LW,9N_,9P',=R
M/,=T7,=V?,=XG,=ZO,=\W,=^_,>`',B"/,B$7,B&?,B(G,B*_[S(C-S(COS(
MD!S)DCS)E%S)EGS)F)S)FKS)G-S)GCQ<U("XHIRXU]1(`7/*_V(OG[S*K%R3
M@ENYR\0;KPS+*(`>M`PU=QL;H;QS/]?+*L?+O^S+,C?,P$S,PKQSLAS,RFS,
MRUS,SOQSZ'',TMS,T\S,WM/*V)S-VKS-W-S-WOS-X!S.XCS.Y%S.YGS.Z)S.
MZKS.[-S.[OS.\!S/\CS/]%S/]GS/^)S/^KS/_-S/_OS/`!W0`CW0!%W0!GW0
M")W0"KW0#-W0#OW0$!W1$CW1%%W1%GW1&)W1&KW1'-W1'OW1(!W2(CW2)%W2
M)GW2*)W2*KW2+-W2+OW2,!W3,CW3-/]=TS9]TSB=TSJ]TSQ=0T/',F8S,T$-
M,T/],D4-U#1SU)DKU$G=U$S]U$2=U+G\0_!WRU8=35/M0S^M-IF+-EU]-E\]
MU%R]-F&-U%Y-UF@]UFJ=-EV=U3UM92MS37)MN'0]UW9=UWA]UWIMN.>QUWZ=
MUX#]UW-M*U5MU9<['E?M-&[=*JC<V*D<+^;AV)*=RF]=V99]V9B=V9J]V9S=
MV9[]V:`=VJ(]VJ1=VJ9]VJB=VJJ]VJS=VJ[]VK`=V[(]V[1=V[9]V[B=V[J]
MV[S=V[[]V\`=W,(]W,1=W,9]W,B=W,J]W,S=W,[]W-`=W=(]W=1=W=9]W=B=
MW=J]W=S=W=[__=W@'=[B/=[D7=[F?=[HG=[JO=[LW=[N_=[P'=_R/=_T7=_V
M?=_XG=_ZO=_\W=_^_=\`'N`"/N`$7N`&?N`(GN`*ON`,WN`._N`0'N$2/N$4
M7N$6?N$8GN$:ON$<WN$>_N$@'N(B/N(D7N(F?N(HGN(JON(LWN(N_N(P'N,R
M/N,T7N,V?N,XGN,ZON,\WN,^_N-`'N1"/N1$7N1&?N1(GN1*ON1,WN1._N10
M'N52/N547N56?N58GN5:ON5<WN5>_N5@'N9B/N9D7N9F?N9HGN9JON9LWN9N
M_N9P'N=R/N=T7N=V?N=XGN=ZON=\WN=^_N>`'NB"/NB$7NB&?NB(_Y[HBK[H
MC-[HCO[HD![IDC[IE%[IEG[IF)[IFK[IG-[IGO[IH![JHC[JI%[JIG[JJ)[J
MJK[JK-[JKO[JL![KLC[KM%[KMG[KN)[KNK[KO-[KOO[KP![LPC[LQ%[LQG[L
MR)[LRK[LS-[LSO[LT![MTC[MU%[MUG[MV)[MVK[MW-[MWO[MX![NXC[NY%[N
MYG[NZ)[NZK[N[-[N[O[N\![O\C[O]%[O]G[O^)[O^K[O_-[O_O[O`!_P`C_P
M!%_P!G_P")_P"K_P#-_P#O_P$!_Q$C_Q%%_Q%G_Q&)_Q&K_Q'-_Q'O_Q(!_R
M(C_R)%_R)G_R*)_R*K_R+-_R+O_R,!_S,O\_\S1?\S9_\SB?\RQ?UIK+-@?1
M\W*3RSP/]&GS\T3_-KE\])MK]$I/U@<Q]$K_]$W?-@@!]4<O]5._-B!RRX<M
M$)1+RU/-]3]_R[ELU6-/R]=<$%9]MX4]N&E?$%-`]@<A]A]R-'8?,T)_]WJO
M,E.]]WJ?]Y'[]S_O]TF#$($?^%)/^$?S](I?-'U_^'?/^)#O^#I?^99_^9B?
