Press Releases

WASHINGTON, Nov. 20 /PRNewswire-USNewswire/ -- The American Academy of Actuaries is urging senators to modify health care reform legislation released this week to contain stronger language regarding a health insurance individual coverage mandate. The actuaries said that an effective and enforceable mandate will minimize adverse selection stemming from more restrictive issue and rating rules prescribed by the bill.

"The individual mandate language should be strengthened," said Cori Uccello, the senior health fellow for the American Academy of Actuaries. "The viability of health care reform depends on attracting lower-risk individuals, and strengthening the individual mandate through higher financial penalties increases the likelihood that these individuals will purchase coverage."

Uccello said that if lower-risk individuals forgo coverage, premiums overall are likely to increase on average, relative to current premiums. Other incentives such as limited open enrollment periods, penalties for delayed enrollment and automatic enrollment could also strengthen a mandate's effectiveness. She said the Senate bill does contain some of these elements, but that overall, higher financial penalties are required.

The actuaries addressed comments regarding the proposed legislation to Sens. Harry Reid and Mitch McConnell today, requesting stronger mandate language and to consider the legislation according to actuaries' keys for viable reform. The American Academy of Actuaries Health Practice Council said it shares the senators' goals of reducing the numbers of uninsured, increasing the availability of affordable coverage, controlling health spending growth, and improving the quality of care. The letter is available at: http://www.actuary.org/pdf/health/letter_on_senate_bill.pdf

For more information or to schedule an interview with Cori Uccello, contact Andrew Simonelli, assistant director of communications for the American Academy of Actuaries, at 202.785.7872. For more information on the American Academy of Actuaries, please visit: www.actuary.org.

The American Academy of Actuaries is a 16,000-member professional association whose mission is to serve the public on behalf of the U.S. actuarial profession. The Academy assists public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.Cori E. Uccello

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=34071

SOURCE American Academy of Actuaries

Assembly of American-Chinese businesses to be held in Las Vegas Jan. 3-5

FREMONT, Calif., Nov. 20 /PRNewswire-USNewswire/ -- Smart Business Services, Inc. announces the first-ever U.S.-China Business Summit at The Venetian in Las Vegas, Jan. 3-5, 2010. More than 1,000 minority business owners, entrepreneurs, delegates and government officials will network with fellow attendees and convene at what is expected to be the largest American-Chinese business assembly in history.

The 2010 U.S.-Chinese Business Summit has received support from notable political officials, including Gao Zhansheng, the Chinese Consul General in San Francisco, Brian K. Krolicki, Lieutenant Governor of Nevada, Oscar B. Goodman, Mayor of Las Vegas, Judy Chu, Congresswoman, David Hinson, national director of the U.S. Department of Commerce's Minority Business Development Agency (MBDA), and Gary Locke, U.S. Secretary of Commerce.

The event's key panel features a round table discussion on Globalization and Minority-Owned Businesses in the U.S., and will highlight the role of the more than three million Chinese entrepreneurs to today's global economy. The panel will discuss the importance of the economic relationship between the U.S. and China in the changing global economy.

U.S. Secretary of Commerce Gary Locke said the U.S.-China Business Summit is an important step toward furthering one of the largest and most important trading relationships in the world. "I visited China several times last year and had a chance to see the tremendous opportunities available to American and Chinese businesses in new growth industries," Locke said. "This conference is an important part of that ongoing dialogue."

The Summit offers 140,000 square feet venue and over 60 conferences and networking opportunities; and expects attendance of officials from the U.S. Commerce Department's Economic Development Agency, the U.S. Census Bureau, the U.S. Small Business Administration, the National Restaurant Association, Association of China Investment, and others.

For a complete schedule or to register, please visit www.ChineseBusinessSummit.com.

About the Summit Organizer

Smart Business Services, Inc. (www.s-b-s.net) is specialized in the niche ethnic market of the Chinese-American business community and people involved with U.S.-China trade; and is committed to increasing their clients' business success through trade magazines, database marketing services, industrial portal websites, eBusiness solutions, and global sourcing expertise.

SOURCE Smart Business Services, Inc.

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2009) - Cordy Oilfield Services Inc. ("Cordy" and or the "Company") (TSX VENTURE: CKK) announces its consolidated operating and financial results for the third quarter ended September 30, 2009.

