Mineral Resources and Mineral Reserves Overview 31 December 2011

2 Introduction Gold Fields Limited has total managed precious metal and gold equivalent Mineral Resources of 234.4 (239.5) million ounces and Mineral Reserves of 85.1 (81.0) million ounces net of 4.2 million ounces and 4.0 million ounces depletion respectively. The December 2010 statement’s numbers are shown in brackets. The figures include Arctic Platinum (2PGE+Au), Chucapaca gold-copper-silver, Talas gold-copper-molybdenum, Yanfolila and the West Wits Tailings Treatment Project (WWTTP gold, which includes KDC East, KDC West and South Deep).

Total managed gold only Mineral Resources including WWTTP (excluding platinum, other metal equivalents and projects) are 198.4 (204.8) million ounces and Mineral Reserves are 82.0 (78.4) million ounces.

The Gold Fields Mineral Resources and Mineral Reserves guiding principle is to ensure integrity, transparency and materiality in reporting, that is compliant with public and internal regulatory codes, as well as to inform all stakeholders on the status of the Group’s fundamental asset base. Gold Fields is one of the world’s largest unhedged producers of gold, with attributable annualised production of ~3.5 million gold equivalent ounces from eight operating mines in Australia, South Africa, Peru and Ghana.

Gold Fields is committed to continue pursuing value through exploration, acquisition and sustained delivery through organic growth within its existing operations. Mineral Reserve replacement and growth projects are ranked on value creation, quality, size, production profiles and sustainability and currently the Group has an extensive and diverse global growth outlook with a strong project pipeline at various levels of appraisal or development.

The Mineral Resources and Mineral Reserves outlined in this report provide the key anchor point for operational excellence, growth in Gold Fields and securing the future. The information is presented on a Group and Regional basis and reports in appropriate detail on the current status and changes at each operation, whereas individual operational, project and exploration reviews are presented in depth within the relevant Technical Short Form Reports.

Important notices 1. The United States Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce from. Certain terms are used in this report, such as “Mineral Resources”, that the SEC guidelines strictly prohibit companies from including in filings. US investors are urged to consider closely the disclosure in our Form 20-F. 2. All Mineral Resources and Mineral Reserves figures reported are managed by Gold Fields unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves and both geotechnical support and stability pillars (December 2010 statement’s numbers are shown in brackets). 3. The Group’s Mineral Resources and Mineral Reserves figures are estimates at a point in time and will be affected by changes in the US dollar currency exchange rates, permitting, change in legislation, costs and operating parameters. 4. Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. 5. All references to tonnes are metric units. 6. The 31 December 2011 Mineral Resource and Mineral Reserve figures are net of depletion.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 3 Contents Group highlights ¨¨ The Mineral Reserves at South Deep increased by 5.1 million ounces (15 per cent), primarily due to mine Introduction IFC design optimisation and inclusion of Group highlights Page 1 additional areas, which were not previously planned. 1. Group overview Page 2 ¨¨ A pre-feasibility study has been completed for the processing of the Strategic intent Page 2 West Wits tailings for the extraction Headline numbers Page 2 of gold. This has resulted in the Group Mineral Resources and Mineral Reserves overview Page 3 reporting of a maiden gold Mineral Reserve of 2.9 million ounces. Assessment and reporting criteria Page 4 ¨¨ At Cerro Corona the total gold Summary of the Gold Fields Limited Mineral Resources and Page 5 equivalent Mineral Reserve base Reserves statement improved substantially by 15 per cent Mineral Resources and Mineral Reserves split per operation and growth Page 7 from 5.3 million ounces to 6.1 million projects ounces, net of depletion. This is Reconciliation of Managed Mineral Resources and Mineral Reserves Page 8 primarily due the increase in total capacity of the tailings storage facility On-lease exploration Page 8 from 99 million tonnes to 130 million tonnes deposited, including historical 2. Operations Page 9 tailings production. Australasia Region Page 9 ¨¨ The purchase of the minority shareholders’ equity in Cerro Corona South Africa Region Page 12 (80.7 per cent to 98.5 per cent) has increased the attributable Mineral South America Region Page 16 Resources and Mineral Reserves by 1.4 million equivalent ounces and West Africa Region Page 19 1.1 million equivalent ounces respectively. This is inclusive of 3. Growth projects Page 22 growth and mined depletion as reflected in the 31 December 2011 Arctic Platinum Project (APP) Page 22 statement. Chucapaca Project Page 23 ¨¨ The Mineral Resource and Mineral Reserve position in the West Africa Yanfolila Project Page 24 Region has increased significantly, Talas Project Page 25 by 7.9 million ounces (46 per cent) and 2.4 million ounces (21 per cent) Woodjam Project Page 26 respectively, primarily due to an increase in the gold price, a planned 4. Supplementary information Page 27 additional CIP Plant at Tarkwa and Corporate governance Page 27 new discovery at the Greater Damang Project (Huni, Juno and Competent Persons Page 27 Damang main pit). Conversion table Page 28 ¨¨ The West Africa Region increased its Abbreviations Page 28 attributable Mineral Resources and Mineral Reserves by 4.8 million Glossary of terms Page 29 ounces and 2.5 million ounces respectively, following the buyout of the IAMGold share (71.1 per cent to 90 per cent).

www.goldfields.co.za

Integrated Annual Review 2011

Cover image: Panoramic view of the Twin

Early morning photograph of mining operations at Tarkwa mine. Early morning photograph of mining operations at Tarkwa Shaft complex, South Deep

1 1. Group overview

At the heart of Gold Fields’ strategy, the primary principle that “If we cannot mine safely, we will not mine” remains our core value. Continuous high levels of investment in mine site Mineral Reserves development, Mineral Resources to Mineral Reserves conversion, resource definition drilling, on lease and greenfields exploration is being maintained in an attempt to ensure a sustainable pipeline

Strategic intent

3. Increase operational flexibility and margin Safe production Operational excellence delivery 2. Drive Resource to Reserve conversion

Reserve definition ‘Mine design 1. Investment in exploration and discovery and planning” Realise asset potential Growing free cash flow Exploration space ‘Discovery” Leverage ore body capacity

Sustaining the future Gold Fields Limited (GFI) is a leading Growing Gold Fields is not only about international unhedged gold mining increasing our production and Deliver executable plans company with eight operating mines development, it is also about ensuring spread across four geographical sustainable growth in our Notional regions, namely Australasia, South Cash Expenditure margin (NCE), Building a Growth Pipeline Africa, South America and West Africa. earnings and returns to shareholders As a result of its expanding exploration on a per share basis – as well as the Driving Value Creating Projects portfolio and growth projects, the robustness of our Mineral Resources to Feasibility company is poised to increase its global and Mineral Reserves. Furthermore, it reach. The company has a robust is about strengthening our position and Create Mineral Reserve Mining Flexibility production capability founded on its creating a truly global diversified high-quality, long-life assets and with portfolio. Growing the Safe Production Profile the size of its Mineral Reserves profile, remains one of the strongest in the Licence to Operate industry.

Headline numbers1 (31 December 2011 Mineral Reserve gold price of US$1,300/oz)

MANAGED ATTRIBUTABLE

Gold Equivalent Mineral Resource 239.5 Moz 225.4 Moz 31 December 2010 Uranium Mineral Resource 90.1 Mlbs 90.1 Mlbs Gold Equivalent Mineral Reserve 81.0 Moz 76.7 Moz

Production Depletion from Mineral Resource 4.2 Moz 4.1 Moz 12 Months Production Depletion from Mineral Reserve 4.0 Moz 3.9 Moz

Gold Equivalent Mineral Resource 234.4 Moz 217.0 Moz 31 December Uranium Mineral Resource – – 2011 Gold Equivalent Mineral Reserve 85.1 Moz 80.6 Moz

1Group total figures are equivalent gold ounces and include Cerro Corona (Au and Cu as Au-Equivalents) and Growth Projects (Au and other metals as Au-Equivalents or 2PGE+Au). 31 December 2011 figures are net of production depletion.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 2 Toodoggone JV Woodjam JV

Arctic Platinum



   Vancouver

  beijing  Denver

Yanfolila Mankayan  Kangare  Far Southeast Bamako  Manila Telikan  Talas JV  Gladie  Boako ◆◆  Accra Nabire Bakti JV Tarkwa Cerro Corona Damang Damang Hualgayoc JV Asheba Edwenase  ◆ Lima Tacna  Moquegua  Agnew Chucapaca JV Amantina JV Agnew JOhannesBURG  ◆◆ Rio Baker  Taguas JV ◆ Pircas South Deep ◆ Salares Norte Kloof-Driefontein Complex (KDC) ◆ Perth    Beatrix  Santiago  Orange St Ives Delamarian St Ives

East Lachlan JVs EXPLORATION LEGEND  Offices ◆ Mines MAP REFERENCE  Near-mine exploration Managed Mineral Resource South Africa  Exploration projects (million gold equivalent ounces) West Africa – GFI 100% – GFI option Australasia – JV GFI operated December 2011 – JV partner operated South America Au-Eq Resources (234.4 Moz) – Near mine ■ KDC and Beatrix ■ South America ■ SRD and TSF ■ Australasia ■ South Deep ■ Growth projects Group Mineral Resources and Mineral Reserves overview ■ West Africa (Excl. TSF Au)

All numbers are net of twelve months’ depletion since the December 2010 statement, 32.2 with the previous declared numbers shown in brackets. 9.2 74.6 7.7 ¨¨ Total attributable gold Mineral Resources, excluding growth projects but including

Cerro Corona copper as gold equivalent ounces and WWTTP (TSF) gold ounces, 25.2 are 193.4 (202.3) million ounces and Mineral Reserves are 80.6 (76.7) million ounces, net of 4.1 and 3.9 million ounces depletion from the Mineral Resources and Mineral Reserves respectively. 4.6

¨¨ Attributable Mineral Resources, including: (i) platinum and other metals as gold 81.0 equivalents and (ii) growth projects, are in total 217.0 (225.4) million ounces and gold plus Cerro Corona copper as gold equivalent Mineral Reserves are 80.6 (76.7) million ounces. Managed Mineral Reserve ¨¨ The Black Economic Empowerment (BEE) transaction concluded in December (million gold equivalent ounces) 2010 grants an empowerment consortium 10 per cent of South Deep. Based on the relevant sliding scale of the vesting of the economic benefit attached to the December 2011 10 per cent and the current Life of Mine profile of South Deep, the Mineral Au-Eq Reserves (85.1 Moz) Resource and Mineral Reserve portion attributable to Gold Fields is 92.4 per cent. ■ KDC and Beatrix ■ West Africa ■ ■ ¨¨ SRD and TSF South America The total Arctic Platinum Project (APP) Mineral Resources now amount to ■ South Deep ■ Australasia 12.2 million ounces 2PGE + Au following a scoping level hydrometallurgical processing study for the Suhanko deposits. APP is 100 per cent attributable to 4.1 6.1 Gold Fields. 18.2

¨¨ The Chucapaca Project in southern Peru underwent a scoping study in 2011, 13.7 which included additional extensional and infill drilling and now has a gold 3.3 equivalent Mineral Resource of 7.6 million ounces – 51 per cent attributable to Gold Fields.

¨¨ The maiden Inferred Mineral Resource of 1,060 million pounds copper was declared for the Woodjam Project in British Columbia, Canada – 51 per cent attributable to Gold Fields. 39.6

3 Assessment and reporting criteria The assessment and reporting criteria as outlined in the governance. Technical and operating procedures that have SAMREC Code (2007 edition) have been used in the been developed on site are designed to be compliant with preparation of an internal Competent Persons Report (CPR) the Sarbanes-Oxley Act framework as adopted by Gold for each operating asset, from which the numbers stated in Fields Group Mineral Resource Management for Mineral this report, have been drawn. The CPR principally comprises Resource and Mineral Reserve estimation, auditing and a technical review of the Mineral Resources and Mineral reporting. Reserves, together with a techno-economic appraisal of the relevant mining and processing assets. Reporting is also in The commodity prices used for the Mineral Reserve accordance with Section 12 of the JSE Listings declaration are in accordance with the SEC guidelines and Requirements and takes cognisance of other relevant approximate the historical two to three-year average international codes where geographically applicable. commodity prices. The gold prices used for the derivation of Mineral Resources represent upside potential to that used for The Mineral Resources and Mineral Reserves are Mineral Reserves. The December Mineral Resource gold underpinned by appropriate Mineral Resource Management price has a premium of ~10 per cent over the Mineral processes and protocols that ensure adequate corporate Reserve metal price.

The following currency prices were used as a basis for estimation in the December 2011 declaration: December 2011 December 2010 June 2010 Region Unit Resources Reserves Resources Reserves Resources Reserves

Australasia Au – A$/oz 1,550 1,400 1,350 1,225 1,375 1,100

Au – R/kg 340,000 310,000 290,000 265,000 285,000 240,000 South Africa U3O8 – US$/lb – – 75 – 75 – Au – US$/oz 1,450 1,300 1,100 1,000 1,000 925 South America Cu – US$/lb 3.90 3.50 3.00 2.75 2.75 2.20

West Africa Au – US$/oz 1,450 1,300 1,100 1,000 1,000 925

For the Growth Projects and exploration targets the following Mineral Resource prices were used: ¨ APP used US$1,450/oz for gold, US$1,775/oz for platinum, US$625/oz for palladium, US$3.9/lb for copper and US$10.89/lb for nickel; ¨ Talas used US$1,150/oz for gold, US$3.00/lb for copper and US$15/lb for molybdenum; ¨ Chucapaca used US$1,450/oz for gold, US$3.90/lb for copper and US$25.5/oz for silver; ¨ Yanfolila used US$1,150/oz for gold; and ¨ Woodjam used US$1,450/oz for gold and US$3.90/lb for copper.

Mineral Resource tonnages and grades are estimated in situ ¨¨ All regions and operations have documented the guidelines over a minimum mining width, and include mineralisation and modifying factors that underpin the LoM plans, which below the selected cut-off grade to ensure that the Mineral are supported by mine designs and schedules. Resources comprise practical mining blocks of adequate size ¨¨ A detailed (two-year) operating and capital cost budget is and continuity. Measured and Indicated Mineral Resources produced and, where appropriate, extended for the LoM are reported inclusive of those Mineral Resources modified to production schedule. The operational plan is prepared on a produce Mineral Reserves. monthly basis and zero-based costing is used to formulate the plan. Of critical importance is the utilisation of historically ¨¨ Mineral Reserves are that portion of the Mineral Resources, achieved data for productivity and operating costs. which technical and economic studies have demonstrated, ¨¨ Although all permitting may not be finalised and in place, can justify extraction at the time of disclosure (to minimum there is no reason to expect that these will not be granted pre-feasibility study level). Estimates of tonnages and based on existing processes and protocols. However, the grades quoted as Mineral Reserves include allowances for duration taken for final approval may impact the all mining dilution, all other mining factors (modifying factors) production schedules. and consequently are reported as net tonnes and grades ¨¨ All financial models are based on promulgated tax laws as delivered to the mill. at 31 December 2011. Proposed changes in Ghana were ¨¨ Of the Group’s managed 85.1 million ounces of Mineral not promulgated. Reserves, only 9.6 million ounces are deemed to be ¨¨ Open pit Mineral Resources are typically confined to pit shells classified as being below existing infrastructure at South that are defined by the price, costs and relevant modifying Deep (South African reporting context). However, from an factors used for their estimates. These pit shells are used to International underground perspective this ground would constrain the mineralisation to that which is economically and not be classified as below infrastructure as it is planned to practically extractable under assumed economic conditions, be accessed via ramps and would be considered as normal and departs from the disclosure of a mineral inventory grid development (mechanised mining methodology). All the regardless of stripping ratios, location and continuity. planned expenditure for the ramps and extensions has ¨¨ Mineral Reserve parameters for the Australasia Region been provided for in the Life of Mine plans (LoM). KDC East, vary on a mining project-by-project basis, and reflect KDC West and Beatrix have for the first time not reported specific cost structures and technical assumptions below infrastructure Mineral Reserve ounces. derived from actual production history or extensive pre-feasibility work.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 4 ¨¨ Mineral Reserves for the South Africa Region operations ¨¨ Operations are entitled to mine all declared material are estimated using a total cost (excluding capital) pay located within their respective mineral rights and/or limit/cut-off grade, historical cost levels and mining mining rights and all necessary statutory mining efficiencies at each operation. The conversion ratio from authorisations and permits are in place or have Mineral Resources to Mineral Reserves in the South Africa reasonable expectation of being granted. Region is further affected by the following key factors: ¨¨ Power and utility escalation has been factored into all –– The exclusion from Mineral Reserves of regional support financial models. and safety pillars as designed and set out in the current ¨¨ This Technical Short Form Report (“the Report”) mine plan; contains information as at 31 December 2011 (“the –– Mining constraints applied to the extraction, based on the Effective Date of this Report”). The statements and geometry of the geological structures as presently information set out in this Report speak only as of the interpreted; and Effective Date of this Report. Shareholders and other –– Mining quality factors (e.g. Mine Call Factor) and dilution. interested and affected parties are therefore urged to ¨¨ Cerro Corona’s Mineral Resources are limited by the review all public disclosures made by Gold Fields after the current capacity of the waste storage facility, while the Effective Date of this Report, as some of the information Mineral Reserves are constrained by the capacity of the contained in the Report may have changed or have been tailing storage facility. In a multiple commodity deposit, updated. Gold Fields does not undertake any obligation the net smelter return cut-off calculation takes account of to update publicly or release any revisions to statements all cost and technical parameters. and information set out in this Report to reflect events or ¨¨ Mineral Reserves for West Africa are estimated using circumstances after the Effective Date of this Report or to mine designs generated according to industry standard reflect the occurrence of unanticipated events, unless mine optimisation methods, current cost structures and obliged to do so pursuant to law or regulation. In such technical assumptions derived from actual production event, Gold Fields does not undertake to refer back to history and pre-feasibility/feasibility studies. any information contained in this Report. ¨¨ Caution should be exercised when interpreting the grade tonnage curves within the Technical Short Form Reports. The Group has proven expertise in exploration, resource The ability to high-grade (selectively mine) the deposits modelling, mine planning and reconciliation methodologies may be precluded by the deposit geometry, mining for surface, shallow and deep to ultra-deep mining method and the need for practical development of the operations. It constantly reviews and considers the orebody. application of international leading practices in mineral resource management at all its operations and projects.

Summary of the Gold Fields Limited Mineral Resources and Mineral Reserves statement1 Mineral Resources (100%) Mineral Reserves (100%) Attributable R & R (%) Dec Dec 31 December 2011 2010 31 December 2011 2010 31 December 2011 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Resources Reserves Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) (%) (Moz) (Moz) Australia Operations Agnew2 24.2 4.9 3.838 3.845 7.1 5.7 1.302 1.321 100 3.838 1.302 St Ives 63.3 2.6 5.314 5.765 37.9 2.3 2.813 2.820 100 5.314 2.813 Total Australasia Region 87.5 3.3 9.152 9.610 45.0 2.8 4.114 4.141 100 9.152 4.114 South African Operations Beatrix (underground) 53.5 6.5 11.120 15.934 34.0 4.5 4.901 5.367 100 11.120 4.901 KDC East (underground) 94.7 12.6 38.435 40.233 27.8 7.8 6.951 7.937 100 38.435 6.951 KDC West (underground) 66.3 11.7 24.999 31.051 26.5 7.5 6.382 11.850 100 24.999 6.382 South Deep (underground)3 355.8 7.1 80.974 81.454 225.0 5.5 39.584 34.533 92.4 74.820 36.576 Beatrix Surface rock dumps 12.4 0.4 0.156 0.078 5.5 0.3 0.057 0.078 100 0.156 0.057 West Wits TSF’s 430.5 0.3 4.164 4.490 247.2 0.4 2.916 – 4.131 2.916 West Wits SRD’s 14.9 0.7 0.327 0.594 14.9 0.7 0.327 0.454 100 0.327 0.327 Total South Africa Region 1,028.0 4.8 160.175 173.834 580.8 3.3 61.118 60.219 153.989 58.110 Peru Operation Cerro Corona 151.7 0.8 3.946 4.115 110.0 0.9 3.072 2.672 98.5 3.887 3.026 Total South America Region 151.7 0.8 3.946 4.115 110.0 0.9 3.072 2.672 98.5 3.887 3.026 Ghana Operations Damang 165.4 1.9 10.044 4.638 61.7 1.7 3.390 2.080 90 9.040 3.051 Tarkwa 316.5 1.5 15.123 12.642 264.8 1.2 10.345 9.249 90 13.611 9.310 Total West Africa Region 481.9 1.6 25.167 17.280 326.5 1.3 13.735 11.329 90 22.651 12.361 TOTAL GFI GOLD Total managed 1,749.1 3.5 198.441 204.839 1,062.4 2.4 82.040 78.361 – – Total attributable 1,667.1 3.5 189.678 199.051 1,011.0 2.4 77.612 74.571 189.678 77.612

5 Summary of the Gold Fields Limited Mineral Resources and Mineral Reserves statement1 (continued) Mineral Resources (100%) Mineral Reserves (100%) Attributable R & R (%) Dec Dec 31 December 2011 2010 31 December 2011 2010 31 December 2011 Tonnes Grade Copper Copper Tonnes Grade Copper Copper Copper Copper Copper (Mt) (% Cu) (Mlbs) (Mlbs) (Mt) (% Cu) (Mlbs) (Mlbs) (%) (Mlbs) (Mlbs)

Cerro Corona (Copper and Copper as Gold equivalents) Total Copper (Cu) only 144.1 0.45 1,386 1,464 110.0 0.51 1,126 965 98.5 1,366 1,109

Au-Eq Au-Eq Au-Eq Au-Eq Au-Eq Au-Eq Copper as Au-Eq5 (Moz) (Moz) (Moz) (Moz) (Moz) (Moz) Total Copper as Au-Eq 3.729 3.992 3.031 2.624 98.5 3.673 2.985 Total Cerro Corona (Au + Cu as Au-Eq)4 7.676 8.107 6.103 5.296 98.5 7.560 6.012

Growth Projects 2PGE 2PGE 2PGE 2PGE 2PGE 2PGE 2PGE 2PGE APP (Finland)6 Tonnes + Au + Au + Au Tonnes + Au + Au + Au + Au + Au Platinum and gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) (%) (Moz) (Moz) 2 PGE + Au 161.8 2.3 12.159 12.601 – – – – 100 12.159 –

Chucapaca Project (Peru)4 Tonnes Grade Metal Metal Tonnes Grade Metal Metal Metal Metal Copper – Gold – Silver (Mt) (Moz) (Moz) (Mt) (Moz) (Moz) (%) (Moz) (Moz) Au-Eq oz (Au + Ag + Cu)4 132.7 – 7.628 5.639 – – – – 51 3.890 –

Talas Project (Kyrgyzstan)4 Copper – Gold – Tonnes Grade Metal Metal Tonnes Grade Metal Metal Metal Metal Molybdenum (Mt) (Moz) (Moz) (Mt) (Moz) (Moz) (%) (Moz) (Moz) Au-Eq oz (Au+Cu+Mo)4 423.0 – 11.695 11.710 – – – – 60 7.017 –

Yanfolila Project (Mali) Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold Gold Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) (%) (Moz) (Moz) Au 9.1 2.5 0.740 0.740 – – – – 85 0.629 –

Woodjam Project (Canada)5 Tonnes Cu Cu Cu Tonnes Cu Cu Cu Cu Cu Copper (Mt) (%) (Mlb) (Mlb) (Mt) (%) (Mlb) (Mlb) (%) (Mlb) (Mlb) Cu 146.5 0.33 1,060 – – – – – 51 541 –

1 Managed, unless otherwise stated. 2 Agnew deposits, Miranda & Vivien, are subject to a royalty agreement. 3 The BEE transaction concluded in December 2010, grants an empowerment consortium 10% of South Deep. Based on the relevant sliding scale of the vesting economic benefit attached to the 10% and the current Life of Mine profile of South Deep, the Mineral Resource and Mineral Reserve portion attributable to Gold Fields is 92.4%. 4 Copper, silver and molybdenum are reported as gold equivalent ounces (commodity revenue is divided by the gold price for the conversion to gold equivalent ounces). 5 Woodjam is a copper deposit with gold as a by product. 6 APP’s declared Mineral Resource is pit constrained for the Konttijärvi and Ahmavaara deposits (7.1 Moz 2PGE + Au), and includes the original unconstrained SK Reef estimate (5.1 Moz 2PGE + Au). 7 The WWTTP has been included into the gold Mineral Reserve figures this year, whereas the uranium Mineral Resource figures have been excluded, but remain in the inventory. Night view of Cerro Corona plant and TSF Corona Night view of Cerro

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 6 Mineral Resources and Mineral Reserves split per operation and growth projects

The charts below depict the Group’s respective managed cent and 7 per cent and the West Africa Region 11 per cent gold equivalent Mineral Resource and Mineral Reserve and 16 per cent of the Mineral Resources and Mineral ounces split by operation and growth projects. Reserves respectively.

The Australasia Region accounts for 4 per cent and 5 per The Growth Projects equate to 14 per cent of the total cent, the South Africa Region 68 per cent and 72 per cent Mineral Resource base. (including SRD & TSF gold), the South America Region 3 per

Managed Mineral Resources*

n December 2010 n December 2011 90 81.5 80 81.0 70 60 50 40.2 40 38.4 31.1

30 25.0 16.0

20 15.1 12.6 12.6 12.2 11.7 11.7 11.3 10.0 8.1 7.7 7.6 5.8 5.6 5.3 5.1

10 4.6 4.5 Au, 2PGE and Cu-Au Eq. (Moz) 3.8 3.8 0 0.7 0.7 APP Talas St Ives Agnew Beatrix Tarkwa Damang WWTTP Yanfolila KDC East KDC West (Au-Cu.Eq) South Deep Chucapaca Cerro Corona (Au-Ag-Cu.Eq) (Au-Mo-Cu.Eq) Facility) & SRD (Tailings Storage

Notes: * Excludes Woodjam copper Mineral Resource of 1,060 Mlbs * Excluding TSF and underground uranium Mineral Resources * Excludes South Deep TSF gold Mineral Resource of 0.4 Moz * APP shown as 2PGE + Au with no base metal credits

Managed Mineral Reserves

n December 2010 n December 2011 45

40 39.6

35 34.5 30 25 20 15 11.9 10.3 9.2

10 7.9 7.0 6.4 6.1 Au, and Cu-Au Eq. (Moz) 5.4 5.3 5.0 3.4 2.9 2.8 5 2.8 2.1 1.3 1.3 0.5 0.3 0 0.0 St Ives Agnew Beatrix Tarkwa Damang (UG only) (UG only) KDC East KDC West (Au-Cu.Eq) South Deep Cerro Corona West Wits TSF’s West Wits SRD’s Night view of Cerro Corona plant and TSF Corona Night view of Cerro

7 Reconciliation of Managed Mineral Resources and Mineral Reserves The twelve-month period movements in the managed Mineral the South Africa Region the Mineral Resources for the Resources and Mineral Reserves statement (split per mine and conventional (legacy) operations have been negatively impacted growth project) are depicted in the two graphs below. by the overall increase in pay limits, additional Mineral Resource rationalisation and clean-up. The increase in the gold price used for estimation, which remains materially below the prevailing spot metal price at the time of There have been increases in the Mineral Reserves at South compilation, has been partially offset by the general increase in Deep, Cerro Corona, Damang and Tarkwa due to a combination current working cost, which has had the effect of limiting of gold price, modelling enhancements, removal of bottlenecks significant change in the overall Mineral Resource and Mineral and constraints as well as discovery. The KDC West Reserve Reserve numbers in certain regions. numbers have significantly reduced primarily due to the exclusion of the below infrastructure ounces as a result of capital However, there has been a significant increase in Mineral prioritisation and cost trends. In addition, the WWTTP has been Resources at Damang, mainly due to discovery and at Tarkwa included into the gold Mineral Reserve figures this year, whereas as a result of the gold price used. The increase at Chucapaca is the uranium Mineral Resource figures have been excluded, but due to further positive exploration results during the past year. In importantly remain in the inventory.

Managed Mineral Resources Managed Mineral Reserves December 2010 versus December 2011 December 2010 versus December 2011

5.1 6 5.4 6

4 4 2.8 2.5 2.0 1.3 2 2 0.8 1.1

0 0 0.0 0.0 0.0 0.0 0.0 Au-Eq Oz (millions) Au-Eq Oz (millions) -0.6 -0.5 -0.5 -0.4 -0.4 -0.5 -1.0 -2 -1.8 -2

-4 -4 -4.7 -6 -6 -6.1 -5.5 -8 -8 APP + SRD + SRD St Ives St Ives Agnew Agnew Beatrix Beatrix Tarkwa Tarkwa (Au-Eq) (Au-Eq) WWTTP WWTTP Damang Damang Yanfolila KDC East KDC East KDC West KDC West Chucapaca South Deep South Deep Talas (Au-Eq) Cerro Corona Cerro Corona

On-lease exploration During the past twelve months, the Group’s investment in The on-lease exploration for the twelve months to on-lease exploration has remained at high levels, with December 2011 centred heavily on the Australasia Region expenditure for the period amounting to a total of (US$31.4 million) with the South Africa Region (US$9.8 million), US$59.5 million. The focus on and around existing mine the West Africa Region (US$15.9 million) and the South infrastructure is to ensure that the Reserve replacement and America Region (US$2.8 million) accounting for the expansion pipeline is maintained and the timeous conversion remainder. of Mineral Resources to Mineral Reserves leveraged. On lease exploration metres drilled and expenditure for the A comprehensive quality assurance and quality control twelve month period ending 31 December 2011 are (QA/QC) protocol has been bedded down at all the Gold summarised below with the June 2010 (12 months) and Fields operations, using leading industry practice in data December 2010 (6 months) expenditure added for acquisition, reputable certified laboratories and analytical comparison: controls.

December 2011 December 20101 June 2010 Metres ZAR A$ US$ Metres US$ Metres US$ Region drilled (millions) (millions) (millions) drilled (millions) drilled (millions) Australasia 295,941 – 33.785 31.352 124,547 21.451 341,440 46.037 South Africa 51,691 72.896 – 9.825 31,381 5.981 62,171 13.286 South America 9,449 – – 2.824 – – 5,900 1.051 West Africa 84,496 – – 15.900 30,812 6.187 41,048 10.783 Total International 389,886 – 33.785 50.076 128,359 27.638 388,388 57.872 Total GFL 441,577 72.896 33.785 59.901 159,740 33.625 450,559 71.158 December 2011 exchange rates: US$:R7.42 and US$:A$0.928. All mines exclusive of non-capex grade control and cover drilling. 1 Six month period ending 31 December 2010.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 8 2. Operations

Increased production outside of the South Africa Region has further advanced Gold Fields’ status as a truly global company. In 2011, the output ratio with respect to our non-South African and South African operations was 51:49 moving closer to our targeted 60:40 production ratio.

Australasia Region The Australasia Region currently accounts for 4 per cent of the Group’s Mineral Resource and 5 per cent of the Mineral Reserve base.

Darwin Australasia Region

Mineral Resources Yilgarn 9.2 million ounces Agnew Craton Mineral Reserves • Leinster Brisbane Kalgoorlie 4.1 million ounces Perth •Kambalda St Ives ¨¨ Provides a solid platform for future expansion Sydney

¨¨ Strong Regional NCE margin Melbourne

¨¨ Extensive greenfields exploration portfolio

Agnew Gold Mine St Ives Gold Mine

Mineral Resources Mineral Resources 3.8 million ounces 5.3 million ounces

Mineral Reserves Mineral Reserves 1.3 million ounces 2.8 million ounces

¨¨ Directional drilling at Waroonga continues to deliver ¨¨ Athena reached full commercial production levels in the increased Mineral Resources third quarter of 2011

¨¨ High grade shoots, Fitzroy, Bengal, Hastings and ¨¨ Development and extensions at Neptune continue to Yeoman discovered beneath Main lode provide opportunities for growth and consolidation

¨¨ At Trinidad, south of the Greater Santa Ana Complex, ¨¨ Positive optimisation results at Cinderella in 2011 a maiden Mineral Reserve was declared.

Regional overview Gold Fields Limited’s mining and development assets in the Australasia Region include a 100 per cent interest in the St Ives and Agnew gold mines in Western Australia. The mines represent a solid base for growth in the region and are important contributors to the stated objective by Gold Fields of building the region to ~1 million ounces per annum in production or development by 2015.

The Australasia Region’s Mineral Resource base has decreased from 9.6 million ounces to 9.2 million ounces (5 per cent) primarily because of depletion and the increase in costs. The total Mineral Reserve has remained stable (4.1 million ounces), net of mined depletion.

9 Both operations fall within the geological region known as the Archaean Norseman-Wiluna Greenstone Belt, which is part of the Yilgarn Craton a 2.6 Ga granite-greenstone terrain which is well endowed in gold and nickel mineralisation.

Agnew is located 23 kilometres west of the town of Leinster, some 375 kilometres north of Kalgoorlie and approximately 1,000 kilometres northeast of Perth. Agnew is currently mining from three underground ore bodies which form part of the Waroonga Complex, with the Songvang open pit in the final stages of production.

St Ives is located 80 kilometres south of Kalgoorlie and 5 to 25 kilometres south-southwest of Kambalda, approximately 630 kilometres east of Perth. St Ives is currently mining from several open pits and underground mines.

On lease exploration metres drilled and expenditure for the twelve month period ending 31 December 2011 are summarised below. Exploration activities in the region over the period were dominated by resource conversion projects through infill drilling and extension to known targets. Extensional exploration activities are to be continued in 2012, with many targets at both operations to be drill tested.

Key extracts

¨¨ Exploration at Agnew (AGMC) for structure and geochemistry of the the Trinidad target to the south of the past twelve months was area and provided tools to assist in the GSA pit, continued in 2011. dominated by the continued drill the exploration effort. The highlight was the successful testing of the underground Recommendations made by the infill drilling and extension of the Waroonga Complex. During the R&D team are being integrated with Trinidad target and the declaration year high grade shoots named exploration targeting and evaluation of a maiden Mineral Reserve for Fitzroy, Bengal, Hastings and programmes, which will improve the Trinidad deposit in 2011; Yeoman were discovered beneath the effectiveness of exploration in ¨¨ The past year has seen the both the Main North and Main the Agnew gold camp; successful start up of a number of South Lodes (800-1,200 metres ¨¨ Greenfields exploration of new open pits: Formidable, Mars- below surface). Ongoing the AGMC land holdings Minotaur Link and Diana. Planning is exploration indicates the shoots are re-commenced in 2011 to replenish well advanced with Bellerophon, still open at depth and the full the project pipeline. Several which is being positioned as a start impact has not yet been factored programmes (Alice, Goldilocks and up pit in 2012; and into the declared Mineral Resource Miranda Fault) returned positive ¨¨ St Ives exploration has a solid figures; results. New target areas for 2012 foundation of innovation and ¨¨ Exploration for near surface targets include Cams and Pinnacles; application of leading practice at Agnew is continuing. A decision ¨¨ Greenfields exploration at St Ives through ongoing collaborative on the viability of a small open pit was accelerated in 2011 as the research and development on the Cinderella deposit is opportunity to explore and renew partnerships. In 2012 these expected early in 2012, while the exploration project pipeline was initiatives will continue with two that encouraging initial drill results from revitalised, subsequent to the are worthy of specific mention. The the Alice and Goldilocks prospects, establishment of the two new major first is a three year cooperative ~3 kilometres north of the Mill, will underground mines at Athena and research project between St Ives be tested during the first half of Hamlet; and MERIWA (Minerals and Energy 2012; ¨¨ The positive results from the Research Institute of Western ¨¨ The Research and Development Neptune project have continued to Australia) whereby detailed isotope (R&D) projects undertaken at support additional investment and and chemical alteration patterns Agnew over the past two years exploration in the area; associated with the major ore ¨¨ have resulted in a vastly improved Extensional exploration in the bodies are systematically mapped understanding of the geology, Greater Santa Ana (GSA) area and and quantitatively analysed, by testing mineralogy of the host rock Exploration drilling and expenditure from core, using hyper spectral analytical tools. This will enhance December June December 2011 20101 2010 the geological understanding and optimise exploration. The second Metres A$ US$ US$ US$ project is funded as part of the Operations drilled millions millions millions millions royalty for regions programme and Agnew 51,201 9.820 9.113 4.575 16.860 entails drilling below the major St Ives 244,740 23.965 22.239 16.876 29.176 2 million ounce Leviathan area to Total Australasia explore depth extensions and to operations 295,941 33.785 31.352 21.451 46.037 research fluid flow sources of December 2011 exchange rate: US$/A$ 0.928. Exclusive of grade control drilling. primary mineralisation to aid 1 Six month period ending 31 December 2010. additional targeting.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 10 Australasia Region classified Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves Dec Dec 31 December 2011 2010 31 December 2011 2010 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold (Mt) (g/t) (Moz) (Moz) Gold (Mt) (g/t) (Moz) (Moz) Agnew2 Agnew2 Measured 3.5 4.7 0.540 0.597 Proved 1.4 5.5 0.239 0.195 Indicated 12.9 5.3 2.199 2.265 Probable 5.4 6.0 1.046 1.126 Inferred 7.5 4.5 1.082 0.981 Total underground and Total underground and open pit 23.9 5.0 3.820 3.843 open pit 6.8 5.9 1.285 1.321 Measured low-grade Proved low-grade stockpiles 0.31 1.7 0.017 0.002 stockpiles 0.3 1.7 0.017 0.000 Agnew Total 24.2 4.9 3.838 3.845 Agnew Total 7.1 5.7 1.302 1.321

St Ives St Ives Measured 2.7 3.8 0.327 0.472 Proved 1.7 3.9 0.215 0.315 Indicated 43.2 2.6 3.591 3.898 Probable 30.6 2.5 2.423 2.381 Inferred 11.8 3.2 1.222 1.271 Total underground and Total underground and open pit 57.7 2.8 5.140 5.641 open pit 32.3 2.5 2.639 2.696 Measured low-grade Proved low-grade stockpiles 5.6 1.0 0.174 0.124 stockpiles 5.6 1.0 0.174 0.124 St Ives Total 63.3 2.6 5.314 5.765 St Ives Total 37.9 2.3 2.813 2.820 Total Australia Total Australia operations 87.5 3.3 9.152 9.610 operations 45.0 2.8 4.114 4.141

1 Managed, unless otherwise stated. 2 The Agnew deposits, Miranda and Vivien are subject to a royalty agreement. – Mineral Resources are inclusive of Mineral Reserves. – All tonnes (t) relate to metric units. – Rounding-off of figures may result in minor computational discrepancies, where this happens, it is not deemed significant. – The Mineral Resources for the Australia operations were determined using a gold price of A$1,550/oz, while the Mineral Reserves were determined at A$1,400/oz.

Operational profile

Agnew St Ives

Mining method Open pit, long hole sub-level stoping and others Open pit, long hole sub-level stoping and others

Infrastructure One underground complex and one open pit Several open pits and four underground mines

One CIP gold plant One Heap Leach facility and one CIP gold plant

Mineralisation style Hydrothermal Hydrothermal

Mineralisation characteristics i. Mineralisation hosted by shear and fault zones; i. Mineralisation hosted by shear and fault zones; ii. Confined to well-defined structural belts that are ii. Confined to well-defined structural belts that are prospective; prospective; iii. Mineralisation zones discontinuous with iii. Mineralisation zones discontinuous with short-range predictability; and short-range predictability; and iv. Exploration programmes required to define the iv. Exploration programmes required to define the mineralisation controls and continuity. mineralisation controls and continuity.

11 South Africa Region The South Africa Region currently accounts for 68 per cent of the Group’s Mineral Resource and 72 per cent of the Mineral Reserve base.

South Africa Region

Mineral Resources South Deep KDC 160.2 million ounces Carletonville Pretoria Johannesburg Mineral Reserves Klerksdorp South Africa 61.1 million ounces Beatrix Welkom Kimberley ¨¨ Maintain steady state safe Bloemfontein Durban production

¨¨ Developing accelerated and holistic surface Mineral Resource process strategy Cape Town Port Elizabeth ¨¨ Business Process Re‑engineering will continue to leverage cost savings

Kloof-Driefontein Complex Beatrix Gold Mine South Deep Gold Mine (KDC)

Mineral Resources Mineral Resources Mineral Resources 11.3 million ounces 67.5 million ounces 81.4 million ounces

Mineral Reserves Mineral Reserves Mineral Reserves 5.0 million ounces 16.6 million ounces 39.6 million ounces

¨¨ Harvest the benefits of turning ¨¨ Ramp-up to ~700 koz per ¨¨ Strong focus on quality mining the surface resources to account annum run rate by end 2015

¨¨ Optimisation of reef and waste ¨¨ Ongoing rehabilitation of shaft ¨¨ Capital infrastructure programme processing steelwork and infrastructure on track

¨¨ Grow West Section to deliver at a ¨¨ Explore the production of potable ¨¨ Surface exploration drilling sustainable level water from fissure water programmes 86% complete

Regional overview The South Africa Region’s mining assets are held through GFI Mining South Africa (Proprietary) Limited (GFIMSA), a 100% subsidiary of Gold Fields Limited and Newshelf 899 (Pty) Limited (Newshelf), a 90% subsidiary of Gold Fields Limited (the remaining 10% is held by outside shareholders as part of the BEE Transaction completed in December 2010). GFIMSA holds the KDC and Beatrix operations and Newshelf holds the South Deep operation. For purposes of this document we report the Mineral Resources and Mineral Reserves separately for KDC West and KDC East.

The South Africa Region (including WWTTP gold), with its two mature operations and the developing South Deep project, remains key to the Gold Fields vision of being the global leader in sustainable gold mining with gold Mineral Resources of approximately 160.2 (173.8) million ounces and Mineral Reserves of 61.1 (60.2) million ounces post depletion.

The Region’s Mineral Resource base (including WWTTP gold) has decreased by 8 per cent net of depletion due to pay limit increases, resource clean-up and geology model changes as a result of new information. The total Mineral Reserve has increased

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 12 by 2 per cent, net of mined depletion, primarily due to an increase of 5.2 million ounces at South Deep and, for the first time, the inclusion of 2.9 million ounces WWTTP gold, which is partially offset by a 3.7 million ounce reduction in the below-infrastructure Mineral Reserves at KDC West (Driefontein), with the balance due to Life of Mine tail end management adjustments.

The three operations are situated in the Witwatersrand Basin, a sedimentary basin which is geographically located in the central north to north-eastern parts of South Africa. Gold was first discovered in the Basin in 1886 with the recognition of gold in quartz pebble conglomerates (gravel beds – traditionally termed “reefs”), contained by a ~ 6,000 metre thick sequence of principally argillaceous and arenaceous sediments. The Basin extends from Johannesburg in the north to some 40 kilometres south of Welkom, and covers an area of approximately 30,000 square kilometres. Gold Fields’ South African operations are hosted in this unique and renowned sedimentary basin which remains the world’s largest gold-producing region.

The South African operations are located in two distinct geographical regions of the Witwatersrand Basin, namely the Far West Rand Goldfield (West Rand and West Wits Line), some 60 to 90 kilometres west of Johannesburg, and the Free State Goldfield, some 240 kilometres southwest of Johannesburg.

The operations of the Far West Rand Goldfield are the recently merged Kloof-Driefontein Complex (KDC) and the South Deep Gold Mine near the towns of Carletonville and Westonaria and in the Free State, the Beatrix Gold Mine near Virginia. KDC, which was primarily established on the Carbon Leader Reef and Ventersdorp Contact Reef, with localised mining within distinct pay trends on the Middelvlei and Kloof Reefs, has produced in excess of 181 million ounces of gold since the establishment of the first shaft in 1934.

On lease exploration metres drilled and expenditure for the twelve month period ending 31 December 2011 are summarised below. Active brownfields exploration is undertaken at all three operations and South Deep’s drilling information include details of the underground and surface exploration project targeting ground below 110 level within the mining right and contiguous prospecting right.