M^9J_^9S?^9[_^:`?^J(_^J1?^J9_^JB?^JJ_^JS?^J[_^K`?^[(_^[1?^[9_
M^[B?^[J_^[S?^[[_^\`?_,(__,1?_,9__,B?_,J__,S?_,[__-`?_=(__=1?
M_=9__=B?_=J__=S_W_W>__W@'_[B/_[D7_[F?_[HG_[JO_[LW_[N__[P'__R
M/__T7__V?__XG__ZO__\W__^__\`\4_@0((%#1Y$F%#A0H8-'3Z$&%'B1(H5
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MW;U_!Q]>_'CRY<V?1Y]>_7KV[=V_AQ]?_GSZ]>W?QY]?_W[^_?W_!S!``0<D
ML$`##T0P00479+!!!Q^$,$())Z2P0@LOQ#!##3?DL$,//P0Q1!%')+%$$T]$
M,4455V2Q11=?A#%&&6>DL48;;\0Q1QUWY+%''W\$,D@AAR2R2"./1#)))9=D
MLDDGGX0R2BFGI+)**Z_$,DLMM^2R2R^_!#-,,<<DLTPSQ:1F"C779+---]^$
MD\V#_(BS3COC3.6@-._DL\\Y^P2TSCP-"K30-__U-#11-0<MB$Y%#47TT4+]
M0,A120&-]%),/T2A4T\_!35444?U=(HY244U55*I04A55U\UU2`_7J45558-
MJC5740]*15=?.Z64T%]];7787(,5UMA:BU7V563/A#9:::>EMEIKK\4V6VVW
MY;9;;[\%-UQQQR6W7'//13?=KU)AMUUWWX4W7GG;O;4@:N;%-]]Y$]*W7W_K
M)>A>?P?>EU>"#X973X079A?@@1AF&"&($7;XX8D/EOCB@2O.D)IF:8VUT8]?
M933@D5\]]>142QY(955Y=1G59P>:(F92];1YU)`+JCGG4''V&=2=.:2F:*./
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MQ=9?X/[M]U\``7@]@?PO?P(\X`#KQS\$&M"!#11@QB"HP`<.4&$53&`&'\@Q
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M!&A`!3I0@A;4H`=%:$(5NE"&-M2A#X5H1"4Z48I6U*(7Q6A&-;I1CG;4HQ\%
M:4A%.E*2EM2D)T5I2E6Z4I:VU*4OA6E,93I3FM;4IC?%:4YUNE.>]M2G/P5J
M4(4Z5*(6U:A'16I2E;I4IC;5J4^%:E2E.E6J5M6J5\5J5K6Z5:YVU:M?!6M8
MQ3I6LI;5K&=%:UK5NE:VMM6M;X5K7.4Z5[K6U:YWQ6M>];I7OO;5KW\%;&`%
M.UC"%M:PAT5L8A6[6,8VUK'_CX5L9"4[6<I6UK*7Q6QF-;M9SG;6LY\%;6A%
M.UK2EM:TIT5M:E6[6M:VUK6OA6UL93M;VM;6MK?%;6YUNUO>]M:WOP5N<(4[
M7.(6U[C'16YRE;M<YC;7N<^%;G2E.UWJ5M>ZU\5N=K6[7>YVU[O?!6]XQ3M>
M\I;7O.=%;WK5NU[VMM>][X5O?.4[7_K6U[[WQ6]^];M?_O;7O_\%<(`%/&`"
M%]C`!T9P@A6\8`8WV,$/AG"$)3QA"E?8PA?&<(8UO&$.=]C#'P9QB$4\8A*7
MV,0G1G&*5;QB%K?8Q2^&<8QE/&,:U]C&-\9QCG6\8Q[WV,<_!G*0A3QD(A?9
MR$=&_W*2E;QD)C?9R4^&<I2E/&4J5]G*5\9REK6\92YWV<M?!G.8Q3QF,I?9
MS&=&<YK5O&8VM]G-;X9SG.4\9SK7V<YWQG.>];QG/O?9SW\&=*`%/6A"%]K0
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M=K:WW>UOAWO<Y3YWNM?=[G?'>][UOG>^]]WO?P=\X`4_>,(7WO"'1WSB%;]X
MQC?>\8^'?.0E/WG*5][RE\=\YC6_><YWWO.?!WWH13]ZTI?>]*='?>I5OWK6
MM][UKX=][&4_>]K7WO:WQWWN=;__>][WWO>_!W[PA3]\XA??^,='?O*5OWSF
M-]_YSX=^]*4_?>I7W_K7QW[VM;]][G??^]\'?_C%/W[RE]_\YT=_^M6_?O:W
MW_WOAW_\Y3]_^M??_O?'?_[UOW_^]]___P?``!3``23``C3``T3`!%3`!63`
M!G3`!X3`")3`":3`"K3`"\3`#-3`#>3`#O3`#P3!$!3!$23!$C3!$T3!%%3!