Selected Quarterly Information
($ millions, except per share amounts)
----------------------------------------------------------------------------
Financial Position as at September 30, 2009 and December 31, 2008
                                         2009           2008         Change
Cash (Bank Indebtedness)                 (0.1)           5.4           (5.5)
Working Capital (1)                      13.9           19.1           (5.2)
Total Assets                             88.0          105.2          (17.2)
Total Debt                               14.2           20.5           (6.3)
Total Liabilities                        25.3           36.1          (10.8)
Shareholders' Equity                     62.7           69.1           (6.4)
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Operating Results for the Quarters Ended September 30,
----------------------------------------------------------------------------
                                Three months ended        Nine months ended
                              2009    2008  Change     2009    2008  Change
Revenue                       17.1    38.8   (21.7)    41.4    89.3   (47.9)
EBITDAS (2)                    0.5     5.4    (4.9)    (0.9)    7.8    (8.7)
Net loss                      (1.5)  (29.7)   28.2     (6.6)  (33.3)   26.7
Loss per share - basic &
 diluted                     (0.02)  (0.36)   0.34    (0.08)  (0.40)   0.32
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Cash Flows for the Quarters Ended September 30,
----------------------------------------------------------------------------
                                Three months ended        Nine months ended
                              2009    2008  Change     2009    2008  Change
Operating Cash Flows          (2.4)    2.3    (4.7)     0.2     6.4    (6.2)
Financing Cash Flows          (2.0)   (2.9)    0.9     (6.3)   (2.8)   (3.5)
Investing Cash Flows             -    (0.1)    0.1      0.6    (6.2)    6.8
----------------------------------------------------------------------------

(1) Working capital is defined as current assets less current liabilities,
    including current portions of debt.
(2) Earnings before interest, taxes, depreciation, amortization and
    impairment and stock-based compensation ("EBITDAS"). Refer to the
    "Non GAAP Measures" section for further details.

Active drilling rig counts in Alberta in 2009 continue to be roughly half of what they were just one year ago and because of this there is a huge amount of excess capacity in the construction and oil and gas services industries. This excess capacity has led to a decrease in demand and greater competition which has put downward pressure on market pricing for Cordy's services. Cordy has been forced to reduce prices in order to maintain customer relationships and revenues which has reduced profitability.

A large portion of Cordy's operations are focused on oil and gas drilling and exploration in Alberta which has suffered from a lack of activity in fiscal 2009. While market prices for oil and gas have increased significantly over the lows seen in the spring there is currently very little exploration occurring and development of known reserves is being limited to predominantly oil or non-conventional developments such as the oil sands. Cordy's ability to provide construction, pipeline and environmental services to these more limited developments is dependant upon proximity to it's geographical locations and relationships with the many oil and gas exploration and development companies.

During the third quarter Cordy continued to restructure its business units in response to the slow down in Alberta's construction and oil and gas industries. The economic slowdown has affected Cordy's customers and business units to varying degrees and while some of the business units continue to operate profitably others have experienced enough of a decline in demand for their services that it decreases the profitability of Cordy as whole. Restructuring the business units that are currently operating at a loss is Management's first priority whether it is to redirect people and equipment toward different services or customers or to scale back operations in areas, or to reassess pricing strategies.

Certain of Cordy's business units within the heavy construction and manufacturing segments have posted significant losses during the first nine months of 2009. In reaction to this, during the second and third quarters, Cordy has replaced certain management and significantly reduced staff levels and operating costs at these locations in a bid to curtail the losses. These changes are expected to enable these business units to provide positive cash flows going forward and towards the end of the third quarter and up to the date of this report appear to have done just that.

LIQUIDITY AND CAPITAL RESOURCES

Cash flows from operations during the quarter and the first nine months of 2009 have been considerable less than debt repayments over the same period. The resulting decline in cash reserves and ability to service debt repayments has made it necessary for Cordy to renegotiate current debt agreements and pursue more long term financing.

During the quarter, Cordy renegotiated the terms of its operating line of credit which included a reduction to the borrowing limit from $20 million to $5 million, subject to accounts receivable, and the removal of certain financial covenants. The amended line of credit agreement is designed to provide needed working capital while offering more flexibility during these times of restructuring. Amounts over $1 million available under the line are subject to the written approval of the bank at its sole discretion.

At September 30, 2009, the Company had a positive working capital position, excluding current portions of debt, of $21.4 million. Cordy's working capital position is in excess of its total debts outstanding of $14.2 million which bear interest at an average rate of 6% and is scheduled to be repaid over the next four years. During the first nine months of 2009, the Company has generated cash from the sale of property and equipment of $1.2 million and significantly decreased capital expenditures over the same period in 2008. Cordy will continue to market its underutilized equipment where reasonable sales prices can be negotiated.