Key extracts ¨¨ KDC West D5 decline, which was ¨¨ For this declaration, KDC East 10 ¨¨ The Mineral Reserves of the legacy included in the previous LoM (at Shaft was removed from the Mineral mines are underpinned by an pre-feasibility level), has been Resources (3.5 million ounces) as it expected improvement in excluded from the current LoM was assessed that there is no production volumes (Business (3.7 million ounces) due to a realistic expectation that this area Process Re-engineering full potential negative NPV resulting from a can be mined economically given opportunities included); reduction in mined value and existing mining techniques and ¨¨ Increasing pay limits in the South escalation of costs. The feasibility costs; Africa Region have had a major study of the decline is nearing ¨¨ The WWTTP gold is planned to be impact on the Mineral Resource and completion (June 2012) after which processed through the KDC West 2 Mineral Reserve declaration this a final decision will be taken on the and 3 plants and KDC East 1 Plant, year. This is largely due to an mining of this ground; which will add ~2.9 million ounces escalation in unit working cost, ¨¨ During 2011 it became apparent to the Mineral Reserve. However, which is a function of lower that the present mining mix between this strategy will result in the production volumes and inflation, a the higher grade northern section uranium Mineral Resources not lower mine call factor (MCF) and (predominantly Sandy 1 VCR) and being economically viable as a increased dilution; the lower grade southern section standalone operation and ¨¨ At Beatrix, the 18 Level incline at (Sandy 2 VCR) at KDC East 4 Shaft consequently excluded from the West Section, as well as the cannot be maintained over the LoM. Mineral Resource declaration, but western side of Vlakpan and the Consequently, the mining mix was will remain within the inventory; south western corner at South optimised in order to maintain ¨¨ All below infrastructure Mineral Section have been excluded from economic viability and the area Resources will need to be reviewed the Mineral Reserves due to positioned below 7 Shaft in the (scoping study) within the C2012 inaccessibility and planned south, was excluded due to grade reporting period to reassess the reduction of the overall footprint and tail end management (893 kt @ realistic expectation of ultimate (~0.4 million ounces); 1,122 cmg/t for 123 koz); economic extraction of these areas. ¨¨ The Mineral Reserve pay limit at KDC West has increased from Exploration drilling and expenditure 1,240cm.g/t in C2011 to December June 1,420cm.g/t, resulting in a decrease December 2011 20101 2010 of ~3.4 million ounces in Mineral Metres ZAR US$ US$ US$ Resources, and ~0.5 million ounces Operations drilled millions millions millions millions of Mineral Reserves; ¨¨ Mining of the 1 Sub Vertical (SV) Beatrix 10,081 6.646 0.896 0.928 1.914 Shaft Pillar via 2 Shaft at KDC West KDC West 10,615 11.518 1.552 0.791 1.096 in the current Life of Mine (LoM) will KDC East 14,519 13.257 1.788 0.793 1.767 only commence in C2018, when the KDC Total 25,134 24.775 3.339 1.584 2.863 1 SV Shaft barrel is no longer required for mining at 1T Shaft. Only South Deep 16,476 41.475 5.590 3.469 8.307 0.4 million ounces of the designed WWTT Project – – – – 0.203 0.7 million ounces will be mined Total South Africa Region 51,691 72.896 9.825 5.981 13.286 before critical mining mass cannot December 2011 exchange rate: US$:R7.42 (average of preceding 12 months). be maintained due to the removal of All mines exclusive of cover drilling except where it is included in the capital budget. the 5 Shaft decline from the LoM; 1 Six month period ending 31 December 2010.

13 This will be necessary in order to production shortfall to be replaced incorporated into the geological validate their inclusion as Mineral with lower grade ore, which will modelling as they become available. Resources in accordance with the negatively impact on the ounces To date, the drilling programme is SAMREC code; produced. This plan is reliant on largely substantiating the current ¨¨ At South Deep the impact of the improved equipment availability and model; and slower build-up in the destress assumes minimal seismic ¨¨ The post depletion Mineral Reserve mining cut has been factored into interruptions; ounces at South Deep increased by the new LoM plan. A more realistic ¨¨ The South Deep surface exploration 15 per cent, primarily due to mine destress mining profile has been programme is now 86 per cent design optimisation and inclusion of scheduled to underpin the expected complete, and is expected to be additional areas which were not ramp-up, however, if this is not finalised by August 2013. The previously reserved. achieved it will require the results are continuously

South Africa Region classified Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves Dec Dec 31 December 2011 2010 31 December 2011 2010 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold (Mt) (g/t) (Moz) (Moz) Gold (Mt) (g/t) (Moz) (Moz) Beatrix Beatrix Measured 20.4 6.9 4.555 4.072 Proved 23.4 4.6 3.437 1.311 Indicated AI 30.2 6.2 5.980 6.854 Probable AI 10.5 4.3 1.465 4.056 Inferred AI 2.8 6.4 0.585 0.940 Total above Total above infrastructure 53.5 6.5 11.120 11.866 infrastructure 34.0 4.5 4.901 5.367 Indicated BI2 – – – 4.044 Probable BI2 – – – – Inferred BI2 – – – 0.024 Total underground 53.5 6.5 11.120 15.934 Total underground 34.0 4.5 4.901 5.367 Indicated – SRD 12.4 0.4 0.156 0.078 Probable – SRD 5.5 0.3 0.057 0.078 Beatrix Total 65.9 5.3 11.276 16.012 Beatrix Total 39.5 3.9 4.958 5.445 KDC East KDC East Measured 15.1 17.3 8.396 8.365 Proved 12.0 7.8 3.021 2.253 Indicated AI 45.0 7.7 11.196 12.025 Probable AI 15.8 7.7 3.930 5.684 Inferred AI – – – 1.174 Total above Total above infrastructure 60.1 10.1 19.592 21.564 infrastructure 27.8 7.8 6.951 7.937 Indicated BI3 17.1 17.0 9.341 10.348 Inferred BI3 17.5 16.9 9.502 8.321 Total KDC East Total KDC East underground 94.7 12.6 38.435 40.233 underground 27.8 7.8 6.951 7.937 KDC West KDC West Measured 20.2 14.3 9.312 11.366 Proved 10.9 7.7 2.693 2.887 Indicated AI 14.5 12.0 5.595 8.168 Probable AI 15.6 7.4 3.689 5.250 Total above infrastructure 34.7 13.4 14.907 19.534 Total above infrastructure 26.5 7.5 6.382 8.137 Indicated BI3 31.6 9.9 10.092 11.517 Probable BI3 – – – 3.713 Total KDC West Total KDC West underground 66.3 11.7 24.999 31.051 underground 26.5 7.5 6.382 11.850 KDC (Combined) KDC (Combined) Measured 35.3 15.6 17.708 19.731 Proved 22.9 7.8 5.714 5.140 Indicated AI 59.5 8.8 16.791 20.193 Probable AI 31.4 7.5 7.619 10.934 Inferred AI – – – 1.174 Total above infrastructure 94.8 11.3 34.499 41.098 Total above infrastructure 54.3 7.6 13.333 16.074 Indicated BI3 48.7 12.4 19.433 21.865 Probable BI3 – – – 3.713 Inferred BI3 17.5 16.9 9.502 8.321 Total KDC Total KDC underground 161.0 12.3 63.434 71.284 underground 54.3 7.6 13.333 19.787

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 14 South Africa Region classified Mineral Resource and Mineral Reserve statement1 continued Mineral Resources Mineral Reserves Dec Dec 31 December 2011 2010 31 December 2011 2010 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold (Mt) (g/t) (Moz) (Moz) Gold (Mt) (g/t) (Moz) (Moz) South Deep South Deep Measured 51.4 7.3 12.015 10.331 Proved 15.2 6.0 2.929 3.113 Indicated AI 199.0 7.0 44.606 53.523 Probable AI 152.4 5.5 27.078 25.653 Inferred Al 10.6 8.8 3.012 3.460 Total above infrastructure 261.0 7.1 59.633 67.314 Total above infrastructure 167.6 5.6 30.007 28.766 Indicated BI4 77.9 7.1 17.784 9.568 Probable BI4 57.4 5.2 9.577 5.767 Inferred BI4 16.9 6.5 3.557 4.572 Total South Deep Total South Deep underground 355.8 7.1 80.974 81.454 underground 225.0 5.5 39.584 34.533 Surface – West Wits Surface – West Wits TSFs TSFs KDC East TSF (Measured) 250.4 0.3 2.219 2.204 KDC East 155.3 0.3 1.618 – KDC West TSF (Measured) 121.2 0.4 1.516 1.865 KDC West 91.9 0.4 1.299 – South Deep TSF (Measured) 58.9 0.2 0.429 0.421 South Deep – – – – Total West Wits TSF’s Total West Wits TSF’s 430.5 0.3 4.164 4.490 (Dormant TSF’s only) 247.2 0.4 2.916 – Surface – West Wits Surface – West Wits SRD SRD KDC East (Indicated) 8.0 0.7 0.185 0.434 KDC East (Probable) 8.0 0.7 0.185 0.294 KDC West (Indicated) 6.9 0.6 0.142 0.160 KDC West (Probable) 6.9 0.6 0.142 0.160 Total West Wits SRD 14.9 0.7 0.327 0.594 Total West Wits SRD 14.9 0.7 0.327 0.454 Grand total surface Grand total surface (TSF & SRD) 445.4 0.3 4.491 5.084 (TSF & SRD) 262.1 0.4 3.243 0.454 Total South Africa Total South Africa operations 1,028.0 4.8 160.175 173.834 operations 580.8 3.3 61.118 60.219 Al = Above Infrastructure; Bl = Below Infrastructure. Mineral Resources are inclusive of Mineral Reserves. All tonnes (t) relate to metric units. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant. Mineral Resources for the South African Operations were determined at ZAR340,000/kg, while the Mineral Reserves were determined at ZAR 310,000/kg. 1 Managed, unless otherwise stated. 2 Beatrix BI refers to material below 26 level (1,341 m below surface). 3 BI refers to material below 50 level (3,300 m below surface) at KDC West and below 45 level (3,347 m below surface) at KDC East. 4 South Deep BI refers to material below 110 level (2,888 m below surface).

Operational profile Beatrix KDC West KDC East South Deep Mining method Scattered stoping Scattered stoping, mini Scattered stoping, mini Drift and Benching plus (Selective mining) longwall stoping and longwall stoping and Long-hole stoping. closely spaced dip pillars closely spaced dip pillars Mechanised, low profile (140m x 40m and (75m x 25m and 100m x mining 130m x 30m regional 35m regional pillars) pillars) Infrastructure Four shaft systems (one Seven shaft systems (five Five shaft systems (four Two shaft systems sub-shaft) sub-shafts & one tertiary sub-shafts) in production shaft) (two sub-shafts) Two gold plants Three gold plants Two gold plants One gold plant Mineralisation style Palaeoplacer Palaeoplacer Palaeoplacer Palaeoplacer Mineralisation characteristics i. Mineralisation hosted by gravel beds; ii. Laterally continuous with long-range predictability; iii. Clear patterns of mineralisation governed by sedimentary characteristics; and iv. Exploration programmes ongoing to test homogeneity of geology and grade domains.

15 South America Region The South America Region currently accounts for 3 per cent of the Group’s Mineral Resource and 7 per cent of the Mineral Reserve base.

South America Region Peru

Gold equivalent Mineral Resources Iquitos 7.7 million ounces Cerro Corona

Chiclayo Gold equivalent Mineral Reserves Cajamarca

6.1 million ounces Pucallpa Chimbote ¨¨ Assessment of Engineering alternatives to further expand TSF and WSF in progress Lima

¨¨ Strong anchor point for growth Cuzco within the Region

¨¨ Target ~1 million ounces per annum in production or in development by 2015

Cerro Corona Mine

Gold Mineral Resources Copper Mineral Resources 3.9 million ounces 1,386 million pounds

Gold Mineral Reserves Copper Mineral Reserves 3.1 million ounces 1,126 million pounds

¨¨ TSF capacity increased to 130 Mt

¨¨ Oxide (gold only) treatment pre-feasibility studies and engineering underway

¨¨ Exploration planned to test continuity of mineralisation at depth

¨¨ Sulphide plant expansion study underway given the increase in Mineral Reserves year-on-year.

Regional overview The purchase of the minority shareholders’ equity in Cerro Corona during 2011, increased the Group’s attributable portion of Mineral Resources and Mineral Reserves from 80.7 per cent to 98.5 per cent.

Cerro Corona’s gold equivalent Mineral Resource base has decreased from 8.1 million ounces to 7.7 million ounces (5 per cent) primarily due to twelve months depletion, slight reduction in metal recoveries and the increased net smelter return (NSR) cut-off. The total gold equivalent Mineral Reserve has increased substantially from 5.3 million ounces to 6.1 million ounces (15 per cent), net of depletion, primarily due to the increase in the Tailings Storage Facility (TSF) total capacity from 99 million to 130 million tonnes, including historical tailings production.

The Cerro Corona copper-gold mine is located 80 kilometres by road north of the departmental capital of Cajamarca and about 40 kilometres north of the Yanacocha mine, in northern Peru. The deposit is hosted by a 600 to 700 metre diameter sub-vertical cylindrical shaped diorite porphyry emplaced in mid-Cretaceous limestone, marls and siliclastic rocks. Within the porphyry, copper-gold mineralisation is primarily associated with zones of stockwork quartz veining.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 16 GFLC holds mining concessions covering approximately 2,971 hectares that encompass the deposit and adjoining areas.

Exploitation of the Cerro Corona copper-gold deposit is by open pit and the ore is being processed in a standard sulphide flotation plant with an annual capacity of 6.6 Mt. LoM is currently projected to be 17 years, which is an increase of 2 years. The metal is contained in a high quality, copper-gold concentrate which is transported approximately 380 kilometres to the Peruvian coast for shipment to copper smelters in Korea, Japan and Germany.

On lease exploration metres drilled and expenditure for the twelve month period ending 31 December 2011 are summarised below. Exploration at Cerro Corona over the period focused on upgrading the Mineral Resource classifications, providing additional geotechnical and geo-metallurgical data as well as assessing the potential in the Sylvita area. In 2012, four exploration boreholes are planned to test the continuity of the mineralisation at depth from 1,000 metres to 1,500 metres below surface.

Key extracts ¨¨ The Independent Geotechnical & ¨¨ A fifth amendment to the EIA This will cater for the LoM including Tailings Review Board (IGTRB) concerning extensions to pit, new the new TSF height of 3,815 mRL supports an increase in the (TSF) quarries and top soil dumps, was and other strategic options as capacity to a total of 130 million prepared for submission in Q2 identified. Although no issues in this tonnes, subject to certain C2012 and the approval process regard are expected, it does conditions pertaining to will take approximately ten months. constitute a risk and will be given containment blankets, reservoir for Only once this has been approved top priority; and Tomas spring mitigation, and all will the sixth amendment which ¨¨ Based on historical averages, the collection and pump back systems involves further extensions to the pit, metallurgical recoveries have been including the Hualgayoc springs. an increase in the elevations of the revised for copper (89 per cent to The IGTRB comprises a group of TSF, the Tomas reservoir and 87 per cent) and gold (74 per cent external specialist consultants who possible leach pads, be submitted. to 69 per cent). were commissioned in 2006 to provide the expertise for tailings dam, waste dump and water Exploration drilling and expenditure management investigations, December June designs, construction, operation December 2011 20101 2010 and closure; Metres US$ US$ US$ ¨¨ An in-fill drilling programme was Operation drilled millions millions millions completed during 2011. During this Cerro Corona 9,449 2.824 – 1.051 campaign, thirty nine diamond Total South America boreholes were completed within Region 9,449 2.824 – 1.051 the pit shell. This information was Exclusive of grade control drilling. incorporated into new geological 1 Six month period ending 31 December 2010. and resource estimation models and has significantly upgraded the confidence levels in the Indicated to Measured Mineral Resource categories. The new Mineral Resource models reconcile well with the current grade control model; ¨¨ A new detailed clay model has been developed, which defines and quantifies suitable material for tailings dam construction, geo- metallurgical optimisation and provides data for pit design and geotechnical modelling; ¨¨ Alternatives to increase TSF and WSF capacity within the area are being investigated to provide future flexibility and opportunities for expansion or extension; ¨¨ The oxide heap leach pre-feasibility study is on-going and is scheduled for completion by the end of

December 2012; open pit Corona Cerro

17 South America Region classified Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves Dec Dec 31 December 2011 2010 31 December 2011 2010 Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold (Mt) (g/t) (Moz) (Moz) Gold (Mt) (g/t) (Moz) (Moz) Cerro Corona Cerro Corona Measured 98.0 0.9 2.717 1.411 Proved 85.3 0.9 2.512 1.357 Indicated 44.9 0.6 0.882 2.331 Probable 23.5 0.7 0.513 1.267 Inferred 0.8 0.3 0.009 0.038 Total open pit 143.8 0.8 3.608 3.780 Total open pit 108.8 0.9 3.025 2.623 Measured stockpiles 7.9 1.3 0.339 0.335 Proved stockpiles 1.2 1.2 0.047 0.048 Cerro Corona Cerro Corona Gold Total 151.7 0.8 3.946 4.115 Gold Total 110.0 0.9 3.072 2.672

Tonnes3 Grade Copper Copper Tonnes3 Grade Copper Copper Copper (Mt) Cu (%) (Mlb) (Mlb) Copper (Mt) Cu (%) (Mlb) (Mlb) Measured 97.5 0.5 981 530 Proved 85.3 0.5 897 507 Indicated 44.5 0.4 387 903 Probable 23.5 0.4 215 444 Inferred 0.8 0.3 6 18 Total open pit 142.9 0.4 1,373 1,451 Total open pit 108.8 0.5 1,112 952 Measured stockpiles 1.2 0.5 13 13 Proved stockpiles 1.2 0.5 13 13 Cerro Corona Cerro Corona Copper Total 144.1 0.4 1,386 1,464 Copper Total 110.0 0.5 1,126 965

Au-Eq Au-Eq Au-Eq Au-Eq Copper as Au-Eq oz (Moz) (Moz) Copper as Au-Eq oz (Moz) (Moz) Cerro Corona (Cu as Au-Eq)2 3,729 3.992 Cerro Corona (Cu as Au-Eq) 2 3.031 2.624

Total Cerro Corona Total Cerro Corona (Au + Cu as Au-Eq) 7,676 8.107 (Au + Cu as Au-Eq) 6.103 5.296 Mineral Resources are inclusive of Mineral Reserves. All tonnes (t) relate to metric units. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant. In South America (Cerro Corona) the Mineral Resources and Mineral Reserves were determined using a gold price of US$1,450/oz and US$1,300/oz, and a copper price of US$3.9/lb and US$ 3.5/lb respectively. 1 Managed, unless otherwise stated. 2 Copper as gold equivalent ounces (copper revenue converted to gold equivalent ounces). 3 Note that these tonnes are repeated in the gold statement but exclude the gold only bearing oxide tonnes.

Operational profile Mining method Open pit Infrastructure One open pit One standard sulphide flotation plant Mineralisation style Porphyry Mineralisation characteristics i. Mineralisation hosted by a sub-vertical cylindrical shaped Diorite Porphyry; ii. Confined to well-defined intrusive body; iii. Mineralisation zones discontinuous with mid-range predictability; and iv. Exploration programmes required to define the mineralisation controls and continuity.

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 18 West Africa Region The West Africa Region currently accounts for 11 per cent of the Group’s Mineral Resource and 16 per cent of the Mineral Reserve base.

West Africa Region

Mineral Resources Tamale 25.2 million ounces Ghana

Mineral Reserves 13.7 million ounces

¨¨ Commissioned three new crushers at North Heap Leach Facility at Tarkwa Kumasi ¨¨ Improving utilisation and availability of mining equipment Tarkwa Accra Damang ¨¨ Commence pre-feasibility study Tarkwa for Yanfolila in 2012 Takoradi

Damang Gold Mine Tarkwa Gold Mine

Mineral Resources Mineral Resources 10.0 million ounces 15.1 million ounces

Mineral Reserves Mineral Reserves 3.4 million ounces 10.3 million ounces

¨¨ The Mineral Resource at Damang increased by ¨¨ The Mineral Reserve at Tarkwa has increased by 117 per cent 12 per cent

¨¨ The Mineral Reserve at Damang increased by ¨¨ Additional CIP plant identified to improve overall 63 per cent recoveries

¨¨ Owner mining has been implemented ¨¨ Completion of transition to fleet owner maintenance

Regional overview The GFI attributable portion of Mineral Resources and Mineral Reserves for Tarkwa and Damang have increased from 71.1 per cent to 90 per cent following the buyout of the IAMGold share, with the remaining 10 per cent held by the Ghanaian government.

The West Africa Region’s Mineral Resource base has increased from 17.3 million ounces to 25.2 million ounces (46 per cent) net of depletion primarily due to the increase in gold price and discovery at the Greater Damang Project (Huni, Juno and Damang main pit). The total Mineral Reserve has increased from 11.3 million ounces to 13.7 million ounces (21 per cent), net of mined depletion.

Gold Fields’ West Africa Region operations are located in the southern area of western Ghana, 300 kilometres by road west of the capital of Accra and approximately 90 kilometres north of the port city of Takoradi. The ore bodies are located in the West African Craton, near the southern end of the Tarkwa Basin and occupy a significant portion of the stratigraphy of the Ashanti Belt which hosts the important Birimian and Tarkwaian geological series.

19 Damang, which is located some 25 kilometres north-northeast of the Tarkwa Gold Mine, exploits oxide and fresh hydrothermal mineralisation in addition to palaeoplacer mineralisation similar to that of the Tarkwa Gold Mine. The hydrothermal mineralisation occurs at the culmination of a regional anticline and is associated with dominantly east dipping thrust faults and sub-horizontal quartz veins.

The ore body at Tarkwa consists of a succession of stacked tabular palaeoplacer units consisting of quartz pebble conglomerates (gravel beds called ‘reefs’) that are very similar to those mined in the Witwatersrand Basin in South Africa. Tarkwa is currently mining multiple reef horizons from several open pits with the potential for underground mining in the future.

On lease exploration metres drilled and expenditure for the twelve month period ending 31 December 2011 are summarised below. At Damang the five year exploration programme commissioned in 2010 to extend the LoM is continuing as planned.

Key extracts ¨¨ The Mineral Reserves at Damang Resources in accordance with the and resultant declining metal increased from 2.1 million ounces SAMREC code; recoveries from the material to 3.4 million ounces net of ¨¨ Taking mining depletion into currently being processed through depletion as a result of an updated account the Mineral Reserve at the North Heap Leach. This will and consolidated model following Tarkwa increased from 9.2 million lead to the termination of all heap the drilling campaign in 2011; ounces to 10.3 million ounces, leach operations within 36 months ¨¨ The depth extension of the ore mainly due to the rise in the gold of project approval, delivering the body at the Greater Damang price offsetting the increase in best overall NPV, whilst maintaining Complex (Huni, Damang main pit costs; a production profile of ~750 koz and Juno) has been confirmed ¨¨ Tarkwa has embarked on a per annum; through exploration drilling and pre-feasibility study known as the ¨¨ The Mineral Reserve declared as at modelling. Additional resource “Tarkwa Expansion Project Phase 31 December 2011 for Tarkwa conversion drilling will be done Six” (TEP6) subsequent to a takes into account the above during 2012 to improve the Mineral recommendation from a “Tarkwa strategy; and Resource classification and Mineral Options Trade-Off Study” (TOTOS) ¨¨ A secondary crushing facility for the Reserve conversion; that focused on delivering a current CIL plant to compensate for ¨¨ The Mineral Reserve at Damang material change to the strategic increased hardness of the ore is increased by 63 per cent as a direction for Tarkwa. The study expected to be commissioned in result of the successful drilling recommended the installation of a Q1 C2012, which will ensure that campaign at the Greater Damang conventional milling/CIP circuit (with the planned throughput of Complex; a step change in recovery of 12.3 million tonnes per annum for ¨¨ The Mineral Reserves declared as around 35 per cent) to offset the the CIL plant is achieved. at 31 December 2011 for Damang impact of increasing ore hardness takes into account the current East Tailings Storage Facility (ETSF) and Exploration drilling and expenditure1 existing processing and mining infrastructure constraints. The December June December 2011 1 Greater Damang Complex pre- 2010 2010 feasibility study aims at mitigating Metres US$ US$ US$ the constraints, thereby optimising Operations drilled millions millions millions the infrastructural footprint of the Damang 78,908 15.452 6.187 10.783 operation. This would result in an Tarkwa2 5,588 0.448 – – increase in the Mineral Resource Total West Africa Operations 84,496 15.900 6.187 10.783 conversion, which will have a Exclusive of grade control drilling. positive impact on the overall 1 Six month period ending 31 December 2010. 2 Mineral Reserve ounces for the South Heap Leach in-situ evaluation drilling project. complex; ¨¨ Further opportunities are being explored within the Damang lease boundary including extensions to the Amoanda and Rex open pit mines; ¨¨ Underground Mineral Resources for Tarkwa and Damang need to be reviewed (to scoping study level) within the C2012 reporting period to reassess whether there is a realistic opportunity for the ultimate economic extraction of these areas. This will be necessary in order to validate their inclusion as Mineral Hauling ore after rain Hauling ore

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 20 West Africa Region classified Mineral Resource and Mineral Reserve statement1 Mineral Resources Mineral Reserves Dec Dec 31 December 2011 2010 31 December 2011 2010

Tonnes Grade Gold Gold Tonnes Grade Gold Gold Gold (Mt) (g/t) (Moz) (Moz) Gold (Mt) (g/t) (Moz) (Moz) Damang Damang Measured 12.9 1.9 0.787 0.218 Proved 8.6 2.0 0.552 0.125 Indicated 113.4 1.7 6.316 2.936 Probable 50.4 1.7 2.751 1.800 Inferred2 36.4 2.4 2.854 1.329 Total open pits 162.7 1.9 9.957 4.483 Total open pits 59.0 1.7 3.303 1.925 Indicated stockpiles 2.7 1.0 0.087 0.155 Probable stockpiles 2.7 1.0 0.087 0.155 Damang Total 165.4 1.9 10.044 4.638 Damang Total 61.7 1.7 3.390 2.080

Tarkwa Tarkwa Measured 112.0 1.5 5.361 5.798 Proved 118.1 1.3 4.943 4.982 Indicated 167.5 1.2 6.694 5.186 Probable 143.6 1.2 5.328 4.192 Inferred2 33.6 2.8 2.985 1.580 Total open pits and underground2 313.1 1.5 15.041 12.565 Total open pits 261.7 1.2 10.271 9.174 Measured stockpiles 3.4 0.8 0.083 0.077 Proved stockpiles 3.2 0.7 0.074 0.075 Tarkwa Total 316.5 1.5 15.123 12.642 Tarkwa Total 264.8 1.2 10.345 9.249 Total West Africa Total West Africa Operations 481.9 1.6 25.167 17.280 Operations 326.5 1.3 13.735 11.329 Mineral Resources are inclusive of Mineral Reserves. All tonnes (t) relate to metric units. Rounding-off of figures may result in minor computational discrepancies, where this happens it is not deemed significant. In West Africa (Damang and Tarkwa) the Mineral Resources and Mineral Reserves were determined using a gold price of US$1,450/oz and US$1,300/oz respectively. 1 Managed, unless otherwise stated. 2 Includes underground Inferred Mineral Resources of 27.9 Mt at 4.0 g/t.

Operational profile Damang Tarkwa Mining method Open pit Open pit Infrastructure Three open pits. Seven open pits. One CIL gold plant. Two heap leach facilities. One CIL gold plant. Mineralisation style Hydrothermal and Palaeoplacer Palaeoplacer Mineralisation characteristics i. Mineralisation hosted by shear and fault zones; i. Mineralisation hosted by gravel beds; ii. Confined to well-defined structural belts that are ii. Laterally continuous with mid to long-range prospective; predictability; iii. Mineralisation zones discontinuous with short-range iii. Clear patterns of mineralisation governed by predictability; sedimentary characteristics; and iv. Exploration programmes required to define the iv. Exploration programmes ongoing to test mineralisation controls and continuity; and homogeneity of geology and grade domains. v. Palaeoplacer characteristics are the same as for Tarkwa. Hauling ore after rain Hauling ore Gold Mine Tarkwa

21 3. Growth projects

It is expected that the successful execution of the projects will deliver sufficient new ounces in production and/or development by 2015 to meet the company goal of 5 Moz p.a.

Arctic Platinum Project

Finland Arctic Platinum Project (APP)

Palladium, platinum, gold, copper and nickel deposit

Mineral Resources Sodankyla 12.2 million ounces Rovaniemi (100 per cent attributable to App Gold Fields) Oulu ¨¨ Platsol® demonstrated as a viable hydrometallurgical process

¨¨ Exploration identified potential Kuopio new deposits

¨¨ Complete pre-feasibility study by Tampere H2 2012

¨¨ Mineral Resource upgrade and optimisation in H2 2012 Helsinki

Project overview An update to the APP Mineral Resource has been completed as part of the project’s scoping and pre-feasibility studies for the Suhanko Project comprising the Konttijarvi and Ahmavaara deposits. The update includes new estimation methods, modified geology interpretation and re-assessment of the Mineral Resource classifications. The declared Mineral Resources for Konttijärvi and Ahmavaara are now pit constrained (7.1 million ounces 2PGE +Au) but includes the original unconstrained SK Reef estimates (5.1 million ounces 2PGE +Au). The SK Reef Mineral Resource is to be updated during 2012 following the completion of a metallurgical drilling and testing programme. An extensive drill programme is currently being completed at Suhanko North, which is an extension to the Suhanko Project, as part of a re-engineering plan for an enlarged Mineral Resource base at APP.

Summary of the APP Classified Mineral Resource statement Tonnes (Mt) 2PGE + Au (g/t) 2PGE + Au (’000oz)

Total Suhanko1 and SK Reef2 Dec Dec June Dec Dec June Dec Dec June Classification 2011 2010 2010 2011 2010 2010 2011 2010 2010

Measured 46.7 38.6 38.6 2.26 2.34 2.34 3,398 2,906 2,906

Indicated 47.0 54.0 54.0 2.01 2.02 2.02 3,020 3,522 3,522

Inferred 68.1 75.7 75.7 2.62 2.53 2.53 5,741 6,173 6,173

Grand total (2PGE + Au) 161.8 168.3 168.3 2.34 2.33 2.33 12,159 12,601 12,601

1 Models updated in 2010 and 2011 using new estimation methods, modified geological interpretations and modified resource classification based on new information. Reported at a 1.0g/t 2PGE+Au cut-off in compliance with Gold Fields best practice, based on long term resource metal price assumptions and scoping level modifying factors (mining and processing costs). Average Pd/Pt ratio of 4.2:1 2 Unconstrained total Mineral Resources as reported in 2005. Flotation studies demonstrate recoveries are similar to Suhanko. Engineering studies require completion of Platsol® hydrometallurgical testing. SK Reef Mineral Resources are reported above a 1.0g/t 2PGE+Au cut-off for above 100m depth, and at a 2.0g/t 2PGE+Au cut-off for areas deeper than 100m. Average Pd/Pt ratio of 3.7:1

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 22 Chucapaca Project

Chucapaca Project

Gold, copper and silver deposit Peru Mineral Resources 7.6 million ounces Iquitos gold equivalent (51 per cent attributable to Gold Fields) Chiclayo Trujillo Cajamarca

¨¨ Complete feasibility study during Pucallpa 2012 Chimbote

¨¨ Submit EIA in 2012 Lima ¨¨ Mine development decision targeted for end 2012 Cuzco

Chucapaca Project

Project overview The Mineral Resource of the Chucapaca Project (Canahuire) includes an additional 150 drill holes (56,500 metres) since the May 2010 estimate. The drilling has both confirmed continuity of mineralisation and increased extension of mineralisation to the west.

As a result of the increased drill density, quality management and improved geological modelling, approximately 70 per cent of the Mineral Resource has been upgraded to the Indicated category.

Chucapaca Classified Mineral Resource statement Tonnes (Mt) Au/Ag (g/t); Cu (%) Au/Ag (’000oz); Cu (Mlb) Dec Dec June Dec Dec June Dec Dec June Classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Indicated – Gold 1.45 – – 4,315 – – Indicated – Silver 92.6 – – 11.61 – – 34,550 – – Indicated – Copper } 0.09 – – 179 – – Total Eq Au Oz (Au+Ag+Cu) Indicated 92.6 – – – – – 5,451 – – Inferred – Gold 1.36 1.90 1.90 1,756 5,113 5,113 Inferred – Silver 40.2 83.7 83.7 8.94 8.20 8.20 11,543 22,066 22,066 Inferred – Copper } 0.09 0.09 0.09 75 166 166 Total Eq Au Oz (Au+Ag+Cu) 40.2 83.7 83.7 Inferred – – – 2,178 5,639 5,639 Grand total Eq Au Oz (Au+Ag+Cu) 132.7 83.7 83.7 – – – 7,628 5,639 5,639 The Mineral Resource is reported at a 0.54g/t AuEq cut-off grade constrained within a diluted optimised pit shell. The pit shell is based on a price assumption of US$1,450/oz Au, US$3.90/lb Cu and US$27.50/oz Ag. Gold equivalent grade is calculated based on gold, silver and copper grades normalised to differential metal prices. Gold equivalent ounces is determined by normalising the value of the commodities to the gold price (value of contained metal/gold price).

23 Yanfolila Project

Yanfolila Project

Gold deposit

Mineral Resources Mali 0.7 million ounces (85 per cent attributable to Gold Fields)

¨¨ 48,000 metres of additional- drilling planned for 2012 Aguelhok Araouane ¨¨ A new Mineral Resource estimate will be completed in 2012.

Project overview The Mineral Resource for the Yanfolila Project remains unchanged since Bamako December 2010. A Scoping study was completed in Q3 2011 and although it Yanfolila yielded positive financial returns, Project additional Mineral Resources will be needed to meet the hurdle rate to advance the project to pre-feasibility level. Additional drilling is being completed on the numerous targets as part of the project.

Yanfolila Classified Mineral Resource statement Tons (Mt) Gold Grade (g/t) Gold (’000oz) Dec Dec June Dec Dec June Dec Dec June Classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Measured – – – – – – – – – Indicated – – – – – – – – – Inferred 9.1 9.1 – 2.53 2.53 – 740 740 – Grand total 9.1 9.1 – 2.53 2.53 – 740 740 – These Mineral Resources were determined within an optimised pit shell using a gold price of US$1,100 and a cut-off of 0.41 g/t Yanfolila Project Yanfolila

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 24 Talas Project

Talas Project Kyrgyzstan

Gold, copper and molybdenum deposit

Mineral Resources Talas Project 11.7 million ounces Bishkek gold equivalent ounces (60 per cent Talas Balykchy attributable to Gold Fields)

Project overview There are no changes to the Indicated and Inferred Mineral Resources for Taldybulak, effective 31 December 2010. The gold equivalent ounces have been recalculated using the new metal prices as at 31 December 2011. Due to social unrest in the country there has been no further technical on-site work.

Talas Classified Mineral Resource statement1 Au (g/t); Cu (%); Au (’000oz); Cu (Mlb); Tonnes (Mt) Mo (%) Mo (Mlb) Dec Dec June Dec Dec June Dec Dec June Classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Indicated – Gold 0.64 0.64 0.64 2,600 2,600 2,600 Indicated – Copper 127.0 127.0 127.0 0.17 0.17 0.17 477 477 477 Indicated – Molybdenum } 0.01 0.01 0.01 29 29 29 Total Eq Au Oz (Au+Cu+Mo) Indicated 127.0 127.0 127.0 – – – 4,223 4,229 4,230 Inferred – Gold 0.39 0.39 0.39 3,710 3,710 3,710 Inferred – Copper 296.0 296.0 296.0 0.17 0.17 0.17 1,098 1,098 1,098 Inferred – Molybdenum } 0.01 0.01 0.01 69 69 69 Total Eq Au Oz (Au+Cu+Mo) Inferred 296.0 296.0 296.0 – – – 7,472 7,480 7,481 Grand total Eq Au Oz (Au+Cu+Mo) ID & IF 423.0 423.0 423.0 – – – 11,695 11,710 11,710 These Mineral Resources are constrained by an open pit shell using commodity prices of US$1,150/oz gold, US$3.00/lb copper and US$15.00/lb molybdenum. 1 Copper and molybdenum equivalent ounces (copper and molybdenum revenue converted to gold equivalent ounces). Exploration drilling at Talas

25 Woodjam Project

Woodjam Project

Copper deposit, with gold as a Canada by-product

Mineral Resources 1,060 million pounds (51 per cent attributable to Gold Fields) Woodjam JV ¨¨ Conceptual study completed for South East Zone Vancouver

Project overview Gold Fields’ first Mineral Resource estimate was completed for the SE Zone deposit within the Woodjam Project in Canada. The SE Zone is a recently discovered copper-gold porphyry deposit of which Gold Fields currently has a vested interest of 51 per cent, with rights to earn a further 19 per cent.

In January 2011, the Woodjam project was promoted to the advanced drilling stage based on positive results of the initial drilling programmes in 2009 and 2010. As of November 2011, Gold Fields had completed a total of 53,534 metres of diamond drilling on multiple targets within the Woodjam Project area.

Woodjam Classified Mineral Resource statement Tonnes (Mt) Cu (%) Cu (Mlb) Dec Dec June Dec Dec June Dec Dec June Classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Inferred – Copper 146.5 – – 0.33 – – 1,060 – – Grand total 146.5 – – 0.33 – – 1,060 – – Gold is a by-product at 0.05 g/t with 0.26 Moz. Mineral Resources determined at a Copper price of US$3.9/lb

~500 m N

Resource NSR Value (10m3 blocks) > $25 $17 – $25 $12 – $17 $7.50 – $12 Woodjam resource model resource Woodjam

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 26 4. Supplementary information

Guided by a commitment to corporate governance, this statement has been audited by leading global mining consultancies, and found to be compliant with the relevant codes.

Corporate governance This statement further compares to the previous public (Reporting code and code of practice) declaration made in Gold Fields’ annual report dated 31 December 2010 and therefore encompasses a twelve This technical statement outlines the declared Mineral month mined depletion period. The December 2011 Resources and Mineral Reserves at each of Gold Fields’ declaration aims to report on Mineral Resources and Mineral business regions, including individual operating mines, as well Reserves information that is rated as important for disclosure as its growth projects and exploration targets, as at and it reflects a level of detail required for completeness, 31 December 2011. transparency and materiality in reporting. Gold Fields’ Mineral Resources and Mineral Reserves are reviewed and audited The Group’s December 2011 Mineral Resource and Mineral on an ongoing basis by internal and external competent Reserve statement is compliant with the South African Code persons, with formal audits conducted as follows: for the Reporting of Exploration Results, Mineral Resources ¨¨ Ongoing technical review of all operations and projects; and Mineral Reserves (the SAMREC Code, 2007 edition) and ¨¨ Annual executive regional review of all operations and Industry Guide 7 for reporting on the United States Securities projects; and Exchange Commission (SEC). Notice is taken of other ¨¨ Regular external audit of all operations and projects; and relevant international codes, where geographically applicable, ¨¨ Annual Group executive review of all operations and such as the Australian JORC Code and Canadian NI 43-101. projects. In the December 2011 external and independent audits, no material shortcomings were identified in any of the processes Competent Persons by which the Gold Fields’ Mineral Resources and Mineral The Competent Persons designated in terms of SAMREC Reserves were compiled and evaluated. The procedure that take responsibility for the reporting of Gold Fields Mineral followed in producing the declaration is aligned to the guiding Resources and Mineral Reserves are the respective operation principles of the Sarbanes-Oxley (SOX) Act of 2002. The based Mineral Resource Managers and relevant Project SEC permits mining companies, in their filings with the Managers. The Competent Persons have sufficient commission, to disclose only those Mineral Reserves that a experience relative to the type and style of mineral deposit company can economically and legally extract or produce. In under consideration and are full time employees of Gold accordance with the SEC guidelines, companies are not Fields Limited. Corporate governance on the overall permitted to report Mineral Resources in their Form 20-F compliance of these figures has been overseen and submissions. However, certain terms referring to Mineral consolidated by Kevin Robertson, Group Head of Mine Resources are used in this report, such as “Measured, Planning and Mineral Resource Management, who is a Indicated and Inferred Mineral Resources”. Consequently, permanent employee of Gold Fields Group Services, which US investors are urged to consider closely the disclosure in functions independently of the operating mines, exploration our Form 20-F. and projects.

Corporate Governance on the overall compliance of these figures and responsibility for the generation of a consolidated statement has been overseen by the Group Technical Services team listed below: Competent Person Title Qualifications Years Tim Rowland1 & 4 Executive Vice President: BSc (Hons) Geology, MSc Mineral 26 No. 400122/00 Group Technical Services Exploration; GDE Mining Engineering Pr. Sci. Nat., FSAIMM, FGSSA; GASA Kevin Robertson1 Group Head of Mine Planning and NHD (Economic Geology); GDE (Mining 26 No. 400127/04 Mineral Resource Management Engineering); MEng (Mining) Dr Winfred Assibey-Bonsu1 Group Geostatistician and Evaluator BSc (Mining); PhD (Eng) 26 No. 400112/00 Billy Mills1 & 3 Group Geologist BSc (Geology); GDE (Mining 34 No. 400242/87 – 209989 Engineering); Dip. BAdmin Heinrich Schnetler 2 Group Surveyor NHD (Mine Survey); GDE (Mining 36 PMS 0105 Engineering); MSCC Robert van Niekerk Group Head of Mining NHD Metalliferous Mining; BSc Mining 24 Engineering; South African Mine Managers Certificate of Competency Phillip Engelbrecht Group Head of Metallurgy NHD Extractive Metallurgy 20 Jacques van Rensburg Group Head of Engineering National Higher Diploma Mechanical 24 Engineering, South African Government Certificate of Competency, MBA with specialisation in Project Management Woodjam resource model resource Woodjam 1 Registered SACNASP Members, 2 Registered PLATO Members, 3 Registered AusIMM Members, 4 Registered SAIMM Members

27 Conversion table (The following conversion factors are applicable)

Metric Imperial Imperial Metric 1 centimetre 0.3937 inches 1 inch 2.54 centimetres 1 metre 3.28084 feet 1 foot 0.3047972654 metres 1 kilometre 0.62150 miles 1 mile 1.609 kilometres 1 gram 0.03215 troy ounces 1 troy ounce 32.1507466 grams 1 gram/tonne 0.0292 ounce/tonne 1 ounce/tonne 34.28 grams/tonne 1 kilogram 2.20458 pounds 1 pound 0.4536 kilograms 1 tonne 1.10229 short tonnes 1 short tonne 0.9072 tonnes 1 hectare 2.47097 acres 1 acre 0.4047 hectares

Abbreviations

AGL Abosso Goldfields Limited m2 Square metre AI Above infrastructure MCF Mine Call Factor APP Arctic Platinum Project m3/s Cubic metres per second A$ Australian dollar Mlb Million pounds A$/oz Australian dollar per ounce Moz Million ounces Au Gold mRL Metres relative level Au-Eq Gold Equivalent Mt Million tonnes BCM Bank cubic metres mtpa Million tonnes per annum BI Below infrastructure MW Mega Watt CIL Carbon in Leach NAP North America Palladium CIP Carbon in Pulp NCE Notional cash expenditure cm centimetres Ni Nickel cm. g/t centimetre grams per ton NPV Net present value Cu Copper NSR Net smelter return oz Ounces (troy) Cu – Au – Eq Copper Gold Equivalent Pd Palladium CW Channel width PGE Platinum Group Elements 3D Three dimensional 2 PGE Platinum and Paladium DMR Department of Mineral Resources Pt Platinum EIA Environmental Impact Assessment R&D Research and Development Eq. Equivalent RoM Run of Mine F2010 Financial year 2010 SAG Semi Autogenous Grind GFI Gold Fields Limited SAMREC South African Mineral Resource Committee g Grams SEC The United States Securities and Exchange g/t Grams per ton Commission GFIMSA GFI Mining South Africa (Pty) Limited SOX Sarbanes-Oxley Act Ga Billion years SV Sub vertical ha Hectare SDR Surface rock dump HL Heap Leach SW Stoping width HPGR High pressure grinding roll t Metric tonnes JORC Australasian Code for Reporting Exploration tpd Tonnes per day Results, Mineral Resources and Ore Reserves. tph Tonnes per hour JSE Johannesburg Security Exchange Limited tpm Tonnes per month kg Kilogram TSF Tailings Storage Facility kg/t Kilograms per ton VCR Ventersdorp Contact Reef km Kilometre U3O8 Uranium oxide ktpa Thousand tonnes per annum US$ United States dollar koz Thousand ounces US$/oz American dollar per ounce LIB Long Incline Borehole WAPL Western Areas Prospecting Limited LoM Life of Mine ZAR South African Rand m metre # Shaft

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 28 Glossary of terms Term Definition Below Infrastructure That part of the South African Mineral Reserves, which are below the lowest mining level and that can only be accessed following approved capital expenditure Block Width The average width at which it is estimated a block of ore will be mined. Cut-off Grade The lowest grade of mineralised rock which determines as to whether or not it is economic to recover its gold content by further concentration. Dilution Waste or material below the cut-off grade that contaminates the ore during the course of mining operations and thereby reduces the average grade mined. Destress By mining a 2m slice through the package in an optimal position to ensure a destressed window of 50 to 60 metres above or below the associated stope. Gold Equivalent Ounces A quantity of metal (such as copper) converted to an amount of gold in ounces, based on accepted gold and other metal prices i.e. The accepted total value of the metal based on its weight and value thereof divided by the accepted value of one troy ounce of gold. Indicated Mineral That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral Resource content can be estimated with a reasonable level of confidence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced closely enough for continuity to be assumed. Inferred Mineral That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level Resource of confidence. It is inferred from geological evidence and sampling and assumed but not verified geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability. Kriging Efficiency (KE) Provides a measure of the reliability of block evaluations. Life of Mine (LoM) Number of years that an operation is planning to mine and treat ore and is derived from the current mining plan. Measured Mineral That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral Resource content can be estimated with a high level of confidence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological and grade continuity. Mill Width Calculated width expressing the relationship between the total reef area excavated and the total mill tonnes milled from underground sources, reported in centimetres. Mine Call Factor The ratio expressed as a percentage which the specific product accounted for in “recovery plus residue” bears to the corresponding product “called for” by the mine’s measuring and evaluation methods. Mineral Reserve The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of (Reserve) diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project and a LoM Plan for an operation must have been completed, including consideration of, and modification by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors). Such modifying factors must be disclosed. Mineral Resource A concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and (Resource) quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specific geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated and Measured categories. Pay limit The value at which it is estimated that ore can be mined at break-even. Plant Recovery Factor The ratio expressed as a percentage, of the mass of the specific mineral product actually recovered from ore treated at the plant to its total specific mineral content before treatment. Probable Mineral Economically mineable material derived from a Measured or Indicated Mineral Resource or both. It is estimated Reserve with a lower level of confidence than a Proved Mineral Reserve. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed. Proved Mineral Reserve Economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of confidence. It includes diluting and contaminating materials and allows for losses that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modification by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed. Tonnage Discrepancy Difference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. Discrepancy is referred to as a shortfall when the calculated tonnage is less than the tonnage accounted for by the plant, or an excess when the opposite occurs. Tonne(s) Metric tonne(s) = 1,000 kilograms.

