I am not going to give the Gold Fields corporate presentation today.

In fact I am only going to talk about elements of our growth strategy and exploration. exploration If there is anyone wanting to know more about the Gold Fields production machine I will gladly answer your questions after the presentation , or, please visit our booth where we have a number of people who can answer your questions. Over the past year Gold Fields, together with Richard Schodde of Minex Consulting, has compiled a very comprehensive database of gold discoveries. It includes gold deposits over 100Koz in size and we think that it represents well over 70% of the ounces discovered. A number of trends were observed, some confirming our p conceived ideas , g pre but a number were a complete surprise. Today, I will talk about two of these trends and how they have impacted our Gold Fields growth strategy. The first trend questions whether the industry is replacing its production and the second questions the effectiveness of exploration investment for gold gold. Given that this is Australias premier mining conference I will focus specifically on our activities here in Australia as well as touching on our new discovery in Peru.
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Although limited, I will be making some forward looking statements, that g g g might not turn out exactly the way I have predicted. I hope you manage to read and adsorb these statements?

The bars in this graph totals the q g p quoted resource and p production ounces of gold discoveries, including by product gold, for the last 60 years. We have also added an estimate of new discoveries, without defined resources, found in the last 6 to 7 years. We see a trend of increasing discovery to a peak in the mid 1980s and then a steady decline to 2010 where less than half the number of ounces is being 2010, found. Given the industry produces about 75Moz annually are we discovering enough new gold to replace this production?

To answer this question we need to look at the p p q proportion of discovered ounces that eventually get mined. Historically we estimate about 60 to 80% of all discovered resource ounces will be mined. In this graph we have coloured the bars by increasing conversion to mined ounces. So ounces from discoveries that will eventually get mined lies in the mid range blues i.e. between the dark and the light colours. When we look at world gold production, the red line, you can clearly see that over the last decade we have not discovered sufficient ounces to replace production. In fact the peak in discoveries during the mid 80s leads the peak in global production in 2001. It is likely also that the lack of discoveries in the naughties is currently leading the decrease in production evident since 2001.

This trend is amplified when we examine this g p p graph. The bars in the graph are coded by stage of development from production and construction in the blues to feasibility and exploration in the greens. The red colouring are discoveries that have been stalled indefinitely. Here you can see some projects, discovered 20 years ago, are still in feasibility projects ago or advanced exploration. Clearly the industry is being sustained by the maturing mines in the blue. The industry is experiencing significantly increasing business and regulatory complexity which causes delay but also we are seeing a decrease in the quality of ounce being discovered challenging the economics of extraction.

This graph shows the g g p gold p price, the red line, and exploration investment p categorised into grassroots, late stage and near mine funding. The industry experienced a quantum shift in funding after the 1980s. This coincided with the era of cheap credit and the entrance of risk tolerant investors that spawned the junior explorer. Over this period the industry maintained on average a $2.4 billion exploration investment but this was highly cyclical. The cycles are somewhat unrelated to the gold price or the demand for gold and are more closely correlated to things like the 2000 technology stocks sell off and the 2008 credit crisis i.e. general market cycles and availability of risk capital.

Given the trend of reducing discovered ounces and increased investment it is g not surprising that discovery costs are rising. In this graph we can see that the cost of discovery has increased from $6.80/oz in the 1950s, to $10/oz in 1980 to $52/oz in 2008. This trend is underplaying the fact that the gold price over that time has doubled. So it would seem that the cost of discovering an ounce of gold resource is rapidly increasing. We have not yet attempted to estimate the true reserve cost per ounce possibly the next stage of this work.

We looked in detail at the 17 years from 1992 to 2008. This period captured two full investment funding cycles with troughs of less than $2 billion and peaks of more than $ i f di l ih h fl h billi d k f h $4 billion. What we saw was that the junior explorer received about 56% of the industrys investment but discovered less resource ounces than the majors and intermediates. Over this period juniors discovered ounces at about $42/oz compared to the majors and intermediates $25/oz. This trend was a surprise to us. But as we thought about it it made sense. Clearly junior explorers are not lesser exploration geologists to the contrary some of the best and most driven geologists have left the majors to seek their fortune in the junior sector. It is structural: exploration requires consistent investment over time to generate ideas, follow them up and go through the iterative process of discovery. The cyclical nature of the funding, which most deeply affects the junior explorer, does not give sufficient time for productive greenfields exploration. Faced with limited time the geologist focuses on brownfields revitalisation, which can be quicker but often lower quality. You know the old adage the best deposits in a camp are discovered early. Couple this with the imperative to grow ounces quickly, because thats how the market values junior explorers, the quality of the resource is often not the focus. Going forward investors, companys and government need to examine how we can provide an environment where there is consistent and persistent funding for quality greenfields exploration. The junior market funding model works well until it stops.