M%63!%G3!%X3!&)3!&:3!&K3!&\3!'-3!'>3!'O3!'P3"(!3"(23"(C3"(T3"
M)%3")63")G3")X3"*)3"*:3"*K3"*\3"+-3"+>3"+O3"+P3#,!3#,23#,C3#
M,T3#-%3#_S5DPS9TPS>$PSB4PSFDPSJTPSO$PSS4PSWDPS[TPS\$Q$`4Q$$D
MQ$(TQ$-$Q$14Q$5DQ$9TQ$>$Q$B4Q$FDQ$JTQ$O$Q$S4Q$WDQ$[TQ$\$Q5`4
MQ5$DQ5(TQ5-$Q51,J#1!@9IQQ5:$Q5>4Q5BDQ5ETQ?&ADUK415O<Q5Z<@NMA
M15X41E_T15P<QF,D1EN\GF1D1F1T19AQQF8DQNN)QFHD1D211FNTQ?'Y!VW,
M1EW$1F\41VY4Q7(TQW-$QW14QW5DQW9TQW>$QWB4QWFDQWJTQWO$QWS4QWWD
MQW[TQW\$R(`4R($DR((TR(-$R(14R(5DR(9TR(>$R(B4R(FDR/^*M,B+Q,B,
MU,B-Y,B.],B/!,F0%,F1),F2-,F31,F45,F59,F6=,F7A,F8E,F9I,F:M,F;
MQ,F<U,F=Y,F>],F?!,J@%,JA),JB-,JC1,JD5,JE9,JF=,JGA,JHE,JII,JJ
MM,JKQ,JLU,JMY,JN],JO!,NP%,NQ),NRA(I4T)2TO!0"DABU=,M$8<M*><NY
M[)/N,<N[Q,N\U,N]Y,N^],N_!,S`%,S!),S"-,S#1,S$5,S%9,S&=,S'A,S(
ME,S)I,S*M,S+Q,S,U,S-Y,S.],S/!,W0%,W1),W2-,W31,W45,W59,W6=,W7
MC"YJ\(-4F,W:I,W;M,W<Q,W=U,W>Y,W_W_1-W^08IPE.X#3.XD3.XU1.VXQ+
M@TG.YUS.Z(1.W6S.16*<_<'.R,G.[=3.[N3.[_3.\,3.B+A.\31/\$3/\U1/
M\"3/]'3/]83/]^1.V*3/^K3/^^3*+-+/KB'/_?1/JI&(_Q10K:FD+OHBE:E.
M@C#0`QT9NU2(!65097%01V*7Z93."[50Y!S.C,E0#/70#JW-#;T:$/W0$IU.