Uraninite A strongly radioactive, brownish-black mineral, UO2, forming the chief ore of uranium (U3O8) and containing variable amounts of radium, lead, thorium and other elements as impurities. Witwatersrand Basin A sedimentary basin in South Africa that contains close to a 6,000 metre thick sequence of principally argillaceous and arenaceous sediments with inter-bedded auriferous conglomerates.

BASTION GRAPHICS 29 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Mineral Resource and Mineral Reserve Overview 2011 1 Agnew Gold Mine Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Mineral Resources at 3.8 Moz.

¨¨ Mineral Reserves at 1.3 Moz.

¨¨ Stable Mineral Reserve and Mineral Resource base.

¨¨ Positive results at Cinderella – potential starter pit.

¨¨ High grade shoots – Fitzroy, Bengal and Hastings – discovered beneath Main Lode.

¨¨ Life of Mine extends to 2018 (seven years).

Agnew has a well-funded exploration strategy aimed at extending existing Mineral Reserves from its prospective and relatively unexplored tenements through target testing, new discovery and new target generation for future definition.

Geographic location

Agnew Tenements Derby

Western Australia

Yilgarn Leinster Craton

Kalgoorlie

Perth

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 The Agnew Gold Mining Company Pty Limited is wholly owned by Gold Fields 2. Key aspects Page 2 Limited and currently holds tenements covering an area of approximately 3. Operating statistics Page 3 68,138 hectares. Agnew is located some 375 kilometres north of Kalgoorlie in the 4. Geological setting and mineralisation Page 4 same geological region as St Ives Gold Mine, and exploits shear-hosted auriferous 5. Mining Page 6 zones from the highly mineralised Norseman-Wiluna Greenstone Belt. 6. Projects Page 7 Agnew represents a solid base for Gold 7. Mineral processing Page 7 Fields’ growth in the region and is an important contributor to the stated vision, “To be the global leader in sustainable gold 8. Sustainable development Page 8 mining”, with a target contribution from the Australasia Region of ~1.0 Moz per annum 9. Mineral Resources and Mineral Reserves Page 9 by 2015 in production or development.

Page 13 10. Regulatory codes Main strategic aims for the company are the discovery of additional Mineral Reserve 11. Competent Persons Page 13 sources to supplement Waroonga in the short term and the discovery of a significant 12. Key technical staff Page 14 new ore complex to replace Waroonga in the medium to long term. 13. Brief history Page 17 Reported Mineral Reserves at Agnew were maintained at 1.3 Moz from December 2010 to December 2011, including the impact of depletion at 224 koz, indicating an effective increase of 205 koz. Changes from December 2010 were dominated by extensions to the main ore body at the Waroonga Underground Complex and the impact of higher gold price assumptions for the December 2011 statement.

This Technical Short Form Report reflects the latest Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: CIP processing plant, Agnew Gold Mine

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Resource conversion drilling, Waroonga Complex, Agnew conversion drilling, Waroonga Resource Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Open pit mining operations

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [Optiro Pty Ltd for Mineral Resources and AMC Consultants (Pty) Ltd for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the Agnew Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This Technical Statement is a summary of the detailed internally sourced document entitled December 2011 Agnew Competent Persons Report Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location Agnew is situated at latitude 27° 55’ S and longitude 120° 42’ E in the Norseman-Wiluna Greenstone Belt, 23 kilometres west of the town of Leinster in Western Australia, which is approximately 1,100 kilometres north east of Perth. Well-established power, access roads and supporting infrastructure are in place Licence status and The Agnew Gold Mining Company Pty Limited (AGMC), ACN 098-385-883, was incorporated in holdings Australia in 2001 as the legal entity holding and conducting mining activity on the Agnew mineral leases. The Gold Fields Limited group holds 100% of the issued shares of AGMC through its 100% holding in the issued shares of Orogen Holding (BVI) Limited. Agnew controls exploration and mineral rights over a total area of 68,138 hectares (total of granted tenements) and has security of tenure for all current exploration and mining leases that contribute to future Mineral Reserves Operational infrastructure One underground complex mining from three separate ore bodies accessed via declines. Centralised administrative office, engineering workshops and one CIP processing plant (1.3 Mtpa capacity) Climate No extreme climate conditions are experienced that may affect mining operations Deposit type Orogenic greenstone gold hosted in a number of different styles of lodes. Although all of the Agnew deposits are broadly hosted by the intersections between structures and stratigraphy, there are subtle differences in alteration and mineralisation controlled in part by the local host rock chemistry Life of Mine (LoM) Ongoing extensional and brownfields exploration continues which could potentially increase the LoM. It is estimated that the current Mineral Reserve will be depleted in 2018. Environmental/Health & The mine maintained AS4801:2000 Occupational Health and Safety Management System certification Safety and ISO14001:2004, (Environmental Management System) certification. Agnew was certified as fully compliant to the International Cyanide Management Code on 3 June 2009 Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43-101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008 Open pit mining Total mined kt 1,610 – – – 393 – Waste mined kt 1,024 – – – 191 –– Ore mined kt 586 – – – 202 Mined grade g/t 1.6 – – – 3.2 Strip ratio (tonnes) waste : ore 2.1 – – – 1.0 Underground mining Ore mined kt 621 312 581 737 505 Mined grade g/t 9.7 8.4 8.9 7.9 9.3 Processing –– Mill tonnes kt 935 417 883 1,066 1,315 –– Mill head grade g/t 7.0 6.5 6.2 5.8 5.3 –– Yield g/t 6.5 5.9 5.8 5.6 4.8 –– Plant recovery factor % 94.0 93.7 93.4 92.6 92.9 Gold produced –– Milling koz 194 80 165 192 204 –– Heap leach koz N/A N/A N/A N/A N/A koz 194 80 165 192 204 Total gold produced kg 6,035 2,258 4,685 5,253 5,873 Gold sold oz 194 80 165 192 204 Financials Operating cost A$/oz 692 680 614 526 452 A$/oz 675 662 611 541 496 Total cash cost US$/oz 696 621 539 401 445 Capital expenditure A$ million 71.8 26.6 62.6 41.6 37.0 Notional cash expenditure A$/oz 1,062 1,013 992 743 632 (NCE) US$/oz 1,096 951 875 550 567 General Employees (TEC) number 440 364 375 343 314 Mineral Reserves Mt 7.1 6.9 6.7 2.9 2.5 Mineral Reserve Head Grade g/t 5.7 6.0 5.7 7.7 7.7 Mineral Reserves Moz 1.3 1.3 1.2 0.7 0.6 Expected Life of Mine years 7 7 7 4 3 1Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. Agnew CIP plant complex

3 4. Geological setting and mineralisation

In comparison to other greenstone belts in the Yilgarn Craton, the Norseman-Wiluna Greenstone Belt is highly mineralised, particularly in gold and nickel.

Agnew is situated in the northern portion of the Norseman- Cams Camp N Wiluna Greenstone Belt, which is part of the Yilgarn Craton, a 2.6 Ga granite greenstone terrain in Western Australia. Miranda Fault The rock types in the belt comprise abundant tholeiitic Maria North and komatiitic volcanic rocks, chert, sulphidic and albitic Maria sedimentary rocks, and a chain of discrete felsic volcanic centres.

The greenstones of the Agnew area have been metamorphosed to upper greenschist, lower amphibolite Goldilocks Alice metamorphic grades. Gold mineralisation is found in quartz Cinderella North breccia lodes, quartz tensional veining and disseminated arsenopyrite-pyrite-biotite mineralisation developed along the Waroonga Complex Vivien lithological contact between a sandstone and ultramafic conglomerate and on other contacts within the ultramafic Surprise conglomerates package. High-grade ore shoots plunge Redeemer-Crusader steeply to the north along these contacts. The controls on Endeavour-South Lawlers mineralisation are dilational zones at the intersection of Target 20U Donegal North steeply dipping N-S axial planar structures with the stratigraphy. The stronger the contrast in rock competency in Pinnacles Songvang these zones, the greater is the potential for mineralisation.

Much of the Yilgarn Craton is deeply weathered and partially covered by Tertiary and Quaternary regolith. Pre-Tertiary Pinnacles South 0 5 lateritic horizons are variably exposed, stripped or buried by km Geology of the Agnew Lawlers region showing the Agnew anticline Geology of the Agnew Lawlers region later deposits that have in turn been lateritised. The depth of weathering is strongly controlled by original rock types, with mafic rocks generally being more susceptible to weathering The stratigraphy of the Agnew-Wiluna belt appears to be than felsic rocks. broadly similar to the stratigraphy of the Kalgoorlie region. The following section provides a detailed description of the Local geology general stratigraphy for the Agnew mining leases and the The Agnew-Wiluna section of the Norseman-Wiluna stratigraphic location of various ore bodies. Greenstone Belt is bounded by large granitoid bodies and the Ida fault to the west. The Ida fault, locally termed the Waroonga shear, is a major regional scale shear zone that defines the New Holland Genesis western edge of the Kalgoorlie terrain. The majority of the Agnew ore bodies are on the western limb of the Lawlers anticline, a large open fold, plunging 30° to the north, although Sandstone Zone 2/3 economic mineralisation is also formed on the eastern limb Scotty Creek Sandstone (e.g. Vivien), in axial planar positions to the north (e.g. Cams) and in the adjacent Mt White syncline (e.g. Maria). Kim/Rajah/Main Ultramafic Conglomerate (North) The Agnew anticline and the Mt White syncline are large- Mafic Conglomerate (South) scale folds plunging 30° to the north. The dip of the limbs’ Vivien range from moderate at the nose and shoulders of the folds (e.g. at Waroonga) to steep and slightly overturned along the Pilgrim Agnew Ultramafic limbs (e.g. at Songvang). Crusader Deliverer Claudius Although all of the Agnew deposits are broadly hosted by the intersections between structures and stratigraphy, there are Lawlers Basalt subtle differences in alteration and mineralisation controlled in part by the local host rock chemistry. Songvang is unusual in Songvang its relatively high lead, silver and fluorine content, possibly reflecting input from tonalite and porphyry intrusions. There Gold Mineralisation Granite/Porphyry Schematic of gold mineralisation occurrences also appears to have been a slight decline in mineralisation temperatures from south to north through the Agnew area, Exploration and drilling associated with the north plunge of the Lawlers Anticline and At Agnew there is considerable endowment potential within resultant erosion of the overlying lower temperature rocks to the current tenement holdings to add significantly to current the south. This temperature change is reflected in the Mineral Resources and Mineral Reserves, through a changing mineralisation styles from south to north, with combination of on-mine (extensions to known Mineral biotite/garnet assemblages dominating to the south and Resource) and near-mine exploration. In terms of the extent quartz veining to the north. of its tenement holdings and the exploration undertaken

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 4 thus far, Agnew cannot yet be considered advanced in In conjunction with the directional drilling programmes at exploration terms, and recent geological studies have Waroonga, a regional (additional) exploration programme will identified numerous prospective areas yet to be tested target the next complex scale discovery as well as smaller effectively. high-grade deposits that have the potential to provide supplementary ore feed within a one-to-three-year timeframe Mine exploration for the 12 months to December 2011 (exploration triangle below). A decision on the viability of a continued to focus on extensional drilling and reserve small open pit on the Cinderella deposit is expected in early delineation at Waroonga, specifically at Main Lode, where a 2012, while encouraging initial drill results from the Alice and programme of surface drilling below Main North and South Goldilocks prospects will be tested during the first half of was undertaken (exploration triangle below). Directional 2012. surface drilling technology was successfully used and a total of 17,446 metres was completed during the year. Drilling, The success of any exploration project is dependent on the although initially designed to delineate ore for a possible quality of the exploration data. The ability to extract the sub-level caving operation at Main North, was soon altered to inherent value in the data is also reliant on new technologies target the newly interpreted high-grade shoots – Fitzroy, to enhance interpretation and modelling of the data. Agnew Bengal and Hastings (FBH) – between 700 and 1,200 metres maintains rigorous quality assurance and quality control below surface. (QA/QC) protocols on all of its exploration programmes, using leading industry practice in data acquisition, reputable Results and interpretation during 2011 have confirmed the laboratories and having sign-off by Competent Persons under continuity of the three shoots down to the 9,300 mRL where the 2007 SAMREC and 2004 JORC Codes. they remain open at depth. A fourth high-grade shoot – Yeoman – has also recently been identified beneath Main Agnew’s resource development strategy will continue to South with a few boreholes, but the dimensions still need to focus on the Waroonga Complex where, over the past two be determined. years, our understanding of the geology and mineralisation has increased and the resource continues to grow. All of the Exploration success in delineating high grade shoots beneath interpreted mineralised shoots are open at depth and no drill Main Lode will see the Waroonga Complex continue to be the testing south of the Yeoman shoot has been completed to focus of activity during 2012. Significant potential for date. Near-mine exploration will focus on initial testing of additional resource ounces exists between the Kim and the several targets to the north (Cams) and south (Pinnacles) of Geology of the Agnew Lawlers region showing the Agnew anticline Geology of the Agnew Lawlers region Fitzroy shoots (Link target) as well as depth extensions to the the main mine area. New targets are needed to fill the project Fitzroy, Bengal, Hastings and Yeoman shoots. pipeline to ensure Agnew continues to grow.

Mine (Extensional) Exploration Regional (Additional) Exploration

Indicated Mineral Resource

Resource Cinderella Development

Fitzroy, Bengal, Hastings, Advanced Drilling Jaws, Papa Bear

Porphyry Link, Cinderella North, Alice, Goldilocks, FBH Depth Extensions, Initial Drilling Maria, Miranda Fault Yeoman

450 South (deep) Target Definition 15 targets, including Kim South (deep) Cams, Pinnacles

Research and development Research and development 3-D Leapfrog Modelling 3-D GoCAD & Leapfrog Modelling Ongoing Deep Drilling Programmes Mineral Systems/Prospectivity Mapping

Research and development The Research and Development programme undertaken at Observations stemming from the Research and Development Agnew over the previous two years has resulted in a vastly programme are being integrated with exploration targeting improved understanding of the following features of the and evaluation programmes and it is envisaged that this will Schematic of gold mineralisation occurrences known gold deposits in the Agnew camp: greatly improve the effectiveness of exploration in the Agnew ¨¨ Deposit scale structural and temporal controls on the gold camp. gold mineralisation; ¨¨ The geochemical signature of the known deposits and Now that the known deposits are understood, the Research importantly, the elements that are intimately associated and Development programme will focus more on the regional with gold mineralisation on the micro-scale; geology to identify new areas that are prospective for gold ¨¨ Alteration minerals that are associated with gold mineralisation. mineralisation; and ¨¨ The stratigraphic architecture of those areas in the Agnew camp where gold mineralisation is known to occur.

5 5. Mining

The current mining operations consist of the Waroonga underground complex which includes underground mining at the Kim South, Rajah and Main Lodes. Together with open pit mining (and stockpiles) at Songvang North, these form the basis for the 2012 Operational Plan.

Mining methods Access to the Waroonga underground mine is via a portal and decline located in the previously mined Waroonga open pit. All primary infrastructure, including escape ways and ventilation shafts, are located in the competent sandstone of the hanging wall. The dimensions of the decline are 5 x 5 metres wide by 5.8 metres high with arched backs to allow high capacity trucks to operate.

The Rajah Lode will be mined in 2012 using the modified Avoca Method, which is a variation of bench stoping methodology where the fill typically consists of un-cemented waste rock that is introduced to control wall stability at intervals from 20 to 30 metres. This represents a change from 2011 where conventional long hole, longitudinal retreat open stoping was used with strategic geotechnical pillars left in situ. The Rajah reserve material is narrow vein-style mineralisation paired with a weak footwall. This footwall has demonstrated poor stand-up characteristics over stope strikes greater than 15 metres.

The Main Lode North ore body will be extracted using transverse stoping with mining commencing at the footwall and retreating to the hangingwall. The stopes will be accessed via a tramming drive developed in the hangingwall sandstone.

The cutback of the Songvang pit is mining the northern extent of the existing pit, which was mined between 2004 and 2007. Mining of the Songvang northern cutback will be completed early in February 2012 using conventional open pit truck and excavator methods, with all material mined requiring drilling and blasting. drive Developing ore

Mine planning and scheduling The current mining areas are situated at Waroonga (Kim South, Rajah and Main Lodes) and the Songvang open pit. These form the basis for the 2012 operational plan. The plans, design and schedules are provided and communicated to the mining personnel and contractors, forming the basis of the contract between the parties.

At Waroonga, the stope design takes practical stope layouts into consideration as well as planning for mining losses in pillars or other parts of the resource excluded for technical Rajah reasons. Dilution material is included in the stope design. Ore losses can occur when material cannot be practically extracted from the stopes. 9,900mRL Datamine’s Mineable Shape Optimiser was used during the Main North December 2011 Mineral Reserve update. This software optimises the stope shape by using variable cut-off grades.

At Songvang, the pit design for the northern cutback has 0 100 m been optimised using Whittle 4X. The pit design includes a dual lane ramp (23 metres wide to the 10420 level) at a 9,600mRL gradient of 1 in 8 to maximise pit production during the pre-strip phase. The ramps are designed to suit 100-tonne Kim South capacity rigid dump trucks. Example of mine design model

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 6 6. Projects

Extensional exploration within the Waroonga Complex is targeting known and extrapolated mineralisation trends. Increasing the Mineral Resource and Mineral Reserve will extend the mine life of the Waroonga Complex and increase production flexibility by opening new areas for exploitation.

Underground production from Waroonga does not fully utilise the processing plant capacity. To fully utilise the milling capacity, a cutback of the Songvang pit commenced in January 2011. The mining of the project is scheduled for completion in February 2012 and stockpiled ore will provide supplementary mill feed until Quarter 4, 2012.

The possibility of opportunistically exploiting small-scale open pittable deposits for supplementary mill feed continues to be examined and reviewed. In this regard a small “starter” pit at Cinderella will be assessed early in 2012. Possible cutbacks on existing open pits include New Woman and Redeemer.

Near-mine exploration on the extensive Agnew land holdings will focus on the Scotty Creek sediments and the Alice and Goldilocks prospects. The objective is to discover and bring into production an open pit operation to supplement the Waroonga complex ore, thus fully utilising available processing plant capacity. Cinderella concept pit design Cinderella 7. Mineral processing

Upgrade of the gravity recovery circuit was completed in September 2011.

The comminution circuit comprises a contractor-owned and operated three-stage crushing plant, feeding a fine ore stockpile, ahead of a two-stage closed circuit ball milling

Developing ore drive Developing ore circuit. Milled ore proceeds to a three-stage leaching train feeding the six-stage carbon in pulp (CIP) circuit. Carbon elution is by pressure Zadra with gold being electrowon and smelted. In February 2003 a gravity circuit, comprising a Knelson gravity concentrator in conjunction with an intensive leach reactor (ILR) for intensive cyanidation of the gravity concentrate, was retrofitted. The gravity circuit was upgraded and retrofitted in September 2011 to incorporate a second 26” Knelson gravity concentrator, an Intensive Leach Reactor 2000BA and two Magscreen 1000 units. The processing capacity at the plant is 1.3 Mtpa. Agnew plant and settler dams

Quantitative analysis of recovery improvements will be completion of mining activities at the Redeemer Mine, the evaluated and included in future resources and reserve abandoned pit has been converted to a tailings storage calculations in accordance with the grade/recovery model impoundment for tailings arising from the Agnew plant currently adapted. (TSF3). Although situated seven kilometres south of the Agnew plant, the static head is negative, thus pumping of Tailings disposal and impoundment have historically been to the tailings material is achieved with no additional cost from a conventional dam constructed using the upstream lift the previous deposition technique. The pontoon-mounted method sourcing wall material from dried tailings. The decant pump recovers water from the supernatant pond, original tailing storage facility (TSF) was located in an area which forms due to liberation of water from the tailings slurry some 1.5 kilometres southwest of the Agnew plant. as it settles and consolidates. Deposition to this facility ceased in early 2004 and a large section of this decommissioned facility has been capped TSF3 is projected to last until 2015 based on deposition with waste rock. The remaining exposed sections are being rates of 1.3 million tonnes per annum and historical

Example of mine design model harvested for use as underground paste fill. Following deposition levels from December 2004 to February 2011.

7 8. Sustainable development

Agnew manages risk to mitigate and, where possible, eliminate hazards in the working environment. Maintenance of outstanding health and safety performance through the participation of all employees and the application of safe, innovative processes and technologies, within a framework of full legislative and best practice compliance.

In Australia, large advances in safety have been made over policies conform to the standards requirements. If non- the last 20 years by concentrating primarily on the practices compliances are observed in terms of environmental (policies and procedures, rules, training etc.) and the legislation and approval documentation commitments, environment (equipment, tools, machines etc.). By focusing management are made aware of the issues and take on the person aspect of safety, emphasis is placed on the appropriate measures to address the situation in line with site individual to question their contribution to a positive safety policies. culture.

In regards to our full compliance to a Health and Safety Management System, Agnew has been certified OHSAS18001:2004, through the Australian Standard AS/ NZ4801:2001

Although Gold Fields has developed a Group environmental policy, the Australian operations are currently guided by their own individual policies. These policies have been developed within the Group policy framework, but are tailored to suit the site-specific environmental conditions. Agnew has developed and implemented an environmental management system, certified to the international standard ISO14001, and the site Environmental monitoring Environmental Safety statistics Class Units June 2007 June 2008 June 2009 Dec 20101 Dec 2011 Fatalities (No) 0 0 0 0 0 Fatality rate (per mmhrs) 0 0 0 0 0 LDIFR (per mmhrs) 0.9 0 4.6 1.1 2.7 1 For six months to December 2010. Songvang creek rehabilitation Songvang creek

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 8 9. Mineral Resources and Mineral Reserves

Geological and evaluation models have been updated as at December 2011 to reflect the latest available data sets. An integrated mine design and schedule based on current performance levels takes cognisance of the inherent risks associated with mining operations at Agnew.

Mineral Resources The Mineral Resources are classified as Measured, Indicated or Inferred, as described in the 2007 SAMREC Code. Mineral Resource categories are assigned with consideration given to geological complexity, grade variance, drill hole intersection spacing, and mining development. Kriging neighbourhood analysis is also used to assist with classification. The impacts of year-on-year changes are covered in the reconciliation section. The following factors apply to the Mineral Resources presented in this report: ¨¨ All Mineral Resources are declared using a cut-off grade calculated for the individual deposit; ¨¨ The declared Mineral Resources are further tested by the application of modifying factors to ensure that there is a reasonable prospect of eventual economic extraction; ¨¨ Open pit Mineral Resources comprise the undiluted material above the nominated cut-off within a diluted optimised pit shell; ¨¨ Underground Mineral Resources are selected using a minimum mining width and minimum stope size; and ¨¨ Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the relevant resource block models. They also include estimates of any material below the cut-off grade required to be mined to extract the complete pay portion of the Mineral Resource.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground

Environmental monitoring Environmental Measured 3.5 4.5 4.4 4.7 4.1 4.1 540 597 584 Indicated 12.9 13.6 14.7 5.3 5.2 5.0 2,199 2,265 2,368 Inferred 7.5 7.4 7.7 4.5 4.1 4.3 1,082 981 1,075 Total open pit and underground 23.9 25.5 26.8 5.0 4.7 4.7 3,820 3,843 4,027 Surface stockpiles Measured 0.3 0.0 0.0 1.7 6.3 6.1 17 2 2 Total surface stockpiles 0.3 0.0 0.0 1.7 6.3 6.1 17 2 2 Grand total 24.2 25.5 26.8 4.9 4.7 4.7 3,838 3,845 4,028

DATA TO COME Songvang creek rehabilitation Songvang creek Agnew Mine gold pour

9 Modifying factors Grade tonnage curves ¨¨ The Measured and Indicated Mineral Resources are Grade tonnage curves for the total and open pit Mineral inclusive of those Mineral Resources modified to produce Resource is presented. The total chart illustrates the relatively Mineral Reserves; high-grade characteristic of the Agnew camp where historical ¨¨ All quoted Mineral Resources and Mineral Reserves are grades have been in the region of 5 to 6 g/t. 100% Agnew ownership; ¨¨ Mineral Reserves are quoted in terms of run-of-mine (RoM) grades and tonnages as delivered to the metallurgical Underground processing facility and are therefore fully diluted; ¨¨ Mineral Reserve statements include only Measured and 25 16 Indicated Mineral Resources, modified to produce Mineral 14 20 Reserves and contained within the LoM plan; and 12 ¨¨ Mineral Resource and Mineral Reserve undergo both 15 10 internal and external audits annually. Any issues identified 8 are rectified at the earliest opportunity. 10 6 Tonnes (millions)

— 4 Mineral Resource Dec Dec 5 parameters 2010 2011 2 Average grade above cut-off (g/t)

US$/oz 1,100 1,450 0 0 — Mineral Resource gold price US$/A$ 1.23 1.07 0 1 2 3 4 5 6 7 8 9 A$/oz 1,350 1,550 Cut-off grade (g/t) Cut-off for mill feed g/t 0.3 0.3 Cut-off for open pit g/t 0.3 – 0.4 0.3 Cut-off for underground g/t 1.5 – 4.0 0.3 – 4.0 Total (underground and open pits)

Mineral Reserve parameters 32 16 US$/oz 1,000 1,300 28 14 Mineral Reserve gold price US$/A$ 1.23 1.07 24 12 A$/oz 1,225 1,400 20 10 Cut-off for mill feed underground g/t 1.5 – 4.4 3.1 – 4.4 16 8 Cut-off for mill feed open pit g/t 0.4 0.4 12 6 Tonnes (millions)

— 8 4 MCF % 100 100 4 2 Dilution % 26 26 Average grade above cut-off (g/t) 0 0 — Plant recovery factor % 94.5 94.5 0 1 2 3 4 5 6 7 8 9 Processing capacity Mtpa 1.3 1.3 Cut-off grade (g/t) Songvang cut-back

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 10 Mineral Reserves The Mineral Reserve estimate for Agnew is based on an appropriately detailed and engineered LoM plan. All design and scheduling work is undertaken to an appropriate level of detail by experienced engineers using appropriate mine planning software. The planning process incorporates appropriate modifying factors and the use of cut-off grades and other technical- economic investigations.

The table in this section summarises the Agnew statement of Mineral Reserves. The terms and definitions are those given in the 2007 SAMREC Code prepared by the South African Mineral Resource Committee under the auspices of the South African Institute of Mining and Metallurgy. The current Operational Plan has mining occurring in the Kim South, Rajah and Main Lode at the Waroonga Complex.

The Mineral Reserves are derived following the production of the LoM plan by incorporating modifying factors into the resource model.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground Proved 1.4 1.3 0.7 5.5 4.8 6.9 239 195 166 Probable 5.4 5.6 6.0 6.0 6.2 5.5 1,046 1,126 1,061 Total open pit and underground 6.8 6.9 6.7 5.9 6.0 5.7 1,285 1,321 1,227 Surface stockpiles Proved low-grade stockpiles 0.3 – – 1.7 – – 17 – – Total surface stockpiles 0.3 – – 1.7 – – 17 – – Grand total 7.1 6.9 6.7 5.7 6.0 5.7 1,302 1,321 1,227

Proved Probable Total Mineral Reserve Mineral Reserve classified Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold per mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Underground Waroonga - Kim Lode 294 13.4 127 2,831 7.4 677 3,125 8.0 804 Waroonga - Rajah Lode 179 4.2 24 265 3.7 32 444 3.9 56 Waroonga - Main Lode 671 3.7 79 2,351 4.5 338 3,022 4.3 417 Total underground 1,144 6.2 230 5,447 6.0 1,046 6,591 6.0 1,276 Surface Songvang open pit 208 1.4 9 – – – 208 1.4 9 Surface stockpiles 306 1.7 17 – – – 306 1.7 17 Total surface 514 1.6 26 – – – 514 1.6 26 Grand total 1,658 4.8 255 5,447 6.0 1,046 7,105 5.7 1,302 Songvang cut-back Panoramic view of CIP plant

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Changes from December 2010 were dominated by ¨¨ Depletion by mining (-1,207 kt and -224 koz); extensions to the Main ore body; ¨¨ Improvements in the definition of additional high-grade ¨¨ An increase in the Mineral Resource gold price from Mineral Resources primarily at Main Lode from the A$1,350 to A$1,550 mitigated by rise in costs; and surface diamond drilling programme and grade control definition in Kim Lode; and ¨¨ Depletion by mining occurred in the Kim, Main, Rajah and Songvang ore bodies. ¨¨ The use of the Mineable Stope Optimiser software (MSO) resulted in an increase that included lower grade “halo” material into the Mineral Reserves.

Change in Mineral Resources Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

5.0 1.4 3,845 3,838 0.06 0.04 3,652 0.14 1.3 0.08 0.03 1.3 0.60 1.2 0.06 4.0 Gold (Moz) 0.32 Gold (Moz) 0.22 3.8 0.19 3.8 1.0 0.23 0.00 3.0 0.8

2.0 0.6 0.4 1.0 0.2

0 0 Costs Costs Resource Depletion Resource modelling modelling Discovery Discovery Inclusions Gold price Gold price Exclusions Inclusions/ Exclusions/ December 2010 December 2011 December 2010 December 2011 Mined depletion

Mineral Reserve Sensitivity The graph below illustrates the sensitivity of the Mineral Reserve to incremental changes in the gold price.

The sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

Managed Mineral Reserve Sensitivity

2.0

1.61

Gold (Moz) 1.5 1.35 1.40 1.30 1.24 1.16 1.0

0.5

0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 1,400

Gold price (A$/oz) Surface workshop – maintenance on drilling rig

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This technical statement has been prepared in compliance The Mineral Resources and Mineral Reserves are with the South Africa Code for the Reporting of Exploration underpinned by an appropriate Mineral Resource Results, Mineral Resources and Mineral Reserves (2007 management process and protocol to ensure adequate SAMREC Code). corporate governance in respect of the intent of the Sarbanes-Oxley Act.

JSE Environmental This technical statement has been prepared in compliance Agnew has an environmental management team that is with the Listings Requirements of the JSE Limited, South supported by specialists from the regional office Africa (JSE), specifically Section 12. in Perth. The systems, procedures, training etc. are at international leading practice levels. Aerial view of Leinster

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

Peter Johansen: Mineral Resource Manager BSc (Hons) Geology. AusIMM membership number 108674. Industry experience: 23 years in exploration and mining in Australia and PNG. Commodities: gold, iron ore. 5 years at Agnew. Alan Pedersen: Resource Modelling Manager Graduate Certificate in Geostatistics. MAusIMM membership number: 222422. Industry experience: 29 years in mining and exploration in Australia, PNG and Ghana. Commodities: gold, nickel and copper. 14 years at Agnew. Jason Sander: Mine Planning Manager BEng (Hons) Mining Engineering. LoM strategic planning, reserve estimation and LoM planning. MAusIMM membership number: 111818. Industry experience: 16 years in mining in Australia. Commodities: gold, copper, iron ore. 6 years at Agnew. James Emslie: Technical Services Manager BSc (Hons) Geology. AusIMM membership number 205418. Industry experience: 15 years in mining in Australia Commodities: gold, iron ore. 3 years at Agnew. Surface workshop – maintenance on drilling rig

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

General Manager Timothy Gilbert BEng (Hons) Mining Engineering 24 Responsible for overall strategic direction, leadership and management of the mine site

Mining Manager David Vemer B App Sci (Hons) Extractive Metallurgy 16 Management of mining operations (Underground and Open Pit Mining)

Financial Management Eric Asubonteng BSc Administration (Accounting) 8 Financial management, reporting and and Accounting ACCA compliance Commercial Manager

Sustainable Greg Yarrick B App Sci (Environmental Health) 24 Management of health, safety Development Manager Post-grad Diploma (Health Sciences environmental and community – OHS)

Human Resources Sean Redmond MBa 15 Human resources management Manager

Metallurgy and Alex Kraan BBa 4 Engineering, logistics and infrastructure Engineering Manager management. Mineral Processing and Metallurgy CIL and Tailings management.

Mineral Resources Peter Johansen BSc (Hons) Geology 23 Mineral Resources and Mineral Manager: Reserves and compilation of CPR Mine Planning and Resource Management Fine ore stockpile Fine ore

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 14 255000E 270000E

Agnew Gold Mine Plan showing mine infrastructure as at 31 December 2011

6915000N 6915000N 6915000N

23 22 6900000N 6900000N 6900000N

6885000N 6885000N 6885000N 6915000N 6915000N 6915000N

6900000N 6900000N 6900000N

21 1 Genesis Pit

20 2 New Holland Pit 19 3 Hidden Secret Pit 4 Waroonga Complex 5 Waroonga Pit 6 Underground Operations 7 Emu Tailings Storage 8 Redeemer Office 9 Redeemer Pit 10 Stockpiles 11 Crusader Complex 12 Claudius Pit 16 13 Pilgrim’s Pit 14 Deliverer Pit 15 Crusader Pit 16 Crusader Office 17 Songvang Pit 6885000N 6885000N 18 Great Eastern Pit 6885000N

17 19 North Pit 20 Weight Hill Pit 21 Turet Pit 22 Emu Office 23 Waroonga Office 24 Vivien Pit 25 Maria South Pit 26 Maria North Pit Reference

Agnew Mining Lease......

Agnew Prospecting Licence......

Agnew Exploration Licence......

Tailings......

Open Pit......

Waste Dump......

Roads......

Towns...... 270000E 255000E 13. Brief history

The history of Agnew

1895: Gold discovered at Lawlers, 10 kilometres south of Agnew Township.

The Waroonga mine developed, tramming ore 10 kilometres to the existing Great Eastern mine. Closed 1895 – 1912: due to poor performance.

East Murchison United Limited (EMU) purchased Waroonga lease and constructed a treatment plant in 1934: 1936.

The Waroonga mine now known as Emu is operated until closure due to high groundwater inflows and 1937 – 1948: ‘company problems’.

Despite further exploration by the Kim syndicate, WA Mines department and Western Mining Corporation 1948 – 1975: (WMC), including the sinking of a 63-metre shaft, funds to develop the ore bodies could not be raised.

WMC exercised an option to purchase the Emu mine after intersecting mineralisation below the old 1976: workings.

Percussion and diamond drilling undertaken by WMC to test open-pit potential of the area. This was 1984: followed by test pitting in 1985 and full scale open-pit mining from 1986.

WMC enters a joint venture with Nord Australex Pty Limited to explore for Emu style mineralisation leading 1985: to the discovery of the Redeemer and Deliverer ore bodies.

The Cox-Crusader ore body discovered 400 metres south of the Deliverer ore body by Asarco Australia 1987: Limited (Asarco).

1989: Exploratory underground development undertaken at Emu from which production was maintained.

1990: Underground operations commenced at Redeemer.

All operations around Emu ceased and Emu mine allowed to flood. WMC purchases Cox leases from 1992: Asarco as ore body extends into WMC tenements to north and Cox pit extended.

1994: Cox pit mined out and a decline developed on the Crusader ore body.

New phase of drilling undertaken in Emu area leading to recommencement of open-pit operations and 2001: renaming from Emu to Waroonga.

Gold Fields Australia acquired the operations from WMC and formed Agnew Gold Mining Company.

2002: Decline developed to access the Kim and Main Lodes. Redeemer underground mine closed.

Ore production from Songvang commenced. Ore development and trial stoping undertaken in Main Lode. 2005: 100% of the gold rights to the Miranda and Vivien joint venture leases obtained.

Exploration of the Claudius and Vivien complexes continues. Drilling at Waroonga continues to extend the 2006 – 2010: known limits of the Kim and Main ore bodies.

Ore production from Songvang cutback commenced. High-grade shoots – Fitzroy, Bengal and Hastings – 2011: discovered beneath Main Lode

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 17 Drilling into Waroonga ore body extensions

Waroonga Pit

Rajah Lode

Main North Main South

Kim Lode

Hastings Shoot

Bengal Shoot

Fitzroy Shoot

1,400 mbs Reserve Stopes Completed Stopes

Agnew Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES 24.2 Mt @ 4.9 g/t 7.1 Mt @ 5.7 g/t 3.8 Moz 1.3 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

7.5 Mt @ 4.5 g/t 1.1 Moz

INDICATED PROBABLE

12.9 Mt @ 5.3 g/t 5.4 Mt @ 6.0 g/t 2.2 Moz 1.0 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

3.8 Mt @ 4.5 g/t 1.7 Mt @ 4.8 g/t 0.6 Moz 0.3 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 18 Notes Resource conversion drilling at Waroonga Complex conversion drilling at Waroonga Resource

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

19 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Agnew Gold Mine – Technical Short Form Report 2011 1 St Ives Gold Mine Technical Short Form Report 31 December 2011

2 COPY TO COME

Salient features

¨¨ Mineral Resources at 5.3 Moz.

¨¨ Mineral Reserves consistent post depletion at 2.8 Moz.

¨¨ Full production achieved at Athena in September 2011.

¨¨ First ore intersected at the new Hamlet mine and development of new infrastructure making good progress.

¨¨ Neptune Mineral Resources and Mineral Reserves continue to grow.

¨¨ Life of Mine extended to 2018.

The St Ives tenement holdings are located in the highly prospective Norseman-Wiluna Archaean Greenstone Belt, mining a dynamic mix of open pit and underground operations. Accelerated greenfields exploration initiated in 2011 realising new targets and options.

Geographic location

St Ives • Derby Tenements Western Australia

Yilgarn Craton • Leinster

Kalgoorlie •

Perth •

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 3 COPY TO COME

Geographic location IFC 1. Overview

1. Overview Page 1 The St Ives Gold Mining Company (Pty) Limited is wholly owned by Gold Fields Limited and is 2. Key aspects Page 2 situated within the highly prospective Norseman-Wiluna Greenstone Belt in Western 3. Operating statistics Page 3 Australia. The St Ives operations are situated within mining tenements comprised of Page 4 4. Geological setting and mineralisation 277 mining titles (54,749 hectares), three mineral titles (364 hectares), 14 exploration Page 6 5. Mining licences (27,572 hectares), 45 prospecting licences (7,190 hectares) and 19 miscellaneous 6. Projects Page 7 licences (14,634 hectares) for a total area of approximately 104,509 hectares. 7. Mineral processing Page 7

8. Sustainable development Page 8 St Ives represents a solid base for growth in Australia and is an important contributor to 9. Mineral Resources and Mineral Reserves Page 9 the Gold Fields vision, “To be the global leader in sustainable gold mining,” with a 10. Regulatory codes Page 13 target contribution from the Australasia Region of 1,0 Moz per annum in production 11. Competent Persons Page 13 or in development by 2015.

12. Key technical staff Page 14 Declared Mineral Resources at the St Ives Gold Mine decreased by 450 koz primarily 13. Brief history Page 17 due to depletion and closure of the Belleisle mine during 2011, while the Mineral Reserves, inclusive of a depletion of 520 koz since December 2010, was steady at 2.8 Moz. Changes to Mineral Reserves from December 2010 were dominated by discoveries at Neptune, Cave Rocks, Trinidad and the Britannia Footwall project, with nominal growth at Hamlet and Athena.

The St Ives Life of Mine (LoM) was extended by an additional year, as discovery and opportunities associated with the higher gold price contributed towards additional Mineral Reserves. Ongoing exploration achievements and increased drilling of the mine’s extensive greenfields project pipeline in a major well-endowed gold camp provides the basis for further Mineral Resource extensions and discovery.

This technical short form report reflects the latest consolidated Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: Lefroy Mill

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Resource definition drilling from platforms on Lake Lefroy. definition drilling from Resource Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Mars/Minotaur open pit

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 (Optiro Pty Ltd for Mineral Resources and AMC Consultants Pty Ltd for Mineral Reserves). Gold Fields has been informed that the audit identified no material shortcomings in any process by which the St Ives Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This Technical Statement is a summary of the internally sourced document entitled December 2011 St Ives Competent Persons Report Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location The St Ives operations extend from 5 to 25 kilometres south-southwest of the town of Kambalda in Western Australia, approximately 630 kilometres east of Perth at latitude 31° 12’ S and longitude 121° 40’ E. The nearest major settlement is the town of Kalgoorlie situated 80 kilometres to the north. Well-established power, access roads and supporting infrastructure exist in the area Climate St Ives is situated in an area of arid bush land. While occasional storm events may cause minor delays to open pit mining operations, the climatic conditions do not materially impact on the normal operations of the site Licence status and St Ives controls exploration and mineral rights over a total area of 104,509 hectares (total of granted holdings tenements) and has security of tenure for all current exploration and mining leases that contribute to future Mineral Reserves. Operational infrastructure St Ives currently operates four underground mines accessed via declines and several open pits, a centralised administrative office, an engineering workshop and Mill/CIP processing plant with a supplementary Heap Leach processing plant Deposit type Archaean orogenic greenstone gold hosted in a number of different styles of mineralisation Life of Mine (LoM) It is estimated that the current Mineral Reserve will be depleted in 2018 Environmental/Health The mine maintained AS4801:2000 occupational health and safety management system certification & Safety and ISO14001:2004, (environmental management system) certification. St Ives was certified as fully compliant to the International Cyanide Management Code on 3 June 2009 Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43 – 101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008

Open pit mining

Total mined kBCM 7,977 3,269 13,464 12,220 13,845

–– Waste mined kBCM 6,387 2,508 10,850 9,921 11,807

–– Ore mined kt 4,307 2,053 6,643 5,799 5,143

Mined grade g/t 1.8 1.9 1.4 1.5 1.7

Strip ratio (volume) waste:ore 3.4 3.3 4.2 4.3 5.8

Underground mining

–– Ore mined kt 1,768 904 1,444 1,222 901

–– Mined grade g/t 4.7 4.9 4.7 5.1 5.2

Processing

–– Mill tonnes kt 4,793 2,419 4,766 4,821 4,647

–– Heap leach tonnes kt 1,952 866 2,052 2,441 2,586

Total tonnes kt 6,745 3,284 6,819 7,262 7,233

–– Mill head grade g/t 3.0 3.2 2.7 2.8 2.7

–– Heap leach head grade g/t 0.9 0.8 0.9 0.8 0.9

Total head grade g/t 2.4 2.6 2.2 2.1 2.0

–– Mill yield g/t 2.8 3.0 2.5 2.5 2.5

–– Heap leach yield g/t 0.5 0.5 0.5 0.5 0.6

Combined yield g/t 2.1 2.3 1.9 1.8 1.8

Plant recovery factor –– Mill % 94 94 93 91 93

–– Heap leach % 55 58 56 56 64

Gold Produced

– Mill koz 433 230 389 394 371

– Heap leach koz 32 13 32 37 47

koz 465 243 421 428 418 Total gold produced kg 14,449 7,557 13,097 13,322 12,992

Financials

Operating cost A$/oz 867 781 832 806 644

A$/oz 873 757 806 805 649 Total cash cost US$/oz 901 710 710 596 582

Capital expenditure A$ million 177 59 117 93 120

A$/oz 1,248 1,025 1,110 1,023 932 Notional cash expenditure (NCE) US$/oz 1,287 962 978 757 836

General

Employees (TEC) number 796 778 766 699 661

Mineral Reserves Mt 37.9 32.7 30.6 30.1 25.9

Mineral Reserve Head Grade g/t 2.3 2.7 2.3 2.4 2.3

Mineral Reserves Moz 2.8 2.8 2.3 2.3 1.9

Expected Life of Mine years 7 6 4 4 4

1 Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.