Gold Fields spotted this trend some time ago and started its current g p g growth strategy about 3 years ago. The competition for new quality projects is intense. Also, due to the lack of new projects larger companies are acquiring more and more marginal projects with the expectation of higher prices in the future. With the lack of new discoveries it is logical to believe that prices for both gold, the commodity, gold commodity and assets will increase. Gold Fields has a strategy of no M&A heroics. This does not mean we wont look to acquire quality assets but rather we will be very selective ensuring that it will provide accretive growth to our shareholders. Our growth will be through exploration and discovery. This way we will improve the quality of our portfolio and provide accretive growth on a per share basis. In just three years we have doubled our greenfields exploration spend to $80 million and maintained our near mine funding at over $50 million.

Our exploration programme is focused on delivering our regional growth targets of 1Moz production per year from each region. Our commitment has yielded results: A new discovery with our partners Buenaventura in southern Peru called Chucapaca. In just 18 months from the discovery hole in the Canahuire deposit we announced an initial resource of some 5.6Mozeq. Our partner Orsu Metals Corp. announced a resource on our Taldybulak deposit where Gold Fields owns 60%. Both of these discoveries, Chucapaca and Taldybulak, have significant upside potential. A couple of months ago we announced an inferred resource of over 1Moz at the Hamlet deposit, which is part of the developing Argo Athena camp at St Ives. And, in November last year we acquired Glencar Mining Plc and have subsequently consolidated the Yanfolila belt in southern Mali. Since then we have completed over 70km of aircore drilling and 30km of diamond drilling in the belt.

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I am not going to g through each p j here but thought I would talk briefly g g go g project g y about Chucapaca. Gold Fields holds 51% and Buenaventura holds 49% of a 12,700Ha joint venture. Its the green tenements. In addition to this Gold Fields owns outright a number of additional tenements shown in red. The area is located in southern Peru mostly in the Moquegua Region.

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We have completed over 22,000m of diamond drilling on the Canahuire p g discovery and defined a resource of 5.6Mozeq. Initial scoping studies have shown that the deposit is amenable to open pit mining and that we can extract the metals economically. This has given us sufficient confidence to start in fill and extensional drilling with the goal of completing a pre feasibility study by Q3 2011 2011. We have started drilling again with three rigs active at Canahuire and two more due mid August. Further work on other targets will also be completed during the year.

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In this graphic we are showing all blocks in the resource above 1g/t. The blue g p g g is the whittle pit we floated and as you can see the majority of the mineralisation optimises. There is a high grade shoot plunging gently to the west where we had some of our best drill results 40m @ 7g/t and 120m @ 8g/t. Its open to the west and there is good potential to expand this resource further further. Going back to the discovery trends.

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This graph shows discovered resource ounces in the bars colour coded by our g p y internal country ranking. The red is high risk, gold moderate and blue low risk. Low risk areas also tend to be the more mature or traditional mining areas e.g. e g Australia and Canada. Canada From this data it is clear that the new discoveries in the last 20 years were largely sourced in moderate to high risk countries and that traditional gold districts are becoming progressively depleted. So lets look at Australia.

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As you can see very little to get excited about since 1993 when both Cadia and Sunrise Dam were discovered. There is a distinct lack of newly discovered ounces in the last 20 years notwithstanding the vigorous exploration investment averaging about $650 million per year. As discussed earlier a lot of this exploration investment has gone to revitalise old mining districts with little genuine greenfields exploration being completed. Without greenfields exploration it is unlikely that this trend will be reversed. Australia is a great place to do genuine greenfields exploration. Leaving aside the recent tax debates that have already had a fair bit of airtime here Australia is politically and normally fiscally stable giving investors the confidence to fund high risk exploration over long timeframes. Coupled with this there are spectacular government generated data that can be used to generate new ideas and hopefully spawn new gold districts. Interestingly, if you recall the global industry funding pattern the 3rd peak in 2008 didnt happen in here Australia.

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Here you can see the risk capital has been diverted to other commodities and y p investors are clearly losing interest in gold exploration. We cant keep on doing the same thing its clearly not working.

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Gold Fields has maintained a robust and increasing exploration investment in g p Australia. We focus on new exploration at both our near mine and greenfields progarmmes. Last financial year we invested nearly $60 million. With this commitment we have been able to justify the Lefroy Mill at St Ives and more recently discover the growing Argo Athena camp. This sort of investment must make Gold Fields one of the top gold exploration investors in the country.

