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ANGLOGOLD ASHANTI LIMITED: Statement re Tropicana Gold Project

AngloGold Ashanti Limited 
(Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06) 
ISIN No. ZAE000043485 - JSE share code: ANG \ CUSIP: 035128206 - NYSE share
code: AU 
Website: www.anglogoldashanti.com 
News Release 
4 December 2012 
                        TROPICANA GOLD PROJECT                              


                      MINERAL RESOURCE CONTINUES TO GROW                       

The Mineral Resource estimate for the Tropicana Gold Project has increased by a
further 1.48 million ounces to 7.89 million ounces of contained gold. The
increase is the result of drilling completed in 2012 and greater confidence in
the viability of a larger pit at Havana.

The Tropicana Gold Project, 330 kilometres east-northeast of Kalgoorlie in
Western Australia, is part of the Tropicana Joint Venture, owned by AngloGold
Ashanti Australia Ltd (70% and Manager) and Independence Group NL (30%).

A breakdown of the updated Mineral Resource estimate is provided in Table 1 and
a comparison of the November 2011 and December 2012 estimates is provided in
Table 2.

Table 1: Tropicana Mineral Resource (100% Project) as at 3 December 2012

Classification Tonnes*           Gold (g/t) Contained Au (Millions   
               (Millions)                   oz)                      


                                                                 
Measured       29.8              2.12       2.03                      
                                                                 
Indicated      76.4              1.95       4.78                      
                                                                 
Inferred       11.9              2.83       1.08                      
                                                                 
Total          118.0             2.08       7.89                      


                                                                     

* Rounded to the nearest decimal place.

The growth in Mineral Resource primarily reflects additional drilling completed
as part of the Havana Deeps Pre-Feasibility Study (PFS), targeting the down
plunge and along strike extents of the Havana ore body outside the current
Havana open pit.

Detailed mining, metallurgical and other study investigations are underway and
will be completed during 2013, with a view to updating the Ore Reserve.  The
PFS will consider the trade-off between open pit and underground mining options
and will provide recommendations as to the optimal mining approach.

The results of 2012 drilling indicate that cutbacks on current pit designs at
Havana, Tropicana & Boston Shaker are potentially economically viable outcomes.
Accordingly, 2012 resource reporting has been adjusted to reflect this possible
outcome, with open pit Mineral Resources now being reported within an A$1,500/
oz (US$1,550/oz) pit optimisation shell. Underground Mineral Resources at
Havana Deeps, previously reported outside the Havana pit design, have been
adjusted to reflect mineralisation that lies outside this A$1,500/oz pit shell.

Reflecting these changes, the open pit Mineral Resource has increased by
2.24Moz Au to 7.02Moz Au, while the underground Resource has decreased by
0.76Moz Au to 0.87Moz Au.

[For figure refer to www.anglogoldashanti.com]

Figure 1: Reporting Volumes for November 2012 Mineral Resource with Havana
Deeps underground Resource reported external to A$1500 optimisation shell.

Mineralisation at depth beneath Tropicana and Boston Shaker remains
data-constrained and will be subject of further drilling programmes in coming
years.

Note that it is possible that the Havana Deeps PFS may indicate underground
mining is the more attractive option as underground mining could provide
earlier access to higher-grade material than might be achievable through a
large pit cutback. If this were to be the case, the overall Resource may
decrease while the underground Resource could increase.

Table 2: Tropicana Mineral Resource Comparison (100% Project) 28 November 2011
to 3 December 2012

Mineral                        Nov 28 2011    Dec 3 2012      Change          
Resource        Classification                                                
                               Mt   g/t  Moz  Mt    g/t  Moz  Mt   g/t   Moz  
                                                                              