3 4. Geological setting and mineralisation

In comparison to other greenstone belts in the Yilgarn Craton, the Norseman-Wiluna Belt is highly mineralised, particularly in gold and nickel.

St Ives is situated in the Norseman- Wiluna Greenstone Belt, which is part of the Yilgarn Craton, a 2.6 Ga well • Darwin mineralised granite-greenstone terrain in Western Australia. The rock types in the belt comprise abundant tholeiitic and • Derby Caims • komatiitic volcanic rocks, chert, sulphidic and albitic sedimentary rocks, and a NORTHERN WESTERN TERRITORY chain of discrete felsic volcanic centres. AUSTRALIA Newman • YILGARN QUEENSLAND The gross structure is markedly linear CRATON with north-north-west trending strike-slip faults and other tectonic SOUTH • Brisbane lineaments traceable for hundreds of AUSTRALIA kilometres, which disrupt the NEW SOUTH WALES greenstone into fault-bounded Perth • ST IVES domains. The generalised stratigraphic • Sydney Adelaide • sequence comprises three mafic- • Canberra ultramafic units, two felsic volcanic Granitoids and Gneiss VICTORIA units and an uppermost epiclastic Greenstone • Melbourne sequence. Major Faults

Proterozoic unconformity There has been a complex and Province Boundary • Hobart long-lasting history of structural Location and geological setting deformation incorporating up to seven significant stages (D0-D7) during and ZIRCON after regional metamorphism. The gold Age Dating METRES mineralising episodes are interpreted to <2664 ± 6 Ma Merougil have occurred during thrusting and Creek 10 500 Beds faulting associated with the D2-D3 2662 - 2669 Ma structural events. 10 000

Black EPICLASTICS 9 500 Metamorphism has affected all rock Flag Junction Beds VOLCANICLASTICS Hamlet Argo Athena types and ranges from low temperature 9 000 prehnite-pumpellyite facies to high Condenser Santa Ana 2680 ± 8 Ma Junction Sirius temperature-pressure amphibolite Dolerite 8 500 2676 ± 4 Ma Revenge and granulite facies. Flexures and West Revenge/NRK AU Defiance North Orchin Conqueror 8 000 irregularities in many local and regional Old Victory PARINGA Thunderer Repulce shear zones are interpreted to be the BASALT Orchin 7 500 major control on location of the 2690 ± 5 Ma BOULDER - LEFROY AND MEROUGAL FAULTS Mars Defiance Minotaur majority of economic gold deposits Dolerite AU 7 000 Kapal Slate Agamemnon in the belt. Devon Consols 2692 ± 4 Ma Basalt 6 500 Intrepide Much of the Yilgarn Craton is deeply Flames Redoutable Tripco Hill Belleisle weathered and partially covered by Komatiite 6 000 2709 ± 4 Ma Kambalda Tertiary and Quaternary regolith. Komatiite Silver Lake Peridotite AU 5 500 Pre-Tertiary lateritic horizons are NI Beta-Hunt variably exposed, eroded or buried by 5 000 AU later deposits that have in turn been <2720 ± 105 Ma lateritised. Lunnon Kambalda 4 500 Basalt Granodiorite Local geology Selected Gold Mines 4 000 St Ives lies within the Kambalda Schematic of gold mineralisation occurrences domain, a subset of the Norseman- Wiluna Belt. The Kambalda domain is metamorphosed to upper greenschist extends 35 kilometres from the south bound by the north-north-west trending or lower amphibolite facies. end of the Kambalda dome to the Boulder-Lefroy fault (BLF) and Zuleika Junction Mine. The majority of known shear. The region has undergone four The main structural feature of the gold deposits are proximal to the trace compressional events predated by St Ives area is the gently south- of the anticlinal axis. A major second early extension and has been plunging Kambalda anticline, which order structure known as the Playa

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 4 Exploration and drilling shear splays off the BLF shear zone The St Ives exploration strategy ¨¨ Extensional drill-outs and and can be traced through the St Ives incorporates the integration of geological conversion of Inferred Resources to field for a distance in excess of information and knowledge of ore- mine defined Indicated Resource 10 kilometres. forming systems to identify targets with levels to enable accurate geology the greatest potential for conversion and resource models to be Most of the St Ives ore bodies mined to from endowment, thus maintaining a completed to enable optimised date are associated with third order high-value project pipeline (on-mine mine design, schedules and splays off the Playa shear – notable exploration: Milestone pyramid). This profitable gold production. exceptions being Argo and Santa Ana strategy includes: which are situated on the western limb ¨¨ Greenfields – enhance the capacity St Ives maintains rigorous quality of the anticline. Mineralisation typically and data consolidation to identify assurance and quality control (QA/QC) occurs where these structures intersect additional targets based on new protocols on all of its exploration favourable rock units, with chemical or knowledge and application of programmes using best industry rheological contrasts combining with current research and development practice in data acquisition, reputable structural flexures to form the most initiatives. In 2011, St Ives drilled external laboratories and having important local controls to approximately 80,000 metres in sign-off by Competent Persons under mineralisation. The stratigraphic early stage exploration; the 2007 SAMREC and 2004 JORC succession in the Kambalda domain ¨¨ Continued support, application and Codes. comprises Kalgoorlie group volcanic integration of company/industry- rocks and the Black Flag group felsic funded research projects aimed at volcanic and sedimentary rocks overlain understanding the structural, by the post-tectonic Merougil beds unit. geochemical and ore mineralising fluid pathways applicable to the The most common host rocks of gold St Ives gold camp in conjunction mineralisation are dolerites such as the with our research partners CSIRO; Defiance, Condenser and Junction ¨¨ dolerites. Granophyric dolerite and Convert and integrate existing Kapai slate tend to host the highest knowledge and research into grade mineralisation. The Paringa three-dimensional information data basalt and Kambalda komatiite host sets to identify additional target areas deposits in discrete shear structures internally to maximise the existing that are moderate in both tonnage and sites geological endowment; grade. Low to moderate-grade, ¨¨ Convert existing knowledge and high-tonnage mineralisation is expand the future potential of the commonly developed in porphyries, Argo-Athena-Hamlet complex which are found in almost all deposits. environs; ¨¨ Increased targeting based on Hydrothermal alteration and associated understanding of the structural and gold mineralisation was synchronous macro boundary modelling of ore with deformation on a network of shear shoot development at various mine zones. Alteration is concentrated in sites; and and veining drive showing ore Athena underground 10 centimetre to 300 metre wide halos around shear zones. Gold is commonly associated with pyrite or granular pyrrhotite. On-Mine exploration: Milestone pyramid

There are several styles of gold mineralisation at St Ives. The individual deposits may contain more than one of Drill target Yorick, definition these styles: Poseidon, 39 Active ¨¨ Lode mineralisation: Archaean lode North Shore, Junction Target 4, Milestone 3 (Economic intersections and mineralisation typically consisting of Incredible, Beta Porphyry structure of deposit coming together) 0.5 to 20 metre wide mesothermal vein complexes that may also have Anomaly hydraulic breccias and/or mylonites Tramways, Junction West 1, definition indicating movement on a shear; Cyclops, Juggernaut, 137 Active NW Poseidon, Foster, Melech, Milestone 2 (Early stage ¨¨ Supergene mineralisation: Broad Foster 3, Foster 17, indications of mineralisation) zones of flat-lying gold Paluma Sunrise, LT17 South mineralisation in weathered Project Archaean and overlying Tertiary Heron East, Heron South, Junction Target 5, generation sediments; and Bartok, Zadok, Dorado, Foster 2, 43 Active ¨¨ Palaeoplacer mineralisation: Placer Junction Target 3 Milestone 1 deposits hosted by palaeochannels (Conceptual in the unconsolidated Tertiary targets) Current most Prospective Projects listed. Black are Open Pit projects and yellow are sediments which overly the Underground targets Archaean basement.

5 5. Mining

St Ives currently operates four underground mines accessed via declines and several open pits, a centralised administrative office, an engineering workshop and Mill/CIP processing plant with a supplementary Heap Leach processing facility.

Gold mineralisation at St Ives is mined via both open pit and underground methods to depths generally not exceeding 500 metres below surface. As many of the operations involve mining deposits on or under Lake Lefroy (a shallow salt lake), extraction requires construction of berms and other earthworks to provide access, short-term stockpile areas and to prevent water intrusion.

Mining methods Open pit mining by conventional drill and blast/truck and shovel is employed at all open pits. Grade control is generally by inclined RC drilling. Open pit projects may include 10 to 40 metres of unconsolidated sedimentary overburden, which does not require drill and blast, but needs hard rock to be imported for sheeting to provide equipment access during mining, and/or dewatering of the sedimentary overburden prior to mining. Load-and-haul is by 140 tonne dump trucks Open pit mining at Apollo and 150 to 250 tonne excavators in backhoe and/or face shovel configuration. Mining benches vary from 5 to Open pit planning entails the input of economic parameters 10 metres, which is excavated in five passes (flitches) of and physical constraints into optimisation software to about 2.5 metres per flitch. Gold mineralisation is mined generate a series of nested pits, from which an optimal shell selectively to cut-offs and segregated into grade ranges as is selected. Detailed design is then undertaken to confirm the required to balance the ore production and processing mineability of the optimised shell. capacities on site and maximise cash flow from operations. Underground mining methods are largely determined by the Underground mines at St Ives are commonly extensions of geometry of the mineralised zones and the evaluation may open pit mines. Underground operations are characterised by involve review of more than one method. Mine design and common features which allow a high level of standardisation scheduling is done utilising sophisticated software. in operating strategy, mine design, stoping methods, mining equipment and utilisation. Mines are accessed via declines, Mine planning is based on three-dimensional block models of with additional development of raises for return airways and in situ mineralisation, with allowances made for minimum ladderways as a second means of egress. Drives are mining widths, dilution and ore loss appropriate to the mining developed to access the ore and future stoping production method being considered. areas. Infrastructure, waste disposal and ore stockpile management Underground mining at St Ives is predominantly mechanised requirements are incorporated into the planning process. Ore and is conducted by long-hole open stoping (LHOS), with stockpile management at St Ives strives to optimise the subordinate cut-and-fill and room-and-pillar stoping for the metallurgical blend requirements to the Lefroy Mill and the shallower dipping ore bodies. The use of paste fill in Heap Leach facility, with regard to material types and grade conjunction with LHOS is applied where mandated by management, to maximise cash flow from the operations. geotechnical factors. Development and stoping utilises electric-hydraulic drilling jumbos and rubber-tyred diesel- powered LHDs, while trucks are used for load-and-haul operations. Ore from both open pit and underground operations is transported with road trains from individual mining operations to the central St Ives processing facilities.

Mine planning and scheduling Mineral Reserve definition processes for open pit and underground operations are essentially similar. Cut-off grades are applied to define potentially economic mining panels based on direct mining and processing costs, group set commodity prices and other parameters. The economic viability of future mining panels is then tested by determining whether the optimal margin after applying the appropriate cut-off grade is sufficient to cover the required capital

development costs and provide a return on investment. shaft, Athena Ventilation

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 6 6. Projects

The current major mine expansion project is located at the new Hamlet deposit, which is in the production build-up phase. Athena is now a fully fledged new mine, having reached commercial levels of production in late 2011. A number of ancillary ventilation shafts and paste fill plants are currently being constructed to service these two new mines.

Ongoing infrastructure development to meet current and future Aga / Delta / Revenge mine extensions together with extending the lives of individual Delta Island South Z mines through focused extensional exploration and development continue. Other future projects are the new Y Neptune Bellerophon open pit and potentially the establishment of the Neptune open pit. Feasibility studies will be completed during 2012 on the Neptune deposit together with possible integration into the existing open cuts and extension to the south is under consideration. Au (g/t) From To 0.0 0.0 Redback 0.0 0.1 Heap Leach expansion 0.1 0.5 0.5 1.0 The capacity of the Heap Leach pad reached final design Neptune 1.0 2.0 South (A5) 2.0 3.0 capacity (2009) based on the current throughput rate. 3.0 6.0 6.0 999.0 Ongoing production is now managed by the removal of spent model Neptune/Redback resource (leached) ore from the existing pads and the restacking of new material. Site trials since September 2009 have indicated Tailings storage facility that removal of the current spent material and re-usage of the A fourth tailings storage facility (TSF 4) is currently under pads will be environmentally sound and economically viable construction within a phased number of cells. The initial despite a number of initial transitional issues. A strategy of paddock is planned for operational deposition from mid-2012 flushing, removing, restacking and leaching is employed to and subsequent cells will be commissioned on an ongoing treat the available and future supply of the heap leach ore. basis as required over the next few years.

Notwithstanding the above, consideration for expansion of the Heap Leach plant and the processing of low-grade material remains an option.

7. Mineral processing

St Ives utilises two separate beneficiation processes, a CIP plant (Lefroy Mill) and a Heap Leach facility for the treatment of mined ore and stockpiles.

The Lefroy Mill was commissioned in December 2004 and achieved design capacity within seven months. It treats medium to high-grade ore through a 4.8 Mtpa variable-speed dual direction 13.5 MW sag mill with wraparound motor. Oversize from the mill (scats) is in closed circuit with a 140-tonne-per-hour pebble crusher. A gravity circuit recovers the gravity-recoverable gold from the milling circuit and the concentrates are treated separately through to bullion form. The mill cyclone overflow product reports to a five-stage leach circuit consisting of mechanical agitators, reagent addition and oxygen sparging.

Leached slurry passes through the six-stage carousel pump cell adsorption plant and subsequent five-tonne capacity acid wash, elution and electrowinning circuits which produce calcine ready for smelting. Bullion is shipped by road and air to the refinery in Perth. Tailings are alternately deposited on two tailings facilities which are constructed upstream and are Heap Leach stacking operation of paddock type.

7 From June 2010 Heap Leach cut-offs were equivalent to Several small projects have been undertaken during 2011 at those of the Lefroy Mill due to higher rehandling costs. the heap leach crushing facility to increase throughput to Optimisation and capital upgrades of the heap leach 2.7 Mtpa. These include tramp metal removal, decoupling of operation were implemented in 2011 to reduce cost and the circuit (separating the crushing and agglomeration circuits improve throughput. A three-stage crushing circuit of 900 kw into two processes that can operate independently) and a installed comminution power is currently used in a 24-hour fully automatic stacker. A mobile oxide screen was recently operation to prepare -15 millimetre ores for agglomeration, introduced to the circuit to screen off oxides at 35 millimetres stacking and leaching. The remaining pad capacity of the for direct feed into the agglomeration circuit, thereby Heap Leach operation is 0.1 million tonnes, or half a month’s bypassing the comminution phase. production at the current throughput rate. The flushing practice enables continual stacking at the Heap Leach facility Gold is stripped off the carbon, electrowon and calcined at and will be employed to treat the remainder of the heap leach the heap leach wet plant prior to shipment to the Lefroy gold ore supply. room for smelting.

8. Sustainable development

At St Ives we strive to create a workplace culture of “zero harm” and with the implementation of owner mining and a single safety culture in 2011 we continue to work towards this goal.

St Ives strives to achieve and maintain outstanding health and safety performance through the participation of all employees and the application of safe, innovative processes and technologies, within a framework of OHSAS 18001, which is an international occupational health and safety management system standard against which our management systems are assessed and certified.

St Ives remain committed and supports the Gold Fields strategy of sustainable development and one of the highlights of 2011 was the successful application and approval of the beyond 2010 mining application on Lake Lefroy. This approval obtained in late November 2011 is the result of three years consultative work with all government and local interested and

affected role players that included environmental review of construction Monitors reviewing potential mining activities that may impact on the Lefroy Salt Lake at St Ives. The approval, with supporting strategies and safety. ZIP does this by giving staff an insight into the way their commitments by the mine, allows the opportunity to increase brain works and how they can use it more effectively to keep mining operations and pit dimensions within the Lake Lefroy themselves safe. confines to take advantage of higher gold prices and ongoing successful discovery. At St Ives the consideration of our activities in a manner which minimises our environmental and stakeholder impact St Ives actively assists staff, through ongoing training and is fundamental to our operations and the way we do development, and during 2011 areas of focus included the business. The operation is committed to responsible roll-out of a new consolidated reporting and review safety stewardship of natural resources, proactive engagement system (INX), risk awareness and management training, as well with all stakeholders and behaving in an environmentally as enhanced safety visibility and awareness programs. The ZIP responsible manner. This is demonstrated through our programme (Zero-Incident Process) continues to support and commitment to continuous improvement of the site encourages all employees though a process that gives the site management systems and operational performance. This is the opportunity to reach the goal of zero incidents. It evident through our ISO 14001:2004 certification and empowers people to be able to take control of their personal compliance with our licence to operate.

Safety statistics Class Units June 2008 June 2009 June 2010 Dec 20101 Dec 2011 Fatalities (No) 0 0 0 0 0 Fatality rate (per mmhrs) 0 0 0 0 0 LDIFR (per mmhrs) 1.8 0.8 4.1 3.9 2.9 1 For six months to December 2010.

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 8 9. Mineral Resources and Mineral Reserves

Geology and evaluation models have been updated to reflect the latest available data sets. An integrated mine design and schedule plan based on current performance levels and takes cognisance of the inherent risks associated with mining operations at St Ives.

Mineral Resources The Mineral Resource statement for St Ives is summarised in ¨¨ 100% attributable to St Ives Gold Mine; the tables below. The impacts of year-on-year changes are ¨¨ Surface sources are comprised of stockpiles and are discussed in the reconciliation section. The following factors supported by adequate sampling, and are thus classified apply to the Mineral Resources presented in this report: as Measured Mineral Resources; and ¨¨ Mineral Resources are quoted at an appropriate in situ ¨¨ All references to “tonnes” should be taken as being in economic cut-off grade with tonnages and grades based metric units. on the relevant resource block models. The Mineral Resources also include estimates of any material below the cut-off grade required to be mined to extract the economic portion of the Mineral Resource;

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground Measured 2.7 4.7 4.1 3.8 3.1 4.3 327 472 572 Indicated 43.2 41.4 48.0 2.6 2.9 2.5 3,591 3,898 3,847 Inferred 11.8 13.7 24.0 3.2 2.9 3.0 1,222 1,271 2,311 Total open pit and underground 57.7 59.7 76.1 2.8 2.9 2.7 5,140 5,641 6,729 Surface stockpiles Measured 5.6 3.3 5.2 1.0 1.2 1.0 174 124 170 Total surface stockpiles 5.6 3.3 5.2 1.0 1.2 1.0 174 124 170 Grand total 63.3 63.0 81.3 2.6 2.8 2.6 5,314 5,765 6,899

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June by source 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit 38.9 39.6 49.2 1.9 2.0 1.8 2,391 2,563 2,867 Underground 18.8 20.1 27.0 4.6 4.8 4.5 2,749 3,078 3,862 Stockpiles 5.6 3.3 5.2 1.0 1.2 1.0 174 124 170 Total 63.3 63.0 81.3 2.6 2.8 2.6 5,314 5,765 6,899

Modifying factors ¨¨ The Measured and Indicated Mineral Resources are ¨¨ Mineral Resources and Mineral Reserves undergo both inclusive of those Mineral Resources modified to produce internal and external audits during the year and any issues Mineral Reserves; identified are rectified at the earliest opportunity – usually ¨¨ All Mineral Reserves are quoted in terms of run of mine during the current reporting cycle, though it does (RoM) grades and tonnages as delivered to the sometimes occur that more comprehensive work requires metallurgical processing facilities and are therefore fully more time for adequate completion. diluted; ¨¨ The Mineral Reserve statements include only Measured For modifying parameters, see page 10. and Indicated Mineral Resources, modified to produce Mineral Reserves and contained in the LoM plan; and

9 Mineral Resource Dec Dec Grade tonnage curves parameters 2010 2011 US$/oz 1,100 1,450 Open pits Gold price US$:A$ 1.22 1.07 A$/oz 1,350 1,550 60 8

Cut-off for Heap 50 Leach g/t 0.5 – 0.7 0.37 – 0.60 6 Cut-off for mill feed g/t 0.7 – 2.6 0.67 – 0.94 40

Cut-off for open pit 30 4 (mill) g/t 0.5 – 0.8 0.37 – 0.77 Cut-off for 20 Tonnes (millions)

underground (mill) g/t 1.6 – 2.6 2.30 – 3.30 — 2 10 Mineral Reserve Average grade above cut-off (g/t)

parameters 0 0 — US$/oz 1,000 1,300 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Gold price US$:A$ 1.22 1.07 Cut-off grade (g/t) A$/oz 1,225 1,400 Cut-off for Heap Leach g/t 0.5 – 0.8 0.38 – 0.56 Cut-off for mill feed open pit g/t 0.7 – 0.8 0.68 – 0.70 Cut-off for mill feed Underground u/g g/t 1.6 – 3.5 2.60 – 3.70 Strip ratio waste:ore 6.2 6.2 50 14 Dilution (open pits) % 13 – 30 6 – 50 12 40 Mining recovery 10 (open pits) % 90 – 93 90 – 99 30 8 Mine Call Factor % 100 97 Plant recovery factor % 83 – 94 83 – 94 20 6

Heap Leach recovery Tonnes (millions) 4 factor % 55 – 75 55 – 75 — 10 2

Processing capacity Mtpa 4.8 4.8 Average grade above cut-off (g/t )

0 0 — Heap Leach capacity Mtpa 2.5 2.7 0 1 2 3 4 5 6 7 8 9 Pit wall angles degrees 25 – 45 25 – 45 Cut-off grade (g/t)

Mineral Reserves Reported Mineral Reserves at St Ives were consistent at 2.8 Moz since December 2010, which indicates that depletion at 520 koz was matched by an underlying equivalent increase of 512 koz. The dominant contributors to Mineral Reserves at St Ives are the Athena, Hamlet, Bellerophon, Neptune and Cave Rocks projects. The Mineral Reserve statement for St Ives is summarised in the tables below and these following points apply: ¨¨ Estimates for St Ives include allowances for all relevant modifying factors; ¨¨ Mineral Reserves are reported in terms of tonnages, grades and contained gold delivered for processing; ¨¨ Surface sources are comprised of stockpiles. St Ives assumes that stockpiles are supported by adequate sampling, and are thus classified as Proved Mineral Reserves; and ¨¨ All references to “tonnes” should be taken as being in metric units.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground Proved 1.7 3.2 2.1 3.9 3.1 3.9 215 315 267 Probable 30.6 26.3 23.3 2.5 2.8 2.5 2,423 2,381 1,853 Total open pit and underground 32.3 29.5 25.4 2.5 2.8 2.6 2,639 2,696 2,120 Surface stockpiles Proved 5.6 3.3 5.2 1.0 1.2 1.0 174 124 170 Total surface stockpiles 5.6 3.3 5.2 1.0 1.2 1.0 174 124 170 Grand total 37.9 32.7 30.6 2.3 2.7 2.3 2,813 2,820 2,290

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 10 Proved Probable Total Mineral Reserve Mineral Reserve Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold classified per mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Open pit BLC land – – – 5,488 1.24 220 5,488 1.24 220 Condenser North – – – 181 2.19 13 181 2.19 13 Condenser South – – – 104 2.91 10 104 2.91 10 Foster – – – 965 1.92 59 965 1.92 59 Greater Intrepide 19 0.45 0.3 5,056 1.66 270 5,075 1.66 271 Greater Revenge 742 1.38 33 2,778 1.53 137 3,521 1.50 170 Greater Victory 18 2.46 1 3,638 1.39 162 3,656 1.39 164 Junction – – – 163 2.62 14 163 2.62 14 Kambalda Dome – – – 341 0.93 10 341 0.93 10 Neptune 45 2.05 3 3,515 2.63 297 3,560 2.62 300 Total open pit 824 1.42 38 22,228 1.67 1,192 23,052 1.66 1,230 Underground Cave Rocks 96 4.52 14 419 4.36 59 516 4.39 73 Argo 478 6.18 95 245 5.28 42 723 5.87 137 Athena 306 6.70 66 1,906 5.57 342 2,211 5.73 407 Hamlet – – – 4,690 4.62 697 4,690 4.62 697 Greater Victory 35 2.64 3 1,111 2.58 92 1,146 2.58 95 Total underground 915 6.04 178 8,372 4.57 1,231 9,287 4.72 1,409 Surface Total surface stockpiles 5,598 0.97 174 – – – 5 598 0.97 174 Grand total 7,337 1.65 390 30,600 2.46 2,423 37,936 2.31 2,813 Loading ore from drive at Belleisle from Loading ore

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Economic factors (higher costs); ¨¨ Mined depletion for the period was measured by processing feed (-520 Moz); ¨¨ Depletion for the 12 months to 31 December 2011 of 520 koz, measured by processing feed; and ¨¨ Discovery was dominated by Neptune, Cave Rocks, Britannia Footwall, Trinidad and nominal increases at ¨¨ New discovery (0.48 Moz) offset by economics and Athena and Hamlet (0.68 Moz); mine design (- 0.45 Moz) ¨¨ Higher costs partially offset by gold price increases (- 0.31 Moz); and ¨¨ Resource modelling: Bellerophon (0.13 Moz).

Change in Mineral Resources Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

7.0 3.5 0.1 0.7 6.0 0.5 3.0 0.0 0.0 0.0 5.8 2.8 0.3 0.0 2.8 Gold (Moz) Gold (Moz) 5.0 0.5 0.4 0.0 5.3 2.5 0.5 4.0 2.0 3.0 1.5 2.0 1.0 1.0 0.5 0 0.0 Other Other Resource Resource Depletion modelling Discovery modelling Discovery Inclusions exclusions mine design mine design Inclusions or Exclusions or Post depletion Economics and Economics and December 2010 December 2011 December 2010 December 2011

Mineral Reserve Sensitivity The following graph indicates the managed Mineral Reserve Sensitivity at -10%, -5%, Base, +5%, +10% and +25% to the gold price. To illustrate the impact of fluctuations in gold price and exchange rates on the current declaration, St Ives has generated sensitivities with respect to Mineral Reserves. These sensitivities (other than for the base case) are not supported by detailed plans and should only be considered on an indicative basis; specifically as such sensitivities assume 100% selectivity, without any operating cost increases.

Managed Mineral Reserve Sensitivity

4.0 3.5 3.1 3.0

Gold (Moz) 3.0 2.8 2.6 2.4

2.0

1.0

0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 1,400 Gold price (A$/oz) Stamping newly poured gold bars Stamping newly poured

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This technical statement has been prepared in compliance The Mineral Resources and Mineral Reserves are with the South Africa Code for the Reporting of Exploration underpinned by an appropriate Mineral Resource Results, Mineral Resources and Mineral Reserves (2007 management process and protocol to ensure adequate SAMREC Code). corporate governance in respect of the intent of the Sarbanes-Oxley Act.

JSE Environmental This technical statement has been prepared in compliance St Ives has an environmental management team which is with the Listings Requirements of the JSE Limited, South supported by specialists from the regional and corporate Africa (JSE), specifically Section 12. offices in Johannesburg and Perth. The systems, procedures, training etc. are at international leading practice levels. Open pit mining activities

11. Competent Persons

Technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

M Jolly: Manager Mineral Resources MSc (Geology), EDP Wits Business School, MAusIMM (304960). Mr Jolly has 31 years’ experience in the mining industry (three years at St Ives) and is responsible for the overall correctness, standard and compliance of this declaration. J Woodcock: Exploration Manager MSc (Geology), MAusIMM (305446). Mr Woodcock has 11 years’ experience in the mining industry (one year at St Ives) and is responsible for surface exploration and resource development drilling and the oversight of resource development geology models. E Taylor: Acting Principal Resource Geologist BSc (Hons) Geological Engineering, MAusIMM (990584). Mr Taylor has 12 years’ mining industry experience (two years at St Ives), and is responsible for the gold resource estimation processes and models. E Murray-Hayden: Acting Mine Geology Manager MSc (Geology), Mrs Murray-Hayden has eight years’ experience in the mining industry (six years at St Ives) and is responsible for the mine geology functions at St Ives. S Ellery: Resource Evaluation Superintendent BSc (Hons), MSc Geology, Grad Dip Applied Finance and Investment (SIA), MAusIMM (110420). Mr Ellery has 21 years’ experience in the mining industry (19 years at St Ives) and is responsible for some aspects of economic evaluation at St Ives.

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities General Manager Edward Associate Diploma Engineering 25 Responsible for overall strategic Lambourne Diploma Business Management direction, leadership and management Operations Manager Craig Bradshaw B. Eng ( Honours) Mining Engineering 19 Full operational management Manager Mineral Malcolm Jolly MSc (Geology), EDP (Wits) 31 Exploration and mine geology Resources COM Cert. Rock Engineering Compilation of CPR Commercial Manager Charl van B.Com 18 Financial management, reporting and Rensburg compliance Human Resources Petro Bekker B.Tech HR 29 Human resources, safety and health, Manager emergency services Processing Manager Scott Davies BSc (Hons) (Mineral Science) 12 Lefroy Plant Metallurgy MAusIMM Mineral processing Lefroy Mill Metallurgy and tailings management. Processing Warwick MSc Extractive Metallurgy 11 Mineral processing Manager Metallurgy McKenzie MAusIMM Metallurgy Heap Leach Heap leach plant Engineering Manager Brian Cameron Mechanical Engineer Certificate 30 Engineering, logistics and infrastructure No 5025 management Diploma In Business Certificate No 00766 Technical Manager Robert Urie B. Eng (Hons) Mining Engineering. Dipl 18 Responsible for the mine planning and Applied Finance scheduling of underground mining operations. Environment Manager Peter Bayliss BSc (Hons) (Applied Biology) 23 Environmental management MPhil (Environmental Sciences)

Safety Manager Edward Anderson B. App Science(Chem). FRACI, FAOQ 35 Occupational health and safety View over Lake Lefroy

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 14 Reference

Lease outline Inactive pits St Ives Gold Mine Tailings/Leach pad Active pits Plan showing mine infrastructure Waste dump Stockpiles as at 31 December 2011

Sealed roads Proposed pits

Unsealed roads Buildings

Gold rights only Towns 1 000 500 0 1 000 2 000 3 000 4 000 5 000 Metres Map Grid of Australia Co-ordinate System (Geocentric Datum of Australia 1994)

Kambalba Core Farm West Lake Lefroy

Gatehouse 1 Kambalba Silver Lake Laboratory East Temeraire

Pistol Club Redoubtable

Bahama Intrepide 1 Cave Rock U/G 23 22 2 Mars Santa Ana Swiftsure 3 Minotaur 21 2 4 Agamemnon West 19 3 5 Agamemnon South 4 Bellerophon 6 South Delta 5 18 6 7 West Revenge 17 7 8 Lefroy Mill/Administration Neptune 16 9 Orchin Africa 10 Lifeboat 11 Pinnace 8 15 12 Clifton West 14 9 Paddys 13 Blue Lodge Cutback 10 11 West Idough 14 Leviathan 15 Britannia/Sirius 16 Thunderer/North Orchin 17 Pluton 18 Revenge Grinder 19 North Revenge Kapai 21 Agamemnon East 22 Agamemnon 23 Belleisle U/G 1 Cave Rock U/G 2 Mars 3 Minotaur 4 Agamemnon West 5 Agamemnon South 6 South Delta 7 West Revenge 8 Lefroy Mill/Administration 9 Orchin 10 Lifeboat 11 Pinnace 12 Clifton West 13 Blue Lodge Cutback 10 11 West Idough 14 Leviathan 15 Britannia/Sirius 16 Thunderer/North Orchin 17 Pluton 18 Revenge Grinder 19 North Revenge Kapai 13 Apollo 21 Agamemnon East

12 22 Agamemnon

Argo U/G 23 Belleisle U/G Athena U/G Hamlet U/G Diana

Junction

Widgiemooltha

Paris 13. Brief history

The history of St Ives

1897: Gold discovered at Kambalda “Red Hill camp”.

Other gold-bearing locations, such as Victory, discovered with an estimated total production of 31 koz 1897 – 1907: mostly from the Red Hill group of mines.

1919: New discovery led to construction of Ives Reward mine and small town in St Ives area.

1926: Ives Reward mine closed having produced 10 koz of gold, town abandoned.

Iron-nickel sulphides discovered near the old Red Hill mine. WMC acquired ground and developed a 1966: mining and milling operation. From 1966 to 1996 the Region produced approximately 34.0 Mt of ore at an average grade of 3.1% nickel.

1970s: Increase in gold price led to a re-evaluation of the old gold prospects in the Kambalda area.

1980: Significant gold mineralisation identified beneath the Hunt nickel shoot.

Discovery of the Victory-Defiance complex (Leviathan area). Gold production commences at St Ives using 1981: a 0.5 Mtpa treatment plant (later expanded to 1.2 Mtpa) located at the Kambalda Nickel Concentrator site.

1988: New 3.1 Mtpa CIL facility constructed 25 kilometres south of Kambalda at St Ives.

2001: 2.0 Mtpa heap leach facility commissioned. St Ives acquired by Gold Fields Limited.

2004: 4.8 Mtpa Lefroy mill constructed and fully commissioned in early 2005.

2006: Start of aggressive exploration programme with full field aircore drilling programme.

2007: Start-up and establishment of Cave Rocks and Belleisle underground mines.

2008: Initiation of mining new consolidated open pit: Leviathan.

2009: Discovery of new Athena-Hamlet deposit.

Continued discovery growth of Hamlet deposit – plus 1 Moz Inferred Mineral Resource. Commencement 2010: of Athena mine. First ore intersected May 2010.

Athena reached commercial level of production in September 2011. Hamlet development intersects first 2011: ore in October 2011 as part of a new mine development programme. Exploration drilling on Lake Lefroy

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 17 Satellite image of the Athena/Hamlet area

St Ives Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES 63.3 Mt @ 2.6 g/t 37.9 Mt @ 2.3 g/t 5.3 Moz 2.8 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

11.8 Mt @ 3.2 g/t 1.2 Moz

INDICATED PROBABLE

43.2 Mt @ 2.6 g/t 30.6 Mt @ 2.5 g/t 3.6 Moz 2.4 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

8.3 Mt @ 1.9 g/t 7.3 Mt @ 1.7 g/t 0.5 Moz 0.4 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 18 Notes Decline portal break away for underground mining away for underground Decline portal break

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

19 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: St Ives Gold Mine – Technical Short Form Report 2011 1 Beatrix Gold Mine Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Mineral Resources at 11.3 Moz.

¨¨ Mineral Reserves at 5.0 Moz.

¨¨ Grow West Section to align production to ore body capability.

¨¨ Optimisation of surface and underground processing.

¨¨ The Beatrix LoM plan extends to 2025.

The Beatrix Gold Mine has shown that low grade ore deposits can be profitably mined with a corresponding high level of productivity and contribute to Gold Fields’ long-term stated vision, “To be the global leader in sustainable gold mining”, which is underpinned by safety, human capital, the environment and the social licence to operate.

Geographic location

Beatrix Mining Right

Carletonville Pretoria Johannesburg

Welkom

Kimberley Maseru Bloemfontein SOUTH AFRICA Durban

Port Elizabeth Cape Town

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 The South Africa Region’s mining assets of Gold Fields Limited comprise a 100% interest 2. Key aspects Page 2 in GFI Mining South Africa (Proprietary) Limited (GFIMSA), which holds a 100% interest in 3. Operating statistics Page 3 Beatrix Gold Mine. The mine has a new order mining right valid from 7 February 2007 to 4. Geological setting and mineralisation Page 4 6 February 2019 in respect of a mining right totalling 16,874 hectares in the Magisterial 5. Mining Page 5 District Matjhabeng in the Free State Province.

6. Projects Page 8 Beatrix consists of four surface operating shafts that mine various gold-bearing reefs 7. Mineral processing Page 8 from open ground and remnants at depths between 600 and 2,155 metres below surface. Underground ore and low-grade surface 8. Sustainable development Page 9 stockpiles are processed at two metallurgical plants with mill throughput of approximately 9. Mineral Resources and Mineral Reserves Page 10 3.7 Mtpa. The mine has a workforce of approximately 9,563 employees. 10. Regulatory codes Page 13 The 2011 geological and evaluation models of 11. Competent Persons Page 13 Beatrix have been updated to reflect the latest available data. These models are coupled with 12. Key technical staff Page 14 an integrated and holistic mine design and scheduled plan that is based on current 13. Brief history Page 17 performance levels. In summary, the Mineral Resource base has decreased by 29.6% while the overall Mineral Reserve base has decreased by 8.9% since the December 2010 declaration, mainly due to depletion, lower MCF, tail end management, geological changes and specific exclusions. A considerable increase in electricity, consumables and labour costs has further offset increased gold price revenues.

This Technical Short Form Report reflects the latest Life of Mine plan input parameters, together with an updated Mineral Resource and Mineral Reserve statement, as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and the Mineral Resource is inclusive of the Mineral Reserve.

Cover image: Beatrix No 1 Shaft.

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Beatrix 1 Plant Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Beatrix No 1 Metallurgical Plant infrastructure

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 (Optiro Pty Limited). Gold Fields has been informed that the audit identified no material shortcomings in any process by which the Beatrix Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This Technical Statement is a summary of the internally sourced document entitled Beatrix Competent Persons Report December 2011 Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location Beatrix Mine is situated in the Magisterial District of Matjhabeng, at latitude 28° 15’ S and longitude 26° 47’ E near the towns of Welkom and Virginia, some 240 kilometres southwest of Johannesburg, in the Free State Province of South Africa. The site is accessed via the N1 highway between Johannesburg and Kroonstad, and then via the R34. Geologically it is located in the Free State Goldfield and is the southernmost mine in the Witwatersrand Basin Licence status and Beatrix currently has a new order mining right valid from 7 February 2007 to 6 February 2019 in holdings respect of a mining area totalling 16,874 hectares in terms of the Minerals and Petroleum Resources Development Act No. 28, 2002 (the MPRD Act). All required operating permits have been obtained, and are in good standing Operational infrastructure Beatrix is a large, well-established shallow to intermediate level gold mine that is accessed from surface to 26 level (the lowest working level) at 3 Shaft, some 1,350 metres below surface, and 24 level (the lowest working level) at 4 Shaft, some 2,155 metres below surface. Beatrix consists of four shaft systems and two gold plants Climate No extreme climatic conditions are experienced that may affect mining operations Deposit type Shallow to intermediate depth gold mine exploiting auriferous palaeoplacers (reefs), i.e. the Beatrix Reef and the underlying Kalkoenkrans Reef, both of the Kimberley Conglomerate Formation Life of Mine (LoM) It is estimated that the current Mineral Reserve will be depleted in 2025 Environmental/Health & Beatrix’s systems, procedures, training etc. are at international best practice levels. ISO 14001:2004 Safety certification has been obtained for this operation. The mine remained accredited for OHSAS 18001:1999 and obtained full compliance for International Cyanide Management Code and certification in June 2009 Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for The Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43 – 101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act Refurbishing mill liners, Beatrix 1 Plant

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008 Surface mining Total mined kt 1,476 613 190 – – SRD material to plant (screened) kt 1,476 613 190 – – SRD Head grade g/t 0.4 0.6 1.1 – – TSF material to plant kt – – – – – TSF Head grade g/t – – – – – Underground mining Ore mined kt 2,052 1,133 2,435 2,481 2,646

Beatrix No 1 Metallurgical Plant infrastructure Mined grade g/t 7.0 7.1 6.7 6.3 6.4 Primary development km 23.4 12.7 29.8 32.6 40.8 Advanced km 5.7 3.5 5.5 6.7 8.3 Primary reef development Value cm.g/t 1,237 1,001 1,492 963 974 Processing –– Underground tonnes kt 2,341 1,352 2,861 2,991 3,215 –– Surface tonnes kt 1,476 613 190 – – Total tonnes treated kt 3,817 1,965 3,051 2,991 3,215 –– Mill head grade (underground) g/t 4.6 4.6 4.4 4.3 4.4 –– Mill head grade (surface) g/t 0.4 0.6 1.1 – – Total head grade g/t 3.0 3.3 4.2 4.3 4.4 Underground g/t 4.4 4.4 4.2 4.1 4.2 –– Yield Surface SRD g/t 0.3 0.5 1.0 – – Surface TSF g/t – – – – – Combined yield g/t 2.8 3.2 4.0 4.1 4.2 Underground % 95.4 95.5 95.6 95.7 96.1 Plant recovery Surface SRD % 93.1 93.1 93.1 – – factor Surface TSF % – – – – – Gold Produced Underground kg 10,313 6,001 11,996 12,164 13,625 Surface SRD kg 474 281 192 – – Surface Surface TSF kg – – – – – koz 347 202 392 391 438 Total gold produced kg 10,787 6,282 12,188 12,164 13,625 Gold sold oz 346,810 201,971 391,853 391,082 438,054 Financial R/kg 224,073 199,639 189,352 167,513 126,588 Underground R/t 987 886 794 681 536 Operating cost R/kg 206,559 126,179 9,251 – – Surface R/t 66 58 9 – – R/kg 222,073 192,104 180,358 159,799 120,382 Total cash cost R/t 628 614 721 650 510 US$/oz 957 837 740 552 515 R million 611 305 651 629 577 Capital expenditure R/kg 56,642 48,489 53,384 51,736 42,322 US$/oz 244 211 219 179 181 R/kg 279,957 244,842 239,867 219,254 168,903 Notional cash expenditure (NCE) US$/oz 1,206 1,067 984 757 723 General Employees (TEC) number 9,563 9,738 10,216 10,516 10,769 Mineral Reserves Mt 39.5 41.4 38.6 41.0 41.5 Mineral Reserve Head Grade g/t 3.9 4.1 4.6 4.9 5.0 Mineral Reserves Moz 5.0 5.5 5.7 6.5 6.7 Expected Life of Mine years 14 15 12 13 12 1Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. SRD: Surface Rock Dump and TSF: Tailings Storage Facility.

3 4. Geological setting and mineralisation

Beatrix Gold Mine is situated in the geologically unique and world-renowned Witwatersrand Basin, which is the world’s premier gold region. The mine is the southernmost mine in the Witwatersrand Basin, locally called the Free State Goldfield.

The Beatrix mining area is underlain by Initially, the Beatrix 4 Shaft was The mining area is structurally Karoo Supergroup sediments followed developed to exploit the Beisa Reef for dominated by a major overfold by the Klipriviersberg Group volcanic uranium. The development of this shaft structure, which is a large north- rocks, which in turn are underlain by centred on utilising the original Beisa trending synclinal fold associated with the Central Rand Group that hosts the Shaft and a sub-shaft to access the the western margin of the gold-bearing conglomerates (reefs) Kalkoenkrans Reef preserved within Witwatersrand Basin. Major geological exploited by Beatrix Gold Mine. and beneath the western border structures within the Beatrix mining right overturned structure. comprise normal faults and gentle Gold is mainly of detrital origin, folding sub-parallel to the overfold. deposited syngenetically with the Local geology Sympathetic to it are east-west to conglomerates, which are generally The principal reefs mined in the Free east-southeast west-northwest trending less than two metres thick and State Goldfield are the Basal Reef, the dykes and younger, easterly trending interrelated with sedimentary features Saaiplaas Reef, the Leader Reef, the wrench faults. such as unconformities and fluvial ‘B’ Reef, the ‘A’ Reef, Elsburg and the channels. The Central Rand Group in Dreyerskuil Reefs. Beatrix is situated in Both the BXR and KKR dip at generally the Free State Goldfield comprises the far south of the goldfield and is shallow angles, with the BXR dipping some 2,000 metres of discrete unique compared to other operations at 0° to 15° to the north and the sedimentary sequences deposited over in that it exploits the Beatrix Reef KKR dipping regionally to the east at successive unconformity surfaces in an (BXR), Aandenk Reef (AAR), VS5 Reef 8° to 15° in the eastern areas of the expanding depositional basin. (VS5) and Kalkoenkrans Reef (KKR), as mine. However, in the west, the dip of well as composites of all of the above. the KKR steepens to vertical in the Structurally, the Free State Goldfield Mining has been typically on the BXR in overfold. lies within a north-south trending the south from 2 Shaft through to syncline forming an apex in the 1 Shaft in the north. At Beatrix 3 Shaft, Historically, over a five-year review south-western corner of the mining is in general on reef types period, geological losses have been Witwatersrand Basin. The paucity of associated with a transition from estimated at 5% in most areas, major faulting and folding of Central BXR to AAR. To the north of 3 Shaft increasing up to 10% in localised parts Rand Group age has led to the the VS5 erodes the underlying AAR. of the mine. These losses are conclusion that subtle tectonic warping The BXR is not developed at 4 Shaft accounted for in the major structures of the basin with granite doming on the where the principle reef is the KKR. interpreted in the structural models. margins controlled deposition.

