AngloGold Ashanti Advances Corrego do Sitio Gold Mine Project in Brazil

---

Researched by Industrial Info Resources (Sugar Land, Texas)--AngloGold Ashanti Brasil Mineração Limitada (Nova Lima, Brazil), a wholly-owned subsidiary of AngloGold Ashanti Limited (NYSE:AU) (Johannesburg, South Africa), is advancing the Corrego do Sitio gold mine project in the city of Santa Barbara, in the state of Minas Gerais, Brazil.

The project will be developed in two separate stages. The first stage entails the construction of an underground gold mine to explore the sulfide ore resources of Corrego do Sitio underground ore bodies, as well as the modernization and restart of a 500,000-ton-per-year processing plant located 4 kilometers from Corrego do Sitio. The processing plant and the São Bento gold mine were acquired in 2008 from Eldorado Gold Corporation (TSX:ELD) (Vancouver, British Columbia) for $70 million. São Bento was an operational mine from 1986 through the beginning of 2007 and now is known as Corrego do Sitio II gold mine. In the first stage of the project, gold production is expected to reach 100,000 ounces per year.

In the second stage, the company expects to expand the processing plant capacity to 1 million tons per year and explore the reserves of the Corrego do Sitio II gold mine. Annual gold production is expected to be about 200,000 ounces.

Currently, the company is conducting a feasibility study, which is being performed by GRM Minproc Engenharia e Consultoria Limitada (Belo Horizonte, Brazil). The company will be responsible for all engineering studies on the project. A decision to move forward with the project is planned by November. First production is set by the end of 2010, and full production will just happen one year later. Expanded production of the second stage is expected by end of 2012.

AngloGold Ashanti Limited is a leading global mining company with 21 operations in 10 different countries. In Brazil, the company's local subsidiary operates the Cuiaba underground gold mine and the Corrego do Sitio heap-leach operation. AngloGold Ashanti also owns 50% of the Serra Grande gold mine complex in a joint venture with Kinross Gold Corporation (NYSE:KGC) (Toronto, Ontario).

View Plant Profile - 1079611
View Project Report - 67000831

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy related markets. For more than 26 years, Industrial Info has provided plant and project opportunity databases, market forecasts, high resolution maps, and daily industry news.