                Measured       28.2 2.14 1.95 29.8  2.12 2.03 1.6  -0.02 0.09 
                                                                              


            Indicated      44.5 1.87 2.68 74.0  1.90 4.51 29.5 0.02  1.83 
Open Pit                                                                       


                Inferred       1.8  2.70 0.15 5.8   2.57 0.48 4.0  -0.13 0.32 
                                                                              
                Total          74.5 1.99 4.78 109.6 1.99 7.02 35.1 0.00  2.24 
                                                                              
                Measured       0.0  0.00 0.00 0.0   0.00 0.00 0.0  0.00  0.00 
                                                                              


            Indicated      5.0  3.57 0.57 2.4   3.58 0.27 -2.6 0.01  -0.30
Underground                                                                    


                Inferred       8.8  3.73 1.06 6.1   3.07 0.60 -2.7 -0.66 -0.46
                                                                              
                Total          13.8 3.67 1.63 8.5   3.21 0.87 -5.4 -0.46 -0.76
                                                                              
                Measured       28.2 2.14 1.95 29.8  2.12 2.03 1.6  -0.02 0.09 
                                                                              


            Indicated      49.4 2.04 3.25 76.4  1.95 4.78 26.9 -0.10 1.53 
Total                                                                          


                Inferred       10.6 3.56 1.21 11.9  2.83 1.08 1.2  -0.73 -0.14
                                                                              
                Total          88.3 2.26 6.41 118.0 2.08 7.89 29.7 -0.18 1.48 
                                                                              

Note: For the Open Pit Mineral Resource estimate, mineralisation in the Havana,
Havana South, Tropicana and Boston Shaker areas was calculated within a
US$1,550/ounce optimisation at a AUD:USD exchange rate of 1.03 (A$1,500/ounce).
The Open Pit Mineral Resources have been estimated using the geostatistical
technique of UniformConditioning, using cut-off grades of 0.3 g/t Au for
Transported and Saprolite material, 0.4 g/t Au for Transitional and Fresh
material.  The Havana Deeps Underground Mineral Resource is reported outside
the US$1,550/ounce optimisation at a cut-off grade of 1.73g/t Au, which was
calculated using a gold price of US$2,000/oz (AUD:USD 1.05) (A$1,896/ounce).
The Havana Deeps Underground Mineral Resource was estimated using the
geostatistical technique of Ordinary Kriging using average drill hole
intercepts.  Supporting information for the 2012 Tropicana Mineral Resource is
included in Appendix 1 of this release.

SPONSOR: UBS South Africa (Pty) Limited

ENDS

Contacts

Media

Alan Fine                      +27 83 250 0757                    


                                                              
Stewart Bailey                 +1 646 338 4337 / +27 83 253 2021   
                                                              
Andrea Maxey                   +61 8 9425 4603 / +61 400 072 199   
                                                              
Investors                                                          
                                                              
Stewart Bailey (US & SA)       +1 646 338 4337 / +27 83 253 2021   
                                                              
Sabrina Brockman (US & Canada) +1 212 858 7702 / +1 646 379 2555   
                                                              
Mike Bedford (UK & Europe)     +44 779 497 7881 / +44 1225 93 8483 
                                                              
Fundisa Mgidi (SA)             +27 11 637 6763                     
                                                              
Andrea Maxey (Australia)       +61 8 9425 4603 / +61 400 072 199   


                                                                  

Certain statements made in this communication, other than statements of
historical fact, including, without limitation, those concerning 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 achievement of project milestones, the completion and
commencement of commercial operations of certain of AngloGold Ashanti's
exploration and production projects and the completion of acquisitions and
dispositions, any plan regarding the restructuring of any of AngloGold
Ashanti's operations, AngloGold Ashanti's liquidity and capital resources and
capital expenditure and the outcome and consequence of any potential or pending
litigation or regulatory proceedings or environmental issues, are
forward-looking statements regarding AngloGold Ashanti's operations, economic
performance and financial condition. These forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause
AngloGold Ashanti's actual results, performance or achievements to differ
materially from the anticipated results, performance or achievements expressed
or implied in these forward-looking statements. 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, social, political and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other
government actions including environmental approvals and actions, fluctuations
in gold prices and exchange rates, and business and operational risk
management. For a discussion of certain of these and other factors, refer to
AngloGold Ashanti's annual report for the year ended 31 December 2011, which
was distributed to shareholders on 4 April 2012, the company's 2011 annual
report on Form 20-F, which was filed with the Securities and Exchange
Commission in the United States on 23 April 2012 and the prospectus supplement
to the company's prospectus dated July 17, 2012 that was filed with the
Securities and Exchange Commission on July 25, 2012. These factors are not
necessarily all of the important factors that could cause AngloGold Ashanti's
actual results to differ materially from those expressed in any forward-looking
statements. Other unknown or unpredictable factors could also have material
adverse effects on future results. Consequently, stakeholders are cautioned not
to place undue reliance on forward-looking statements. 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, except to the extent
required by applicable law. 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.

