AngloGold Response to Normandy Recommendation.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 19, 2001

Normandy Mining Limited today released its target statement in response to AngloGold Limited's (NYSE: AU) takeover offer. AngloGold is disappointed with Normandy's response and believes it is potentially misleading for Normandy shareholders, particularly in regard to the competing takeover offer from Newmont Mining Corporation.

The Normandy response statement continually asserts that the Newmont takeover offer is worth A$1.70 per share.

Since the announcement of Newmont's dual takeover offers for Normandy and Franco Nevada, Newmont's share price has fallen substantially and the value difference between AngloGold's offer and Newmont's offer is marginal. Newmont's offer values Normandy at A$1.46 (which could increase by 5 cents per share in the event of a 90% acceptance of the offer) based on Newmont's closing share price on Friday, November 16 on the New York Stock Exchange.

This compares with the current value of the AngloGold offer for Normandy of A$1.46 per share, also based on the closing share price on the NYSE on Friday.

It is AngloGold's view that the Newmont offer is highly dilutive for Normandy shareholders in terms of earnings, cashflow, dividends and net present value per share. In contrast AngloGold believes that its offer represents a compelling value proposition for Normandy shareholders. These factors are not reflected in Normandy's target statement.

The Newmont proposal is complex and highly conditional. Importantly, there is no guarantee that the three-way merger will be consummated as the Normandy takeover is not dependent on the Franco Nevada transaction being completed.

Further, based on the timetable released by Newmont, shareholders will not be able to receive their consideration from Newmont until late February or early March 2002.

There is a real risk that the Newmont offer could be materially less than AngloGold's offer in four months' time. Given the volatility in Newmont's share price, this time factor presents significant risk for Normandy shareholders. These risks in relation to the Newmont offer are not highlighted by the Normandy Board in response to AngloGold's offer.

In contrast, AngloGold's offer is open and capable of immediate acceptance, with a closing date of 14 December 2001.

The Normandy response states that AngloGold needs Normandy's production on the basis that AngloGold is intending to sell its Free State assets in South Africa. This is untrue and this shows a fundamental misunderstanding or misinterpretation of AngloGold's strategy.

Bobby Godsell, AngloGold's Chief Executive Officer, said the company believed that profit, not production ounces, generated wealth for shareholders and AngloGold had no interest in being the largest gold producer measured by annual production.

"AngloGold has a track record of closing or selling marginal or unprofitable production and is pursuing a strategy to produce high margin, profitable ounces," Mr Godsell said. "The potential sale of the Free State assets is entirely consistent with this strategy and AngloGold's commitment to increasing shareholder value."

Disclaimer 

Except for the historical information contained herein, there are matters discussed in this news release that are forward-looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors including, but not limited to, development of the Company's business, the economic outlook in the gold mining industry, expectations regarding gold prices and production, and other factors, which could cause actual results to differ materially from such forward-looking statements, refer to the Company's annual report on the Form 20-F for the year ended 31 December 2000 which was filed with the Securities and Exchange Commission on 23 April 2001.

Holders of Normandy shares and Normandy ADSs located in the United States are strongly advised to read the F4 registration statement regarding the offer referred to in this presentation and other documents to be filed with the US Securities and Exchange Commission when they become available, because they will contain important information. Holders of Normandy shares and Normandy ADSs may read and copy these statements, when available, at the US Securities and Exchange Commission's public reference rooms. Please call the US Securities and Exchange Commission at +1-800-SEC-0330 for further information on the public reference rooms. These US Securities and Exchange Commission filings are also available to the public from commercial document retrieval services.