M$<7/%%71%671%G71%X71&`W+`:51ML$I"(W0+T)1EI)-$_51$@52X)31(272
M(C72(T72)%72)672)G72)X72*)72*:72*K72*\72+-72+>72+O72+P73,!73
M,273,C73,T73_S15TS5ETS9UTS>%TSB5TSFETSJUTSO%TSS5TSWETS[UTS\%
MU$`5U$$EU$(UU$-%U$15U$5EU$9UU$>%U$B5U$FEU$JUU$O%U$S5U$WEU$[U
MU$\%U5`5U5$EU5(UU5-%U515U55EU59UU5>%U5B5U5FEU5JUU5O%U5S5U5WE
MU5[UU5\%UF`5UF$EUF(UUF-%UF15UF5EUF9UUF>%UFB5UFFEUFJUUFO%UFS5
MUFWEUF[UUF\%UW`5UW$EUW(UUW-%UW15UW5EUW9UUW>%UWB5UWFEUWJUUWO%
MUWS5UWWEUW[UUW\%V(`5V($EV((UV(-%V(15V(5EV(9UV(>%V(B5V/^)I=B*
MM=B+Q=B,U=B-Y=B.]=B/!=F0%=F1)=F2-=F31=F45=F59=F6==F7A=F8E=F9
MI=F:M=F;Q=F<U=F=Y=F>]=F?!=J@%=JA)=JB-=JC1=JD5=JE9=JF==JGA=JH
ME=JII=JJM=JKQ=JLU=JMY=JN]=JO!=NP%=NQ)=NR-=NS1=NT5=NU9=NV==NW
MA=NXE=NYI=NZM=N[Q=N\U5M_JI>^'0B_C9Z_%=S`)=Q_`%S#'5S$+=S#W5$]
M25S&?=S(75S)5=S*A=S"A8C+M5S*U=S.Y5S*?:0]41-+81/271/3'=TW0=TI
M6-W65=W2C0C:?%TW<5W:G=TVJ5W<5=T$5=#_TKU=W[7=X-5=X07>X9V"QMW;
MY%7>Y67>YG7>YX7>Z)7>Z:7>ZK7>Q_R>'&50<KS>[O7>[P7?\!7?\27?\C7?
M\T7?]%7?]67?]G7?]X7?^)7?^:7?^K7?^\7?_-7?_>7?_O7?_P7@`!;@`2;@
M`C;@`T;@!%;@!6;@!G;@!X;@");@":;@"K;@"\;@#-;@#>;@#O;@#P;A$!;A
M$2;A$C;A$T;A%%;A%6;A%G;A%X;A&);A&:;A&K;A&\;A'-;A'>;A'O;A'P;B
M(!;B(2;B(C;B(T;B)%;B)6;B)G;B)X;B*);B*:;B*K;B*\;B+-;B+>;B+O;B
M+P;C,!;C,2;C,C;C@#-&XS16XS5FXS9VXS>&XSB6XSFFXSJVXSO&XSS6XSWF
MXS[VXS\&Y$`6Y$$FY$(VY$-&Y$16Y$5FY$9VY$>&Y$B6Y$FFY$JVY$O&Y$S6
MY$WFY$[VY$\&Y5`6Y5$FY5(VY5-&Y516Y55FY59VY5>&Y5B6Y5FFY5JVY5O&
(Y5RFUH```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>goldfields_response001n.gif
<TEXT>
begin 644 goldfields_response001n.gif
M1TE&.#EA]@+U%/<``````(````"``("`````@(``@`"`@("`@,#`P/\```#_
M`/__````__\`_P#______P``````````````````````````````````````
M````````````````````````````````````````````````````````````
M````,P``9@``F0``S```_P`S```S,P`S9@`SF0`SS``S_P!F``!F,P!F9@!F