This communication may contain certain "Non-GAAP" financial measures. AngloGold
Ashanti utilises certain Non-GAAP performance measures and ratios in managing
its business. Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, the reported operating results or cash flow from
operations or any other measures of performance prepared in accordance with
IFRS. In addition, the presentation of these measures may not be comparable to
similarly titled measures other companies may use.

AngloGold Ashanti posts information that is important to investors on the main
page of its website at www.anglogoldashanti.comand 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.

JORC Compliance:

The information in this report that relates to Mineral Resources is based on
information compiled by Mark Kent, a full-time employee of AngloGold Ashanti
Australia Ltd, who is a member of the AusIMM. Mark Kent has sufficient
experience relative to the type and style of mineral deposit under
consideration, and to the activity which has been undertaken, to qualify as a
Competent Person (or Recognised Mining Professional) as defined in the 2004
Edition of the JORC Code. Mark Kent consents to the release of this resource
based on the information in the form and context in which it appears.

Appendix 1:  Supporting information for the 2012 Tropicana Mineral Resource
Estimate

Criteria                                         Explanation                   
                                                                               
                                                 AngloGold Ashanti Australia   
                                                 (AGAA) has carried out all the
                                                 drilling within the Tropicana 
                                                 deposit.                      
                                                                               
                                                 The sampling methodology with 
                                                 RC drilling has changed over  
                                                 time.  Sample collection prior
                                                 to 2007 was via a cyclone,    
                                                 dust collection system and    
                                                 multi-stage riffle splitter   
                                                 attached to the drill rig.    
                                                 From the beginning of 2007    
                                                 sample collection was via a   
                                                 cyclone, dust collection      
                                                 system and cone splitter      
                                                 attached to the drill rig.    
                                                                               
                                                 All NQ2 and HQ diamond holes  
                                                 have been half-core sampled   
                                                 over prospective mineralised  
                                                 intervals determined by the   
                                                 geologist.                    
                                                                               


                                             Within fresh rock, core is    
Sampling techniques.                             oriented for structural/       


                                                 geotechnical logging wherever 
                                                 possible.  In oriented core,  
                                                 one half of the core was      
                                                 sampled over one metre        
                                                 intervals and submitted for   
                                                 fire assay.  The other half of
                                                 the core, including the       
                                                 bottom-of-hole orientation    
                                                 line, was retained for        
                                                 geological reference and      
                                                 potential further sampling    
                                                 such as metallurgical test    
                                                 work.  In intervals of        
                                                 un-oriented core, the same    
                                                 half of the core has been     
                                                 sampled where possible, by    
                                                 extending a cut line from     
                                                 oriented intervals through    
                                                 into the un-oriented          
                                                 intervals.  The lack of a     
                                                 consistent geological         
                                                 reference plane, (such as     
                                                 bedding or a foliation),      
                                                 precludes using geological    
                                                 features to orient the core.  
                                                                               
                                                 Reverse Circulation drilling  
                                                 has been utilised to an       
                                                 average depth of 150m in the  
                                                 shallower, up-dip, western    
                                                 portions of the resource and  
                                                 as pre-collars to diamond     
                                                 holes.  All Reverse           
                                                 Circulation drilling has been 
                                                 via face sampling hammer.     
                                                                               


                                             Diamond drilling has          
Drilling techniques.                             predominantly been NQ2 with    


                                                 limited HQ2, HQ3 and PQ in the
                                                 upper saprolite and for holes 
                                                 drilled for geotechnical and  
                                                 metallurgical purposes.  The  
                                                 majority of diamond holes have
                                                 been drilled as tails to RC   
                                                 drilling. From 2011 many      
                                                 deeper holes were drilled with
                                                 shorter RC pre-collars (~60m),
                                                 or HQ from surface to minimise
                                                 deviation                     
                                                                               
                                                 The sample recovery is        
                                                 currently recorded on selected
                                                 intervals to assess that the  
                                                 sample is being adequately    
                                                 recovered during RC drilling. 
                                                 Prior to April 2008, no       
                                                 systematic assessment of      
                                                 sample recovery data was made 
                                                 for RC drilling.  A subjective
                                                 visual estimate was used where
                                                 weights were recorded as 25,  
                                                 50, 75 or 100%.  Since April  
                                                 2008 a systematic sample      
                                                 recovery program has been     
                                                 implemented where for 1:25    
                                                 intervals, the Primary (lab   