Mining Right North-West 4 Shaft boundary 3 Shaft 1 Shaft 2 Shaft

Karoo Supergroup South-East

Ventersdorp Lava

BXR CENTRAL RAND GROUP VS5 AAR

KKR BEISA REEF

WEST RAND GROUP Schematic 3D section through the Beatrix ore body the Beatrix ore Schematic 3D section through

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 4 The Beatrix Reef (and local facies grid depending on geological mainly at the West and North Sections. variations thereof) constitutes 61% of requirements from structural, safety The purpose of this drilling is also to the Mineral Reserves, the and evaluation perspectives. reduce the risk with respect to reef Kalkoenkrans Reef 38% and the value, structure (for planning purposes) remaining 1% from surface sources. Conventional underground grid, and smectite distribution (specific to the prospect and infill grade control drilling West Section). Exploration and drilling is planned for 2012 and will take place Exploration drilling was generally from main development at all shafts to Beatrix maintains rigorous quality executed from surface on irregular grids gain additional information on facies assurance and quality control (QA/QC) of 500 to 2,000 metres dependent on variations, grade distribution and protocols on all of its exploration historical exploration strategy, depth of structure models, to optimise mine programmes using best industry practice the mineralised horizons and geological design for short and mid-term planning. in data acquisition, reputable laboratories uncertainty. Once underground access and sign-off by Competent Persons is available, infill grade control drilling is Strategic resource definition drilling, under the 2007 SAMREC Code. undertaken from access haulages and from underground drilling platforms, will cross cuts to provide a 30 to 100 metre continue as planned during 2012,

5. Mining

Beatrix is a large, well-established shallow to intermediate level gold mine that is accessed from surface to 26 level (the lowest working level) at 3 Shaft, some 1,350 metres below surface, and 24 level (the lowest working level) at 4 Shaft, some 2,155 metres below surface.

Beatrix comprises four operational 2 SHAFT 1 SHAFT VENT 3 SHAFT shafts. The final depths below surface South North GOLD PLANT SHAFT of 1 and 2 Shafts are 913 metres and 246,000 tpm Surface

961 metres respectively. They were Hoisting capacity: Hoisting capacity: Hoisting capacity: equipped in 1983 and full production 138,000 tpm 138,000 tpm 170,000 tpm 22 L was achieved in May 1985. 3 Shaft, 23 L 13 L which was sunk to a final depth of 24 L 14 L 25L 15 L 1,447 metres, was commissioned in 16 L 16 LEVEL/30 LEVEL 2001. West Section operates via a 17 L 912.5 mbc 18 L surface shaft and sub-vertical shaft 19 L 960.6 mbc 20 L system with two dedicated ventilation 21 L tmp: Tonnes per month 22 L shafts, and has eight working levels t/hour: Tonnes per hour L: Level 23 L spaced 50 metres vertically apart down mbc: Metres below surface 24 L 25 L to a depth of 2,155 metres below 26 L 341.5 mbc surface. The layouts are typically the 1,446.5 mbc Beatrix North and South Section Infrastructure same as at the North and South Sections. 4 MAIN 4 B VENT 4 VENT SHAFT SHAFT SHAFT Mining methods West GOLD PLANT East Stoping operations at North and South 130,000 tpm SURFACE Sections are at depths of 668 to Hoisting capacity: 120,000 tpm 1,300 metres below surface. Fifteen TPS levels at 50 metre vertical intervals, 1 L 2 L developed approximately 50 metres 3 L 4 L below the reef, provide access and 5 L serve the mining activities. All main 1,071 mbc haulage development on Beatrix is Main S/V shaft Vent S/V shaft Hoisting capacity 16 L carried out as twin haulages to reduce 17 L 120,000 tpm 18 L the risk associated with methane and 19 L tpm: Tonnes per month 20 L to accommodate the scattered mining 21 L t/hour: Tonns per hour 22 L 2,091 mbc L: Level 23 L mbc: Metres below surface layout. The flat dip of the ore body 24 L S/V: Sub-vertical

2,303.5 mbc Section infrastructure Beatrix West

5 requires some cross cuts to reef to be extremely long, resulting in on-reef raise development of between 200 and 500 metres between levels. Access to the reef horizon (for stoping the reef) is by means of inclined travelling ways from which the raise is developed to the next level, depending on the structure, evaluation, environmental and rock engineering parameters. Cross cuts and raises are generally 120 metres apart on strike.

The raise becomes the centre gully during stoping operations. Stoping panels are ~30 metres in length. The blasted ore is scraped to the strike gully, which delivers the rock via the centre gully to the ore passes. Locomotive- drawn hoppers convey the ore from the ore pass box to the shaft ore pass system. Beatrix 2 Shaft head gear and extractor fans Conventional breast mining is the main mining method throughout all the shafts, which allows for scattered or West Section selective mining to be practised throughout. A 39 MW ammonia refrigeration plant, consisting of four Howden machines, is situated on surface and is designed At 3 Shaft, hydro-power, as opposed to compressed air, is to chill 900 l/s of water to a temperature of 0.5°C. used for a variety of activities including drilling. The benefits of this include improved cooling and machine efficiency, Cooling is utilised as follows: lower noise levels and less power wastage. ¨¨ 9.4 MW surface bulk air cooler at 4 shaft, with a packed tower configuration and a nominal flow rate of 300 kg/s. Ventilation ¨¨ 9.7 MW surface bulk air cooler at 1A Vent Shaft, with a The North and South Sections of Beatrix have four packed tower configuration and a nominal flow rate of downcast shafts, of which 2 Shaft has a brattice wall to 300 kg/s. facilitate both up and downcast flow of ventilation. The ¨¨ Two bulk air coolers with a capacity of 2 MW each are 2 Shaft upcast returns the ventilation circulated at Beatrix installed underground in the 20C3 South and 20C4 South, whilst the upcast shaft at 3 Shaft returns the South drives respectively. These bulk air coolers provide ventilation from Beatrix North. The 2B Ventilation Shaft is a cooling to the Zone 5 mining area above 20 level. downcast shaft situated in the west of 2 Shaft, with its ¨¨ Chilled water is furthermore utilised throughout the primary purpose to ventilate the Beatrix South workings. underground mining areas of the West Section. The total airflow quantity circulating through the North and South complex of Beatrix is 1,042m3/s. Methane management The mine has a well executed methane management Beatrix West Section has two downcast shafts from surface system to control this risk, which comprises the following: to 5 level and a single sub-vertical downcast shaft from ¨¨ The detection of flammable gas is most important in 5 level to shaft bottom. The upcast facility consists of a order to institute control measures and therefore, the sub-vertical upcast shaft from 21 level to 5 level and from availability of flammable gas detection instruments 5 level through the 4B Ventilation Shaft which extends to (methanometers) is imperative. At Beatrix North and surface. In addition to the sub-vertical ventilation shaft, South Sections, the mine has a telemetry system to there is a 3.5-metre diameter raise bored shaft from 17 level which strategically placed flammable gas sensors, to 5 level, which connects with both the sub-vertical velocity sensors, critical fans, as well as carbon ventilation shaft as well as 4B Ventilation Shaft. The total monoxide sensors are connected. These conditions are airflow quantity circulating through Beatrix West Section is monitored in control rooms at Beatrix North and South 600m3/s. Sections respectively on a 24-hour basis; ¨¨ Where methane gas is continually present in the general Refrigeration and Cooling atmosphere in concentrations of more than 0.5%, the North Section mine declares hazardous locations based on the results A 20.6 MW ammonia refrigeration plant, consisting of three of risk assessments. Hazardous locations require Stal Astra machines, is situated on surface and is designed special operating conditions such as explosion to chill 425 l/s of water to a temperature 0.5°C. Cooling is protected apparatus, telemetry standards and, most provided by means of a 15 MW surface bulk air cooler importantly, awareness training of all employees in such situated at 3 Shaft. working places;

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 6 Mine planning and scheduling ¨¨ To ensure proper supervision at all working places, the Designs and schedules are continuously modified and mine instituted a Work Place Management (WPM) optimised as new information becomes available. All system. These documents contain, among others, all designs and schedules are done in consultation with special instructions, hazard identification, risk production and other technical personnel. Production assessments, Department of Mineral Resources (DMR) efficiencies are based on past experience and production recommendations, flammable gas register and handing models describing activities for the different development over notes. The WPM system is used to give any new layouts and equipment used. person or a person acting in a specific section the required induction, so as to ensure the required Mineral Reserve development will continue to be a key knowledge and awareness in his or her area of performance indicator in 2012 and will be accelerated responsibility. further in appropriate areas. The following tables detail the development advanced for the last 12 months to December In addition to the normal flammable gas induction training, 2011. A total of 23.4 kilometres was developed with the mine also has regular awareness training sessions. 5.7 kilometres driven on-reef. Beatrix 2 Shaft head gear and extractor fans Methane extraction project Development results The mine embarked on a project to flare and generate Category Beatrix KKR1 electricity from a planned extraction flow rate of 400 l/s of methane gas captured at the mine’s South Section, which Advanced (metres) 16,978 6,404 has a total methane emission rate of 988 l/s. This is based On-reef (metres) 4,360 1,342 on gas sample analyses relative to the ventilation flow. Sampled (metres) 4,218 1,179 Partial extraction and flaring of the methane gas commenced in May 2011 although it is expected that the Channel width (cm) 126 104 design extraction flow rate of 400 l/s should be reached by Average reef grade (g/t) 8.9 15.9 mid 2012. Phase 2 of the project is to generate 4 MW of Average value (cm.g/t) 1,125 1,658 electricity once stable methane gas flows have been established. 1 Kalkoenkrans Reef

0 1 2.5 km N Shafts Mined out Areas Processing Plant

WEST SECTION

4 Methane extraction project NORTH SECTION (below Infrastructure) Production and hoisting capacities Operating Hoisting Shaft zone shaft capacity VLAKPAN NORTH North Section 3 170,000 SECTION 3 South Section 1 138,000 JOEL South Section 2 138,000 1

West Section 4 120,000 SOUTH SECTION West Section 4 SV 120,000 2 Beatrix Shaft zones

7 6. Projects

The current major mine projects at Beatrix are the development towards Vlakpan, development of the North Block at West Section and the winzes below 26 level at North Section.

At the North Section (3 Shaft and Vlakpan area), stoping volumes are maintained or increased until C2025 and current development volumes are maintained until C2016, after which time a decline in volumes occurs as the Mineral Reserve will be nearing full development.

This production profile is underpinned by two incremental growth areas that have been added to the North Section. The strategy maximises the LoM of the 3 Shaft complex and extraction from the current infrastructure. The North Section has a Mineral Reserve of 83.6 tonnes (2.7 Moz) of gold and contributes 54% of the Mineral Reserve base of Beatrix. The LoM for the North Section is now estimated to 2025.

The first incremental growth area at North Section is to Kalkoenkrans Reef intersection, surface borehole DBE 2 access the Vlakpan ground, situated to the far west of 3 Shaft and with a Mineral Reserve of 10.5 tonnes (0.37 Moz) and extension of the higher-grade zones 405, 451 and 453 to of gold. The second growth area at North Section is winze the south. Local areas of higher grade facies and improved mining of zone 51 from 26 level, adding 7.7 tonnes facies/evaluation models have been incorporated in this plan. (0.25 Moz) of gold to the Mineral Reserve base. Delays and impacts associated with smectite (swelling clays) in a number of tunnels, as well as application of the “Theory South Section (1 and 2 Shafts) is currently focused on mining of Constraints” to eliminate current bottlenecks/optimised available Mineral Reserve blocks, resulting in the immediately layouts, have been taken into account with current mine available Mineral Reserve declining in the short term. access tunnel design and scheduling. A number of alternative The current 2 Shaft infrastructure will have a phased closure access ways, either in the hangingwall or in deep footwall, over the next two years and the Mineral Reserve at South have been designed to ensure long-term tunnel stability and Section is now 10.5 tonnes of gold (0.34 Moz) or 7% of the to support the future production profile. A general increase in Beatrix Mineral Reserve base. The LoM for the South Section production volumes at West Section from the current base of is estimated at 2018. 8,500 m2 (C2011) up to 11,000 m2 a month has been planned. The expected LoM for the West Section is 2024 At West Section (4 Shaft) underground drilling and with the overall Mineral Reserve base at 58.4 tonnes of gold development has continued to support the macro-structure (1.878 Moz) or 37.9% of the Beatrix Mineral Reserve base.

7. Mineral processing

Beatrix incorporates two metallurgical plants; the Beatrix 1 Plant, situated between 1 and 2 Shafts and the Beatrix 2 Plant, situated at 4 Shaft.

Beatrix 1 Plant has been converted to a reef only plant and concentrator that recovers gold concentrate from the mill underground reef tonnage from 4 Shaft is transported by cyclone underflow. An Acacia intensive leach reactor is used road to be processed at the plant. Ore storage silos at the to dissolve gold contained in the concentrate, and this gold is plant have a capacity to store 14,000 tonnes of dry ore and then recovered from solution by electrowinning. The facilities also allow for ore to be stockpiled and reclaimed concentrate is currently being tabled using a Gemini table. outside the plant. The plant uses four semi-autogenous Cathode sludge is recovered by high-pressure washing and grinding mills with installed power of 3 MW per mill. The filtration before smelting to produce doré. Bulk reagent downstream process is matched to the milling capacity of storage facilities inside the plant include storage for dry lime, 246 ktpm at 95.6% recovery and comprises three 60-metre sodium cyanide solution, caustic soda solution, hydrochloric diameter thickeners and 12 mechanically agitated carbon-in- acid and liquid oxygen. Water treatment chemicals are used leach tanks with a combined volume of 18,000 m3. to control water quality to the Knelson concentrators.

The plant further has two pressured Zadra elution circuits The plant was originally designed to treat 170 ktpm. The rated at 20 tonnes of carbon per day and utilises steam from fourth milling circuit was added in 1996 and current the mine boilers as heating energy. Regeneration of carbon is operational capacity is estimated at 246 ktpm. The projected carried out in two rotary kilns with a capacity of 500 and LoM throughput averages 200 ktpm and peaks at 225 ktpm. 350 kg/hr. 2 Plant was commissioned in 1992, is situated at 4 Shaft and In 2003, a gravity gold recovery circuit was retrofitted at has recently been converted into a waste processing plant. 1 Plant and each mill now has a 30-inch Knelson The source of the waste is from the North Waste Rock Dump

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 8 situated at 4 Shaft as well as underground waste material utilising fuel-fired burners for heating energy. Regeneration of from 4 Shaft. carbon takes place in one of two rotary kilns. A gravity circuit, installed in October 2006, and a standalone 30-inch Knelson Four RoM mills are used with installed power of 2 MW per Concentrator is fed by each of the running mills and recovers mill and milling capacity is rated as 130 ktpm at a recovery of gold concentrate from the mill discharge sump. This 93%. The downstream process comprises three 50-metre concentrate is further enriched on an automated Gemini table diameter thickeners, eight mechanical agitated leach tanks and then smelted to produce gold bullion. with a combined volume of 13,000 m3 and a carousel type carbon adsorption circuit comprising eight stages. Beatrix 1 and 2 Plants achieved full compliance from the International Cyanide Management Code (ICMI) body during The elution circuit is also a pressure Zadra circuit and is an external cyanide audit conducted during June 2009. designed to elute 10 tonnes of loaded carbon per day

Plant capacities Capacity Recovery Material Plant (tpm) factor (%) treated 1 – CIL 246,000 96 Underground Kalkoenkrans Reef intersection, surface borehole Kalkoenkrans Reef intersection, surface borehole DBE 2 2 – CIP 130,000 93 Surface

8. Sustainable development

Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy.

As part of this business imperative, Gold Fields has introduced structures that encourage a networked interface between disciplines like safety, health, environmental engineering, natural environment, risk, stakeholder engagement, legal and communication. This approach has allowed Gold Fields to capitalise on synergies and to avoid duplication. In this regard, several Key Performance Indicators (KPIs) are monitored and utilised to make informed business decisions.

Beatrix has initiated a brick-making project that is designed to create State school in Theunissen, Free Beatrix sponsored employment, develop skills and alleviate poverty. Beatrix is also management is a high priority. All noise-induced hearing losses and assessing the potential for introducing a potential sources of pollution like the silicosis, with the objective of aligning day care centre that its employees will water discharges are monitored and to international norms. be able to utilise. sampled on a regular basis. For details on the Social and Labour Beatrix’s environmental initiatives are Beatrix has committed itself to the Mine Plan refer to Section 5 in the Integrated focused on reducing the impact that Health and Safety Council target set by Annual Review. the mine may have on the environment the industry in conjunction with the through concurrent rehabilitation and DMR. These milestones are based on responsible water management. Water rate improvements for fatalities,

Safety statistics Class Units June 2008 June 2009 June 2010 Dec 20101 Dec 2011 Fatalities Number 4 4 1 4 5 Fatality rate per mmhrs 0.13 0.13 0.03 0.29 0.19 LDIFR per mmhrs 3.92 5.22 3.29 3.02 2.92 1 For six months to December 2010.

9 9. Mineral Resources and Mineral Reserves

Geological and evaluation models have been updated to reflect the latest available data sets. These models are coupled to an integrated mine design and schedule that takes account of current performance levels and operational risks inherent to the production plan.

The Beatrix Mineral Resource and Mineral Reserve declaration is based on systematic and sustainable mineral reporting practices. Underground mapping and exploration drilling consistently updates geological structural and facies models, which are used as the basis of each declaration. Ongoing sampling of all development and stoping on a grid basis is carried out to provide additional data that is incorporated into a detailed evaluation model.

Updated mine designs and schedules are then compiled and evaluated based on the most recent technical-economic models to compile a LoM plan for each operational shaft, taking note of infrastructural capacities, limitations and the need for any additional infrastructure requirements. Detailed economic and scenario models are subsequently completed to ensure validity of a positive cash flow for Mineral Reserve declaration purposes. Peer reviews, as well as internal and external audits, ensure consistency and compliance to regulatory codes. Beatrix’s Mineral Resource and Mineral Reserve are reported within its mining right and are adjusted to show the split between above (AI) and below (BI) current shaft infrastructure.

Mineral Resources Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the relevant resource block model, which include estimates of any material below the cut-off grade required to be mined to extract the complete pay portion.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resources Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Measured 20.4 15.6 22.6 6.9 8.1 6.1 4,555 4,072 4,465 Indicated (AI) 30.2 31.3 37.5 6.2 6.8 6.6 5,980 6,854 7,942 Inferred (AI) 2.8 3.7 1.9 6.4 7.9 8.8 585 940 540 Total above infrastructure 53.5 50.6 62.0 6.5 7.3 6.5 11,120 11,866 12,947 Indicated (BI) – 23.3 28.6 – 5.4 4.5 – 4,044 4,114 Inferred (BI) – 0.1 – – 7.5 – – 24 – Total below infrastructure – 23.4 28.6 – 5.4 4.5 – 4,068 4,114 Total underground 53.45 74.0 90.6 6.5 6.7 5.9 11,120 15,934 17,061 Surface stockpiles Indicated 12.4 5.8 3.0 0.4 0.4 0.4 156 78 35 Total surface stockpiles 12.4 5.8 3.0 0.4 0.4 0.4 156 78 35 Grand total 65.9 79.8 93.6 5.3 6.2 5.7 11,276 16,012 17,096 Notes: AI = Above Infrastructure and BI = Below Infrastructure.

Modifying factors Mineral Resource and Mineral Reserve Dec Dec ¨¨ The Measured and Indicated Mineral Resources are parameters 2010 2011 inclusive of those Mineral Resources modified to produce Mineral Resource gold price (US$/oz) 1,100 1,450 Mineral Reserves; Mineral Resource gold price (ZAR/kg) 290,000 340,000 ¨¨ Both the Mineral Resources and Mineral Reserves are Exchange rate (ZAR:US$) 8.24 7.42 quoted as 100% (managed) and are wholly owned by Mineral Resource pay limit (cm.g/t) 790 840 GFI Mining South Africa (Pty) Limited; Mineral Reserve gold price (US$/oz) 1,000 1,300 ¨¨ The Mineral Reserves are quoted in terms of RoM grades Mineral Reserve gold price (ZAR/kg) 265,000 310,000 and tonnage as delivered to the metallurgical processing Mineral Reserve pay limit (cm.g/t) 870 920 facilities and are fully diluted; and Mine Call Factor (%) 84 79 ¨¨ The Mineral Reserve statement includes only the Block factor (%) 100 100 Measured and Indicated Mineral Resources, modified to Shortfall (%) 10.4 5.0 produce Mineral Reserves contained in the LoM plan. Stoping width (cm) 160 164 ¨¨ Mineral Resources and Mineral Reserves undergo both Mill width (cm) 200 194 internal and external audits during the year and any issues identified are rectified at the earliest opportunity. Plant recovery % 96 96

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 10 Grade tonnage curve This grade tonnage curve represents undiluted grade (at block width) and tonnes within the total Mineral Resource. Underground Mineral Resources make provision for minor faulting and minor geological losses.

Underground

175 25

140 20

105 15

70 10 Tonnes (millions)

— 35 5 Average grade above cut-off (g/t)

0 0 — 0 5 10 15 20

Cut-off grade (g/t) 2B vent shaft extractor fan

Mineral Reserves Mineral Reserve estimation at Beatrix is based on the development of an appropriately detailed and engineered LoM plan, which accounts for all necessary access development and stope designs. All design and scheduling work is undertaken with mine- planning software. The planning process incorporates appropriate modifying factors and the use of cut-off grade policies and technical-economic investigations.

Despite an increase in the gold price, pay limits have increased due to a concomitant increase in overall cost. Optimised mine design and scheduling on the Mineral Reserve estimate, utilising a US$1,300 per ounce gold price, resulted in a Proved and Probable Mineral Reserve estimate as at 31 December 2011, as follows:

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Proved 23.4 8.1 10.3 4.6 5.0 4.8 3,437 1,311 1,585 Probable (AI) 10.5 27.5 23.0 4.3 4.6 5.1 1,465 4,056 3,749 Probable (BI) – – 2.4 – – 4.8 – – 371 Total underground 34.0 35.6 35.6 4.5 4.7 5.0 4,901 5,367 5,705 Surface stockpiles Probable 5.5 5.8 3.0 0.3 0.4 0.4 57 78 35 Total surface stockpiles 5.5 5.8 3.0 0.3 0.4 0.4 57 78 35 Grand total 39.5 41.4 38.6 3.9 4.1 4.6 4,958 5,445 5,740 Notes: AI = Above Infrastructure and BI = Below Infrastructure.

Proved Probable Total Mineral Reserve Mineral Reserve Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold classified per mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Underground North section 15.4 3.8 1,900 7.0 3.5 786 22.4 3.7 2,686 South section 1.9 4.4 265 0.5 4.5 72 2.4 4.4 337 West section 6.2 6.4 1,271 3.0 6.2 607 9.2 6.3 1,878 Total underground 23.4 4.6 3,436 10.5 4.3 1,465 34.0 4.5 4,901 Surface stockpiles Surface – – – 5.5 0.3 57 5.5 0.3 57 Total surface stockpiles – – – 5.5 0.3 57 5.5 0.3 57 Grand total 23.4 4.6 3,436 16.0 3.0 1,522 39.5 3.9 4,958

11 Mineral Resources and Mineral Reserves reconciliation year-on-year Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Depletion since December 2010; ¨¨ Depletion since December 2010; ¨¨ Modelling changes; ¨¨ Exclusions due to changes in geological structures and ¨¨ Exclusions of areas not accessible from current or mining strategy; planned infrastructure; ¨¨ Pay limit changes and decrease in MCF; and ¨¨ Exclusions of small remnant pillars; and ¨¨ Pay limit changes. ¨¨ Increase in stope width.

Change in Mineral Resources Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

18 6 0.1 16 5.4 0.3 16.0 0.2 0.3 5 0.4 0.02 0.02 14 5.0

Gold (Moz) 0.4 Gold (Moz) 0.2 1.9 12 3.5 4 11.8 0.5 11.3 10 2.4 3 8 6 2 4 1 2 0 0 Final 2010 2011 2010 2011 factors Factors Surface Surface material Pay limit clean-up Depletion Resource Depletion Modelling Evaluation December December December December Gold Price Exclusions Economical In/Exclusions

Mineral Reserve Sensitivity The following graph indicates the Mineral Reserve Sensitivity at -10%, -5%, Base, +5%, + 10% and +25% to the gold price.

The sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

Managed Mineral Reserve Sensitivity

8

7 6.4

Gold (Moz) 6 5.2 5.5 5 5.0 4.0 4 3.7 3 2 1 0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 310,000 Gold price (ZAR/kg) Resource conversion drilling at Vlakpan Resource

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC This technical statement has been prepared in compliance with the South Africa Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code).

JSE This technical statement has been prepared in compliance with the Listings Requirements of the JSE Limited (JSE), South Africa, specifically Section 12.

Sarbanes-Oxley Act Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure appropriate corporate governance in respect of the intent of the Sarbanes-Oxley Act.

Environmental Beatrix has an environmental management team who are supported by specialists from the South African Regional office at Libanon. The systems, procedures, training etc. are at international leading practice levels.

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

SG Becker: Manager Mine Planning and Resource Management BEng (Mining), Mine Manager’s Certificate, ECSA (Registration number: 875564). Mr Becker has over 30 years’ experience in the mining industry of which eight years have been at Beatrix Gold Mine. LC Esterhuizen: Chief Surveyor Mine Survey Certificate of Competency, IMSSA (Registration number 2218/2009). Mr Esterhuizen has over 30 years’ experience in the mining industry of which 15 years have been at Beatrix Gold Mine. C Opperman: Chief Mine Planner ND Mine Surveying, LDP (Unisa), MAP, IMSSA (Registration number 2189). Mr Opperman has over 30 years’ experience in the mining industry of which 10 years have been at Beatrix Gold Mine. Panoramic view of Beatrix 1 Plant and Shaft

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

Vice President and Ben Haumann Mine Manager’s Certificate 34 Overall strategic direction, leadership and Head of Operations management

Manager: Mine Gerhard Becker BEng (Mining Engineering) 30 Mine planning, Mineral Resources and Planning and Mine Manager’s Certificate Mineral Reserves and compilation of CPR Resource ECSA Management

Senior Manager Riaan vd Berg BSc (Hons), MSc, Mine Manager’s 23 Full operational management Operations: West Certificate West Section

Senior Manager Dawie Venter Mine Manager’s Certificate 29 Full operational management Operations SMDP North Section

Senior Manager Themba Ngobeni NHD Metal Mining, Mine Manager’s 22 Full operational management Operations Certificate South Section

Finance Manager Angela Daniels National Diploma Cost 15 Financial reporting and compliance Management

Manager Human James Muller IPM Personnel Diploma, 31 Human resources management Resource BTech Hons

Metallurgy Manager Les van Niekerk National Higher Diploma, 36 Metallurgical management Metallurgical, Extraction ECSA

Senior Manager Frans Heyneke NHD Technical, GCC 36 Engineering, logistics, infrastructure and Engineering Mechanical, GCC Electrical, capital management ECSA, AMRE 1 Plant, Beatrix Gold Mine

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 14 Beatrix Gold Mine A division of GFI Mining South Africa (Pty) Limited

Plan showing mine infrastructure as at 31 December 2011

16,874 REFERENCEReference DevelopmentDevelopment andand stopingstoping onon KalkoenkransKalkoenkrans ReefReef DevelopmentDevelopment andand stopingstoping onon BeatrixBeatrix ReefReef DevelopmentDevelopment offoff reefreef Sub-crop of Kalkoenkrans Reef Sub-crop of Kalkoenkrans Reef Sub-crop of Beatrix Reef Sub-cropDeveloped of Ore Beatrix Reserves Reef DevelopedDykes Ore Reserves DykesFaults FaultsBorehole No. and Surface Position Shafts Borehole No. and Surface Position Kalkoenkrans Reef Shafts Beatrix Reef Kalkoenkrans Reef Beatrix Reef 13. Brief history

The history of Beatrix

Exploration in the Free State started as far back as 1885 but only commenced in earnest in 1933 when the first 1933: borehole was drilled on the farm Aandenk 227 HP. The discovery of the Basal Reef in 1939 set exploration afire, which resulted in a score of mines being developed in the Free State.

1969: Exploration drilling for gold and uranium commenced in the southern limits of the Free State Goldfields.

General Mining acquired Union Corporation in 1976. General Mining Union Corporation Limited, as it was then 1976: called, became Gencor Limited.

1981: Beisa Shaft commissioned to exploit uranium. Sinking of Beatrix 1 and 2 Shafts commenced.

1984: Beisa Uranium Mine closed due to the low prevailing uranium price.

Beatrix 1 and 2 Shafts commissioned. Exploration for Kalkoenkrans Reef in the vicinity of the old Beisa Mine 1985: commenced.

Sinking of two new sub-vertical shafts and a ventilation shaft at Beisa Mine, renamed Oryx Mine, to exploit gold, 1987: commenced.

1993: Gold production began at Oryx Mine.

1995: Sinking of Beatrix 3 Shaft Complex and down dip expansion of mine commenced.

A new company, Goldco, is formed, which brought together the gold assets of Gold Fields of South Africa 1998: Limited with those of the unbundled Gencor. Goldco was later renamed Gold Fields Limited.

2001: Beatrix 3 Shaft completed.

St Helena Gold Mine sold to Freegold, Beatrix and Oryx mines merged to form Beatrix Gold Mine. Beatrix Gold 2002: Mine is awarded ISO 14001 certification in July 2002.

Beatrix Gold Mine achieves one million and Beatrix North and South Sections achieve two million fatality-free 2003: shifts for the first time.

Completion of a new surface ventilation shaft to service the south-west corner of the mine near 2 Shaft. Beatrix 2004: Gold Mine achieves two million fatality-free shifts for the first time.

2005: Beatrix North and South Sections achieve three million fatality-free shifts for the first time.

2007: Beatrix Gold Mine granted new order mining right.

Beatrix Gold Mine achieves full compliance from the ICMI during an external cyanide audit conducted during 2009: June 2009.

2010: Beatrix West Section achieves two million fatality-free shifts for the first time.

2011: Partial extraction and flaring of the methane gas commenced in May 2011. Aerial view of Beatrix 1 Plant

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 17 Beatrix Life of Mine Mineral Resource classification

Beatrix Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES 65.9 Mt @ 5.3 g/t 39.5 Mt @ 3.9 g/t 11.3 Moz 5.0 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

2.8 Mt @ 6.4 g/t 0.6 Moz

INDICATED PROBABLE

42.6 Mt @ 4.5 g/t 16.0 Mt @ 3.0 g/t 6.1 Moz 1.5 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

20.4 Mt @ 6.9 g/t 23.4 Mt @ 4.6 g/t 4.6 Moz 3.4 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

18 Notes Aerial view of Beatrix 2 Shaft

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report. “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Beatrix Gold Mine – Technical Short Form Report 2011 1 Kloof-Driefontein Complex (KDC) Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Mineral Resources at 63.8 Moz (excluding Tailing Storage Facility ounces of 3.7 Moz).

¨¨ Mineral Reserves at 13.7 Moz (excluding Tailing Storage Facility ounces of 2.9 Moz).

¨¨ Safe steady state production strategy driving quality volume.

¨¨ Accelerate extraction of higher grade Mineral Reserves to bring value forward.

¨¨ Optimise surface resources extraction strategy.

¨¨ Long-life franchise asset anchoring gold production to 2028 (17 years).

The KDC has a world class ore body with long-life Mineral Resources and Mineral Reserves (17 years) which has produced in excess of 181 Moz from the renowned Witwatersrand Basin, the most prolific gold depository in the world.

Geographic location

KDC West Mining Right

KDC East Mining Right Carletonville Pretoria Johannesburg

Welkom

Kimberley Bloemfontein Durban

KDC East = Kloof G.M. Port Elizabeth KDC West = Driefontein G.M. Cape Town

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 Gold Fields Limited owns a 100% interest in GFI Mining South Africa (Pty) Limited (GFIMSA), which holds a 100% interest in KDC (Kloof- 2. Key aspects Page 2 Driefontein Complex). The mine is situated between 60 and 80 kilometres west of 3. Operating statistics Page 3 Johannesburg near the towns of Westonaria and Carletonville in the Gauteng Province of Page 4 South Africa. KDC is a large, well-established 4. Geological setting and mineralisation shallow to ultra-deep level gold mine with workings that are accessed through, 12 shaft 5. Mining Page 7 systems (five business units – BU’s) that mine various gold-bearing reefs from open ground 6. Projects Page 9 and pillars that occur at depths between 600 and 3,347 metres below surface. The shaft systems include 10 sub-vertical shafts and two 7. Mineral processing Page 11 tertiary shafts. Ore extracted from the gold bearing reefs is processed at two metallurgical 8. Sustainable development Page 12 plants.

9. Mineral Resources and Mineral Reserves Page 13 The formation of KDC was designed to create an environment of uniformity, alignment and cohesion that will enhance the singular identity 10. Regulatory codes Page 18 that will underpin the new consolidated operation. The overall strategy of the 11. Competent Persons Page 18 amalgamation of the two mines was to improve operational and financial efficiencies in line with Gold Fields’ long-term stated vision, “To be the Page 22 12. Brief history global leader in sustainable gold mining”, which encompasses safety and human capital as well 13. Key technical staff Page 23 as the environmental and social licence to operate.

During the past 12 months KDC produced 1.1 Moz of gold from a combination of underground mining and processing of surface waste rock dump material. KDC employees costed for the period was 26,685 including contractors. The area mined averaged some 62,888 m2 per month, underground ore processed at 400 kt per month and surface material treated 501 kt per month. Total gold production averaged some 2,852 kg per month at an average yield grade of 3.2 g/t. Significant increases in power, consumables and labour costs have limited the benefit of an increased gold price with the effect that pay limits show a slight increase year-on-year.

This Technical Short Form Report reflects the latest Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement, as at 31 December 2011. The geological and evaluation models have been updated to reflect the latest available data. These models are coupled with an integrated and holistic mine design and schedule that is based on current performance levels and attempts to take cognisance of the inherent risks associated with deep level mining.

All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: KDC East 7 Shaft Complex

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

KDC West No 1 Metallurgical Plant No 1 Metallurgical KDC West Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Night photograph of KDC East 8 Shaft

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 (Optiro Pty Limited). Gold Fields has been informed that the audit identified no material shortcomings in any process by which the KDC Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This Technical Statement is a summary of the detailed internally sourced document entitled December 2011 Kloof Competent Persons report and December 2011 Driefontein Competent Persons Report Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location KDC is situated 60 to 80 km west of Johannesburg at latitude 26º 24’ S and longitude 27º 30’ E between Westonaria and Carletonville in the Gauteng Province of South Africa. The site is accessed via the N12 highway between Johannesburg and Potchefstroom with a well developed network of tarred roads that surround the area Licence status and KDC is entitled to mine all declared Mineral Resources and Mineral Reserves and has all the necessary holdings statutory mining rights in place. Kloof Gold Mine (KDC East) and Driefontein Gold Mine (KDC West) have new order mining rights in respect of the mining area totalling 28,648 hectares. GFI Mining South Africa (Proprietary) Limited (GFIMSA) holds a 100% interest in KDC. Gold Fields Limited holds a 100% interest in GFIMSA. The tenor of the mining right at KDC West is 25 years and at KDC East 15 years Operational infrastructure KDC is a large, well-established shallow to ultra deep level gold mine that is accessed from surface through a number of shafts to its lowest working levels some 3,347 m below surface. It comprises twelve producing shaft systems that mine different contributions from open ground and pillars, and five metallurgical plants. Climate No extreme climatic conditions are experienced that may affect mining operations Deposit type Gold mineralisation occurs within laterally extensive quartz pebble conglomerate horizons called reefs, which are developed above unconformable surfaces within a depositional system near the basin margin. KDC exploits three primary reefs namely the Carbon Leader Reef (CL), Ventersdorp Contact Reef (VCR) and Middelvlei Reef (MR) with the CL representing the majority of the current Mineral Reserves in the west of the mining right and the VCR representing the majority of the current Mineral Reserves in the east of the mining right Life of Mine (LoM) It is estimated that the current Mineral Reserves will be depleted in 2028 Environmental/Health KDC systems, procedures, training etc. are at international best practice levels. KDC obtained its & Safety ISO 14001:2004 certification in 2008, and has maintained its certification since then. The mine has full compliance status for the International Cyanide Management Code with certification awarded in September 2009 Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43-101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008 Surface mining Total mined kt 6,017 2,432 5,085 4,001 3,720 SRD material to plant (screened) kt 6,017 2,432 5,085 4,001 3,720 SRD Head grade g/t 0.8 0.7 0.8 0.7 0.8 Underground mining Ore mined kt 3,237 1,898 3,913 4,096 4,678 Mined grade g/t 10.8 11.4 10.8 11.9 12.5 Primary development km 45.0 23.9 46.8 42.9 61.1 Advanced km 7.7 4.0 7.5 7.8 10.7 Primary reef development Value cm.g/t 2,100 2,041 2,028 1,344 1,462 Processing –– Underground tonnes kt 4,814 2,720 5,298 5,535 6,214 –– Surface tonnes kt 6,017 2,432 5,085 4,001 3,720 Total tonnes treated kt 10,831 5,152 10,383 9,536 9,934 –– Mill head grade (underground)2 g/t 6.5 6.8 7.0 8.0 8.5 –– Mill head grade (surface) g/t 0.8 0.7 0.8 0.7 0.8 Total head grade g/t 3.3 3.9 3.9 5.0 5.7 Underground g/t 6.3 6.6 6.8 7.8 8.2 –– Yield Surface rock dumps g/t 0.7 0.7 0.8 0.7 0.9 Combined yield g/t 3.2 3.8 3.8 4.8 5.5 Underground % 97 97 97 97 97 Plant recovery factor Surface rock dumps % 92 92 92 92 92 Gold produced Underground kg 30,105 17,931 35,757 42,974 51,178 Surface rock dumps kg 4,113 1,787 3,943 2,838 3,220 koz 1,100 634 1,277 1,473 1,749 Total gold produced kg 34,218 19,719 39,700 45,812 54,398 Gold sold koz 1,100 634 1,277 1,473 1,749 Financial R/kg 227,210 200,037 192,765 146,184 104,398 Underground R/t 1,424 1,319 1,301 1,135 860 Operating cost R/kg 146,292 124,978 92,739 117,338 85,924 Surface R/t 100 92 72 83 74 R/kg 219,642 190,973 176,819 137,298 98,230 Total cash cost R/t 694 731 676 660 538 US$/oz 946 832 726 474 420 R million 2,300 1,266 2,244 1,993 1,914 Capital expenditure R/kg 67,216 64,192 56,524 43,504 35,187 US$/oz 289 280 232 150 151 R/kg 285,017 257,391 239,305 187,883 138,546 Notional cash expenditure (NCE) US$/oz 1,228 1,121 982 648 593 General Employees (TEC) number 26,685 31,086 32,772 31,778 33,136 Mineral Reserves* Mt 69.2 96.4 116.6 128.4 131.4 Mineral Reserve Head Grade* g/t 6.1 6.5 7.1 7.0 7.3 Mineral Reserves* Moz 13.7 20.2 26.7 28.7 30.8 Expected Life of Mine years 17 30 32 31 33 1 Figures shown represent the six months to 31 December 2010. Rounding off figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. 2 The decline in head grade in 2011 is due to an increase in the milling of underground waste. * SRD Mineral Reserves included; TSF Mineral Reserves excluded. Surface rock dump (SRD); Surface tailings facility (TSF).

3 4. Geological setting and mineralisation

KDC is located in the West Wits Line that forms part of the Far West Rand Goldfields situated on the northwestern rim of the geologically unique and renowned Witwatersrand Basin, which is the world’s premier gold region.

The Witwatersrand Basin comprises a 6,000 metre thick sequence called the Witwatersrand Supergroup, which consists of predominantly detrital sedimentary rocks interspersed sporadically with auriferous and uraniferous quartz pebble conglomerates, termed reefs, especially in the upper parts of the succession classified as the Central Group. The mining area is underlain by outliers of Karoo Supergroup shales and sandstones, followed by Pretoria Group sediments and the Chuniespoort Group dolomites. The dolomites overlie the Klipriviersberg Group volcanic rocks, which in turn cap the Ventersdorp Contact Reef and sediments of the Central Rand Group that hosts the other gold-bearing reefs.

The reefs, which are generally less than 2 metres thick, are widely considered to represent extensive fluvial fans. Deposition took place along the interface between a fluvial system that brought the sediments and heavy minerals from Witwatersrand Basin depositional model an elevated source-area and a lacustrine littoral system that reworked the material and redistributed the finer sediments dykes with little or no apparent offset of the stratigraphic units along the shoreline of an intracratonic lake or shallow water and younger, easterly trending sinistral wrench faults, some of inland sea. The gold is mainly of detrital origin, deposited which host dyke material. Several large dykes also contribute syngenetically with the conglomerates and interrelated with to dividing the West Wits Line into a series of water sedimentary features such as unconformities and fluvial compartments. Local bedding plane faulting along the channels. VCR horizon has resulted in the elimination of VCR in some areas as well as the duplication of VCR in other areas. Although the gold generally occurs in native form and is usually associated with pyrite and carbon, most of the gold The vertical separation between the VCR and MR increases has been subsequently modified and remobilised during from north to south, east of the Bank Break (VCR overlies secondary hydrothermalism, giving rise to the most favourite progressively younger strata southwards) and from east to depositional model currently in use, i.e. Modified Palaeoplacer west, west of the Bank Break (VCR overlies progressively Model. The model emphasises a control on the occurrence of younger strata westwards). This is a result of the relative ore minerals by placer-forming mechanisms, while accepting angle of the VCR unconformity surface to the regional strike some modification by metamorphism, is the generally and dip of the underlying Central Rand Group strata. This accepted model for the origin of gold and uranium unconformity feature, in conjunction with the structural effects mineralisation of the Witwatersrand Basin. For several of the Bank Fault (Bank Anticline), results in the elimination of decades now, models using sedimentological principles were the CL and MR in a V-shaped area closing to the south just very successfully used to predict gold distribution on mine west of the Bank Fault (D5 Shaft area). properties.

Local geology KDC East 3 Shaft South Deep Twin Shaft The KDC is bound by the West Rand Fault to the east KDC East KDC East Main Shaft Pilgrim 4 Shaft separating it from the South Deep Gold Mine, and is bisected KDC East by the Bank Fault, a large west dipping fault with a down- 7 Shaft throw to the west resulting in the Bank Break phenomenon. The structure east of the Bank Break (KDC-East) is dominated by the West Rand and Panvlakte Horst blocks, which are superimposed over broad folding associated with the southeast plunging West Rand Syncline. The northern limb of the syncline dips in a south-southwesterly direction and the southern limb in an east-southeasterly direction.

In the area east of the Bank Break (between the West Rand and Bank Faults), the VCR and the underlying Central Rand

West Rand fault Group strata of the Witwatersrand Supergroup have a general north-northeast strike and dip to the east-southeast at between 25° and 45°. Major geological structures within the domain comprise normal faults sub-parallel to the West VCR Digital Rand Fault. Sympathetic to it are north-northeast trending Terrain Model (DTM) Seismic section across West Rand Fault (DTM colours change West Seismic section across to depth) according

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 4 West of the Bank Break the VCR and the underlying Central The VCR represents the final phase of sedimentation prior to Rand Group strata have a general east-west strike and dip to the extrusion of the lavas of the Klipriviersberg Group and the south at between 20° and 25° (VCR 22° to the south- unconformably and disconformably overlies the underlying southeast). Major geological structures within the domain sediments of the Witwatersrand Supergroup. The VCR is comprise normal faults sub-parallel to the Bank Fault. dated at approximately 2.7 billion years and is an auriferous Sympathetic to it are north-northeast trending dykes with little palaeoplacer consisting of several complex, inter-calated or no apparent offset of the stratigraphic units and younger, gravel types (facies). Lavas of the Klipriviersberg Group lie east-northeasterly trending dextral wrench faults, some of conformably on the gravels (conglomerates) and thus which host dyke material. The subcrop line of the VCR preserved unique characteristics of the sediments and the against the Black Reef and overlying dolomites trends geomorphology. The sediments have been subdivided into west-southwest and consequently restricts the area to the five major facies types, which consist of a complex series of west that is underlain by VCR. intercalated oligomictic and polymictic conglomerates of varying thicknesses and differing average gold grades. KDC exploits three primary reefs, namely the Ventersdorp Contact Reef (VCR) located at the top of the Central Rand For the 31 December 2011 Mineral Resource and Mineral Group, the Carbon Leader Reef (CL) near the base of the Reserve estimate, minor corrective changes were made to the Group and the Middelvlei Reef (MR), which stratigraphically VCR facies model based on the latest geological information. occurs some 50 to 75 metres above the CL. Various secondary reefs are also being exploited, but only on a Middelvlei Reef limited scale due to localised payability. These reefs include the Kloof and Libanon Reefs of the Kimberley Conglomerate The MR is correlated with the South Reef of the Central Rand Formation and the Erosion Channel Reef of the Main Goldfields. It occurs some 55 metres above the CL over most Conglomerate Formation. This Erosion Channel that of the mining right area, except where eliminated by the eliminates the CL in a broad west-northwest to east- VCR erosion surface, and is made up of a number of Witwatersrand Basin depositional model southeast zone, sometimes contains a conglomerate which well-packed, large quartz pebble conglomerate bands. In is mined as a secondary reef. For reporting purposes, the some areas the MR assemblage is as much as 6 metres thick Erosion Channel Reef is grouped with the CL and is not with well developed top, middle and bottom bands, reported separately. separated from each other by quartzite partings.