On October 21, 2009, Cordy completed a private placement generating gross proceeds of $4.8 million. The funds were raised to boost working capital and Cordy's ability to meet scheduled debt repayments and to fund the acquisition of Tawow Resources Inc. and other potential acquisition opportunities. Subsequent to the closing of the private placement a shareholder of Cordy has brought arguments in front of the British Columbia Securities Commission ("BCSC") requesting that the private placement be cancelled and the transaction unwound. Proceeds of the private placement have been deposited in trust with Cordy's legal council in accordance with a BCSC request until the matter is settled.

Failing to complete the private placement as described above would affect Cordy's liquidity going forward. Should the private placement not proceed, Cordy will pursue other long term financing options such as, another equity issuance, long term debt refinancing and asset or division sales.

OUTLOOK

Activity in the oil and gas industry is slowly coming back in Alberta and as oil and especially gas prices start to increase the Company is hopeful that the winter drilling season will provide more opportunities to put equipment and people to work. Through alliances forged with First Nations, more aggressive pricing and more cost efficient operations Cordy has more potential to increase revenues and EBITDAS this winter drilling season. Restructuring efforts will also enable Cordy to minimize losses in the second quarter of 2010 when both the oilfield services and construction industries are inactive in Alberta which will also improve future profitability on a yearly basis.

At the beginning of 2009 the Company had $20.5 million of long term debt which through aggressive payment plans has been reduced by $6.2 million during the first nine months and is scheduled to be further reduced to $12 million by the end of fiscal 2009 representing a 40% decrease in total debt. Due to the reduction in capital expenditures and aggressive debt payments in 2009, debt levels and the cost of servicing that debt will be manageable at the current activity levels. The Company will be able to reduce quarterly debt repayments and focus on generating positive cash flows in fiscal 2010.

Additional information on Cordy is available on our website www.cordy.ca or on SEDAR at www.sedar.com.

This report contains forward-looking statements which reflect management's expectations regarding the Company's future plans and intentions, results of operations, performance and business prospects and opportunities. Words such as "may", "will", "should", "could", "anticipate", "believe", "expect", "intend", "plan", "potential", "continue", and similar expressions have been used to describe these forward-looking statements. These statements reflect management's current beliefs and are based on the information currently available to management. Forward-looking statements involve significant risk and uncertainties. A number of risks and uncertainties could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks and uncertainties, include, but are not limited to, risks associated with the oilfield services sector (such as demand, pricing and terms for oilfield services; current and expected oil and gas prices; competition; equipment and material costs; exploration and development costs and delays; reserves discovery rates; pipeline and transportation capacity; weather, health, safety and environmental risks), integration of acquisitions, access to capital markets, interest and currency exchange rates, technological developments, political and economic conditions, a ready market for Cordy to dispose of under utilized equipment, Cordy's ability to renegotiate its operating line of credit and Cordy's ability to attract and retain key personnel. Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by securities law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
        For general information:
        Cordy Oilfield Services Inc.
        David Mullen, Chairman and CEO
        (403) 802-6005
        Fax: (403) 266-2087 (FAX)
        dmullen@cordy.ca

        For investor relations information:
        Cordy Oilfield Services Inc.
        H. Allen Cameron, President
        (403) 802-6006
        Fax: (403) 266-2087 (FAX)
        acameron@cordy.ca
        www.cordy.ca

Source: Cordy Oilfield Services Inc.

JOHANNESBURG, SOUTH AFRICA--(Marketwire - Nov. 20, 2009) - AngloGold Ashanti Limited (NYSE: AU)(JSE:ANG) is pleased to announce that it has acquired, through its wholly-owned subsidiary, Ashanti Goldfields Services Limited ("Ashanti") 6 St. James Place, London, SW1A 1NP, United Kingdom, 10,000,000 units in Commander Resources Inc. ("Commander") through a non-brokered private placement.

Each unit consists of one common share in the capital of Commander (each a "Common Share") and one and a half of one common share purchase warrant, with each whole common share purchase warrant (each a "Warrant") entitling Ashanti to purchase one additional Common Share at a price of Cdn$0.24 per share until November 17, 2011.