                                             weight), Secondary (archive   
Drill sample recovery.                           weight) and Reject splits are  


                                                 weighed and recorded in the   
                                                 database.  These weights are  
                                                 combined and then compared to 
                                                 a theoretical recovery of the 
                                                 interval based on the regolith
                                                 and rock type of the interval 
                                                 being analysed.               
                                                                               
                                                 For diamond drilling recovered
                                                 core for each drill run is    
                                                 recorded and measured against 
                                                 the expected core from that   
                                                 run.  Core recovery is        
                                                 consistently very high, with  
                                                 minor loss occurring in       
                                                 regolith and heavily fractured
                                                 ground.                       
                                                                               
                                                 All RC chips and diamond drill
                                                 cores have been geologically  
                                                 logged for lithology,         
                                                 regolith, mineralisation and  
                                                 alteration utilising AGAA's   
                                                 standard logging code         
                                                 library.  Diamond core has    
                                                 also been logged for          
                                                 geological structure.  Sample 
                                                 quality data recorded includes
                                                 recovery, sample moisture     
                                                 (i.e. whether dry, moist, wet 
                                                 or water injected) and        
                                                 sampling methodology.  Diamond
                                                 drill holes are routinely     
                                                 orientated, photographed and  
                                                 structurally logged with the  


                                             confidence in the orientation 
Logging.                                         recorded.  Geotechnical data   


                                                 recorded includes QSI, RQD,   
                                                 matrix, and fracture          
                                                 categorisation.               
                                                                               
                                                 All logging data is digitally 
                                                 captured via Field Marshall   
                                                 Software and the data is      
                                                 validated in Micromine prior  
                                                 to being uploaded to an SQL   
                                                 database.  DataShed has been  
                                                 utilised for the majority of  
                                                 the data management of the SQL
                                                 database.  The SQL database   
                                                 utilises referential integrity
                                                 to ensure data in different   
                                                 tables is consistent and      
                                                 restricted to defined logging 
                                                 codes.                        
                                                                               
                                                 Since the commencement of     
                                                 exploration activities at     
                                                 Tropicana, sample preparation 
                                                 and analysis has been carried 
                                                 out by two laboratories, as   
                                                 detailed below:               
                                                                               
                                                 Prior to November 2006 - SGS  
                                                 (formerly Analabs) Welshpool  
                                                 performed all gold and        
                                                 multi-element analysis.       
                                                                               
                                                 November 2006 to present -    
                                                 Genalysis Perth has performed 
                                                 all gold and multi-element    
                                                 analyses.                     
                                                                               
                                                 SGS routinely prepared        
                                                 half-core diamond samples by  
                                                 crushing in a jaw crusher     
                                                 followed by pulping in an LM5 
                                                 to 90% passing 75µm.  One     
                                                 metre RC samples were pulped  
                                                 in an LM5 to 90% passing 75µ  
                                                 m.  50-gram samples were then 
                                                 assayed by fire assay.  Sieve 
                                                 tests were carried out on 5%  
                                                 of samples.                   
                                                                               


                                             At Genalysis, core samples    
Sub-sampling techniques and sample preparation.  weighing approximately 2.5kg   


                                                 are prepared via a robot.  The
                                                 samples are then crushed to   
                                                 <3mm in a Boyd crusher and    
                                                 automatically split, down to a
                                                 sample of ~1kg for pulping and
                                                 analysis.  The remainder of   
                                                 the material was retained as a
                                                 coarse split for metallurgical
                                                 test-work.  One metre RC      
                                                 samples were pulped in a mixer


                                             mill to 90% passing 75µm.  
Wet 


                                                 sieve tests were carried out  
                                                 on 5% of the samples          
                                                                               
                                                 A coarse blank sample is      
                                                 inserted as the first sample  
                                                 in each laboratory job.  The  
                                                 purpose of this sample is to  
                                                 check that laboratory crushing
                                                 and grinding equipment is kept
                                                 clean.  Results from the blank
                                                 analysis show that no         
                                                 contamination is occurring    
                                                 within the pulverising        
                                                 process.                      
                                                                               