In the area east of the Bank Break, the majority of mining The MR is particularly well developed on the eastern side of takes place on the VCR, which constitutes 93% of the the Bank Break (KDC-East) where it is considered as a Mineral Reserve, the MR 4%, and the Kloof Reefs the principal reef. West of the Bank Break the MR is less well remaining 3%. West of the Bank Break the CL is generally a developed with only limited areas of potential economic high grade reef and represents approximately 75% of the viability, which are restricted to the proximal facies of a current Mineral Reserve, the VCR 23% with the remaining 2% braided-stream depositional environment. comprising mainly the MR. Surface rock dump material is also processed. The MR in general has well defined “pay shoots” which are limited in extent and therefore difficult to project or explore. Ventersdorp Contact Reef The bottom band is most exclusively the economic horizon of In addition to the many economically viable reefs found in the the MR, ranging from a single pebble lag to a maximum Central Rand group, the VCR, found at the base of the thickness of 80 centimetres. The current MR model is based Ventersdorp Supergroup, constitutes a further significant on sedimentology and value/channel width trends to highlight principal economic reef practically unique to this goldfield. prospective areas and to constrain the estimation process. The Ventersdorp Supergroup lithologies truncate the Central For the 31 December 2011 Mineral Resource estimate, Rand Group sediments, classifying the auriferous VCR as changes were made to the facies model at various shaft part of the Venterspost Formation. domains based on the latest geological information.

Carbon Leader Reef The CL is the principal economic reef on the western side of 4 Shaft Main Shaft the Bank Break (KDC-West) and correlates with the Main Reef of the Central Rand Goldfields and varies in thickness Surface from a mere carbon streak to a solid seam of carbon up to 7 mm thick, to a multiple band medium pebble conglomerate, on average some 200 cm thick. Although the

Slope Reef CL is present east of the Bank Break, it is found as distal equivalents of the former and grades into scattered grits with West Rand Fault less gold mineralisation, generally of uneconomic concentrations.

The CL has a low angle of unconformity. The footwall consists of a package of conglomerates, usually referred to as the “Footwall bands of the CL” (also the “North Leader Zone”) and this zone is characterised by lenses of

VCR FACIES: conglomerates, separated by yellowish grey argillaceous Bimodal Terrace Apple Green Terrace Sandy 2 quartzite. The basal conglomerate band of this zone is called Milky Cobble Terrace Sandy 1 the North Leader (NL). Seismic section across West Rand Fault (DTM colours change West Seismic section across to depth) according Schematic diagram of the VCR palaeomorphological model

5 The hangingwall of the CL consists of a siliceous grey quartzite overlain by the Green Bar, a chloritoid shale occurring over most of the Witwatersrand Basin.

Four facies of CL are present; a carbon seam and a single band conglomeratic facies in the west, a multiple band facies in the central parts and a single band conglomeratic facies in the east.

The multiple band CL facies is defined sedimentologically as a reef containing more than one conglomerate band separated by internal quartzite bands. The internal quartzite is similar in appearance to that forming the hangingwall of the CL. The channel width of the facies varies from as little as 10 cm to more than 420 cm and the number of conglomerates is highly variable because of their lenticular 2B conglomerate of multiple band CL facies nature (see schematic illustration below).

The gold grade of the multiple band facies is generally lower are channelised and due to their localised payability, than that of the single band facies but, because of its channel exploration is difficult and often neglected due to the sporadic width, their gold accumulation (cm.g/t) is often similar. nature of economic mineralisation. However, when in reach of Carbon seams are also known to occur in these reefs exploration platforms from current underground development, accompanied by an increase in gold content. exploration programmes are initiated to test for economic exploitable areas or zones. Secondary Reefs The Kloof, Libanon and Erosion Channel Reefs are a relatively minor component of the KDC Mineral Resource. The reefs

West East Multiple band CL facies variation

D8 D7 D1 D2 D3 D4 KDC West D10 D6 D9 D5 Mining Right

Pretoria Group

S/O VCR Black Reef

Malmani Dolomite 22 Level S/O CL and MR Central Rand Group

42 Level Ventersdorp Lava

West Rand Group

VCR

MR S/O = Sub-crop CL Schematic 3D section through KDC West Schematic 3D section through

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 6 Exploration and drilling Exploration drilling was generally executed from surface on existing sites and at undeveloped sites. Once a potential area irregular grids of 500 to 2,000 metres dependent on historical has been discovered, exploration is extended and intensified exploration strategy, depth of the mineralised horizons and in order to enable clearer definition of the ore body and the geological uncertainty. Once underground access is available, potential portions to be mined. Geological techniques are infill grade control drilling is undertaken from access haulages constantly refined to improve the economic viability of and cross cuts to provide a 30 to 100 metre grid depending prospecting and mining activities. on geological requirements from structural, safety and evaluation perspectives. A comprehensive borehole management QA/QC programme is embedded at KDC and is intended to monitor sampling A continuous Mineral Reserve definition drilling programme is and laboratory performance in an effort to control (minimise) in place and is aligned to facilitate better planning and the total possible error in the sampling-splitting-analysis optimisation, with appropriate lead time, to ensure robust sequence. This is achieved by monitoring and controlling four geological and evaluation models, that will underpin the essential components of the sequence: resource definition of the VCR, MR and CL. The programme i. Sample Management and Sample Security; will confirm the ore body potential in all areas of KDC, ii. Laboratory Sample Preparation and Assaying;

2B conglomerate of multiple band CL facies including secondary minerals such as uranium and sulphur. iii. Analytical Accuracy and Precision; and Exploration activities are focused on the extension of existing iv. Reporting Accuracy. ore bodies and the identification of new ore bodies, both at

At KDC, for the period ending 31 December 2011, the following exploration drilling was achieved:

Exploration drilling and expenditure December 2011 Dec 2010* June 2010 Metres ZAR US$ US$ US$ Operation drilled millions millions millions millions KDC West 10,615 11.518 1.552 0.791 1.096 KDC East 14,519 13.257 1.788 0.793 1.767 Total 25,134 24.775 3.339 1.584 2.863 December 2011 exchange rate: US$:R7.42. * Six month period ending 31 December 2010. 5. Mining

The KDC operation is engaged in underground and surface rock dump mining and is a large,

Multiple band CL facies variation established shallow to deep level gold mine that is accessed from surface via 12 shaft systems to the current lowest working level some 3,347 metres below surface.

A significant challenge facing the KDC operation is seismicity high-yield elongate support units and continuous assessment and to a lesser extent flammable gas. To reduce the impact of the seismic monitoring systems. of seismicity, KDC practises the closely spaced dip pillar mining method and has also adopted a revised stope support Mining methods standard in all areas with friable hangwall, especially in areas Access to the various auriferous reefs being mined is that have the Westonaria Formation Lava hangingwall. provided through vertical, inclined and declined shaft systems. If additional depth is required to fully exploit the reef, Early detection methods and increased ventilation of the and it is economically feasible, then secondary (sub-vertical) shafts are being used to minimise the risk of incidents caused or tertiary shafts are sunk from the underground levels. by flammable gas. Extensive cooling infrastructure is required Horizontal development at various intervals of a shaft, known to maintain comfortable conditions for workers due to the as levels, extends access to the horizon of the reef to be depth of the operations. mined. On-reef development then provides specific mining access. The rock engineering practices are aimed at reducing risks and thus improving safety associated with gravity and seismic The predominant mining layout at KDC is breast stoping with related rockfall and rockburst incidents through implementing dip pillars, with a minor contribution from scattered mining. the recommendations from the risk assessment department Mining spans and pillar widths depend on the location, the reef being mined and the depth of working.

Schematic 3D section through KDC West Schematic 3D section through (roof bolting, netting and closer spaced packs), testing of

7 The mining methods employed at KDC vary between shafts The geological models are validated in IRRIS, where resource and can be subdivided as follows: blocking is also carried out. All blocks are captured according to the geological models and geozones. The mine design 1. KDC West operation includes rock engineering pillars comprising bracket pillars ¨¨ Breast mining with dip pillars in the shaft pillar extraction along major geological structures, as well as stability pillars at D1 Sub-Vertical Shaft; related to the appropriate mining method. An allowance for ¨¨ Breast mining with dip pillars at D1 Tertiary and D5 minor faulting, structure and reef loss, based on historical Sub-Vertical Shafts; results, is applied. ¨¨ Pillar extraction and scattered mining at D2 Shaft; ¨¨ Mini-longwall mining, scattered mining, shaft pillar and The mine design is scheduled on a monthly basis for the first pillar extraction at D4 Sub-Vertical Shaft; two years of the operational plan, which is extended on an ¨¨ Pillar extraction and scattered mining at D6 Sub-Vertical annual basis for the remaining period of the LoM Plan. The Shaft; production parameters necessary for the development of the ¨¨ Pillar extraction and scattered mining at D8 Shaft; and strategic LoM plan are captured from the computer models ¨¨ Reclamation and vamping at D6 Tertiary and D10 on a shaft basis for each period. The inclusion of the surface Sub-Vertical Shafts. Mineral Resources is reviewed annually as part of the strategic planning process. 2. KDC East operation ¨¨ K1 SV Shaft – remnant pillar extraction and breast mining The C2012 operational plan, with respect to remnant pillar with dip pillars; mining, was aligned to the updated Gold Fields Pillar Mining ¨¨ K2 SV Shaft – remnant pillar extraction and breast mining Code of Practice, which takes cognisance of a stringent safe with dip pillars; remnant extraction practice. The rock engineering risk factors ¨¨ K3 and K7 Shafts – breast mining with dip pillars and (risk matrix) associated with remnant extraction were remnant pillar extraction; identified as: Energy Release Rate; Average Pillar Stress; ¨¨ K4 Shaft – breast mining with dip pillars; and Shape; Width-to-Height Ratio; and the presence of ¨¨ K8 Shaft – remnant pillar extraction and breast mining seismically active geological structures. with dip pillars. Mineral Reserve development will continue to be a key KDC is also processing old surface rock dumps containing performance indicator and will be accelerated further in gold. The dumps are loaded and screened to smaller appropriate areas. The following table indicates the fractions and then processed at D2, D3 and K1 plants. development advanced for the last twelve months to December 2011. A total of 45.0 kilometres was developed with 7.7 kilometres driven on-reef.

Development results for 12 months to December 2011: KDC West Category CL MR VCR Total Advanced (metres) 18,716 1,522 5,391 25,628 On-reef (metres) 3,223 405 739 4,367 Sampled (metres) 3,042 321 411 3,774 Channel width (cm) 78 49 42 72 Average grade (g/t) 23.7 24.7 41.2 24.8 Average value (cm.g/t) 1,851 1,211 1,732 1,707

Barring to make the workplace safe KDC East Mine planning and scheduling Category KLOOF MR VCR Total All mine design and scheduling is undertaken using Advanced (metres) 686 2,250 16,435 19,371 Cadsmine© computer software in conjunction with the On-reef (metres) 257 440 2,614 3,311 Integrated Resource and Reserve Information System (IRRIS) proprietary to Gold Fields. This includes the delineation of Sampled (metres) 201 492 2,304 2,997 mining or stoping areas for each mining level and section, Channel width (cm) 111 104 138 131 usually leading from an extension to the existing mining Average grade (g/t) 16.8 7.1 21.0 19.0 sequence, and the definition of the necessary development layouts. The latest update of the geological structure model is Average value (cm.g/t) 1,876 741 2,907 2,482 referenced and incorporated into the mine design.

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 8 Production and hoisting capacities Hoisting Operating capacity Business unit Shaft Shaft (ktpm) BU 1 D1 Shaft D1 105.0 D1 SV 105.0 D1T 121.0 D5 Shaft D5 70.0 D5 SV 159.0 BU 2 D2 Shaft D2 165.0 D4 Shaft D4 SV 57.0 BU 3 D6 Shaft D6 66.0 D6 SV 96.0 D6 T 65.0 D8 Shaft D8 66.0 D9 Shaft D9 – D10 Shaft D10 SV – BU 4 K3 Shaft K3 SV 76.5 K4 Shaft K4 75.0

K4 SV 82.0 0 1 2.5 km

BU 5 K1 Main Shaft K1 150.0 Shafts K1 Shaft K1 SV 91.0 Mined out Areas Processing Plant K2 Shaft K2 SV 101.0 K7 Shaft K7 176.0 K7 SV 136.0 K8 Shaft K8 73.0 KDC shaft zones K10 Shaft K10 – SV: Sub vertical shaft; T: Tertiary Note: Hoisting capacity for K4 SV will be upgraded within the next three years

6. Projects The current major mine projects at KDC are the KDC West Decline Project at D5 Shaft, the KDC East 46 Level Project at K4 Shaft, the Growth Project for the treatment of surface rock dump material and the Tailings Storage Re-treatment Process Project.

KDC-West 5 Shaft Decline Project KDC West D5 decline, which was included in the previous ¨¨ Installation of a surface rock winder at the 4 Main shaft; and LoM (at pre-feasibility), has been excluded from the current ¨¨ Access to the ground between 45 and 46 level (downsize LoM (3.7 million ounces) due to a negative NPV (at R310,000/ of the previous 55 decline project). A revised layout of kg) resulting from a reduction in mined value and escalation of developing 46 level from the current 4SV shaft was costs. re-evaluated in terms of the time span to access the reef horizon and the difficulty in terms of all the current The mine is completing a feasibility study, aimed at identifying infrastructure on this level. A feasibility study has been alternative, financially viable means of accessing the below conducted on a twin mini decline system from 45 to infrastructure Mineral Reserves. The study will be completed in 46 level on the northern side of shaft in close proximity to 2012. the target orebody, This will facilitate faster and easier access to the economic Sandy 1 VCR facies, the majority KDC-East 4 Shaft Re-capitalisation Project of which is located between 45 and 46 level. In order to enable 4 Shaft to achieve optimum production levels, an extensive re-capitalisation study has been The GROWTH (Gold Recovery Opportunities from Waste conducted. On full approval of the programme, the project will Treatment Holistically) Project comprise the following initiatives: KDC has many low grade (waste) surface rock dumps (SRDs) ¨¨ Development of inter levels on 44 level north and 42 level and residue tailings facilities that have accumulated since south; mining operations began more than 40 years ago. In some ¨¨ Installation of an ore silo between 45 and 46 levels to instances these SRDs are being selectively reprocessed handle the projected increase in production; through existing plants where surplus milling capacity exists. ¨¨ Mechanical upgrade of the sub-vertical shaft rock winder; With the exception of pre-screening, no other upgrading of the ¨¨ Completion of internal service and ventilation systems in material is generally undertaken pre processing. These SRDs the 59 line and 43 line; offer a significant opportunity to Gold Fields to realise additional

9 gold production, as well as reducing closure liability, as the sites ultimately require rehabilitation.

The Gold Recovery Opportunities from Waste Treatment Holistically (GROWTH) concept has been adopted as a vehicle to drive the value proposition associated with the environomics of processing SRD’s and TSF’s for gold recovery. The first phase of the GROWTH concept is the full implementation of the Python Plant Technology for the processing of SRD’s at all sites, and comes with the

advantage of gold recovery along with operations (Dump 13) re-treatment Tailings concurrent rehabilitation. The slurry is received into a surge feed slurry overflows from tank to tank via The project is designed to treat SRD’s tank ahead of pumping to the cyclone the interconnected open launders. A to produce gold, backfill material, as cluster at a pre-determined cyclone residence time of two hours per leach well as industrial aggregate suitable for feed density to achieve the requisite tank is adequate to achieve the best an appropriate off-take agreement as classification. The cyclone overflow at possible recovery from a tailings part of our Sustainable Development’s 80% passing 75 µm gravitates to the retreatment operation. local economic development (“LED”) dewatering thickeners or cyclones while mandate This basket of products will the cyclone underflow gravitates to the The leached slurry is pumped to the result in a positive cash flow and regrind mill sump where it is pumped to Carbon-In-Pulp (CIP) circuit where facilitate the ultimate concurrent the regrind mill for further particle size dilution water is added to achieve a pulp rehabilitation of the SRD sites ahead of reduction (80% passing 75 µm). density of 1.4 gm3. The leached slurry is current life of mine closure schedules. contacted with activated carbon, where Flocculent and lime are added to the dissolved gold in the slurry is absorbed Tailings Storage Re-treatment dewatering thickener, to aid in the solid/ onto the carbon. Loaded carbon is Process Project liquid separation, and the thickened pumped from the head tank in a CIP or Gold Fields has a total of six dormant slurry underflow is pumped to the leach CIL arrangement and screened for Tailings Storage Facilities (TSF) at its circuit at a density of between 1,500 to entrained slurry to be sent to elution and KDC operation. Two of these are at 1,600 t/m3. The thickener underflow electrowinning. KDC West operation with an average slurry is pumped to a train of leach gold grade of 0.47g/t while four at the tanks (may also be Carbon In Leach) via The residual slurry after gold KDC East operation averaging 0.27g/t a leach conditioning tank where cyanide extraction from a CIL or a gold. A pre-feasibility study exercise is (sheared oxygen and lime may also be CIP arrangement is pumped to the currently being finalised through a added if required) is added prior to the tailings storage facilities (TSF) for final project management company, and will leaching process. Clear water overflows tailings disposal. be followed by a full feasibility study to the thickener and is returned to the determine the best means of bringing process water tank for re-use in the The diagram below describes the to account the 2.9 million ounces in process. basic TFS monitoring flow sheet while Mineral Reserves. the pictures illustrate the physical Lime is added to maintain a leach operation at KDC West Dump 13, The Tailings Storage Facilities (TSF) process pH of above 10.5. The leached which is on the footprint of TSF 3. material is reclaimed by hydraulic mining using high pressure monitoring guns placed against the face of the TSF or on top of the TSF. The material is reclaimed at an average gold grade of 0.3 g/t.

The reclaimed material is re-pulped with the resulting slurry gravitating to TSF High pressure water Screening Pulp transfer the sump at the monitoring pump monitoring station where dilution water is added (if required) to a desired pulp density of 1.3 gm3 (40% solids). Slurry is pumped and transferred to a tramp screen to Overflow remove vegetation, coarse material and any undesirable material in the Underflow process. The tramp undersize screen material gravitates via the launder into Pulp receiving Gold extraction Disposal to TSF a pulp transfer tank. The slurry is at plant pumped from the pulp transfer tank to the gold treatment plant. Classification and regrind monitoring flow sheet Basic tailings reprocessing

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 10 7. Mineral processing

KDC operates five gold processing plants, three at the KDC-West operation and two at the KDC-East operation. Both operations’ plants use proven metallurgical processes with centralised elution, carbon treatment and smelting facilities. Centralisation impacts better recovery rates, giving reduced dissolved gold losses and operating cost, as well as improved security.

KDC’s first gold pour took place in 1952 at the original KDC crushing, utilising open circuit rod mills for primary milling D2 Gold Plant with ore obtained from the now defunct and closed circuit pebble mills for secondary milling. After 11 shaft. Currently D2 Plant is only treating surface waste milling, the pulp is thickened and then processed through rock material at 200 kt per month. It is delivered by rail from air agitated leaching; drum filtration, zinc precipitation and rock dumps to the plant feed bunkers. The process flow smelting to doré. In June 2001 an AAC Pump Cell CIP incorporates two SAG mills, a ball milling circuit, cyanide circuit was installed to replace the less efficient drum leaching and a carbon in pulp (CIP) plant. Loaded carbon is filtration and zinc precipitation. Smelting was also Tailings re-treatment operations (Dump 13) re-treatment Tailings transported to the central Elution Circuit at D1 Plant. discontinued, with loaded carbon being transported to the K2 Plant for elution and thermal regeneration. The D1 Plant was commissioned in 1972 as a three stage crushing, two stage milling, filtration and zinc precipitation The K2 Plant was commissioned in November 1990. This operation. The plant was initially designed and installed to plant receives underground Run-of-Mine ore (RoM), which is treat 100 kt of ore per month, but this has been gradually crushed and delivered to a stacker reclaimer system, where increased to a monthly throughput of 240 kt. The mineral the ore is stored and blended prior to reclamation and processing technology in the plant is based on SAG milling delivery to the mills. Surface material is also delivered to the circuit followed by cyanide leaching. The SAG milling circuit stacker pad to utilise plant capacity. There are two Semi- was commissioned in September 2003 and replaced the Autogenous Grinding (SAG) mills, which are equipped with conventional crushing and milling circuit while the filtration variable-speed ring motor drives, and can be operated as and zinc precipitation processes were replaced by the state fully autogenous units or as semiautogenous units by adding of the art carbon in pulp (CIP) plant. Originally a uranium steel grinding balls. Milled ore is thickened ahead of cyanide plant, D3 Plant was converted in 1998 to a surface low- leaching in air-agitated tanks and adsorption onto activated grade waste rock treatment facility. The plant was carbon in a conventional CIP circuit. Loaded carbon is eluted constructed using a combination of new as well as existing in an AARL elution circuit, which was upgraded in June 2001 equipment on site. This plant has the capacity to treat and further in October 2003. It now serves as the central 115 kt per month of rock material reclaimed from the waste elution facility for KDC East. The upgrade included the rock dumps located on the mine. installation of Continuous Electrowinning Sludge Reactors, which are working very efficiently. Cathode sludge is filtered The K1 Plant was commissioned in 1968 to treat and smelted to produce bullion. The current operational underground ore. This plant comprises three stage capacity of the K2 Plant is 162 ktpm.

Plant capacities Efficiency Plant Capacity (tpm) (% extraction) Material treated D1 – CIP 255,000 97 Underground ore D2 – CIP 200,000 91 Surface rock dump D3 – CIL 115,000 90 Surface rock dump K1 – CIP 170,000 91 Surface rock dump K2 – CIP 162,000 98 Underground ore KDC East Python 1 – Flotation 71,000 87 Surface rock dump Panoramic view of KDC West Panoramic view of KDC West 5 Shaft Complex Basic tailings reprocessing monitoring flow sheet Basic tailings reprocessing

11 8. Sustainable development

Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy.

Gold Fields has introduced structures that encourage a KDC has, as part of its social management imperative, a networked interface between disciplines like safety, health, portfolio of projects and initiatives designed to give effect to environmental engineering, natural environment, risk, the objectives of the Minerals and Petroleum Resources stakeholder engagement, social management, legal and Development Act (MPRDA). These include, among others, communication. This approach has allowed Gold Fields to the construction of the Simunye Health Care Facility (pictured capitalise on synergies and to avoid duplication. In this below) near Westonaria, which was delivered in partnership regard, several Key Performance Indicators (KPIs) are with the Gauteng Department of Health and Social monitored and utilised to make informed business decisions. Development and the Westonaria Local Municipality. The facility, which boasts modern amenities, will provide Gold Fields is designing a safety management system called comprehensive medical services to a community of more the Safe Production Management System, to address than 48 000 people whose current access to healthcare is outstanding issues identified and to assist the operations to limited to a mobile refurbished container and an emergency improve health and safety to best practice levels. Gold Fields clinic situated some six kilometres away. has committed itself to the Mine Health and Safety Council target set by the industry in conjunction with the Department In our effort to reduce our environmental footprint, we are of Mineral Resources. These milestones are based on rate currently exploring the possibility of utilising timber from our improvements for fatalities, noise-induced hearing losses and flagship project, the Eradication of Alien Vegetation, as input silicosis, with the objective of aligning with international into the bio-mass to energy project. The Eradication of Alien norms. Passing of the Mine Health and Safety Act in 1996 Vegetation project has, to date, resulted in the establishment heralded a transition to a new paradigm shift in mining health of six small, medium and micro enterprises (SMMEs) from and safety in South Africa. Since that time, the Mine Health local mine communities. and Safety Council has set a benchmark for reduction of accidents to international standards in the South African KDC also supports agricultural projects for communities in mining industry by 2013. KwaZulu Natal and the Eastern Cape, our major labour sending areas. KDC’s environmental initiatives are focused on reducing the impact that the mine may have on the environment. All For details on the Social and Labour Plan (SLP) refer to potential sources of pollution like the water discharges are Section 5 in the Integrated Annual Review. sampled, analysed and monitored on a regular basis. Concurrent rehabilitation projects, like alien vegetation eradication are the current focus.

The Mine has an environmental management team who are supported by specialist assistance from the regional office at Libanon Business Park. Following an audit conducted in October 2011, the mine was certified to be in compliance with ISO 14001: 2004 standard. In addition, quarterly internal audits, as well as annual external surveillance audits of all management units are performed for ongoing verification of conformance. A prefeasibility study on our water management and water related liabilities was completed in

2011. This will be followed by a feasibility study in 2012. Facility The newly built Simunye Health Care near Westonaria

Safety statistics Class Units F2007 F2008 F2009 Dec 20101 Dec 2011 Fatalities number 31 16 22 11 13 Fatality rate per mmhrs 0.33 0.18 0.24 0.13 0.17 LTIFR per mmhrs 11.32 6.72 5.26 6.31 7.95

1 For six months to December 2010.

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 12 9. Mineral Resources and Mineral Reserves

Mineral Resources are reported in full compliance to the 2007 SAMREC Code and are consistent with the approach used at other Witwatersrand deep level gold operations. Realistic mine design and scheduling is underpinned by dynamic resource modelling.

KDC’s Mineral Resources and Mineral Reserves are reported within its Mining Right and are adjusted to show the split between above (AI) and below (BI) current shaft infrastructure as defined by 50 level at KDC’s West operation and 46 level at KDC’s East operation.

In this reporting cycle, considerable Mineral Resource ounces that previously converted to the Measured, Indicated and Inferred Resource categories now remain in inventory. This revision is based on the enhanced in-house resource classification, which takes into account Gold Fields safety value (“If we cannot mine safely, we will not mine”), as well as the principle that there must be reasonable and realistic prospects for eventual economic extraction.

Mineral Resources Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the resource block model. They also include estimates of any material below the cut-off grade required to be mined to extract the complete pay portion of the Mineral Resource.

KDC East Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Measured 15.1 15.2 68.4 17.3 17.1 11.6 8,396 8,365 25,533 Indicated (AI) 45.0 41.1 73.9 7.7 9.1 8.0 11,196 12,025 19,071 Inferred (AI) – 4.7 – – 7.8 – – 1,174 – Total above infrastructure 60.1 61.0 142.3 10.1 11.0 9.7 19,592 21,564 44,604 Indicated (BI) 17.1 17.8 79.5 17.0 18.1 12.8 9,341 10,348 32,729 Inferred (BI) 17.5 16.0 – 16.9 16.2 – 9,502 8,321 – Total underground 94.7 94.8 221.8 12.6 13.2 10.8 38,435 40,233 77,333 Surface Indicated SRD 8.0 22.5 28.3 0.7 0.6 0.6 185 434 559 Measured TSF 250.4 246.0 243.9 0.3 0.3 0.3 2,219 2,204 2,199 Total surface 258.4 268.5 272.2 0.3 0.3 0.3 2,404 2,638 2,758 Grand total 353.1 363.3 494.0 3.6 3.7 5.0 40,839 42,871 80,091

KDC West Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Measured 20.2 25.2 48.0 14.3 14.0 10.5 9,312 11,366 16,194 Indicated (AI) 14.5 20.2 24.9 12.0 12.6 12.7 5,595 8,168 10,177 Inferred (AI) – – 17.4 – – 6.0 – – 3,343 The newly built Simunye Health Care Facility The newly built Simunye Health Care near Westonaria Total above infrastructure 34.7 45.4 90.3 13.4 13.4 10.2 14,907 19,534 29,714 Indicated (BI) 31.6 32.3 43.2 9.9 11.1 12.4 10,092 11,517 17,262 Inferred (BI) – – 25.9 – – 5.9 – – 4,899 Total underground 66.3 77.7 159.4 11.7 12.4 10.1 24,999 31,051 51,875 Surface Indicated SRD 6.9 7.7 6.8 0.6 0.6 0.7 142 160 152 Measured TSF 121.2 172.1 170.9 0.4 0.3 0.3 1,516 1,865 1,856 Total surface 128.1 179.8 177.7 0.4 0.4 0.4 1,658 2,025 2,008 Grand total 194.4 257.5 337.1 4.3 4.0 5.0 26,657 33,076 53,883

13 Tonnes (Mt) Grade (kg/t) Uranium (Mlb) Mineral Inventory Dec Dec June Dec Dec June Dec Dec June Uranium 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Scheduled Inventory 40.9 – – 0.042 – – 3.816 – – Total underground 40.9 – – 0.042 – – 3.816 – – Surface tailings Tailings 371.6 418.1 414.8 0.047 0.048 0.048 38.421 44.307 44.164 Total surface tailings 371.6 418.1 414.8 0.047 0.048 0.048 38.421 44.307 44.164 Grand total 412.5 418.1 414.8 0.046 0.048 0.048 42.237 44.307 44.164

Modifying factors ¨¨ The Measured and Indicated Mineral Resources are KDC East (underground)

inclusive of those Mineral Resources modified to produce 350 40 Mineral Reserves; 300 35 ¨¨ All Mineral Resources and Mineral Reserves are stated as 30 at 31 December 2011. Unless otherwise stated, all 250 25 Mineral Resources and Mineral Reserves are quoted as 200 20 100% (managed) and not attributable with respect to 150 ownership; 15 Tonnes (millions) 100 ¨¨ All Mineral Reserves are quoted in terms of Run-of-Mine — 10 50 5

(RoM) grades and tonnage as delivered to the Average grade above cut-off (g/t) metallurgical processing facilities and are fully diluted; 0 0 — 0 2 4 6 8 10 12 14 16 18 20 22 24 ¨¨ Mineral Reserve statements include only Measured and Cut-off grade (g/t) Indicated Mineral Resources, modified to produce Mineral Reserves and contained in the LoM plan; and KDC West (underground) ¨¨ Mineral Resources and Mineral Reserves undergo both internal and external audits during the year and any 300 35

issues identified are rectified at the earliest opportunity – 250 30 usually during the current reporting cycle. 25 200 20 Grade tonnage curves 150 The grade tonnage curve (GTC) represents undiluted grade 15

Tonnes (millions) 100 10

(at block width) and tonnes within the total Mineral Resource. — Underground Mineral Resources make provision for minor 50 5 Average grade above cut-off (g/t) faulting and minor geological losses. 0 0 — 0 2 4 6 8 10 12 14 16 18 20 Cut-off grade (g/t)

KDC East KDC West Dec Dec Dec Dec Modifying factors Unit 2010 2011 2010 2011 Mineral Resource parameters Gold Price US$/oz 1,100 1,450 1,100 1,450 Exchange Rate ZAR:US$ 8.24 7.42 8.24 7.42 Gold Price ZAR/kg 290,000 340,000 290,000 340,000 Pay Limit cm.g/t 1,460 1,479 1,130 1,290 Mineral Reserve parameters Gold Price US$/oz 1,000 1,300 1,000 1,300 Gold Price ZAR/kg 265,000 310,000 265,000 310,000 Pay Limit cm.g/t 1,610 1,610 1,240 1,420 Mined Value cm.g/t 1,950 1,944 1,687 1,771 Mine Call Factor % 83 85 90 85 Block Factor % 100 100 99 100 Shortfall % 10 14 11 13 Stoping width cm 157 156 154 153 Mill Width cm 206 212 201 210 Plant Recovery Factors – Underground % 98 98 97 97 – TSF % – 55 – 60 – SRD % 85 85 85 85

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 14 Mineral Reserves Mineral Reserve estimation at KDC is based on development of an appropriately detailed and engineered LoM plan, which accounts for all necessary access development and stope designs. The planning process incorporates appropriate modifying and technical-economic factors.

Significant increases in power, consumable and labour costs have limited the benefit of an increased gold price with the effect that pay limits show a nominal increase since the December 2010 declaration despite the increase in the Mineral Reserves gold price. Optimised mine design and scheduling on the Mineral Reserve estimate, utilising a US$1,300 per ounce gold price, resulted in a Proved and Probable Mineral Reserve estimate as at 31 December 2011, as follows:

Tonnes (Mt) Grade (g/t) Gold (’000 oz) KDC East Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Proved 12.0 7.8 16.4 7.8 9.0 7.5 3,021 2,253 3,934 Probable (AI) 15.8 23.6 17.1 7.7 7.5 7.9 3,930 5,684 4,357 Probable (BI) – – 3.4 – – 7.9 – – 868 Total underground 27.8 31.4 36.9 7.8 7.9 7.7 6,951 7,937 9,159 Surface Probable SRD 8.0 9.1 11.2 0.7 1.0 0.8 185 294 314 Proved TSF 155.3 – – 0.3 – – 1,618 – – Total surface 163.3 9.1 11.2 0.3 1.0 0.8 1,803 294 314 Grand total 191.1 40.5 48.1 1.4 6.3 6.1 8,754 8,231 9,473

Tonnes (Mt) Grade (g/t) Gold (’000 oz) KDC West Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Proved 10.9 11.2 15.7 7.7 8.0 7.4 2,693 2,887 3,714 Probable (AI) 15.6 20.9 18.6 7.4 7.8 8.8 3,689 5,250 5,256 Probable (BI) – 16.1 27.4 – 7.2 9.2 – 3,713 8,097 Total underground 26.5 48.2 61.7 7.5 7.6 8.6 6,382 11,850 17,066 Surface Probable SRD 6.9 7.7 6.8 0.6 0.6 0.7 142 160 152 Proved TSF 91.9 – – 0.4 – – 1,299 – – Total surface 98.8 7.7 6.8 0.5 0.6 0.7 1,441 160 152 Grand total 125.3 55.9 68.5 1.9 6.7 7.8 7,823 12,010 17,218 Modular section of Python plant

15 KDC East Proved Probable Total Mineral Reserve Mineral Reserve classified per Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Underground 1 Shaft 3.6 4.3 494 0.7 4.1 98 4.3 4.3 592 2 Shaft 1.0 12.3 388 2.5 10.4 828 3.5 10.8 1,216 3 Shaft 2.3 11.8 861 0.5 11.9 197 2.8 11.8 1,058 4 Shaft 3.9 8.0 992 8.6 7.4 2,048 12.5 7.6 3,040 4 Shaft (46 Decline) – – – 1.5 7.3 353 1.5 7.3 353 7 Shaft 0.7 7.8 172 0.7 8.6 193 1.4 8.1 365 8 Shaft 0.5 6.6 114 1.3 5.2 214 1.8 5.7 328 Total underground 12.0 7.8 3,021 15.8 7.7 3,930 27.8 7.8 6,951 Surface Surface stockpiles – – – 8.0 0.7 185 8.0 0.7 185 TSF 155.3 0.3 1,618 – – – 155.3 0.3 1,618 Grand total (Underground and Surface) 167.3 0.9 4,639 23.8 5.4 4,115 191.1 1.4 8,754

KDC West Proved Probable Total Mineral Reserve Mineral Reserve classified per Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Underground 1 Shaft 1.3 7.3 306 1.5 9.7 472 2.8 8.6 778 1 Shaft Pillar – – – 2.2 7.9 558 2.2 7.9 558 2 Shaft 0.7 11.2 248 1.3 7.3 306 2.0 8.6 554 4 Shaft 2.6 12.3 1,045 1.8 8.9 506 4.4 11.0 1,551 5 Shaft 3.5 5.8 654 7.6 6.9 1,687 11.1 6.6 2,341 6 Shaft 1.1 4.0 139 0.3 4.6 47 1.4 4.1 186 8 Shaft 1.6 5.5 292 0.9 3.9 113 2.5 5.0 405 10 Shaft 0.02 16.0 10 – – – 0.02 16.0 10 Total Underground 10.8 7.7 2,694 15.6 7.4 3,689 26.4 7.5 6,383 Surface Surface stockpiles – – – 6.9 0.6 142 6.9 0.6 142 TSF 91.9 0.4 1,299 – – – 91.9 0.4 1,299 Grand total (Underground and Surface) 102.7 0.8 3,992 22.5 5.3 3,831 125.2 1.9 7,823 Earthworks for reclamation of KDC West TSF and SRD of KDC West Earthworks for reclamation

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 16 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Decrease due to mined depletion; ¨¨ Depletion since January 2011; ¨¨ Enhancements to the in-house Mineral Resource ¨¨ Geological and evaluation model enhancements classification and an increase in pay limits, has resulted coupled with reef grade changes; in a reduction in ounces at KDC West of 5 million ¨¨ Specific exclusions (D5 decline) and changes in dip ounces and at KDC East of 2 million ounces; and pillar layouts; and ¨¨ Economic factors (higher pay limit at KDC West). ¨¨ Economic factors (higher pay limit at KDC West).

KDC East – Change in Mineral Resources KDC East – Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

50 10 1.6 0.1 3.7 0.2 0.1 8.8 42.9 0.1 0.3 40 0.6 0.6 40.8 8 8.2 0.5 Gold (Moz) Gold (Moz) 4.3 0.2 30 6

20 4

10 2

0 0 2010 2011 2010 2011 Mined factors factors Speci c Speci c Geology depletion Technical Resource Depletion Pay limits modelling inclusions Economic Evaluation December December Parameter December December exclusions SRD & TSF classi cation (incl. surface) !"#$%&$ KDC West – Change in Mineral Resources KDC West – Change in Mineral Reserves &'%('%)' December 2010 to December 2011 December 2010 to December 2011

35 0.1 33.1 0.7 0.0 12 12.0 0.2 0.9 0.5 30 1.1 0.3 10 3.4 26.7 1.3

Gold (Moz) 25 Gold (Moz) 8 0.5 20 3.7 0.5 0.3 7.8 6 15 10 4 5 2 0 0 grid 2010 2011 2010 Mined Pillars factors factors Speci c Speci c Geology Geology depletion structure Technical inclusions Resource Depletion Economic Pay limits modelling Evaluation December December exclusions 2011 Final December December Estimation SRD & TSF (incl. surface)

Mineral Reserve Sensitivity (KDC East and KDC West – underground only) The following graphs indicate the Mineral Reserve sensitivity at -10%, -5%, Base, +5%, +10% and +25% to the gold price at KDC East and KDC West respectively. The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

KDC East KDC West Managed Mineral Reserve Sensitivity Managed Mineral Reserve Sensitivity

8.0 10 8 8.7 7.0 6.7 6.4 7.6 6.1 7.0 7.3 6 5.7 Gold (Moz) 6.3 6.6 Gold (Moz)

5 4

2

0 0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 310,000 310,000

Earthworks for reclamation of KDC West TSF and SRD of KDC West Earthworks for reclamation Gold price (ZAR/kg) Gold price (ZAR/kg)

17 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This Technical Statement has been prepared in compliance The Mineral Resources and Mineral Reserves are underpinned with the South Africa Code for the Reporting of Exploration by an adequate Mineral Resource management process and Results, Mineral Resources and Mineral Reserves (2007 protocol to ensure adequate corporate governance in respect SAMREC Code). of the intent of the Sarbanes-Oxley Act.

JSE Environmental This Technical Statement has been prepared in compliance KDC has an environmental management team who are with the Listings Requirements of the JSE Limited, South supported by specialists from the South Africa regional office Africa, specifically Section 12. at Libanon. The systems, procedures and training are at international leading practice levels.

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

JA du Plessis: Manager: Mine Planning and Resource Management (KDC operation) MSc (Mining Eng), GDE, National Higher Diploma Mine Surveying and Mine Surveyors’ Certificate of Competency. Registered with PLATO as a Professional Mine Surveyor (Registration number PMS 0145), Fellow of the Institute of Mine Surveyors. Mr Du Plessis has over 32 years’ experience in the mining industry (four years at KDC) and is responsible for the overall correctness, standard and compliance of the KDC declaration.

J van Eeden: Chief Geologist (KDC-West operation) MSc (Geology). Registered with SACNASP Reg. No. 400043/09. Mr Van Eeden has over 28 years’ experience in the mining industry and is responsible for Geology and Exploration for KDC-West.

K Sibeko: Chief Geologist (KDC-East operation) BSc (Hons) (Geology). Mr Sibeko has over 18 years’ experience in the mining industry and is responsible for Geology and Exploration for KDC-East.

C Dewey: Chief Evaluator (KDC-East operation) MSc Mining Engineering, GDE, NHD Mine Survey and Mine Surveyor’s Certificate of Competence. Registered with PLATO as a Professional Mine Surveyor (Reg. No. PMS 0234), Fellow of the Institute of Mine Surveyors. Mr Dewey has over 37 years’ experience in the mining industry and is responsible for the Sampling and Evaluation functions for KDC-East.

M Greenhalgh: Chief Evaluator (KDC-West operation) GDE Geostatistics, Mining Engineering and Certificate in Mineral Resource Management. Registered with SAIMM, Reg. No. 704826. Mr Greenhalgh has over 23 years’ experience in the mining industry and is responsible for sampling and evaluation functions at KDC-West.

W de Klerk: Chief Surveyor (KDC operation) ND Mine Survey, Mine Surveyor’s Certificate of Competence and GDE. Registered with PLATO as a Professional Mine Surveyor (Reg. No. PMS 0233). Mr De Klerk has over 29 years’ experience in the mining industry and is responsible for Survey, Reporting and Historical Modifying Factors for KDC.

D Foley: Chief Mine Planner (KDC operation) GDE in Mining Engineering. Registered with SAIMM Reg. No. 703904. Mr Foley has over 32 years’ experience in the mining industry and is responsible for the Mine Planning and Scheduling for KDC.

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 18 KDC West Shaft Reference

D West 1 Shaft Masakhane Shaft D West 2 Shaft Pitseng Shaft D West 4 Shaft Ya Rona Shaft D West 5 Shaft Hlanganani Shaft D West 6 Shaft Bambisanani Shaft D West 7 Shaft Rethabile Shaft D West 8 Shaft Khomanane Shaft D West 9 Shaft Ithembalethu Shaft D West 10 Shaft Thabelang Shaft KDC East Shaft Reference

K East Main Shaft Thuthukani Shaft K East 3 Shaft Hlalanathi Shaft K East 4 Shaft Ikamva Shaft K East 7 Shaft Manyano Shaft K East 8 Shaft Masimthembe Shaft K East 10 Shaft Celemanzi Shaft

Kloof-Driefontein Complex A division of GFI Mining South Africa (Pty) Limited Plan showing mine infrastructure as at 31 December 2011

Gauss Conform Projection, Central Meridian Lo 27 East

Reference

Development and stoping on Main Reef (Middelvlei Reef) ...... Development and stoping on Ventersdorp Contact Reef ...... Development and stoping on Kloof Reef ...... Development and stoping on Libanon Reef ...... Development and stoping on Carbon Leader ...... Development off reef ...... Sub-crop of Main Reef (Middelvlei Reef) ...... Sub-crop of Ventersdorp Contact Reef ...... Sub-crop of Kloof Reef ...... Sub-crop of Libanon Reef ...... Sub-crop of Carbon Leader Reef ...... Development Ore Reserve ...... Dykes ...... Faults ...... Shafts ...... Boreholes No. and Surface Position ...... Stabilising pillars ...... Longwall stoping ...... Gold Recovery Plant ...... Prospecting Right Area ......

Datum 1,828.8 metres above mean sea level KDC Life of Mine Mineral Resource Classification

Legend Mine Boundary Shafts Mined out Areas Carbon Leader Subcrop VCR Subcrop Pillars Mineral Resources Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources

KDL East: VCR only KDC West: CL only

KDC Mineral Resource and Mineral Reserve Classification

KDC East underground KDC West underground

exploration exploration results results

MINERAL MINERAL MINERAL MINERAL RESOURCES RESERVES RESOURCES RESERVES 94.7 Mt @ 12.6 g/t 27.8 Mt @ 7.8 g/t 66.3 Mt @ 11.7 g/t 26.5 Mt @ 7.5 g/t 38.4 Moz 7.0 Moz 25.0 Moz 6.4 Moz Reported as in situ Reported as mineable Reported as in situ Reported as mineable mineralisation estimates production estimates mineralisation estimates production estimates

INFERRED INFERRED

17.5 Mt @ 16.9 g/t 9.5 Moz —

INDICATED PROBABLE INDICATED PROBABLE

62.1 Mt @ 10.3 g/t 15.8 Mt @ 7.7 g/t 46.1 Mt @ 10.6 g/t 15.6 Mt @ 7.4 g/t 20.5 Moz 3.9 Moz 15.7 Moz 3.7 Moz Increasing level of geoscientific knowledge and confidence Increasing Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED MEASURED PROVED

15.1 Mt @ 17.3 g/t 12.0 Mt @ 7.8 g/t 20.2 Mt @ 14.3 g/t 10.9 Mt @ 7.7 g/t 8.4 Moz 3.0 Moz 9.3 Moz 2.7 Moz

Consideration of mining, metallurgical, economic, marketing, legal, Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’) environmental, social and governmental factors (the ‘modifying factors’)

KDC East surface KDC West surface

exploration exploration results results

MINERAL MINERAL MINERAL MINERAL RESOURCES RESERVES RESOURCES RESERVES 258.4 Mt @ 0.3 g/t 163.3 Mt @ 0.3 g/t 128.1 Mt @ 0.4 g/t 98.8 Mt @ 0.5 g/t 2.4 Moz 1.8 Moz 1.7 Moz 1.4 Moz Reported as in situ Reported as mineable Reported as in situ Reported as mineable mineralisation estimates production estimates mineralisation estimates production estimates

INFERRED INFERRED

— —

INDICATED PROBABLE INDICATED PROBABLE

8.0 Mt @ 0.7 g/t 8.0 Mt @ 0.7 g/t 6.9 Mt @ 0.6 g/t 6.9 Mt @ 0.6 g/t 0.2 Moz 0.2 Moz 0.1 Moz 0.1 Moz Increasing level of geoscientific knowledge and confidence Increasing Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED MEASURED PROVED

250.4 Mt @ 0.3 g/t 155.3 Mt @ 0.3 g/t 121.2 Mt @ 0.4 g/t 91.9 Mt @ 0.4 g/t 2.2 Moz 1.6 Moz 1.5 Moz 1.3 Moz

Consideration of mining, metallurgical, economic, marketing, legal, Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’) environmental, social and governmental factors (the ‘modifying factors’)

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 21 12. Brief history

The history of KDC

Cecil Rhodes and Charles Rudd, as joint Managing Directors, are co-founders of ‘The Gold Fields of South 1887: Africa Limited’ in 1887.

