AngloGold and Thani Dubai Form Exploration Alliance

AngloGold Ashanti and Thani Dubai Mining Ltd. have formed a 50:50 alliance to explore for, develop, and operate mines across the Middle East and parts of North Africa. The alliance has identified and is evaluating opportunities in the region. A technical and business development group is being assembled and will operate from Dubai, United Arab Emirates.

The alliance is led by a board comprising equal representation from AngloGold Ashanti and Thani Dubai. Project acquisitions and exploration programs will be equally funded by AngloGold and Thani Dubai up to and including the completion of the project prefeasibility study. Anglo- Gold will develop, manage, and operate any subsequent mining operations.

Thani Dubai Mining is a subsidiary of a privately held company, Thani Investments LLC, based in Dubai. The company is currently undertaking exploration programs on concessions in Yemen and Egypt. The Medden concession near Al Mukalla, Yemen, is currently at the prefeasibility stage. SRK Consulting recently defined measured and indicated resources of 234,000 oz and an inferred resource of 930,000 oz of gold at the project. An extensive surface and underground exploration program is under way to increase Medden’s reserves and resources. At other Thani Dubai concessions in Yemen and Egypt, surface mapping and sampling programs are underway to define drill targets.

As featured in Womp 2009 Vol 06 -