                                                 Standards are inserted into   
                                                 batches of samples at a       
                                                 frequency of three standards  
                                                 in every 100.                 
                                                                               
                At SGS 50-gram samples were                                    
                assayed by fire assay.  SGS                                    
                inserted blanks and standards                                  
                (one in 20 samples) in every                                   
                batch.  Every 20th sample was                                  
                selected as a duplicate from the                               
                original pulp packet and then                                  
                analysed.  Repeat assays were                                  
                completed at a frequency of one                                
                in 20 and were selected at                                     
                random throughout the batch.  In                               
                addition, further repeat assays                                
                were selected at random by the                                 
                quality control officer, the                                   
                frequency of which was batch                                   
                dependent.  Analysis was by fire                               
                assay with similar quality                                     
                assurance (QA) for RC and half                                 
                core samples.                                                  
                                                                               
                Genalysis inserted internal                                    
                standards and blanks randomly                                  
                through each batch.  Every 25th                                
                sample was selected as a                                       


            duplicate from the original pulp                               
Quality of      packet and then analysed at the                                
assay data and  end of the batch.  Finally, 6%                                 
laboratory      of the batch was selected for                                  
tests.          re-analysis.                                                    


                                                                               
                Internal laboratory checks and                                 
                internal and external check                                    
                assays such as repeats and check                               
                assays enable assessment of                                    
                precision. Contamination between                               
                samples is checked for by the                                  
                use of blank samples. Assessment                               
                of accuracy is carried out by                                  
                the use of certified Standards                                 
                (CRM).                                                         
                                                                               
                Check assay campaigns generally                                
                coincide with each resource                                    
                update.                                                        
                                                                               
                QAQC results are reviewed on a                                 
                batch-by-batch and monthly                                     
                basis.  Any deviations from                                    
                acceptable precision or                                        
                indications of bias are acted on                               
                with repeat and check assays.                                  
                Overall performance of both                                    
                laboratories has been                                          
                satisfactory.                                                  
                                                                               
                On receipt of assay results from                               
                the laboratory the results are                                 
                verified by the Data Manger and                                


            by geologists who compare                                      
Verification of results with geological logging.                               
sampling and                                                                   
assaying.       Analysis of twinned drill holes                                 


                showed that no significant down                                
                hole smearing was occurring in                                 
                RC holes when compared to the                                  
                twinned diamond holes in                                       
                Tropicana and Havana.                                          
                                                                               
                All hole locations within the                                  
                resource area to date have been                                
                pegged with a standard GPS, or                                 
                by RTK GPS.  Once the holes are                                
                drilled the collar location is                                 
                then surveyed with an RTK GPS.                                 


                                                                           
Location of     A regional Digital Terrain Model                               
data points.    was then created to cover the                                   


                Tropicana JV tenement area from                                
                Shuttle Radar Topography Mission                               
                (SRTM) data.  The data was                                     
                sampled at 3 arc-seconds, which                                
                is 1/1200th of a degree of                                     
                latitude and longitude, or about                               
                90 meters.                                                     
                                                                               
                Drill hole spacing on sections,                                
                and between sections, typically                                
                range from 25 x 25m to 100 x                                   
                100m.  The majority of the Open                                
                Pit resource area has been drill                               
                tested at a nominal density of                                 
                50 x 50m with the spacing closed                               
                up to 25 x 25m within the                                      
                Tropicana and Havana Starter                                   
                Pits.  An area of 100 x 100m                                   


            within the Havana pit was                                      
Data spacing    drilled on a 10 x 10m grid to                                  
and             validate the resource model and                                
distribution.   provide data to optimise the                                    


                proposed grade control                                         
                methodology.  The drill spacing                                
                at Boston Shaker is nominally 50                               
                x 50m.  The down-plunge                                        
                extension of the Havana Deeps                                  
                area is drilled at 100 x 100m or                               
                100 x 50m closer to the pit                                    
                area.                                                          
                                                                               
                1m samples are composited to 3m                                
                prior to Resource Estimation.                                  