Drilling commenced by the Pullinger brothers intersecting VCR and MR at depth within the borders of what 1898: became the Venterspost Gold Mine.

Using a magnetometer, Dr Rudolf Krahman discovered the vast gold deposits of the West Wits Line near 1931: Carletonville, including the mines known as Kloof and Driefontein Gold Mines.

1934: Shaft sinking commenced at Venterspost using the newly developed cementation process.

1936: Shaft sinking commenced at Libanon.

Crushing of ore began and first gold from the West Wits goldfield was poured at the Venterspost Gold 1939: Mine.

Exploration activities between 1933 and 1939 culminate in the registration of West Driefontein Mining 1945: Company on March 7, 1945. Sinking of the No 1 and 2 shafts commences (now the No D11 and D12 shafts).

1952: West Driefontein starts milling.

1968: Work commenced on Kloof’s Main shaft system in 1964 and the Kloof Gold Mine official opened in 1968.

East Driefontein starts production in 1972, with an expected life of 52 years, and is immediately among the 1972: lowest cost producers in South Africa.

1979: West Driefontein succeeds Crown Mines as the largest gold producer ever.

On July 1, 1981 East Driefontein Gold Mining Company Limited changes its name to Driefontein 1981: Consolidated Limited and West Driefontein becomes a wholly owned subsidiary of Driefontein Consolidated Limited but still manages its own lease area.

1987: Leeudoorn Gold Mine formed and shaft sinking commenced.

In September 1999 West and East Driefontein are formally amalgamated, pooling their resources to form one mine, Driefontein Gold Mine. 1999: Gold Fields wins control of the Driefontein Gold Mine by buying AngloGold Ashanti’s 21.5% shareholding. The deal makes Gold Fields the world’s second largest gold producer.

Formation of the consolidated Kloof Gold Mine with the amalgamation of the Venterspost, Libanon, 2000: Leeudoorn and Kloof Gold Mines.

On 30 August 2005, Driefontein officially pours the 100 millionth ounce of gold after some 53 years of 2005: production and the Kloof Gold Mine’s production reached a cumulative 70 million ounces of gold after 66 years of production.

2007: Driefontein and Kloof successfully converts their old order mining right to new order mining rights.

2009: TSF uranium models completed and included in Mineral Resource Statements of Driefontein and Kloof.

2010: Kloof and Driefontein management were combined to create the current Kloof-Driefontein Complex (KDC).

2011: Python plant commissioned during 2011.

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 22 13. Key technical staff

Post Incumbent Qualifications Years Key responsibilities Senior Vice President JJ Barnard NHD Metalliferous Mining and 27 Overall strategic direction, leadership and Head of Mine Manager’s Certificate and management Operations Senior Manager R Chaplin BSc Mining Eng (Hons) 21 Full operational management Operations KDC BU 1 Mine Manager’s Certificate Senior Manager T Uys Mine Manager’s Certificate, 23 Full operational management Operations KDC BU 2 Mine Overseer’s Certificate Senior Manager K de Lange NHD, M Eng. Mine Manager's 25 Full operational management Operations KDC BU 3 Certificate Senior Manager O O’Brien Mine Manager’s Certificate 27 Full operational management Operations KDC BU 4 Senior Manager K Stead NHD Metalliferous Mining and 28 Full operational management Operations KDC BU 5 Mine Managers Certificate Metallurgy Manager D Bester ND Extractive Metallurgy, 15 Metallurgical management KDC BU 6 BTech Extractive Metallurgy Mineral Resources J du Plessis MSc (Mining Eng), GDE Mining Eng. 32 Mine Planning, Mineral Resources and Manager KDC NHD Mine Surveying, MSCC Mineral Reserves and compilation of CPR Senior Manager H Engelbrecht Nat Diploma in Cost Accounting 30 Financial Reporting, Compliance Financial KDC Human Resource M Lancaster B Proc (Hons) and LLB 27 Human resources management Manager KDC Senior Engineering L Kotzé B Eng (Mech) and GCC for Mines and 27 Engineering, logistics, infrastructure Manager KDC West Works (Mech) and management. Senior Engineering B Potgieter National Technical Diploma. Electrical 33 Engineering, logistics, infrastructure Manager KDC East and Mechanical. GCC Electrical and and management. Mechanical KDC West 8 Shaft (Khomanane) KDC West

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

23 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: KDC Gold Mine – Technical Short Form Report 2011 1 South Deep Gold Mine Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Managed Mineral Resources at 81.4 Moz.

¨¨ Managed Mineral Reserves at 39.6 Moz.

¨¨ Declared Mineral Resources and Mineral Reserves now modelled, designed and scheduled in accordance with Gold Fields protocols.

¨¨ Old Mine and VCR mostly excluded, pending further exploration and feasibility studies.

¨¨ Production build-up continues to gather momentum and sustain the track-record of delivery.

¨¨ The current Life of Mine is estimated to extend to 2080 (69 years).

The South Deep Gold Mine is a key asset for Gold Fields and the flagship growth project in South Africa. South Deep’s production build-up is on track to deliver the required volume to achieve full production by June 2015, in line with Gold Fields’ long-term stated vision, “To be the global leader in sustainable gold mining”.

Geographic location

South Deep Mining Right Pretoria Johannesburg

Welkom Kimberley Maseru Bloemfontein Durban

Port Elizabeth Cape Town

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 Newshelf 899 (Pty) Limited (Newshelf), which is a 90% subsidiary of Gold Fields Limited, holds 2. Key aspects Page 2 a 100% interest in the South Deep Gold Mine. The remaining 10% is held by outside 3. Operating statistics Page 3 shareholders as part of the BEE Transaction completed in December 2010. The Mine, 4. Geological setting and mineralisation Page 4 situated 45 kilometres southwest of Johannesburg, is an intermediate to deep level 5. Mining Page 6 gold mine comprising two shaft systems, the older South Shaft complex with its main shaft 6. Projects Page 8 and two sub-vertical shafts, and the newer complex known as Twin Shafts. Ore is 7. Mineral processing Page 9 processed at a central metallurgical plant. The mining right area totals 4,268 hectares, which includes the area previously known as Uncle 8. Sustainable development Page 9 Harry’s. 9. Mineral Resources and Mineral Reserves Page 10 South Deep has been designated by Gold Fields as a developing mine and a project to Page 13 10. Regulatory codes increase ore production to 330,000 tonnes per month, is currently in progress. This project 11. Competent Persons Page 13 includes the establishment of a new tailings storage facility, the deepening and equipping of 12. Key technical staff Page 14 the ventilation shaft at the Twin Shaft Complex to hoist both reef and waste material, 13. Brief history Page 17 increasing the metallurgical plant capacity and establishing the underground infrastructure to access Mineral Reserves to the south of the current workings. In order to further improve the confidence in the Mineral Resource estimate of this area, a major surface drilling project is also underway.

The primary economic target is the Upper Elsburg Reef package, which, due to its geometry, lends itself to a mine design that is fully mechanised, and the Ventersdorp Contact Reef as a secondary economic target. It is planned that South Deep will be able to mine 330,000 tonnes per month by 2015. At this production rate, South Deep will produce approximately 700 koz per annum. It is currently estimated that South Deep will be able to maintain this profile until 2057, with the end of life expected to be in 2080.

The Technical Short Form Report reflects the latest Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement, as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: View of the Twin Shaft Complex.

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Metallurgical plant complex Metallurgical Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Panoramic view of Twin Shaft Complex, South Deep Panoramic view of Twin

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [Optiro Pty Ltd for Mineral Resources and Snowden Mining Industry Consultants (Pty) Ltd for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the South Deep Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This technical statement is a summary of the internally sourced document entitled 2011 South Deep Competent Persons Report Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location South Deep Gold Mine is situated in the magisterial districts of Westonaria and Vanderbijlpark (Gauteng Province), some 45 kilometres southwest of Johannesburg at latitude 26º 25’ S and longitude 27º 40’ E. It is accessed via the N12 provincial road between Johannesburg and Potchefstroom Climate No extreme climatic conditions are experienced that may affect mining operations Licence status and The conversion of the old order mining right to a new order mining right, as required in terms of the holdings Minerals and Petroleum Resources Development Act No. 28, 2002 (the MPRD Act) was approved in July 2010. The aerial extent of the South Deep lease area is 4,268 hectares. All required authorisation has been obtained, and is in good standing Operational infrastructure South Deep Gold Mine operates one gold plant and is accessed from surface through two shaft systems, the Twin Shaft Complex of which the main shaft comprises a single-drop to a depth of 2,995 metres, and the South Shaft Complex. The mine has been subdivided into four main areas. “Old Mine” comprises the area above 90 level, and is serviced primarily from the South Shaft Complex. “Current Mine”, which is serviced primarily from Twin Shaft, extends from 90 level to 95 level. Phase 1 extends below 95 level to 110 level at a depth of 3,075 metres below surface. Phase 2 falls below infrastructure at 110 level, and will extend to a depth of 3,500 metres Deposit type Intermediate to deep level gold mine (>2,000 m below surface) exploiting auriferous palaeoplacers (reefs), i.e. the conglomerates that comprise the Upper Elsburg Reefs of the Mondeor Formation and the Ventersdorp Contact Reef (VCR) of the Venterspost Formation as a secondary reef Life of Mine (LoM) It is estimated that the current Mineral Reserves will be depleted in 2080 Environmental/Health & South Deep obtained its ISO 14001:2004 certification in September 2008 and has maintained this Safety certification since then. In 2011 this certification was renewed as part of a South African regional ISO 14001 certification. Policies, systems, procedures implemented by the mine conform to this international standard. Reporting on environmental issues and sustainable development is done according to the Global Reporting Initiative requirements. The mine obtained full compliance with the International Cyanide Management Code in December 2008. In December 2011 this certificate was renewed. In December 2011 the mine also obtained its water use licence Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43 – 101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 2010* 2010 2009 2008 Surface mining Total mined kt 397 109 196 203 301 SRD material to plant (screened) kt 397 109 196 203 301 SRD Head grade g/t 0.7 1.0 0.6 1.4 0.9 Underground mining Ore mined (reef only stope + dev) kt 1,497 778 1,177 773 750 Mined grade (reef only) g/t 5.8 6.0 6.0 6.2 7.3 Primary development m 12,018 6,078 10,091 7,152 5,850 Advanced m 5,804 3,573 5,036 4,262 3,065 Primary reef development Value g/t 4.8 5.3 4.8 5.9 6.0 Processing –– Underground tonnes (Inc waste) kt 2,043 992 1,485 1,038 1,066 –– Surface tonnes kt 397 109 196 203 301 Total tonnes treated kt 2,440 1,101 1,681 1,241 1,367 –– Mill head grade (underground) g/t 4.2 4.7 5.7 5.2 6.7 –– Mill head grade (surface) g/t 0.8 1.0 0.6 1.4 0.9 Total head grade g/t 3.7 4.3 5.0 4.5 5.5 Underground g/t 4.0 4.5 5.7 5.0 6.5 –– Yield Surface Rock Dump g/t 0.7 1.0 0.6 1.3 0.8 Combined yield g/t 3.5 4.1 4.9 4.4 5.3 Underground % 95.2 96.3 97.2 96.7 97.2 Plant recovery factor Surface Rock Dump % 95.2 96.3 97.2 96.7 97.2 Gold produced Underground kg 8,205 4,443 8,127 5,178 6,967 Surface kg 286 104 109 256 253 Total gold produced koz 273 146 265 175 232 kg 8,491 4,547 8,236 5,434 7,220 Gold sold koz 273 146 265 175 232 Financial R/kg 256,215 222,442 204,560 227,362 179,108 Underground R/t 1,029 996 1,119 1,134 1,170 Operating cost R/kg 127,706 74,354 111,835 42,106 62,961 Surface R/t 92 71 62 53 54 R/kg 249,146 215,659 197,669 207,803 169,889 Total cash cost US$/oz 1,073 939 811 717 727 R million 1,982 1,003 1,613 1,021 785 Capital expenditure R/kg 233,471 220,632 195,895 187,799 108,682 R/kg 485,314 439,675 399,211 406,423 283,712 Notional cash expenditure (NCE) US$/oz 2,091 1,915 1,638 1,403 1,214 General Employees (TEC) number 3,579 3,820 3,628 3,011 5,076 Mineral Reserves Mt 225.0 192.6 148.2 149.4 149.7 Mineral Reserve Head Grade g/t 5.5 5.6 6.1 6.2 6.1 Mineral Reserves Moz 39.6 34.5 29.3 29.5 29.1 Expected Life of Mine years 69 54 43 43 44 1Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.

3 4. Geological setting and mineralisation

South Deep is situated in the geologically unique and renowned Witwatersrand Basin, which is the world’s premier gold region. The Upper Elsburgs, which subcrop with the VCR in a north- northeast trend, comprise multiple stacked conglomerates that form part of an easterly divergent clastic wedge.

South Deep is located in the Far West Upper Elsburg VCR Rand Goldfields situated on the Sub-outcrop Line Distal Areas, UE’s attain UE’s = 0 m 130 m conformable thickness northwestern rim of the Witwatersrand Modderfontein Member Basin. The Witwatersrand Basin Upper Elsburg TRACKLES comprises a 6,000 metre thick W E Massives TARGET sequence called the Witwatersrand (MA, MI, MB) Supergroup, which consists of predominantly detrital sedimentary DESTRESS rocks interspersed sporadically with TARGET Waterpan Member auriferous and uraniferous quartz Upper Elsburg Individuals pebble conglomerates, termed reefs, (EC & ED) especially in the upper parts of the succession classified as the Central Subcrop 10 m Rand Group. Composite EB Footwall The South Deep mining right area is underlain by outliers of Karoo Schematic illustrating easterly divergent Upper Elsburg clastic wedge Supergroup shales and sandstones followed by the Pretoria Group sediments and the Chuniespoort the West Rand, Panvlakte and single and multi-band types. These Group dolomites. The Chuniespoort Waterpan Faults. The West Rand Fault younger Sandy 1 and 2 facies were Group overlies the Klipriviersberg is a re-activated thrust fault, which now introduced from a north-western Group volcanic rocks, which in turn are expresses itself as a normal fault with a source, with sediment transported underlain by the Central Rand Group maximum throw of 2,200 metres down along a NW to SE palaeocurrent that hosts the gold-bearing to the west at the northern extreme of direction. Only the Sandy 1 facies conglomerates (reefs), exploited by the property. The West Rand – types are considered as economically South Deep. Panvlakte horst block is situated viable mining targets. At this stage no between KDC East to the west and VCR mining is being conducted at Local geology the South Deep Gold Mine to the east. South Deep, but it is planned at a later The reef horizons that are currently, or Different populations of dykes also stage in the LoM. will be, exploited at South Deep network across the mine lease. Some include the reef horizons that comprise are orientated roughly north-south, are Upper Elsburgs the Upper Elsburgs of the Mondeor near vertical and can attain thicknesses The Upper Elsburg Reefs are made up Formation and the Ventersdorp up to 30 metres. The younger, post of the Upper Elsburg Individuals Contact Reef (VCR). In the western half Black Reef age dykes (Gemsbokfontein (Waterpan Member) and the Upper of the mining lease area the No’s 1 and 2 Dykes) separate the Elsburg Massives (Modderfontein VCR occurs as a single reef horizon overlying dolomites into different water Member). The Upper Elsburg that overlies footwall lithologies of the compartments. Individuals or ECED unit consists of Turffontein sub-group. The Upper four well-defined conglomeratic units, Elsburgs, which subcrop with the VCR separated vertically from each other VCR in a north-northeast trend, A facies model was introduced for the by more poorly developed comprise multiple stacked reef VCR in December 2007, aimed at conglomeratic zones and immature horizons that form part of an easterly more accurately evaluating this quartz wackes. divergent clastic wedge. This ‘wedge’ conventional target and thus better attains a thickness of approximately supporting short-term planning. This The reefs themselves exhibit widely 120 – 130 metres in the vicinity of the model identifies five distinct facies varying lateral facies changes. The eastern boundary of the mining right types. These facies types tie in well names of the reefs occurring within the area. The Upper Elsburg Reefs with the younger peneplain facies EC unit are from bottom up, the constitute 99% of the South Deep identified in the distal areas of KDC EC Basal Band (ECBA), the EC Bottom Mineral Reserves ounces while the East, namely the Sandy 1 Band (ECB), the EC Middle Band (ECM) VCR makes up the remaining 1%. (conglomerate dominated) and Sandy and the EC Top Band (ECT). The 2 (quartzite dominated) VCR facies. EC unit is separated from the overlying The structure at South Deep is Upper Elsburg Massives (Modderfontein dominated by the north-south trending For the purposes of South Deep, these Member) by a well-defined quartz primary fault systems, which include facies were further subdivided into wacke known as the ED unit.

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 4 Mining Rights Boundary

The Upper Elsburg Massive reefs also consist of four conglomeratic packages with widely varying lateral facies definitions. The reefs making up the Upper Elsburg Massives, from bottom to top, are the Modderfontein A Conglomerate (MAC), the Upper Elsburg Modderfontein Intermediate Bottom clastic wedge Band (MIB), the Modderfontein Intermediate Top Band (MIT) and the Modderfontein B Bottom Band (MBB). The Upper Elsburgs have an average 3D schematic section dip of some 12° toward the south- southeast, but this is affected by a low On lease exploration and drilling A 30 metre x 30 metre grid is being amplitude, highwave length regional South Deep maintains rigorous quality targeted, comprising: syncline that trends approximately assurance and quality control (QA/QC) i) in-stope drilling utilising two north-south through the centre of the protocols on all of its exploration track-mounted rigs; mine. This feature is more pronounced programmes using best industry ii) with in-line chip sampling within the towards the south of the property. practice in data acquisition, reputable 2.5 metres high horizontal destress laboratories as well as having sign-off stopes; and Geological modelling by Competent Persons under the 2007 iii) drilling from footwall infrastructure Geological models are based on all SAMREC and 2004 JORC Codes. ahead of current mining operations. available structural, grade and sedimentological data. The structural An extensive exploration programme Thus far, 95–3W, 95–1W and 95-2W are up to date. The drilling in 87-1W data is used to generate 3D models was initiated in 2007. This programme, and 87-2W is targeting the 2012 whilst the sedimentological, gold value comprising seismic survey analysis, a operational plan and will be completed and channel width (CW) data is used to surface exploration drilling programme at the end of 2012. Drilling from delineate the geologically and an underground drilling 100 level targeting corridors 3 and 4 homogeneous local facies zones. The programme, is now providing the basis is ongoing. This will ensure that a facies zones are used to constrain the of the resource definition of the 30 x 30 metre grid is available during statistical and geostatistical analyses VCR and the evaluation of the Upper 2013 for all above mentioned planned Elsburg Reefs in the areas comprising that form the basis of the resource areas of mining up to 2018. estimation process. The geological Phase 1 and Phase 2 below 95 level. models are updated on an ongoing Surface drilling basis as new data becomes available. Underground drilling The surface drilling programme that Nine long inclined boreholes (LIB’s) have targets the Upper Elsburgs and VCR in The geological models are evaluated in been drilled on a 300m spacing from 95 the Phase 2 ground below 110 level, Datamine, where resource envelopes are level in Phase 1 North of Wrench. The started in the first quarter of F2008. generated. These resource envelopes project has been temporarily stopped The programme is planned for 14 are generated directly from the evaluation due to deteriorating ground conditions boreholes at an estimated cost of models, which take cognisance of the at the drill site. Further infill exploration ~R210 million and is scheduled for geological models and geozones. drilling will continue from 100 level in the completion by mid-2013. The borehole Crossreferencing of the relevant plans near future. results are continually incorporated into and detailed checks ensure integrity of the latest geological modelling as they the defined envelopes. Conventional underground grid, become available. prospect and infill grade control drilling Beyond this the resource blocks are is also planned for 2012 and will take The South Deep 3D seismic survey essentially zones of geological place mainly from 95 level to evaluate provided high-quality data and gives an homogeneity and take cognisance of the Upper Elsburg Reefs. The mine has excellent image of the VCR reflector geological structure, reef types or facies, embarked on an aggressive and structure disrupting it (known value trends, data quantity and underground drilling programme since structure incorporated into seismic distribution thereof, kriging results August 2009, to address the interpretation). The VCR surface (including kriging efficiencies and slope of historically low borehole data density in derived from the seismic surface regression), infrastructure, mining and the Current Mine area, which supports serves as a reference surface for the method, ventilation and rock engineering. the geological and resource models. geological modelling.

5 5. Mining

South Deep is a fully mechanised operation. The focus in the immediate future will be on expediting development, accessing the ore body, completing the Twin Shaft infrastructure and increasing the rate of mechanised destress mining.

Capital expenditure for 2012 is Total design estimated at R2.5 billion, concentrating on establishing infrastructure to underpin future production and gold output. The infrastructure projects are being undertaken to increase production to 330 kt per month and 1 Access ramps 700 koz per annum by 2015. 5 Ramp pillars

Mining methods A variety of mining methods are applied to safely maximise the extraction of the ore body. West of the sub-crop, only the VCR will be mined. In the past the VCR was mined by 2 Horizontal destress 3 Longhole 4 Bottom wedges conventional mining methods, but in stoping stoping Mechanised mining sequence future, mechanised low profile mining will be applied. East of the sub-crop, the ore body gradually increases in scattered mining layout was historically sequentially scheduled for extraction thickness, and various methods have applied for all of the tabular mining. within the destress envelopes. Backfill been applied to extract the ore body. Currently the destressing is carried out scheduling is also incorporated in the using low profile trackless mechanised extraction sequence, both for the All mining is carried out with trackless equipment. The bulk of this destressing destress and the massive horizons. mechanised mining equipment and consists of a series of horizontal cuts several different mining methods are taken in target horizons, with a few All designs and schedules are applied, depending on the thickness exceptions where apparent dip completed in consultation with of the payable ore body. mechanised mining is practised. production and technical personnel to ensure safe and efficient layouts In areas where the entire payable ore Mine planning and scheduling and plans. Production efficiencies body is less than five metres thick, a Mine design and scheduling at South are based on past experience and mechanised stoping and benching Deep is done in Mine 2-4D and production models describing mining method was applied. Where it is Earthworks Project Scheduler (EPS) activities for the different fleet greater than five metres thick, a tabular software, on a Datamine platform. All combinations. mining cut (up to a maximum of designs are based on three- 2.2 metres) is taken. The remainder of dimensional resource models. Mineral Reserve development and the payable ore is then extracted destress stoping will continue to be where the in-situ stress levels are Due to the depth of the ore body, key performance indicators in 2012 appropriate to facilitate safe and mining of destress horizons has to be and will be accelerated further in the efficient massive mining. scheduled such that sufficient Mineral appropriate areas. The following table Reserves are made available for details the development advanced For each mining method, rock massive mining extraction. Large and destress production for the last engineering principles are applied to mechanised targets are then 12 months to December 2011. the design of excavation dimensions, pillars, backfill and the required Development and de-stress mining results support. The rock engineering design considerations which require specific Upper attention are listed with each mining Category Elsburg method. In general, hanging wall Advanced (m) 12,018 conditions are considerably better On-reef (m) 5,804 where massive mining takes place due De-stress (m²) 24,729 to the destressed environment in which the mining is carried out. A typical Value of destressed Mineral Reserves (g/t) 7.14

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 6 New areas included in Life of Mine

Increasing the number of ore sources enhances operational South flexibility. During the 2011 reserving process the following Shaft new areas were included. Old-Mine projects (1) Old-Mine: Twin Shafts “Old-Mine” refers to the areas within the lease boundary previously mined above 85 Level. While extensive mining has occurred here in the past, the possibility still exists of 87-O line extracting viable ounces here. An addition of 72 koz was 87-1B-West added to the reserve from Old-Mine. This contribution from Old-Mine in the December 2011 reserves is limited but is predicted to increase as additional design work is completed during 2012.

(2) 87-O line: The 87-O line project is situated to the east of the Current Mine area between 85 and 90 Level. This project adds an additional 568 koz to the Mineral Reserves and is accessible from the 87-1-West project. The project will share workshop Phase-1 SoW facilities and ore-handling infrastructure with the East – O line New areas included in LoM New areas predominantly mined out 87-1-West project.

(3) 87-1B West: The 87-1B West increases the 87-1-West Mineral Reserve by 88 koz. The project is designed to extract accessible ounces between two mined out, conventionally mined longwall stopes. The ounces will be extracted by means of the longhole stoping method.

(4) Phase-1 SoW East – O line: This project adds an additional 531 koz to the Mineral Reserve. The project is accessible from 95 and 93 Levels and therefore ore from this project can be delivered to either the Twin Shaft Complex or South Shaft.

Production and hoisting capacities Hoisting Future capacity capacity Shaft (tpm) (tpm) South 60,000 120,000 Twin – Main 160,000 175,000 Twin – Vent – 195,000

Plant capacities Current Future capacity capacity Shafts Plant (tpm) (tpm) Mined out areas Processing Plant 1 220,000 330,000 Subcrop Shaft zones

7 6. Projects

Several capital intensive projects are ongoing to facilitate the build-up to full production by December 2015 (330 ktpm reef and ~700 koz pa).

The following projects are on the critical path in the build-up:

Ventilation shaft deepening: The shaft is planned to be commissioned in the third quarter of 2012. The hoisting capacity will incrementally increase from 45 kt/m in July 2012 to 195 kt/m by July 2013.

Metallurgical: The new tailing storage facility has been commissioned and has been operational since August 2011. The upgrade of the gold plant to treat 330 ktpm is underway and is expected to be completed in the third quarter of 2012.

New mine development: This is to develop the mine on 100, 105, 110 and 110A levels to ensure access and logistics (ore transport and ventilation etc.) to the working areas north and south of the Wrench Fault.

Ventilation and refrigeration: This will comprise of five refrigeration plants on 94 level with a total capacity of 42.5 MW to provide cool air to the current workings and the new mine development. It also includes a new 9 MW Bulk Air Cooling (BAC) facility on surface at South Shaft. Construction of a surface ice plant at Twin Shafts, to further enhance the mine cooling facilities, will begin during 2013. All return airways will be completed by mid-2013 and additional surface fans (already installed) will be commissioned as required. headgear over concrete Steel headgear being erected

Shaft bottom infrastructure: A two vertical silo facility Backfill: A new FPT (full plant tailings) backfill plant has being between each production level (6 metres diameter) is to be erected at South Shaft with a planned pipe distribution established for surge capacity. The vertical ore silos will be network of 24 pipes down South Shaft to the workings. This completed in two phases. Phase 1 being Silos 5 and 3 will replace the current classified cyclone tailings plant (CCT). feeding the new Ventilation Shaft and Silo 1 transferring to Main Shaft to be completed by September 2013 and South Shaft: The hoisting capacity at this shaft has been Phase 2 being the second leg, with Silos 6, 4 and 2, to be reduced to 60 ktpm – this allows for the refurbishment of the completed by the end of 2014, in addition to two settler pump columns and backfill pipes for the planned build-up to dams with pumping facilities. full production. Shaft bottom infrastructure

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 8 7. Mineral processing

The additional plant capacity is currently under final design and construction, and is expected to be at the 330 ktpm capacity by Q3 2012.

The milling circuit includes a semi-autogenous grinding (SAG) mill for primary milling and secondary milling conducted in an overflow ball mill, with classification done using a cluster of cyclones. The recovery of free gold is achieved using two Knelson concentrators, with the concentrate being tabled using a Gemini Table in the smelthouse. The cyclone overflow is thickened before the slurry reports to the leach circuit. The leach circuit has six mechanically agitated tanks each with a 3,000 m3 volume.

Gold dissolution is achieved with the use of cyanide with lime being added to ensure protective alkalinity. South Deep has an eight-stage carousel-type carbon in pulp circuit with 200 m3 tanks for gold absorption using carbon. Carbon stripping is achieved using the AARL elution system and carbon regeneration is carried out in a rotary kiln at a rate of 500 kg/hr. Plant complex

Gold recovery from solution is by electro-winning using the induction furnace. The gold bars are then marked Kemix Sludge Reactors, followed by drying and then smelting appropriately and dispatched to the Rand Refinery. Installed in an induction furnace to produce gold bullion. Concentrates processing capacity is 220 ktpm with modular expansion to from the Gemini Table are calcined and smelted in the 330 ktpm planned in the original design. 8. Sustainable development Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy.

Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy. Through this, Gold Fields has introduced structures that encourage a networked interface between disciplines like safety, health, environmental engineering, natural environment, risk, stakeholder engagement, legal and communication. This approach has allowed Gold Fields to capitalise on synergies and to avoid duplication in the realm of sustainable development. In this regard, several Key Performance Indicators (KPIs) have been developed to monitor performance and are also utilised to make informed business decisions.

In terms of community involvement, South Deep supports communities around the mine and in areas where labour is sourced away from the mine. Engagement with organised labour and the Westonaria Municipality is on-going with the Garment manufacturing project objective of planning and implementing local economic development projects. These include the building of 150 houses, a garment manufacturing project, bakery project concurrent rehabilitation and responsible water management. and a skills development project. In the major labour-sending High priority issues include water and air quality management areas such as Limpopo, KwaZulu-Natal and Eastern Cape and stakeholder engagement. Monitoring programmes are in Provinces, South Deep is planning to implement projects in place to monitor dust, surface and groundwater. South Deep partnership with the respective local municipalities. received its water use licence in December 2011.

South Deep’s environmental initiatives are focused on reducing For details on the Social and Labour Plan (SCP), refer to the impact that the mine may have on the environment through Section 5 in the Integrated Annual Review.

Safety statistics Class Units June 2007 June 2008 June 2009 June 2010 Dec 20101 Dec 2011 Fatalities Number 2 11 0 1 1 1 Fatality rate per mmhrs 0.15 0.94 0 0.07 0.12 0.04 LDIFR per mmhrs 9.60 3.67 5.78 2.82 2.40 1.67 1 For six months to December 2010.

9 9. Mineral Resources and Mineral Reserves

Geological and evaluation models have been updated to reflect the latest available data sets. These models are coupled to an integrated and holistic mine design and schedule plan that is based on current performance levels and take cognisance of the inherent risks associated with mining operations at South Deep.

The Black Economic Empowerment (BEE) transaction concluded in December 2010, grants an empowerment consortium 10% of South Deep. Based on the relevant sliding scale of the vesting of the economic benefit attached to the 10% and the current Life of Mine profile, the Mineral Resource and Mineral Reserve portion attributable to Gold Fields is 92.4%.

Mineral Resources Mineral Resources are reported as in situ, on an inclusive basis of which 100% are reported as Managed Resources. As at 31 December 2011, the total Mineral Resource estimate at the South Deep Gold Mine, using a gold price of R340 000/kg, was as follows:

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Classification Dec Dec June Dec Dec June Dec Dec June Gold 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Measured 51.4 41.5 40.5 7.3 7.7 7.4 12,015 10,331 9,684 Indicated (AI) 199.0 250.4 125.7 7.0 6.6 8.7 44,606 53,523 35,016 Inferred (AI) 10.6 17.2 – 8.8 6.3 – 3,012 3,460 – Total above infrastructure 261.0 309.2 166.2 7.1 6.8 8.4 59,633 67,314 44,700 Indicated (BI) 77.9 42.3 92.6 7.1 7.0 6.3 17,784 9,568 18,898 Inferred (BI) 16.9 21.8 – 6.5 6.5 – 3,557 4,572 – Total underground 355.8 373.3 258.8 7.1 6.8 7.6 80,974 81,454 63,598 Surface Measured – TSFs 58.9 57.5 56.5 0.2 0.2 0.2 429 421 416 Total surface 58.9 57.5 56.5 0.2 0.2 0.2 429 421 416 Grand total 414.7 430.8 315.3 6.1 5.9 6.3 81,403 81,875 64,014 Note: AI = Above Infrastructure, BI = Below Infrastructure

While quoted in this document, the TSF Mineral Resources (gold) are included in the total figures for the West Wits Tailings Treatment Project (WWTTP) that are listed in the Overview. As at 31 December 2011, the total estimated Inventory at South Deep for uranium underground and in the Tailings Storage Facility (TSF), using a uranium price of US$75/lb was as follows:

Uranium Inventory Tonnes (Mt) Grade (g/t) Uranium (Mlb) Mineral Resource classification Dec Dec June Dec Dec June Dec Dec June Uranium 2011 2010 2010 2011 2010 2010 2011 2010 2010 Underground Inventory (AI & BI)1 191.1 192.6 70.3 0.067 0.067 0.073 28.226 28.474 11.378 Surface tailings Measured surface tailings 59.0 57.5 56.5 0.073 0.073 0.073 9.483 9.289 9.123 Grand total 250.1 250.1 126.8 0.068 0.068 0.073 37.720 37.763 20.501 1 Underground uranium Inventory is scheduled at mill width and an MCF of 82% has been applied to the content.

Modifying factors ¨¨ The Measured and Indicated Mineral Resources are ¨¨ Mineral Reserve statements include only Measured and inclusive of those Mineral Resources modified to produce Indicated Mineral Resources, modified to produce Mineral Mineral Reserves. Reserves and contained in the Life of Mine (LoM) plan. ¨¨ Unless otherwise stated, all Mineral Resources and ¨¨ Mineral Resources and Mineral Reserves undergo both Mineral Reserves are quoted as 100% and are not internal and external audits during the year, and any attributable with respect to ownership. issues identified are rectified, usually during the current ¨¨ All Mineral Reserves are quoted in terms of run-of-mine reporting cycle, though it does sometimes occur that (RoM) grades and tonnage as delivered to the metallurgical more comprehensive work requires more time for processing facilities and are therefore fully diluted. adequate completion.

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 10 Mineral Resource Dec Dec Grade tonnage curve parameters 2010 2011 The grade tonnage curve represents undiluted grade and tonnes within the total Mineral Resource. Underground Mineral Resource (US$/oz) 1,100 1,450 Mineral Resources make provision for minor faulting and gold price R/kg 290,000 340,000 minor geological losses. Exchange rate (R:US$) 8.24 7.42 Mineral Resource cut-off (g/t) 3.0 3.0 All reefs

Mineral Reserve Dec Dec 2,000 12 parameters 2010 2011 1,600 10 Mineral Reserve gold (US$/oz) 1,000 1,300 8 price (R/kg) 265,000 310,000 1,200 6 Exchange rate (R:US$) 8.24 7.42 800 4 Mineral Reserve Tonnes (millions) — 400 cut-off (g/t) 3.8 3.5 2 Average grade above cut-off (g/t)

Mine Call Factor (%) 108 104 – 108 0 0 — 0 1 2 3 4 5 6 7 Plant recovery factor % 97.3 97.3 Cut-off grade (g/t)

Mineral Reserves Mineral Reserve estimation at South Deep is based on development of an appropriately detailed and engineered LoM plan, which accounts for all necessary access development and stope designs. All design and scheduling work is undertaken within mine planning software.

As at 31 December 2011, the total Managed Mineral Reserve (94.2% attributable to Gold Fields Ltd) estimate at the South Deep Gold Mine, using a gold price of R310,000/kg was as follows:

Tonnes (Mt) Grade (g/t) Gold (’000 oz)

Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010

Underground

Proved 15.2 14.9 14.1 6.0 6.5 5.9 2,929 3,113 2,700

Probable (AI) 152.4 141.2 67.5 5.5 5.6 6.6 27,078 25,653 14,243

Probable (BI) 57.4 36.5 66.6 5.2 4.9 5.8 9,577 5,767 12,315

Total underground 225.0 192.6 148.2 5.5 5.6 6.1 39,584 34,533 29,258

Grand total 225.0 192.6 148.2 5.5 5.6 6.1 39,584 34,533 29,258

Note: AI = Above Infrastructure, BI = Below Infrastructure

Proved Probable Total Mineral Reserve

Mineral Reserve Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold classified per mining area (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz)

Current mine 15.2 6.0 2,929 6.6 4.2 886 21.8 5.4 3,815

Phase 1 NOW – – – 63.5 6.1 12,539 63.5 6.1 12,539

Phase 1 SOW – – – 81.9 5.2 13,581 81.9 5.2 13,581

Phase 2 – – – 57.4 5.2 9,577 57.4 5.2 9,577

South Shaft – – – 0.4 5.0 72 0.4 5.0 72

Grand total 15.2 6.0 2,929 209.8 5.4 36,655 225.0 5.5 39,584

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ New data and updates in geological wireframe models, ¨¨ 0,3 Moz production depleted; geological facies and global means; and ¨¨ Inclusion of the Old Mine, 87-O line and Phase-1 SoW ¨¨ For the area South of Wrench (sow), a risk mitigation East O line projects; and factor of 6% was applied to volume and 6% to gold ¨¨ Increase in the Probable Reserve South of Wrench content. (sow).

Change in Mineral Resources (Underground) Change in Mineral Reserves (Underground) December 2010 to December 2011 December 2010 to December 2011

90 50 0.2 0.1 0.0 1.7 0.2 80 45 10.9 0.4 81.5 2.4 81.0 1.7 40 70 1.2 4.7 39.6 Gold (Moz) Gold (Moz) 35 60 34.5 0.3 30 50 25 40 20 30 15 20 10 10 5 0 0 Ph2 MCF 2011 2010 2010 UH SoW UH NoW Old Mine exclusion Depletion Ph1 SoW Ph1 NoW Depletion Dec 2011 December December December Exclusions Inclusions – Inclusions – LoM tail-end new projects Current Mine (incl Old Mine) existing projects

Mineral Reserve Sensitivity The following graph indicates the Managed Mineral Reserve Sensitivity at -10%, -5%, Base, +5%, +10% and +25% to the gold price.

The sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

Managed Mineral Reserve Sensitivity

45 42.1 40.8 41.5 40 39.6 36.0 35

Gold (Moz) 31.4 30 25 20 15 10 5 0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 310,000

Gold price (ZAR/kg) Surface exploration drilling rig

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC This technical statement has been prepared in compliance with the South Africa Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code).

JSE This technical statement has been prepared in compliance with the Listings Requirements of the JSE Limited (JSE), South Africa, specifically Section 12.

Sarbanes-Oxley Act Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act.

Environmental South Deep has an environmental management team who are supported by specialists’ assistance from the South African regional office at Libanon. The systems, procedures and training are at international leading practice levels.

11. Competent Persons

Technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

G Janse van Vuuren: Manager Mine Planning and Resource Management

MBA, GDE Mining Engineering, MSCoC, NHD Mineral Resource Management, PLATO (Registration number: PMS0190). Mr Janse van Vuuren has 24 years’, experience in the mining industry. He is responsible for the overall correctness, standard and compliance of this declaration.

R Pillaye: Chief Geologist

BSc (Hons) Geology, SACNASP 400247/08. Mr Pillaye has 21 years’ experience in the mining industry. He is responsible for production geology at South Deep.

N King: Chief Exploration Geologist

BSc (Hons) Geology, GDE SACNASP 400166/07. Mr King has 21 years’ experience in the mining industry. He is responsible for the surface exploration project at South Deep.

R Nii Armah: Chief Resource Geologist

MEng, BSc (Hons) Geology, SACNASP 400105/03. Mr Nii Armah has over 15 years’ experience in the mining industry. He is responsible for resource evaluation at South Deep.

A Miller: Chief Surveyor

ND (Mine Survey), Mine Survey Certificate of Competency, PLATO (Registration number: PMS 0191) Mr Miller has 31 years’ experience in the mining industry. He is responsible for surveying, reporting and historical modifying factors at South Deep.

DR Siebert: Manager Operational Planning

ND (Mine Survey), Mine Survey Certificate of Competency, PLATO (Registration number: MS 0098) Mr Siebert has 37 years’ experience in the mining industry. He is responsible for operational planning and reporting at South Deep. Surface exploration drilling rig

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

Vice-President and Ken Matthysen BSc (Mining Geology), 30 Overall strategic direction, leadership and Head of Operations GDE (Mining Engineering), management BSc (Hons) Mining Engineering, MMC

Senior Manager Sarel Ferreira NHD (Met Mining) MMC, 30 Full operational management Operations MBA, M Dip Business management, Pr Cert Engineer,

Senior Financial Giel BCom Accounting, CIS, MBA 26 Financial reporting, compliance Manager Bezuidenhout

Human Resource Bonny Sebola BSc, MSc Environmental 12 Human resources management Manager Management

Metallurgy Manager Stephen Joseph NHD Extraction Metallurgy 21 Metallurgical management

Mineral Resources Gerhard Janse MBA, NHD, GDE, MSCOC 24 Mine planning, Mineral Resources and Manager van Vuuren Mineral Reserves and compilation of CPR

Safety Manager Edwin Matlapeng NDip Safety Management 28 Safety

Engineering Clive Moses NHD Electrical Engineering, 25 Engineering, logistics, infrastructure and Manager Government Certificate of management Competency Electrical Engineering

Office of Strategy Casper van Zyl NHD (Met Mining), MMC, MDP 31 Continuous improvement Management Mechanised roof-bolting and wire meshing and wire Mechanised roof-bolting

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 14 South Deep Gold Mine A division of Newshelf 899 (Pty) Limited (Newshelf)

Reference Plan showing mine infrastructure as at Development and stoping on Ventersdorp contact reef ...... 31 December 2011 Development and stoping on Elsburg individual reefs ...... Development and stoping on Elsburg massive reefs ...... Development off reef ...... Dykes ...... Faults ...... Shafts ...... Borehole number and surface position of old boreholes ...... Borehole number and surface position of completed boreholes . . . . Borehole number and surface position of boreholes in progress . . . . Borehole number and surface position of boreholes temporarily stopped . KDC EAST 13. Brief history

The history of South Deep

1950: Commercial production of the Western Areas Gold Mine commenced in September 1961.

A formal application for a mining lease was made, which resulted in the Western Areas Gold Mining Company 1959: Limited being incorporated as a public company on 8 September 1959.

Johannesburg Consolidated Investment Company Limited formed a prospecting consortium that acquired the 1961: prospecting rights over the farms Waterpan, Modderfontein and Jachtfontein in the Westonaria District.

The Elsburg Gold Mining Company merged with Western Areas Gold Mining Company Limited on 1 July 1974 1974: to become part of a larger Western Areas Gold Mining Company.

Western Areas Gold Mining Company Limited shareholders approved the transfer, cession and assignment of 1990: certain land and mineral rights to South Deep Exploration Company Limited in exchange for its shares.

Western Areas Gold Mining Company Limited and South Deep Exploration Company Limited merged on 1995: 1 January. Development of 95 Level across to planned collar position of Twins commenced.

1998: Western Areas Gold Mining Company Limited changed its name to Western Areas Limited.

1999: On 1 April 1999, the PDWA joint venture was formed.

2000: The name of the mine was changed to South Deep Gold Mine in February 2000.

2001: Sinking of the ventilation shaft was completed.

2002: Sinking of the main shaft was completed and a 7 200 tonnes per day capacity mill commissioned.

The Mineral and Petroleum Resources Development Act was promulgated into law on 1 May 2004 and the Twin 2004: Shaft Complex was commissioned in November 2004.

2005: The Twin Shaft Complex was officially opened on 4 February 2005.

Barrick Gold Corporation acquired a majority interest in Placer Dome Inc. on 20 January 2006. 2006: Gold Fields Limited acquired Barricks’ 50% JV interest in the PDWA JV on 1 December 2006.

Gold Fields acquired all remaining WAL shares on 10 April 2007 and consequently own 100% of South Deep 2007: Gold Mine. WAL listing terminated on 30 March 2007.

2007: Gold Fields closed the South Deep hedge book in January 2007.

