AngloGold Ashanti Finalises Deal to Acquire 100% of Golden Cycle Gold Corporation

July 1, 2008 3:10 AM EDT

JOHANNESBURG, SOUTH AFRICA -- (MARKET WIRE) -- 07/01/08 -- ANGLOGOLD ASHANTI (NYSE: AU) FINALISES DEAL TO ACQUIRE 100% OF GOLDENCYCLE GOLD CORPORATION

AngloGold Ashanti Limited ("AngloGold Ashanti") and Golden Cycle Gold Corporation (ARCA: GCGC) ("GCGC") are pleased to announce that shareholders of GCGC approved the merger with a wholly owned subsidiary of AngloGold Ashanti at the GCGC special meeting of shareholders held on 30 June 2008 in Victor, Colorado when GCGC shareholders representing 7,036,949 shares of GCGC common stock voted in favour of the merger. The merger will be effective at 0:01 on 1 July 2008. As a result, AngloGold Ashanti will acquire 100% of GCGC by way of a statutory merger under Colorado law ("the transaction") and subsequently, AngloGold Ashanti will own 100% of Cripple Creek & Victor Gold Mining Company ("CC&V").

The Bank of New York, c/o BNY Mellon Shareowner Services, New York, New York, has been appointed as exchange agent for the merger, and notice and exchange instructions are expected to be mailed to the shareholders of GCGC on or before July 3, 2008.

R. Herbert Hampton, Chief Executive Officer and President of GCGC, commented, "We are pleased that shareholders representing approximately 71.85% of our common stock have expressed their confidence in AngloGold Ashanti by approving the merger. This concludes the long history of Golden Cycle, and we look forward to beginning a new chapter as shareholders of AngloGold Ashanti."

Commenting on the transaction, Mark Cutifani, Chief Executive Officer of AngloGold Ashanti, said "We are extremely pleased that Golden Cycle shareholders have approved the transaction that will enable us to continue to consolidate the full mineral endowment at CC&V over the remainder of the mine's life, whilst also simplifying the ownership structure of this long life North American asset, and we welcome Golden Cycle shareholders as new shareholders of AngloGold Ashanti."

This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This communication is not an
offer of securities for sale into the United States. No offering of
securities shall be made in the United States except pursuant to
registration under the US Securities Act of 1933, as amended, or an
exemption therefrom.

Legal Adviser
Davis Graham & Stubbs LLP

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