                                                                           
Orientation of  The majority of drilling is                                    
data in         orientated to intersect normal                                 
relation to     to mineralisation.  The chance                                 
geological      of bias introduced by sample                                   
structure.      orientation is thus considered                                  


                minimal.                                                       
                                                                               
                Field quality control and                                      
                assurance has been assessed on a                               
                daily, monthly and quarterly                                   


            basis.                                                         
Audits or                                                                      
reviews.        Field QA/QC was assessed by                                     


                Quantitative Group (QG) as part                                
                of their audits of the Tropicana                               
                and Havana Mineral Resource                                    
                between 2007 and 2009.                                         
                                                                               
                AGAA uses various software                                     
                programs to collect the                                        
                different forms of drilling data                               
                obtained during exploration.                                   
                The main packages are from                                     
                Microsoft (SQL Server and                                      
                Access) and Micromine Pty                                      
                Limited (Micromine and Field                                   
                Marshall), Maxwell Services                                    
                Limited (DataShed) and Karjeni                                 
                Pty Limited (dPipe).                                           
                                                                               
                The database is managed with                                   
                Microsoft's SQL Server and                                     
                Maxwell's DataShed.  DataShed                                  
                was developed as a front end                                   
                interface to MS Access or SQL                                  
                Server.  DataShed was                                          
                specifically created for the                                   
                exploration and mining community                               
                and contains special queries and                               
                data management utilities unique                               
                to the mining industry.  Many of                               
                these or additional processes                                  
                have been modified or added to                                 
                by AGAA.                                                       
                                                                               
                Drilling data is captured in the                               
                field directly into handheld                                   
                Husky, LXE, Toughbook or laptop                                
                computers with Field Marshall                                  
                software.  Daily drilling forms                                
                (Plods) are completed by the                                   
                driller in hard copy and signed                                
                off by the geologist.  Sampling                                
                and Magnetic Susceptibility                                    
                (MagSus) readings are entered by                               


            field staff.                                                   
Database                                                                       
integrity.      The merging of logging data into                                


                the database is semi-automated                                 
                via a file transfer program                                    
                called dPipe.  Karjeni Pty                                     
                Limited developed dPipe to                                     
                facilitate the transfer of data                                
                from one format into another                                   
                into SQL databases.  This                                      
                program has the ability to read                                
                a file to split, composite and                                 
                append data into the desired                                   
                format.                                                        
                                                                               
                Semi-automatic loading of data                                 
                is preferred so that any                                       
                problems can be addressed                                      
                immediately.  These problems may                               
                include inconsistent intervals,                                
                wrong logging codes or incorrect                               
                initials for the person who                                    
                collected the data.  During the                                
                loading process some logging                                   
                files are split into several                                   
                tables, i.e. regolith, geology                                 
                and alteration, to allow better                                
                management and access to data.                                 
                Errors are held in the buffer                                  
                until corrected.                                               
                                                                               
                Assay results received from the                                
                laboratories are emailed to the                                
                Perth office and stored on the                                 
                server.  An invoice is mailed to                               
                AngloGold Ashanti along with a                                 
                hard copy or digital PDFs of the                               
                results.  The hard copies are                                  
                filed in folders and PDFs stored                               
                on the network for future                                      
                auditing purposes.                                             
                                                                               
                3D solids are created by                                       
                flagging the principal rock                                    
                types and structures defined                                   
                during section interpretation.                                 
                The highest priority geological                                
                domains are the Garnet Gneiss,                                 
                Dykes and Shears, as these are                                 
                the most visually distinctive                                  
                units, are the least subjective                                
                when being logged.  These are                                  
                considered to have a high level                                
                of confidence in                                               
                interpretation.  The Garnet                                    
                Gneiss unit is an important                                    
                unit, as it is generally found                                 
                in the hanging wall to the                                     
                mineralisation and acts as a                                   
                precursor to mineralisation, as                                
                well as being the dominant waste                               
                rock unit.  The dykes are                                      
                locally important as they                                      
                post-date mineralisation and are                               
                barren of gold mineralisation.                                 
                Modelling of the shears is                                     
                critical to understanding                                      
                geotechnical aspects and                                       
                assessing the spatial controls                                 
                on the mineralisation.                                         


            Measurements of structural data                                
Geological      from drill core are used to                                    
interpretation. generate 3D disks in Vulcan that                                


                assist in correctly modelling                                  
                the orientation of dykes and                                   
                shears.                                                        
                                                                               