MF0!FS`!F_P"9``"9,P"99@"9F0"9S`"9_P#,``#,,P#,9@#,F0#,S`#,_P#_
M``#_,P#_9@#_F0#_S`#__S,``#,`,S,`9C,`F3,`S#,`_S,S`#,S,S,S9C,S
MF3,SS#,S_S-F`#-F,S-F9C-FF3-FS#-F_S.9`#.9,S.99C.9F3.9S#.9_S/,
M`#/,,S/,9C/,F3/,S#/,_S/_`#/_,S/_9C/_F3/_S#/__V8``&8`,V8`9F8`
MF68`S&8`_V8S`&8S,V8S9F8SF68SS&8S_V9F`&9F,V9F9F9FF69FS&9F_V:9
M`&:9,V:99F:9F6:9S&:9_V;,`&;,,V;,9F;,F6;,S&;,_V;_`&;_,V;_9F;_
MF6;_S&;__YD``)D`,YD`9ID`F9D`S)D`_YDS`)DS,YDS9IDSF9DSS)DS_YEF
M`)EF,YEF9IEFF9EFS)EF_YF9`)F9,YF99IF9F9F9S)F9_YG,`)G,,YG,9IG,
MF9G,S)G,_YG_`)G_,YG_9IG_F9G_S)G__\P``,P`,\P`9LP`F<P`S,P`_\PS
M`,PS,\PS9LPSF<PSS,PS_\QF`,QF,\QF9LQFF<QFS,QF_\R9`,R9,\R99LR9
MF<R9S,R9_\S,`,S,,\S,9LS,F<S,S,S,_\S_`,S_,\S_9LS_F<S_S,S___\`
M`/\`,_\`9O\`F?\`S/\`__\S`/\S,_\S9O\SF?\SS/\S__]F`/]F,_]F9O]F
MF?]FS/]F__^9`/^9,_^99O^9F?^9S/^9___,`/_,,__,9O_,F?_,S/_,____
M`/__,___9O__F?__S/___R'Y!`$``!``+`````#V`O44``C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.'/JW,FSI\^?0(,*'4JTJ-&C2),J7<JTJ=.G4*-*G4JUJM6K
M6+-JW<JUJ]>O8,.*'4NVK-FS:-.J7<NVK=NW<./*G4NWKMV[>//JW<NWK]^_
M@`,+'DRXL.'#B!,K7LRXL>/'D"-+GDRYLN7+F#-KWLRYL^?/H$.+'DVZM.G3
MJ%.K7LVZM>O7L&/+GDV[MNW;N'/KWLV[M^_?P(,+'TZ\N/'CR),K7\Z\N?/G
MT*-+GTZ]NO7KV+-KW\Z]N_?OX,.+_Q]/OKSY\^C3JU_/OKW[]_#CRY]/O[[]
M^_CSZ]_/O[___P`&*."`!!9HX($()JC@@@PVZ."#$$8HX8045FCAA1AFJ.&&
M'';HX8<@ABCBB"26:.*)**:HXHHLMNCBBS#&*..,--9HXXTXYJCCCCSVZ../
M0`8IY)!$%FGDD4@FJ>223#;IY)-01BGEE%16:>656&:IY99<=NGEEV"&*>:8
M9)9IYIEHIJGFFFRVZ>:;<,8IYYQTUFGGG7CFJ>>>?/;IYY^`!BKHH(06:NBA
MB":JZ**,-NKHHY!&*NFDE%9JZ:689JKIIIQVZNFGH(8JZJBDEFKJJ:BFJNJJ
MK+;JZJNPQO\JZZRTUFKKK;CFJNNNO/;JZZ_`!BOLL,06:^RQR":K[++,-NOL
ML]!&*^VTU%9K[;789JOMMMQVZ^VWX(8K[KCDEFONN>BFJ^ZZ[+;K[KOPQBOO
MO/36:^^]^.:K[[[\]NOOOP`'+/#`!!=L\,$()ZSPP@PW[/##$$<L\<045VSQ
MQ1AGK/'&''?L\<<@ARSRR"27;/+)**>L\LHLM^SRRS#'+//,--=L\\TXYZSS