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St Ives south of Kambalda just down the road from here is a world class g j gold camp. There has been over 10Moz produced from St Ives and we have over 5 million ounces in resource. With this history it is incredible that we can still make significant new discoveries such as the Argo Athena camp just over 5km from our mill shown in the box box. This is a testament to the commitment of Gold Fields and the excellent discovery science of our St Ives near mine exploration team.

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The Argo Athena camp comprises a number of mineralised shears in a 25km2 g p p area and already has a known and defined endowment of over 3.5Moz. Contrary to our previous exploration model the best mineralisation at Athena and Hamlet is hosted in the Paringa basalt. This has opened up significant opportunity to discover more lodes. This discovery is fast developing into the best new gold discovery in Australia. Last year, at Diggers, we focused on the new Athena resource.

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Now I can report that the decline and orebody development is on track for a p y p December start up. The underground definition drilling shown here is mostly complete and we are opening up the orebody which is delivering robust widths and grades.

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The next cab off the rank is Hamlet. We announced a 1Moz inferred resource in May and we are currently infill drilling and drilling down plunge beneath the resource. The orebody is clearly open in that direction with 8m @ 10g/t, 7m @ 7g/t and 12m @ 8g/t 8g/t. Hopefully next year we will be able to show development into this orebody and describe the Yorick deposit as our next resource. At Yorick, which is 500m east of Hamlet, drilling is identifying discrete zones of mineralisation displaying good plunge continuity. This camp continues to deliver and we are very excited about its potential. Moving to Agnew.

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Agnew is the silent and consistent p g performer. The mine has reserves and resources in excess of 3.5Moz. This year we have drilled the extension of Kim, beneath the the Waroonga open pit, and extended the mineralisation by another 500m to 1,200m below surface. We are still in the process of completing the resource which will hopefully extend Agnews life to about 10 years.

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Here you can see the navi drilling completed to extend Kim to depth. y g p p The drills have now moved to the Main North Lode drill out. Gold Fields near mine exploration strategy at both St Ives and Agnew has replaced and in fact grown our reserves so our strategy to grow through exploration is working working. Moving to our Australian greenfields portfolio where we have assembled a portfolio of promising early stage opportunities.

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Gold Fields grub staked junior explorer Clancy exploration Ltd back in 2004 so g j p y p that they could finish a data processing and modelling exercise over the East Lachlan Ordovician Arcs. These arcs are host to a number of significant deposits including Cadia Ridgeway, Northparkes and Cowal. After the data processing Clancy and Gold Fields generated a number of targets with the potential for porphyry mineralisation. Clancy acquired the mineralisation tenements and later IPOd. Gold Fields has now completed 7 JVs with Clancy and acquired 2 projects in its own right. We are currently aggressively exploring these tenements. This is a good example of how junior explorers and majors can develop a strong alliance that benefits both parties. Consistent funding for these JVs has allowed a focus on quality greenfields opportunities that will hopefully develop into significant deposits.

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Our target is a hidden Cu Au porphyry. g p p yy Being a mature region, outcropping mineralisation has mostly been followed up, and we are challenged by having to explore beneath 20 140m of transported cover. We W are using as much science as we can and using a systematic aggressive i h i d i i i approach. We are constraining the programme to the intersection of sub cropping systems with a disciplined follow up.

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One area for follow up is at the Myall JV. Here we have defined a 3 by 3km p y y Au Cu anomaly which is coincident with magnetic and gravity anomalies. We have already identified porphyry alteration and mineralisation and we will now drill test the priority targets. This is high risk high reward exploration which through persistence and technical excellence we are now delivering encouraging results.

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The Delemarian project is an example of using the excellent g p j p g government datasets to generate genuine greefields targets. Here Gold Fields has staked a 12,000km2 tenement package in South Australia. The target is a world class sediment hosted orogenic deposit like Telfer under relatively shallow cover. Aircore programmes drilling through this cover have identified large areas of low level anomalism. And we are currently infill aircore drilling one of these targets which is 45km by 15km in size. You can only do this type of exploration in a stable (politically and fiscally let me remind you) country which provides excellent incentives for this high risk investment.

So with that I would like to thank you for y y your attention and I would be happy ppy to take any questions. I want to leave you with the following: If we are to stem or even reverse the observed decline in gold discoveries; governments, governments junior and major companys as well as, investors need to work company s, as together towards a new paradigm that will provide consistent investment funding to quality greenfields initiatives in order to sustain the gold industrys future.

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