                Modelled lithological boundaries                               
                and shears formed a framework                                  
                for subsequent definition and                                  
                triangulation of mineralised                                   
                lenses in the Tropicana and                                    
                Havana zones.  A 0.3g/t gold                                   
                cut-off was applied with                                       
                internal lower grade zones (<3m)                               
                included in the model.  The                                    
                Tropicana mineralised zone was                                 
                clipped at the saprock contact,                                
                consistent with observations in                                
                diamond drill core.  Havana zone                               
                mineralisation extends above the                               
                saprock contact and 0.3g/t gold                                
                triangulations were clipped at                                 
                the base of transported cover.                                 
                Mineralisation envelopes were                                  
                projected down dip below the                                   
                limit of assayed drill core and                                
                RC samples on average by 100m.                                 
                                                                               
                Interim solids were validated                                  
                and refined using structural                                   
                readings measured in drill core.                               
                                                                               
                The Open Pit Mineral Resource is                               
                reported within an A$1500                                      
                optimisation shell that is 4.7km                               


            long, up to 1km wide, and up to                                
Dimensions.     460m deep.                                                      


                                                                               
                The Havana Deeps Underground                                   
                Mineral Resource extends to a                                  
                depth of approximately 1km below                               
                surface.                                                       
                                                                               
                The Mineral Resource is reported                               
                from open pit and underground                                  
                Mineral Resource models,                                       
                estimated with differing                                       
                estimation techniques and with                                 
                different cut-off grades applied                               
                to each model.  The Open Pit                                   
                Mineral Resources have been                                    
                estimated using the                                            
                geostatistical technique of                                    
                Uniform Conditioning using                                     
                average drill hole intercepts                                  
                and are reported above a                                       
                marginal (break-even) cut-off                                  
                grade of 0.3g/t for Transported                                
                and Saprolite material, and 0.4g                               
                /t for Transitional and Fresh                                  
                material. The Havana Deeps                                     
                Underground Mineral Resource has                               
                been estimated at a cut-off                                    
                grade of 1.73g/t using the                                     
                geostatistical technique of                                    
                Ordinary Kriging using average                                 
                drill hole intercepts.  The                                    
                cut-off grade calculation is                                   
                based on an underground scoping                                
                study completed in late 2010,                                  
                and a gold price of US$2000                                    
                (A$1896).                                                      


                                                                           
Estimation and  3m down-hole composites are used                               
modelling       for both estimates.                                            
techniques.                                                                     


                Gold is the only element                                       
                modelled, as no other                                          
                significant element has been                                   
                detected in sampling to date                                   
                which would be deleterious to                                  
                mine and mill performance.                                     
                                                                               
                The Open Pit estimate uses block                               
                sizes of 15m (X) by 30m (Y) by                                 
                10m (Z) with an SMU of 5m (X) by                               
                7.5m (Y) by 3.33m (Z).                                         
                                                                               
                The Underground estimate uses a                                
                block size of 15m (X) by 30m (Y)                               
                by 3.33m (Z).                                                  
                                                                               
                Both Resource Estimates are                                    
                compared to the input data using                               
                swath plots to check for bias in                               
                the estimation, and to previous                                
                estimates.                                                     
                                                                               
                No reconciliation data is                                      
                currently available, although a                                
                trial grade control pattern of                                 
                ~100m by 100m was drilled during                               
                the BFS which provided                                         
                confidence that the Mineral                                    
                Resource Estimate was accurate                                 
                in that volume.                                                


                                                                           
Moisture.       Tonnage estimates are on a dry                                  


                tonne basis.                                                   
                                                                               
                The Open Pit Mineral Resources                                 
                use a cut-off grade of 0.3g/t                                  
                for Transported and Saprolite                                  
                material, and 0.4g/t for                                       
                Transitional and Fresh material,                               
                based on contract mining costs                                 
                and BFS-level estimates of                                     


            processing and administration                                  
Cut-off         costs, and a gold price of                                     
parameters.     US$2000 (A$1896).                                               


                                                                               
                The Havana Deeps Underground                                   
                Mineral Resource has been                                      
                estimated at a cut-off grade of                                
                1.73g/t. The cut-off grade                                     
                calculation is based on an                                     
                underground scoping study                                      
                completed in late 2010, and a                                  
                gold price of US$2000 (A$1896).                                
                                                                               