MSCSW[///0`<M]-!$%VWTT4@GK?323#?M]--01RWUU%17;?756&>M]=9<=^WU
MUV"'+?;89)=M]MEHIZWVVFRW[?;;<,<M]]QTUVWWW7CGK??>?/?_[???@`<N
M^."$%V[XX8@GKOCBC#?N^..01R[YY)17;OGEF&>N^>:<=^[YYZ"'+OKHI)=N
M^NFHIZ[ZZJRW[OKKL,<N^^RTUV[[[;CGKOONO/?N^^_`!R_\\,07;_SQR">O
M_/+,-^_\\]!'+_WTU%=O_?789Z_]]MQW[_WWX(<O_OCDEV_^^>BGK_[Z[+?O
M_OOPQR___/37;__]^.>O__[\]^___P`,H``'2,`"&O"`"$R@`A?(P`8Z\($0
MC*`$)TC!"EKP@AC,H`8WR,$.>O"#(`RA"$=(PA*:\(0H3*$*5\C"%KKPA3",
MH0QG2,,:VO"&.,RA#G?(PQ[Z\(=`#*(0_X=(Q"(:\8A(3*(2E\C$)CKQB5",
MHA2G2,4J6O&*6,RB%K?(Q2YZ\8M@#*,8QTC&,IKQC&A,HQK7R,8VNO&-<(RC
M'.=(QSK:\8YXS*,>]\C'/OKQCX`,I"`'2<A"&O*0B$RD(A?)R$8Z\I&0C*0D
M)TG)2EKRDIC,I"8WR<E.>O*3H`RE*$=)RE*:\I2H3*4J5\G*5KKRE;",I2QG
M2<M:VO*6N,RE+G?)RU[Z\I?`#*8PATG,8AKSF,A,IC*7R<QF.O.9T(RF-*=)
M'&K\PYK8O*8VL\G-;7JSF^#\ICC#2<YQFK.<Z#RG.M/)SG6ZLYWP?*<\XTG/
M>5;+#U/`IS[SR?_/??JSGP#]IT`#2M"!&K2@"#VH0A/*T(4ZM*$0?:A$(TK1
MB5JTHGZ@ID8WRM&.>O2C(`VI2$=*TI*:]*0H3:E*5RHW:DSAI2AXZ11B"E.9
MTG2F-LUI37>*4Y[>]*<Z[:E0@>K3H!)UJ$9-:E&7BE2F'O6I2FVJ5*'JU*A2
M=:I6S6I5MXI5KE[UJUKMJEC!NE-K:@D%:$VK6M?*UK:Z]:UPC:M<YTK7NMKU
MKGC-JU[WRM>^^O6O@`VL8-6:"I8:]K"(3:QB%\O8QCKVL9"-K&0G2]G*6I92
MJ?!#*C:K6<YN-K.?[2QH/4O:T9I6M*@-K6I+FUK6KO:TKVTM;%U+V]G_VE:V
MN(VM;FN;6][N]K80&ZQPATO<XAKWN&PUJ\.HP=QK-I>YV'RN=*-+7>=6%[K6
MS2YVMSM=[7:7N]?]KGC#2U[OEA>\YDTO>M<[7O6VE[W9O*Q\YTO?^MKWOOC-
MKW[WR]_^^O>_``ZP@`=,X`(;^,`(3K""%\S@!COXP1".L(0G3.$*6_C"&,ZP
MAC?,X0Y[^,,@#K&(1TSB$IOXQ"A.L8I7S.(6N_C%,(ZQC&=,XQK;^,8XSK&.
M=\SC'OOXQT`.LI"'3.0B&_G(2$ZRDI?,Y"8[^<E0CK*4ITSE*EOYREC.LI:W
MS.4N>_G+8`ZSF,=,YC*;^<QH3K.:U\SF-KOY_\UPCK.<YTSG.MOYS@1+!7+]
M.@7<N?2B@*YH0#.*YT(;^M"(3K2B%\WH1COZT9".M*0G3>E*6_K2F,ZTIC?-
MZ4Y[^M.@#K6H1TWJ4IOZU*A.M:I7S>I6N_K5L(ZUK&=-ZUK;^M:XSK6N=\WK
M7@_9#X$.MJ"%3>QA&[O8R#ZVLI/-[&4[N]G0?K:THTWM:5N[VMB^MK:S;="6