As a result of the acquisition of such units, Ashanti now owns approximately 11.1% of the total issued and outstanding shares of Commander, prior to the exercise of the Warrants. Ashanti was not previously a shareholder in Commander. In the event Ashanti exercises all of the Warrants, Ashanti would own 15,000,000 Common Shares, representing approximately 14.7% of the then issued and outstanding Common Shares of Commander, on a fully diluted basis.

In consideration for these shares, Ashanti made a cash payment in the amount of Cdn$1,200,000 upon closing of the private placement. Ashanti has relied on the exemption set out in section 2.3(1) of National Instrument 45-106 Prospectus and Registration Exemptions, as Ashanti is purchasing the securities as principal and is an accredited investor.

Ashanti acquired the securities for investment purposes only and may, depending upon market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of Commander through market transactions, private agreements or otherwise.

Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti's strategy to reduce its gold hedging position including the extent and effects of the reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources, and expenditure and the outcome and consequences of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2008, which was distributed to shareholders on 27 March 2009 and the company's annual report on Form 20-F, filed with the Securities and Exchange Commission in the United States on May 5, 2009 as amended on May 6, 2009. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

AngloGold Ashanti Limited\(Incorporated in the Republic of South Africa)

(Reg. No.1944/017354/06)\ISIN Number: ZAE000043485\NYSE symbol: AU\JSE share code: ANG

FOR FURTHER INFORMATION PLEASE CONTACT:
        AngloGold Ashanti Limited
        Alan Fine
        +27 (0) 11 637 6383 or Mobile: +27 (0) 83 325 0757
        afine@anglogoldAshanti.com

        AngloGold Ashanti Limited
        Joanne Jones
        Media
        +27 (0) 11 637 6813 or Mobile: +27 (0) 82 896 0306
        jjones@AngloGoldAshanti.com
        www.AngloGoldAshanti.com

Source: AngloGold Ashanti Limited

JOHANNESBURG, SOUTH AFRICA -- (MARKET WIRE) -- 11/20/09 -- AngloGold Ashanti Limited (NYSE: AU)(JSE: ANG) is pleased to announce that it has acquired, through its wholly-owned subsidiary, Ashanti Goldfields Services Limited ("Ashanti") 6 St. James Place, London, SW1A 1NP, United Kingdom, 10,000,000 units in Commander Resources Inc. ("Commander") through a non-brokered private placement.

Each unit consists of one common share in the capital of Commander (each a "Common Share") and one and a half of one common share purchase warrant, with each whole common share purchase warrant (each a "Warrant") entitling Ashanti to purchase one additional Common Share at a price of Cdn$0.24 per share until November 17, 2011.

As a result of the acquisition of such units, Ashanti now owns approximately 11.1% of the total issued and outstanding shares of Commander, prior to the exercise of the Warrants. Ashanti was not previously a shareholder in Commander. In the event Ashanti exercises all of the Warrants, Ashanti would own 15,000,000 Common Shares, representing approximately 14.7% of the then issued and outstanding Common Shares of Commander, on a fully diluted basis.

In consideration for these shares, Ashanti made a cash payment in the amount of Cdn$1,200,000 upon closing of the private placement. Ashanti has relied on the exemption set out in section 2.3(1) of National Instrument 45-106 Prospectus and Registration Exemptions, as Ashanti is purchasing the securities as principal and is an accredited investor.

Ashanti acquired the securities for investment purposes only and may, depending upon market and other conditions, increase or decrease its beneficial ownership, control or direction over, or exercise its current rights to acquire, common shares or other securities of Commander through market transactions, private agreements or otherwise.

Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti's strategy to reduce its gold hedging position including the extent and effects of the reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources, and expenditure and the outcome and consequences of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2008, which was distributed to shareholders on 27 March 2009 and the company's annual report on Form 20-F, filed with the Securities and Exchange Commission in the United States on May 5, 2009 as amended on May 6, 2009. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

AngloGold Ashanti Limited\(Incorporated in the Republic of South Africa)

(Reg. No.1944/017354/06)\ISIN Number: ZAE000043485\NYSE symbol: AU\JSE share code: ANG

Contacts:
AngloGold Ashanti Limited
Alan Fine
+27 (0) 11 637 6383 or Mobile: +27 (0) 83 325 0757
afine@anglogoldAshanti.com

AngloGold Ashanti Limited
Joanne Jones
Media
+27 (0) 11 637 6813 or Mobile: +27 (0) 82 896 0306
jjones@AngloGoldAshanti.com
www.AngloGoldAshanti.com