                Open Pit mining assumes                                        
                selectivity of SMU's of 5m (X)                                 
                by 7.5m (Y) by 3.33m (Z), with                                 
                no external dilution accounted                                 


            for in the Mineral Resource.                                   
Mining factors                                                                 
or assumptions. Underground mining is based on a                                


                modified Long-Hole Open Stope                                  
                method, with 20m vertical                                      
                intervals between ore drives.                                  
                No external dilution is included                               
                in the Mineral Resource                                        
                Estimate.                                                      
                                                                               
                Metallurgical recovery is taken                                
                into account in the optimisation                               


            of both Open Pit and Underground                               
Metallurgical   Resource optimisations, with an                                
factors or      average project recovery of                                    
assumptions.    90.3% assumed, based on                                         


                extensive metallurgical test                                   
                work completed as part of the                                  
                Feasibility Study for the Havana                               
                Open Pit.                                                      
                                                                               
                Dry Bulk Density (DBD)                                         
                determinations have been                                       
                routinely collected on the                                     
                mineralised zones in all DDH                                   
                core at one-metre intervals                                    
                using water immersion methods.                                 
                A coherent segment of core (>                                  
                10cm length), representative of                                
                the metre interval, is                                         
                selected.  The weight is                                       


            measured dry, in air, then                                     
Bulk density.   measured submerged in water.                                    


                Core was left to dry naturally                                 
                on the core racks.                                             
                                                                               
                Dry Bulk Density has been                                      
                estimated using Ordinary Kriging                               
                where sufficient data exist.  In                               
                non-estimated areas, the average                               
                measured value for that                                        
                lithology and regolith type is                                 
                used.  Density values within                                   
                units show little variation.                                   
                                                                               
                The estimates of the Mineral                                   
                Resources presented in this                                    
                Report have been carried out in                                
                accordance with the principles                                 
                and guidelines of the Australian                               
                Code for Reporting of                                          
                Exploration Results, Mineral                                   
                Resources and Ore Reserves                                     
                (JORC, 2004).                                                  
                                                                               
                Mineral Resources have been                                    
                classified based on the 15% rule                               
                whereby a Measured Resource                                    
                should reconcile within plus or                                
                minus 15% over quarterly                                       
                production volumes, 90% of the                                 
                time, and an Indicated Resource                                
                should reconcile within plus or                                
                minus 15% over yearly volumes,                                 
                90% of the time, as per internal                               
                AngloGold Ashanti guidelines.                                  
                This criterion defines a drill                                 


            spacing of approximately 25 x 25                               
Classification. m to define a Measured Resource,                                


                and 50 x 50 m to define an                                     
                Indicated Resource.  Inferred                                  
                Resources are defined when                                     
                evidence of geological and grade                               
                continuity exists sufficient to                                
                generate an estimated grade.                                   
                The average data spacing for                                   
                Inferred Resources varies, but                                 
                is generally 100 x 100m or less.                               
                                                                               
                The Resource classification is                                 
                consistent between the Open Pit                                
                and Underground estimates, given                               
                that the underground mining will                               
                focus on large tonnage, low cost                               
                methods and the resource is                                    
                mined at a relatively low                                      
                cut-off grade.  Material defined                               
                by relatively few drill-holes                                  
                (down plunge from the Havana                                   
                Deeps area) was manually recoded                               
                out of Resource classifications,                               
                and not reported as part of the                                
                Tropicana Resource for 2012.                                   
                                                                               


            The Open Pit Mineral Resource                                  
Audits or       has been audited previously as                                 
reviews.        part of the BFS by Quantitative                                 


                Group (QG) between 2007 and                                    
                2009.                                                          
                                                                               
                The relative accuracy of the                                   
                Mineral Resource Estimates is                                  
                reflected in the Resource                                      


            Classification.                                                
Discussion of                                                                  
relative        No reconciliation data is                                      
accuracy/       currently available, although a                                
confidence.     trial grade control pattern of                                  


                ~100m by 100m was drilled during                               
                the BFS which provided                                         
                confidence that the Mineral                                    
                Resource Estimate was accurate                                 
                in that volume.                                                
                                                                               



END

-0- Dec/04/2012 07:46 GMT