MG/>]X/ZVN-T[;OB2^]SF3G>XT;UN=9>[W?!^M[S9/6]WT_O>]LYWO/&];WW7
MN]\`_[?`^3UP?Q/\X`8WN*\7SO"&._SA$(^XQ"=.\8I;_.(8S[C&-\[QCGO\
MXR`/N<A'3O*2F_SD*/]/N<I7SO*6N_SE,(^YS&=.\YK;_.8XS[G.=\[SGOO\
MYT`/NM"'3O2B&_WH2$^ZTI?.]*8[_>E0C[K4IT[UJEO]ZEC/NM:WSO6N>_WK
M8`^[V,=.]K*;_>QH3[O:U\[VMKO][7"/N]SG3O>ZV_WN>,^[WO?.][[[_>^`
M#[S@!T_XPAO^\(A/O.(7S_C&._[QD(^\Y"=/^<I;_O*8S[SF-\_YSGO^\Z`/
MO>A'3_K2F_[TJ$^]ZE?/^M:[_O6PC[WL9T_[VMO^]KC/O>YWS_O>^_[WP`^^
M\(=/_.(;__C(3[[RE\_\YCO_^="/OO2G3_WJ6__ZV,^^]K?/_>Y[__O@#[__
M^,=/_O*;__SH3[_ZU\_^]KO__?"/O_SG3__ZV__^^,^__O?/__[[__\`&(`"
M.(`$6(`&>(`(F(`*N(`,V(`.^(`0&($2.($46($6>($8F($:N($<V($>^($@
M&((B.((D6((F>((HF((JN((LV((N^((P&(,R.(,T6(,V>(,XF(,ZN(,\V(,^
M^(-`&(1".(1$6(1&>(1(F(1*N(1,V(1.^(10&(52.(546(56>(58F(5:N(5<
MV(5>^(5@&(9B.(9D6(9F>(9HF(9JN(9LV(9N^(9P&(=R.(=T6(=V>(=XF(=Z
MN(=\V(=^^(>`&(B".(B$6(B&>(B(F(B*N(B,V(B.__B(D!B)DCB)E%B)EGB)
MF)B)FKB)G-B)GOB)H!B*HCB*I%B*IGB*J)B*JKB*K-B*KOB*L!B+LCB+M%B+
MMGB+N)B+NKB+O-B+OOB+P!B,PCB,Q%B,QGB,R)B,RKB,S-B,SOB,T!B-TCB-
MU%B-UGB-V)B-VKB-W-B-WOB-BY8*,C6.Y%B.YGB.Z)B.YTAHMJ-G>\97?0:.
M\CB/]%B/]GB/^)B/^KB/_-B/_OB/`!F0`CF0!%F0!GF0")F0"KF0#-F0#OF0
M$!F1$CF1%%F1%GF1&)F1&KF1'-F1'OF1(!F2(CF2)%F2)GF2*)F2*KF2+-F2
M+OF2,!F3,CF3-%F3-GF3./^9DSJYDSS9DS[YDT`9E$(YE$19E$9YE$B9E$JY
ME$S9E$[YE%`9E5(YE519E59YE5B9E5JYE5S9E5[YE6`9EF(YEF19EF9YEFB9
MEFJYEFS9EF[YEG`9EW(YEW19EW9YEWB9EWJYEWS9EW[YEX`9F((YF(19F(9Y
MF(B9F(JYF(S9F([YF)`9F9(YF919F99YF9B9F9JYF9S9F9[YF:`9FJ(YFJ19
MFJ9YFJB9FJJYFJS9FJ[YFK`9F[(YF[19F[9YF[B9F[JYF[S9F[[YF\`9G,(Y
MG,19G,9YG,B9G,JYG,S9G,[YG-`9G=(YG=19G=9YG=B9G=JYG=S9G=[YG>`9
MGN+_.9[D69[F>9[HF9[JN9[LV9[N^9[P&9_R.9_T69_V>9_XF9_ZN9_\V9_^
M^9\`&J`".J`$6J`&>J`(FJ`*NJ`,VJ`.^J`0&J$2.J$46J$6>J$8FJ$:NJ$<
MVJ$>^J$@&J(B.J(D6J(F>J(HFJ(JNJ(LVJ(N^J(P&J,R.J,T6J,V>J,XFJ,Z
MNJ,\VJ,^^J-`&J1".J1$6J1&>J1(FJ1*NJ1,VJ1.^J10&J52.J546J56>J58
MFJ5:NJ5<VJ5>^J5@&J9B.J9D6J9F>J9HFJ9JNJ9LVJ9N^J9P&J=R.J=T6J=V
M>J=XFJ=ZNJ=\VJ=^^J>`&JB".JB$6JB&>JB(FJB*NJB,_]JHCOJHD!JIDCJI
ME%JIEGJIF)JIFKJIG-JIGOJIH!JJHCJJI%JJIGJJJ)JJJKJJK-JJKOJJL!JK
MLCJKM%JKMGJKN)JKNKJKO-JKOOJKP!JLPCJLQ%JLQGJLR)JLRKJLS-JLSOJL
MT!JMTCJMU%JMUGJMV)JMVKJMW-JMWOJMX!JNXCJNY%JNYGJNZ)JNZKJN[-JN
M[OJN\!JO\CJO]%JO]GJO^)JO^KJO_-JO_OJO`!NP`CNP!%NP!GNP")NP"KNP
M#-NP#ONP$!NQ$CNQ%%NQ%GNQ&)NQ&KNQ'-NQ'ONQ(!NR(CNR)%NR)GNR*)NR
M*KNR+-NR+ONR,!NS,CNS-%NS-O][LSB;LSJ[LSS;LS[[LT`;M$([M$1;M$9[
MM$B;M$J[M$S;M$[[M%`;M5([M51;M59[M5B;M5J[M5S;M5[[M6`;MF([MF1;
MMF9[MFB;MFJ[MFS;MF[[MG`;MW([MW1;MW9[MWB;MWJ[MWS;MW[[MX`;N(([
MN(1;N(9[N(B;N(J[N(S;N([[N)`;N9([N91;N99[N9B;N9J[N9S;N9[[N:`;
MNJ([NJ1;NJ9[NJB;NJJ[NJS;NJ[[NK`;N[([N[1;N[9[N[B;N[J[N[S;N[[[
MN\`;O,([O,1;O,9[O,B;O,J[O,S;O,[[O-`;O=([O=1;O=9[O=B;O=J[O=S;
MO=[[O>#_&[[B.[[D6[[F>[[HF[[JN[[LV[[N^[[P&[_R.[_T6[_V>[_XF[_Z
MN[_\V[_^^[\`',`"/,`$7,`&?,`(G,`*O,`,W,`._,`0',$2/,$47,$6?,$8
MG,$:O,$<W,$>_,$@',(B/,(D7,(F?,(HG,(JO,(LW,(N_,(P',,R/,,T7,,V
M?,,XG,,ZO,,\W,,^_,-`',1"/,1$7,1&?,1(G,1*O,1,W,1._,10',52/,54
M7,56?,58G,5:O,5<W,5>_,5@',9B/,9D7,9F?,9HG,9JO,9LW,9N_,9P',=R
M/,=T7,=V?,=XG,=ZO,=\W,=^_,>`',B"/,B$7,B&?,B(G,B*_[S(C-S(COS(
MD!S)DCS)E%S)EGS)F)S)FKS)G-S)GOS)H!S*HCS*I%S*IGS*J)S*JKS*K-S*
MKOS*L!S+LCS+M%S+MGS+N)S+NKS+O-S+OOS+P!S,PCS,Q%S,QGS,R)S,RKS,
MS-S,SOS,T!S-TCS-U%S-UGS-V)S-VKS-W-S-WOS-X!S.XCS.Y%S.YGS.Z)S.
MZKS.[-S.[OS.\!S/\CS/]%S/]GS/^)S/^KS/_-S/_OS/`!W0`CW0!%W0!GW0
M")W0"KW0#-W0#OW0$!W1$CW1%%W1%GW1&)W1&KW1'-W1'OW1(!W2(CW2)%W2
M)GW2*)W2*KW2+-W2+OW2,!W3,CW3-'9=TS9]TSB=TSJ]TSS=TS[]TT`=U$(]
MU$1=U$9]U$B=U$J]U$S=U$[]U%`=U5(]U51=U59]U5B=U5J]U5S=U5[]U6`=
MUF(]UF1=UF9]UFB=UFJ]UFS=UF[]UG`=UW(]UW1=UW9]UWB=UWJ]UWS=UW[]
(UX!M@`$!`#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