2010: New-order mining right granted to South Deep, including the area known as Uncle Harry’s.

Establishment of Newshelf 899 (Pty) Limited (Newshelf), which holds a 100% interest in South Deep Gold Mine. 2011: Newshelf is a 90% subsidiary of Gold Fields Limited and the remaining 10% is held by outside shareholders as part of the BEE transaction.

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 17 South Deep Upper Elsburg Mineral Resource classification as at 31 December 2011

Legend Mine Boundary Shafts Mined out Ventersdorp Contact Reef Mined out Upper Elsburg Reef Subcrop Mineral Resources Measured Mineral Resources Indicated Mineral Resources Inferred Mineral Resources

TWIN SHAFTS

0 1,000 2,000 m

South Deep Underground Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES 355.8 Mt @ 7.1 g/t 225.0 Mt @ 5.5 g/t 81.0 Moz 39.6 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

27.5 Mt @ 7.4 g/t 6.6 Moz

INDICATED PROBABLE

276.9 Mt @ 7.0 g/t 209.8 Mt @ 5.4 g/t 62.4 Moz 36.7 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

51.4 Mt @ 7.3 g/t 15.2 Mt @ 6.0 g/t 12.0 Moz 2.9 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

18 Notes Metallurgical plant upgraded to treat 330 ktpm Metallurgical plant upgraded to treat

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report. “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 1 Cerro Corona Mine Technical Short Form Report 31 December 2011

2 Salient points

¨¨ Mineral Resources at 7.7 Moz (gold and copper as Au-Eq).

¨¨ Mineral Reserves at 6.1 Moz (gold and copper as Au-Eq).

¨¨ A total of 161 koz of gold and 38.6 kt of copper were produced in C2011.

¨¨ ISO14001-OHSAS 18001 Integrated Management System Certification was achieved during 2011.

¨¨ The current Life of Mine extends to 2028 (17 years).

Cerro Corona, which is currently the most profitable mine in Gold Fields, is located in the highest part of the western Cordillera of the Andes Mountains in northern Peru and produces gold and copper from a large open pit. The copper-gold concentrate is trucked to the port of Salaverry for export.

Geographic location

Cerro Corona Mining Concession

Iquitos

Chiclayo Cajamarca Trujillo Pucallpa Chimbote

Lima

Cuzzo

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 During 2011, Gold Fields Corona (BVI) Limited, a wholly owned subsidiary of Gold 2. Key aspects Page 2 Fields Limited, increased its economic interest in Gold Fields La Cima S.A.A., or La Cima, from 80.7% to 98.5%. La Cima holds Page 3 3. Operating statistics the Cerro Corona mine, which is located approximately 600 kilometres north- 4. Geological setting and mineralisation Page 4 northwest of Lima and approximately 80 kilometres by road north of Cajamarca 5. Mining Page 7 city.

6. Projects Page 7 The Cerro Corona mine is a large open-pit mine situated in the highest part of the 7. Mineral processing Page 8 Western Cordillera of the Andes Mountains in Northern Peru, approximately 1.5 kilometres west-northwest of the village Page 8 8. Sustainable development of Hualgayoc in the Department of Cajamarca. Access to the Cerro Corona 9. Mineral Resources and Mineral Reserves Page 9 mine from Cajamarca is by means of two roads, one from Cajamarca to the 10. Regulatory codes Page 13 Yanacocha mine (40 kilometres), and then from Yanacocha to the village of Hualgayoc 11. Competent Persons Page 13 (40 kilometres). The deposit is hosted by a subvertical, cylindrical-shaped diorite 12. Key technical staff Page 14 porphyry (600 – 700 metres in diameter), emplaced in mid-Cretaceous limestone, marls and siliciclastic rocks. 13. Brief history Page 17 The mine is expected to produce approximately 2.0 million saleable ounces of gold and 423,000 saleable tonnes of copper in concentrate over a 17-year Life of Mine (LoM). At the declared commodity prices, the estimated copper and gold Mineral Reserves are equal to a total of 6.1 million gold equivalent ounces. The plant has a production capacity of 19,200 tonnes of ore per day, or about 6.6 million tonnes of ore per year.

This Technical Short Form Report provides brief information on the mining and operational performance for the twelve- month period ending December 2011 and also presents an updated Mineral Resource and Mineral Reserve statement as at 31 December 2011. Cerro Corona produces gold and copper by conventional open pit mining methods and beneficiation of sulphide ores by the extraction of a copper- gold flotation concentrate, which is trucked approximately 380 kilometres to the Peruvian port of Salaverry for shipment to smelters in Asia and Europe.

All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: Cerro Corona pit at dawn

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Cerro Corona tailings storage facility Corona Cerro Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects View of Cerro Corona open pit mine Corona View of Cerro

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [SRK Consulting (Australasia) (Pty) Ltd for Mineral Resources and P&E Mining Consultants Inc. for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the Agnew Mineral Resources and Mineral Reserves were evaluated

Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition)

Effective date 31 December 2011

Source of information This technical statement is a summary of the internally sourced document entitled December 2011 Cerro Corona Competent Persons Report

Personal inspection Personal inspection takes place by the Competent Persons as listed, who are full-time employees of Gold Fields Limited

General location The Cerro Corona deposit, centred at longitude 78° 37’ 8” W and latitude 6° 45’ 36” S, is located 1.5 km west-northwest of the village of Hualgayoc, some 80 km by road north of the departmental capital of Cajamarca, a city of more than 200,000 people and approximately 600 km north-northwest of Lima, capital of Peru

Climate No extreme climatic conditions are experienced that may affect mining operations

Licence status and The mining rights owned by Cerro Corona cover an area of 2,971 ha. The surface rights related to holdings Cerro Corona is 1,264 ha. Cerro Corona is owned by Gold Fields La Cima S.A.A. (GFLC – 98.5% of the economic interest)

Operational infrastructure Cerro Corona Mine operates one open pit operation and one copper-gold plant at elevations ranging from approximately 3,600 to 4,000 m above mean sea level

Climate No extreme climatic conditions are experienced that may affect mining operations

Deposit type The Cerro Corona copper-gold deposit is typical of porphyry style mineralisation comprising stockwork quartz-pyrite-marcasite-chalcopyrite ± bornite ± hematite ± magnetite veining hosted by intensely altered intrusive lithologies of diorite to dacitic composition

Life of Mine (LoM) It is estimated that the current Mineral Reserve will be depleted in 2028

Environmental/Health In August 2011 the Integrated Management System Certification ISO14001-OHSAS 18001 was & Safety achieved.

Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43-101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Units Dec 2011 Dec 20101 June 2010 June 2009 June 2008 Open pit mining Total mined kt 12,591 6,164 13,614 9,938 6,701 Waste mined kt 6,007 3,036 7,366 4,894 5,762 Sulphide tonnes mined kt 6,584 3,128 6,248 5,044 939 Strip ratio waste:ore 0.9 1.0 1.2 1.0 6.1 Gold: mined grade g/t 1.1 1.2 1.1 1.2 1.2 Copper: mined grade % 0.7 0.7 0.8 0.8 0.4 Processing Sulphide tonnes milled kt 6,593 3,102 6,141 4,547 – Au Head grade g/t 1.22 1.29 1.14 1.24 – Cu Head grade % 0.74 0.79 0.85 0.78 – View of Cerro Corona open pit mine Corona View of Cerro Concentrate produced tonnes 190,007 92,390 194,201 118,848 – Gold produced koz 161 80 139 105 – Copper produced kt 39 20 41 24 – Total gold equivalent produced eq koz 383 200 394 219 – Total gold equivalent sold eq koz 383 201 390 218 – Financial US$ million 157 77 135 86 – Operating cost US$/oz 411 388 343 394 – Total cash cost US$/oz 437 395 348 369 – Capital expenditure US$ million 69 31 86 117 – Notional capital expenditure (NCE) US$/oz 592 545 561 926 – General Employees (TEC) number 1,106 997 1,128 875 543 Mineral Reserves Mt 110.0 86.2 89.2 89.3 94.1 Mineral Reserves Au Head Grade g/t 0.9 1.0 1.0 1.0 1.0 Mineral Reserves Cu Head Grade % 0.5 0.5 0.5 0.5 0.5 Mineral Reserves Au Moz 3.1 2.7 2.7 2.8 3.0 Mineral Reserves Cu Mlb 1,126 965 976 988 1,061 Mineral Reserves: Au Equivalent Moz 6.1 5.3 5.3 5.5 5.9 Expected Life of Mine years 17 14 15 15 16

1Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. Panoramic view of the Cerro Corona operation Corona Panoramic view of the Cerro

3 4. Geological setting and mineralisation

The Cerro Corona copper-gold deposit is typical of porphyry style mineralisation comprising stockwork quartz-pyrite-marcasite-chalcopyrite ± bornite ± hematite ± magnetite veining hosted by intensely altered intrusive lithologies of diorite to dacitic composition.

The Cerro Corona mine is located in 700 E 800E northern Peru on the eastern slope of Reference the western mountain range of the 9300 N Quaternary Andes. The copper-gold deposit is a Miocene – Volcanics typical porphyry-style of mineralisation Oligo – Miocene intrusives situated within the Hualgayoc mining Cerro Corona Oligo – Miocene “Calipuy” volcanics district in the northern part of the Paleocene sediments, continental Cajamarca province, a metallogenic Hualgayoc Upper cretaceous batholith Mina Congas Cretaceous carbonates, sediments province hosting prolific epithermal, N Jurassic volcanics porphyry and polymetallic style Triassic – Jurassic carbonates mineralisation. The mining area is Yanacocha Paleozoic intrusives characterised by moderate to Paleozoic metasediments 9200 N Cajamarca moderately steep mountainous terrain Precambrian metamorphics Major faults with elevations ranging from Chicama – Yanacocha approximately 3,600 to 4,000 metres Structural corridor Alignment of porphyry deposits above mean sea level. High sulfidation Au-Ag PERU Deposit Porphyry Cu-Au The Cerro Corona copper-gold Deposit porphyry is one of 14 known Tertiary- 25 km aged porphyry Cu Au Mo deposits and Regional geology and metallogeny of the Cajamarca metallogenic province 19 epithermal Au Ag deposits located in the Cajamarca metallogenic province 760000 762000 764000 T-g-md km-Ch Legend (CMP) of northern Peru. There are two lt u Km-Pa a F o E Fault g T-g-md l Zorro well-mineralised districts within the T-ri in Faul T-gd T t PIT Boundary l km-Yi CMP. These are the Yanacocha district QE T-gd T-ri Property Boundary L km-Pa Fallalas T Cerro Corona Pit Q T-ri a Quarternary T-gd s Lucia Fualt T-di R G Consulado Fault Km-Ch in the south of the province, which is it Volcanic Rocks o a

r d F a T-ri Volcanic Rhyolitic a omas u T-di s l t host to the largest producing gold mine T-ri t l T-di F nuela Fault u T-tri Rhyolitic tuff a Ma a F u P a l g La t Di l Km-Pa Intrusive Rocks J o in South America, and the Hualgayoc alca O L F l t a au v DIENE l lt o u s T-tri a T-di Las Gordas Diorite r T i F o T-ri n II m DIESW mining district in the north which is one F a T-g-md Bellavista Monzodiorite a Magaly Fault a d s u la l a Porphyry granodioritic I t g T-gd T-gd F e a T-ri T-di

of the oldest mining districts in Peru, 9252000 Falla Garita km-Ym R u Falla Garita Km-Yi DI Cerro Corona Diorite

l t C Diene Core Barren NE best known for its past silver production km-Pa o y Carita Fault lt m au P km-Yi o F l Q Diew Core Barren SW L a Q l la n t a a e l c ri t u and more recent base metal production. km-Yi s h a a a e M F Sedimentary Rocks T F o F a lt a m a u Km-Ys T d u a i u la Km-ch Chulec Formation a lt F z l a a o t g s lg c e tifault O F R a a Km-Mu Mujarrun Formation km-Ym u L T-g-md This well-known district has been an lt Km-Pa Pariatambo Formation important silver producing area since Km-Yi Yumagual lower Q T-g-md Km-Ym Yumagual middle Inca times, with more than 50 Moz of Falla 1 Km-Ys Yumagual upper Km-Mu silver and significant amounts of lead, Km-Mu Regional geology map Cerro Corona Mine Scale: 1/10,000 Date: December zinc and copper produced from vein 0 500 1 000 m 2011 9250000 T-g-md Stratigraphy: J Jacay 2009 Mapping & Interpretation by: A Uzategul O and manto-type deposits since the Projection: PSAD 56 Zone 17S Spanish conquest in the 16th century. mine area Corona Geology of the Cerro The Hualgayoc mining town was established in 1771. the copper-gold mineralisation is accompanied by moderate to strong primarily associated with zones of potassic alteration, which has been The regional structure is characterised stockwork quartz veining conforming to commonly overprinted by late, semi- by large open folds of Cretaceous-aged classic porphyry-type vein definition. pervasive argillic alteration and locally, sedimentary units, predominately The Cerro Corona porphyry is unusual by structurally controlled phyllic limestones, with axial planes striking in that it carries a very high gold content alteration assemblages (quartz-sericite- approximately 315° and steep in comparison to other copper-gold pyrite). southwest dips. Faulting is generally deposits. restricted to normal and oblique slip The intrusive has been emplaced at the faults with offsets of a few metres to a There are at least two phases of diorite intersection of Andean parallel and few tens of metres. placement, only one of which is Andean-normal (transandean) mineralised. The non-mineralised diorite structures, which is a typical feature of Local geology is generally regarded as the last event, the Cajamarca metallogenic province. The Cerro Corona copper-gold deposit and is referred to as “barren core”. Most A dominant north-east to south-west is hosted by a 600 to 700 metre recent geological modelling strongly trending fault system running through diameter subvertical cylindrical-shaped suggests that the Cerro Corona the intrusive is referred to as the Mariela diorite porphyry emplaced in mid- porphyry is probably comprised of four Fault trend and has an important Cretaceous limestone, marls and or five satellite stocks with the last two relationship with the distribution of siliciclastic rocks. Within the porphyry, being barren. Early mineralisation was mineralisation. There are three distinct

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 4 mineralised zones within the deposit. 762500 763000 763500 764000 El Zorr These are identified as the Annulus o Fault zone, the northern zone and the Km-Yi Km-Ch southern zone. Each of these is treated Legend separately in geological and resource Fault PIT Boundary modelling. Property Boundary 9252500 Km-Pa Q Quarternary Km-Ym Ma Volcanic Rocks nuela Fault In addition to the mineralised zones, the T-ri Volcanic Rhyolitic T-tri Rhyolitic tuff Di deposit is characterised by several Polvorin Fault Intrusive Rocks FaultDiana La Gringa DIENE DI Cerro Corona Diorite domains conforming to the degree of R N o a Fault s n c Diene Core Barren NE a Olga Gault y F F La Jalca Fault a Diew oxidation and weathering. Supergene a Core Barren SW u u l La Regalada Fault t l t Sedimentary Rocks Magaly Fault DIESW oxidation and leaching processes at lt Km-Yi Km-ch Chulec Formation au J a F u ell lia Km-Pa Pariatambo Formation ri F Cerro Corona have led to the 9252000 a a M ult Km-Yi Yumagual lower Km-Ym Yumagual middle development of a weak to moderate Violeta Fault Km-Ys Yumagual upper copper enrichment blanket, allowing for Olga Fault Km-Ys Regalada II Fault the subdivision of the deposit, from the Q Local geology map Ela Fault Cerro Corona Mine 0 100 200 m Scale: 1/2,500 Date: December 2011 surface downward, into an oxide zone, Q Stratigraphy: J Jacay 2009 Mapping & Interpretation by: A Uzategul O Projection: PSAD 56 Zone 17S a mixed oxide sulphide zone, a Intrusive Corona Geology of the Cerro secondary enriched (supergene) sulphide zone and a primary (hypogene) sulphide zone. 763000 763500

Geological domains N Oxidation, weathering, leaching and Regional geology and metallogeny of the Cajamarca Regional geology and metallogeny of the Cajamarca metallogenic province subsequent secondary enrichment has 9252500 Legend led to the formation of four mineral Fault PIT Boundary domains with distinctly different Property Boundary metallurgical behaviour, surrounded by Quarternary Alteration barren intrusive and cretaceous Weak potassic sediments. Phyllic (silicification) Moderate argillic-phyllic Moderate argillic The topmost domain, the oxide domain, Olga Fault Mariela Fault Strong argillic is characterised by the complete 9252000 Moderate propylitic removal of copper mineralisation Carmen Fault through the action of oxidation and Alteration map – Bench 3820 Cerro Corona Mine leaching. Gold mineralisation within the Scale: 1/2,000 Date: December 2011 Mapping & Interpretation by: A Uzategul – E Ayala 0 100 200 m Projection: PSAD 56 Zone 17S

oxide domain is characterised by some Alteration map at 3820 bench level improvement in grade and is free milling due to the complete breakdown of

primary sulphide minerals. +9252600

All of the ore beneath the oxide domain comprises parts of the sulphide zone, +9252500 Geology of the Cerro Corona mine area mine area Corona Geology of the Cerro which is separated into three domains

on the basis of the degree of oxidation +9252400 and consequent change in sulphide mineralogical composition. The sulphide zone has three main domains, which +925300 from top to bottom are the mixed Geological Domains domain, the supergene domain and the + hypogene domain. The hypogene Oxide domain is the primary sulphide zone. Mixed The supergene domain is an enriched +925 Supergene copper blanket comprising chalcocite- Hypogene Barren Diorite covellite-chalcopyrite with grades in the +925200 range of 1% Cu. Cretaceous Sediments Plan view RL 3800

+9251900 Exploration and drilling An in-fill diamond drill campaign was conducted during 2011 in order to +9251800 improve the Resource model

confidence at depth. In total 9,449 +763000 +763100 +763200 +763300 +763 +763500 +763600 +763700 East (X) 0 50 100 150 200 Elev (Z) Plan view showing the Geological Domains at Bench 3800 metres of core drilling were completed.

5 Elev (Z)

+3950

+3900

Geological +3850 domains

Oxide +3800 Mixed

+3750 Supergene

Hypogene +3700

Barren Diorite

+3650 Cretaceous Sediments

View N9'252,1000 +3600 Looking North

+3550

Plunge 00, Azimuth 000 +3500 +763000 +763100 +763200 +763300 +763400 +763500 +763600 +763700 East (Y) 0 50 100 150 West-East section through the Cerro Corona intrusion (Northing 9252100) Corona the Cerro section through West-East geological domains showing interpreted

762300 E 763200 E 763600 E

4000 Elev 4000 Elev

3800 Elev 3800 Elev

3600 Elev 3600 Elev

3400 Elev 3400 Elev Legend holes Absent West East Projection DDH – 2011 Drill Holes Section 9252202-N (View to North) Diamond Drill Holes Scale 1:4500.0 Date: 05/02/12 Time: 08:15 Reverse Circulation Drill Diamond Drill and RC Holes in the Cerro Corona Mine Corona Diamond Drill and RC Holes in the Cerro 762300 E 763200 E 763600 E

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 6 5. Mining

Cerro Corona Mine operates one open pit operation and one copper-gold plant at elevations ranging from approximately 3,600 to 4,000 m above mean sea level.

The Cerro Corona deposit is mined by conventional surface mining methods. The final surface mine area is expected to cover some 900 by 1,000 metres. The mining operation is extending from the crest of the original Cerro Corona hill, which peaked at 3,964 mRL, to a final depth at around 3,510 mRL.

Cerro Corona is mined via open pit methodology by conventional drill and blast with a truck and front-end loader fleet. Load and haul is by 90 tonne dump trucks and 11.3m3-front end loaders. Mining benches are all 10m high.

At this stage it is assumed that all of the material requires

drilling and blasting (with varying powder factors) utilising pit Corona in the Cerro Mining in progress 200 millimetre holes.

¨¨ Mine planning and scheduling The reserve model contained within the pit design is Cerro Corona’s LoM plan is based on detailed geological and scheduled with consideration of impacting factors such

West-East section through the Cerro Corona intrusion (Northing 9252100) Corona the Cerro section through West-East geological domains showing interpreted resource models. The LoM plan is established from detailed as the following: –– short-term and long-term mining design and schedules using Economic valuation of each measured or indicated specialised Xpac© software and a resource estimation model block considered for processing; –– termed the localised multivariate uniform conditioning model Optimum practical economic sequence as generally (LMUC). defined by the push-backs; –– Structural material required for earth structures; and –– The planning cycle commences with the ratification of key Constraints related to the deposition of tailings and input parameters prior to producing a compliant Mineral overburden material. Resource statement. The planning process starts after the construction of the resource model and incorporates the Open pit optimisations are built using Whittle 4X© multi- following considerations: element standard mine design software on the Localised Multivariate Uniform Conditioning (LMUC) resource model. ¨¨ Corporate decision on macro-economic parameters; Multiple-case scenarios are run using varying gold and ¨¨ Development of a broad planning strategy, identifying key mining and processing constraints; copper prices, processing costs, mill recovery values and inclusion/exclusion of Inferred material to ensure that the ¨¨ Development of comprehensive operating costs for mining, processing, administration and selling; optimal pit is selected. However, no Inferred Mineral Resource material is included in the Mineral Reserves. The ¨¨ Modelling of the strategic, geological, geotechnical, metallurgical, environmental and economic parameters; work undertaken includes: ¨¨ for application of the Lerchs Grossman algorithm. Geotechnical review and pit wall angle recommendation; ¨¨ Subsequently, development of a broad economic Cost review; ¨¨ sequence and an optimum ultimate economic pit shell; Pit optimisation; and ¨¨ Sensitivity analysis. ¨¨ Development of a pit design and push-backs applying mine design parameters; and

6. Projects

An exploration programme to test the mineralisation at depth (>1,000m) at Cerro Corona is planned for C2012.

Cerro Corona has initiated a scoping study for processing A scoping study to evaluate a full mine and sulphide process ~7.5 million tonnes of oxide ore by the heap leaching plant expansion for Cerro Corona is currently in progress. technique. These oxide ores, much of which are already This project is expected to be completed by June 2012. Diamond Drill and RC Holes in the Cerro Corona Mine Corona Diamond Drill and RC Holes in the Cerro stored in surface stockpiles, are estimated to contain approximately 300,000 ounces of gold that could potentially The current sulphide plant is being optimised with several be processed within five years. small to medium projects, some to increase production and others to increase recoveries. These projects are scheduled for completion by Q1 2013.

7 7. Mineral processing

The processing plant at Cerro Corona includes the typical equipment for a copper flotation plant. Design capacity considered treating 775 (current 800) tonne/hour at 91.3% (current 95%) availability to reach an annual treated tonnage of 6.6 million ore tonnes.

The various ore types from the mine are stockpiled on the run-of-mine pad. They are fed in appropriate blends by front-end loader to the crushing plant. This comprises two mineral sizers in parallel, one of which is a standby unit. Mineral sizers facilitate crushing of soft, wet ore with clay components. The crusher feed design also makes provision for direct tipping of ore from the mine if necessary.

Crushed product is conveyed to a two-stage grinding circuit consisting of a SAG mill and a ball mill in closed circuit with cyclones for classification. Cyclone overflow represents the final milled product which feeds the flotation plant consisting of two sections. The rougher-scavenger flotation produces a bulk concentrate, which is then reground and upgraded to smelter copper grade in the four stage cleaner flotation

section. plant View of the surge tank in processing

The final concentrate is thickened and filtered before being stockpiled for final shipment to the smelters. The thickened ¨¨ Work Index Comparative: Polygons from different areas of rougher-scavenger flotation tails and the tails from the the pit were studied by an external laboratory to cleaner flotation are pumped to the tailings storage facility. determine work index variation. This information will be used by the Geo-Met team to improve plant performance Metal recoveries have been modelled as grade-dependent by adding a more reliable hardness parameter to the non-linear relationships, for both copper and gold. Some blending process. other factors such as clay content, high Fe/Cu grade ratio ¨¨ Blasthole – Surface Sample Comparative: Comparative and rock acidity, appear to be influencing the metallurgical test work was performed to demonstrate better behaviour. representivity of blast-hole samples. ¨¨ P80 Analysis: P80 (screen opening that allows passing During calendar year 2011, initiatives to optimise the 80% of the sample) test work was made to different metallurgical recoveries were put in place: polygons. This information will also help the Geo-Met ¨¨ Detailed mineralogical description: This has been team to design better blending parameters or the developed in detail for the mining polygons planned as production team to adjust operation parameters to plant feed, allowing metallurgists to define the appropriate improve gold and copper recoveries. reagent recipe for the different ore types. ¨¨ Variability test works: To determine the heterogeneity of ¨¨ Geo-Metallurgical Units (UGM): Six Geo-Met Units were the different polygons. defined for the Cerro Corona ore body. This work was performed jointly with an external consultant.

8. Sustainable development

In August 2011 the Integrated Management System Certification ISO14001-OHSAS 18001 was achieved. No fatalities were recorded in C2011 and 11.9 million man work hours without any lost time injuries (LTI) were accumulated since the previous injury.

The remote location of the operation means that local communities are particularly reliant on Gold Fields for socio-economic development, as well as basic infrastructure, such as roads and telecommunications. The well-being of local communities is an imperative aspect in Gold Fields La Cima S.A.A policies. Consequently, it has been a part of the business model to implement social development programmes in order to demonstrate corporate commitment from the initial exploration stage in Cerro Corona. Our target is to join forces and be a strategic partner with direct and indirect influence in regional development and sustainability projects. School built by Gold Fields in Hualgayoc

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 8 9. Mineral Resources and Mineral Reserves

Mineral Resources are reported as in situ within pit shells and are inclusive of those Mineral Resources which have been modified to produce Mineral Reserves. The Measured, Indicated and Inferred oxide and sulphide Mineral Resource estimate has been calculated within the diorite intrusion above 3,300 mRL.

The Mineral Resources and Mineral Reserves are reported from the new localised multivariate uniform conditioning (LMUC) model at a Net Smelter Return (NSR) cut-off of US$18.01/t and constrained within an optimised whittle pit shell, based on the same economic parameters as the NSR calculation. The Mineral Resources are constrained by the capacity of the waste storage facility of 150 million tonnes. The Mineral Reserves are constrained by the total capacity of the upgraded tailing storage facility of 130 million tonnes.

The estimation reported in the December 2010 Competent Persons Report was based on a LoM case with the Tailings Storage Facility (TSF) crest at 3,800 mRL and 100 million tonnes treated. Since then feasibility work has progressed on the technical and financial viability of a TSF crest at 3,815 mRL and 130 million tonnes treated in the LoM. These investigations have proved positive and consequently the case with the TSF at the peak elevation of 3,815 mRL and 130 million tonnes of ore (110 million tonnes post Dec 2011) treated, has been accepted in the December 2011 base case.

Gold equivalent ounces are defined as metal (including copper) converted to an amount of gold in ounces, based on accepted

View of the surge tank in the processing plant View of the surge tank in processing gold and other metal prices, i.e. the accepted total value of the metal based on its weight and value thereof divided by the accepted value of one troy ounce of gold.

Tonnes (Mt) Gold grade (g/t) Gold (‘000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification (gold) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit Measured 98.0 44.1 30.8 0.9 1.0 0.9 2,717 1,411 938 Indicated 44.9 100.0 117.7 0.6 0.7 0.8 882 2,331 2,919 Inferred 0.8 2.2 12.5 0.3 0.5 0.5 9 38 201 Total open pit 143.8 146.3 161.0 0.8 0.8 0.8 3,608 3,780 4,058 Surface stockpiles Measured 7.9 7.8 7.5 1.3 1.3 1.3 339 335 324 Total surface stockpiles 7.9 7.8 7.5 1.3 1.3 1.3 339 335 324 Grand total 151.7 154.1 168.5 0.8 0.8 0.8 3,946 4,115 4,382

Tonnes (Mt)1 Copper grade (%) Copper (Mlbs) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification (copper) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit Measured 97.5 44.0 30.5 0.5 0.5 0.5 981 530 331 Indicated 44.5 99.8 117.2 0.4 0.4 0.4 387 903 1,117 Inferred 0.8 2.1 12.3 0.3 0.4 0.3 6 18 92 Total open pit 142.9 145.9 160.0 0.4 0.5 0.4 1,373 1,451 1,540 Surface stockpiles Measured 1.2 1.2 1.2 0.5 0.5 0.5 13 13 13 Total surface stockpiles 1.2 1.2 1.2 0.5 0.5 0.5 13 13 13 Grand total 144.1 147.1 161.2 0.4 0.5 0.4 1,386 1,464 1,553

1 These tonnes are repeated in the gold statement, but exclude the gold only bearing oxide tonnes.

Dec 2011 Dec 2010 June 2010 Mineral Resources (gold including copper as gold equivalents) (’000 oz) (’000 oz) (’000 oz) Gold 3,946 4,115 4,382 Copper as gold equivalent 3,729 3,992 4,272 Grand total 7,676 8,107 8,654 School built by Gold Fields in Hualgayoc

9 Modifying factors Mineral Resource Dec Dec ¨¨ Mineral Resources and Mineral Reserves are quoted at an parameters 2010 2011 appropriate economic NSR* cut-off with costs and Gold price US$/oz 1,100 1,450 tonnages and grades based on the resource block Copper price US$/lb 3.0 3.9 model. They also include estimates of any material below NSR cut-off for mill feed US$/t 16.04 18.01 the NSR cut-off required to be mined to extract the Cut-off for oxide ore g/t 0.4 0.4 complete pay portion of the Resource; Mineral Reserve parameters ¨¨ Mineral Resources and Mineral Reserves are quoted as at Gold price US$/oz 1,000 1,300 31 December 2011; Copper price US$/lb 2.72 3.50 ¨¨ Unless otherwise stated, all Mineral Resources and NSR cut-off for mill feed US$/t 16.04 18.01 Mineral Reserves are quoted as 100% and are not Strip ratio waste: ore 0.63 0.75 attributable with respect to ownership; Plant Recovery Factor % 54 51 ¨¨ All Mineral Reserves are quoted in terms of run-of-mine (Au) – Mixed (RoM) grades and tonnages as delivered to the Plant Recovery Factor % 69 61 metallurgical processing facilities; (Cu) – Mixed Plant Recovery Factor % 68 67 ¨¨ Mineral Reserve statements include only Measured and (Au) – Supergene Indicated Mineral Resources, modified to produce Mineral Plant Recovery Factor % 85 82 Reserves as contained in the LoM plan; (Cu) – Supergene ¨¨ Mineral Resources and Mineral Reserves undergo both Plant Recovery Factor % 74 70 internal and external audits during the year and any (Au) – Hypogene issues identified are rectified at the earliest opportunity Plant Recovery Factor % 90 88 – usually during the current reporting cycle (Cu) – Hypogene Processing throughput Mtpa 6.2 6.6 * Net smelter return (NSR) is defined as the return from sales of concentrates, per year expressed in US$/t, i.e.: NSR = (Au price – Au selling cost) x Au grade x Au recovery + (Cu price – Cu selling cost) x Cu grade x Cu recovery. Dilution % 0 0 Cerro Corona plant at night Corona Cerro

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 10 Grade tonnage curves Sulphide Mineral Resources Oxide Mineral Resources

250 1.0 2.5 2.5

200 0.8 2.0 2.0

150 0.6 1.5 1.5

100 0.4 1.0 1.0 Tonnes (millions) Tonnes (millions)

50 0.2 0.5 0.5

0 0.0 0.0 0.0 Average grade above cut-off – Au (g/t) Average grade above cut-off – Cu (%) Average grade above cut-off – Au (g/t)

0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 5 10 15 20 25 Cut-off net smelter return (US$/t) Cut-off grade (g/t)

Tonnes (Mt) Gold grade (g/t) Gold (‘000 oz)

Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification (gold) 2011 2010 2010 2011 2010 2010 2011 2010 2010

Open pit

Proved 85.3 41.0 23.7 0.9 1.0 1.0 2,512 1,357 788

Probable 23.5 44.1 64.3 0.7 0.9 0.9 513 1,267 1,910

Total open pit 108.8 85.1 88.0 0.9 1.0 1.0 3,025 2,623 2,698

Surface stockpiles

Proved 1.2 1.2 1.2 1.2 1.3 1.3 47 48 48

Total surface stockpiles 1.2 1.2 1.2 1.2 1.3 1.3 47 48 48

Grand total 110.0 86.3 89.2 0.9 1.0 1.0 3,072 2,672 2,746

Tonnes (Mt) Copper grade (%) Copper (Mlbs)

Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification (copper) 2011 2010 2010 2011 2010 2010 2011 2010 2010

Open pit

Proved 85.3 41.0 23.7 0.5 0.6 0.5 897 507 275

Probable 23.5 44.1 64.3 0.4 0.5 0.5 215 444 687

Total open pit 108.8 85.1 88.0 0.5 0.5 0.5 1,112 951 963

Surface stockpiles

Proved 1.2 1.2 1.2 0.5 0.5 0.5 13 13 13

Total surface stockpiles 1.2 1.2 1.2 0.5 0.5 0.5 13 13 13

Grand total 110.0 86.3 89.2 0.5 0.5 0.5 1,126 965 976

Dec 2011 Dec 2010 June 2010 Mineral Reserves (gold including copper as gold equivalents) (’000 oz) (’000 oz) (’000 oz)

Gold 3,072 2,672 2,746

Copper as gold equivalent 3,031 2,624 2,533

Grand total 6,103 5,295 5,278

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected the Mineral Resource reconciliation: Factors that affected the Mineral Reserve reconciliation:

¨¨ Decrease resulting from mining depletion; ¨¨ Decrease resulting from mining depletion; ¨¨ An increase in metal prices; ¨¨ A 30 Mt increase in the TSF design; ¨¨ An updated resource model; and ¨¨ An increase in metal prices; and ¨¨ An increase in the NSR cut-off as a result of an increase ¨¨ New geological and resource model. in overall cost and sustaining capital.

Change in gold Mineral Resources Change in gold Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

4.5 3.5 0.2 0.1 0.5 4.0 0.1 4.1 0.1 0.0 4.0 3.0 0.0 3.1 0.3 0.1 3.5 2.7 0.1 Gold (Moz) Gold (Moz) 0.0 3.0 2.5 0.3 2.5 2.0 2.0 1.5 1.5 1.0 1.0 0.0 0.0 2010 2011 2010 2011 Mine Costs Costs Mined Stocks Stocks depletion depletion Resource Modelling modelling Inclusions December December December December Exclusions Inclusions/ Metal price Metal price Exclusions/

Change in copper Mineral Resources Change in copper Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

1,600 76 1,200 223 39 1,126 1,464 29 0 1,400 62 0 102 1,386 1,000 35 12 1,200 965 22 106

Copper (Mlb) 800 1,000 Copper (Mlb) 800 600 600 400 400 200 200 0 0 2011 Mine 2010 2011 2010 Costs Costs Mined Stocks Stocks depletion Resource depletion modelling Inclusions Modelling December December December December exclusions Metal price Inclusions/ Exclusions/ Metal price

Mineral Reserve sensitivity Improved Mineral Resources and Mineral Reserves potential Managed Mineral Reserve Sensitivity is influenced by increased commodity prices, but is constrained by the size of the tailings storage facility (130 Mt). 8.0

6.1 6.1 6.1 6.1 6.1 6.1 The sensitivities are not based on detailed depletion 6.0 schedules and should be considered on a relative and indicative basis only. 4.0

Note: 2.0 Au+Cu as Au-Eq (Moz) Cerro Corona is still tonnage constrained due to the capacity of its tailings facility. Adoption of possible TSF expansion 0 (-10%) (-5%) 1,300 (+5%) (+10%) (+25%) opportunities will provide the mine with future upside (Base) potential. Gold price (US$/oz)

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This technical statement has been prepared in compliance The Mineral Resources and Mineral Reserves are with the South Africa Code for the Reporting of Exploration underpinned by an appropriate Mineral Resource Results, Mineral Resources and Mineral Reserves (2007 management process and protocol to ensure adequate SAMREC Code). corporate governance in respect of the intent of the Sarbanes-Oxley Act. JSE This technical statement has been prepared in compliance Environmental with the Listings Requirements of the JSE Limited, South Cerro Corona has an environmental management team which is Africa (JSE), specifically Section 12. supported by specialists from the regional corporate offices in Johannesburg and Perth. The systems, procedures, training, etc. are at international leading practice levels. Hauling ore from the open pit. from Hauling ore

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

Eddie Garcia: Mineral Resources Manager Mine Engineering, MBA, SAIMM (704963), SME (4028357), CIP (109603), Pontificia Universidad Católica del Perú. Mr Garcia has 14 years’ experience in mining engineering and three years in business planning. Mr Garcia is responsible for the Mineral Resources and Mineral Reserves at Cerro Corona and compilation of the CPR. Julian Misiewicz: Consulting Geologist BSc (Hons) Geology, MSc Geology. Mr Misiewicz is a Fellow of the Society of Economic Geologists (SEG 541613). He has 33 years’ experience in the mineral exploration and mining industry. Don Ross-Watt: Consulting Mine and Mining Engineering BSc Mining Engineering, BSc Civil Engineering, MEng Mineral Economics, ECSA Professional Engineering (82190), SAIMM (19412). Mr. Ross-Watt has 39 years’ experience in the mining industry. Hugo Solis: Chief Engineer Mine Engineering, CIP (77973), Universidad Nacional Mayor de San Marcos. Mr Solis has 16 years’ experience in surface and underground mining operations. Mr Solis has completed his MBA studies at Centrum Católica. Hugo Rios: Senior Resource Modeller Geological Engineering, Universidad Nacional de Ingeniería, MBA Centrum Católica, CIP (92165), SEG (672559). Certified in applied geostatistics by the University of Alberta. Mr Rios has over 10 years’ experience in exploration, mining and resource modelling. Currently, he is responsible for the Resource Department at Cerro Corona Mine. Angel Uzategui: Senior Mine Geologist Geological Engineering, CIP (12337), Universidad Nacional San Agustín. Mr Uzategui has over 18 years’ experience in surface and underground mining operations and exploration, he is responsible for the Grade Control Department and Structural and Geological interpretation at Cerro Corona Mine.

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

General Manager Manuel Diaz Metallurgical Engineer 26 Responsible for the overall strategic direction, leadership and management

Strategic Planning Alberto Cardenas Civil Engineer, MBA 17 Strategic direction and member of the Manager Task Team that support IGTRB

Chief Financial Officer Rodolfo Michels BS in Business Administration 43 Financial management, reporting and compliance

Operations Manager Gonzalo Mine Engineer, MBA 17 Mine operations process plant and Eyzaguirre tailing construction

Process Manager Ronald Diaz Metallurgical Engineer 16 Mineral processing and metallurgy

Environmental Luis Alberto MSc Environmental Services 28 Environmental management Manager Sanchez Mechanical Engineer Copper-gold flotation concentrate loaded for shipment Copper-gold

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 14 Reference

Project Boundary ...... Open pit ...... Tailings Dam ...... Waste Dump ...... Quarry ...... Top Soil Dump ...... Blankets ...... Reference Project Boundary ...... Oxide Stockpile ...... Cerro Corona Mine Open pit ...... Office ...... Tailings Dam ...... Rivers ...... Plan showing mine infrastructure as at 31 December 2011 Waste Dump ...... Roads ...... Quarry ...... Powerline ...... Top Soil Dump ...... Blankets ...... 13. Brief history

The history of Cerro Corona

1979: Exploration by BRGM identified porphyry-style mineralisation in the Cerro Corona area.

1984 – 2003: Mina Carolina intermittently exploited lead-zinc-silver mantos and veins in Hualgayoc district.

Sampling by Gubbins Group identified gold mineralisation in leached cap of Cerro Corona deposit. Cu Au 1992 – 1993: porphyry mineralisation discovered through drilling of nine diamond core holes and completion of exploration adit into mineralised zone.

Cerro Corona optioned by Barrick. 140 reverse circulation drill holes totalling 9,476 metres and 118 diamond core holes totalling 35,694 metres completed in Cerro Corona deposit area. Draft feasibility 1994 – 1996: study completed by Kilborn indicating Mineral Reserves of 6.85 Mt of oxide ore at 1.34 g/t Au and 84 Mt of sulphide ore at 1.02 g/t Au and 0.58% Cu.

Cerro Corona optioned by RGC Limited. Six diamond core holes totalling 2,760 metres completed. 1997 – 1998: Preliminary feasibility study completed by Fluor in 1998 estimated Mineral Reserves at 6.98 Mt of oxide ore at approximately 1.3 g/t Au and 133 Mt of sulphide ore at 0.91 g/t Au and 0.52% Cu.

Minproc draft feasibility study estimated sulphide Mineral Reserves at 65.2 Mt at 1.14 g/t Au and 2000 – 2001: 0.61% Cu. However this was followed immediately by a further study, which indicated a Mineral Reserve of 95 Mt that was used in the due diligence.

Gold Fields, through a subsidiary, signed a definitive agreement with Sociedad Minera Corona S.A. for the 2003: purchase of the Cerro Corona deposit and adjoining mining concessions.

Gold Fields completed surface land acquisition, project engineering and design work, environmental 2004 – 2005: impact assessment, pit dewatering investigations, remapping of surface geology, relogging of prior drill core, check assaying investigations and updated Mineral Resource and Mineral Reserve estimates.

Environmental impact assessment approved on 2 December 2005. Purchase transaction for the Cerro 2006: Corona Project completed in January 2006. Mine construction commenced in May 2006.

2007: Las Gordas tailing dam construction commenced in May 2007. Rhyolite quarry commenced mining.

2008: Cerro Corona moved into production in August 2008 when the process plant started to operate.

139 koz of gold, 41 k/tonne of copper and 394 koz of equivalent oz were produced between July 2009 2009: and June 2010 in Cerro Corona.

2010: A 5,916 metre in-fill drilling programme was conducted during the first half of the year.

A 9,449 metre in-fill drilling programme was completed to improve the resource model. 2011: Gold Fields Corona (BVI) Limited a wholly owned subsidiary of Gold Fields Limited, increased its economic interest in Gold Fields La Cima S.A. from 80.7% to 98.5%.

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 17 3D model of the Cerro Corona ore body

Elev (Z)

+3900

+3800

+3700

North (Y)

+9252800

+3600 +9252600

+9252400

+3500 +9252200 +763 800

+9252000 +763 700 +763 600

+3400 +763 500 +763 400 +763 300 +763 200

+9251800 +763 100 763 000 762 900 762 800 762 700

Cerro Corona Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES Gold 151.7 Mt @ 0.8 g/t 3.9 Moz Gold 110.0 Mt @ 0.9 g/t 3.1 Moz Copper 144.1 Mt @ 0.4% 1,386 Mlbs Copper 110.0 Mt @ 0.5% 1,126 Mlbs Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

Gold 0.8 Mt @ 0.3 g/t 0.01 Moz Copper 0.8 Mt @ 0.3% 6 Mlbs

INDICATED PROBABLE

Gold 44.9 Mt @ 0.6 g/t 0.9 Moz Gold 23.5 Mt @ 0.7 g/t 0.5 Moz Copper 44.5 Mt @ 0.4% 387 Mlbs Copper 23.5 Mt @ 0.4% 215 Mlbs Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

Gold 105.9 Mt @ 0.9 g/t 3.1 Moz Gold 86.5 Mt @ 0.9 g/t 2.6 Moz Copper 98.7 Mt @ 0.5% 994 Mlbs Copper 86.5 Mt @ 0.5% 911 Mlbs

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 18 Notes Cerro Corona mill Corona Cerro

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report. “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Cerro Corona Gold Mine – Technical Short Form Report 2011 1 Tarkwa Gold Mine Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Mineral Resources at 15.1 Moz (including underground).

¨¨ Mineral Reserves at 10.3 Moz.

¨¨ Solid anchor for growth in the West Africa Region.

¨¨ Owner-operated, high-volume, grade-driven surface operation.

¨¨ A well-understood predictable ore body.

¨¨ Focus on maintaining high mining fleet efficiencies.

¨¨ Life of Mine extends to 2024 (13 years).

West Africa is host to world-class gold deposits and is a premier mining destination. The Gold Fields brand is strong in the region and Tarkwa is ideally positioned to fulfil the Gold Fields vision “To be the global leader in sustainable gold mining”.

Geographic location

Tarkwa Mining Lease

Tamale

Kumasi

Accra Tarkwa Takoradi

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 Gold Fields Ghana Limited (GFGL) was incorporated in Ghana in 1993 as the legal 2. Key aspects Page 2 entity holding the Tarkwa concession mining rights. Gold Fields Ghana Holdings Limited 3. Operating statistics Page 3 now holds 90% of the issued shares of GFGL after acquiring the indirect 18.9% of the 4. Geological setting and mineralisation Page 4 issued shares belonging to IAMGold and its affiliates. The government of Ghana holds a 5. Mining Page 6 10% free carried interest, as required under the mining law of Ghana. The Tarkwa Gold Mine 6. Projects Page 7 operates under seven mining leases covering a total area of approximately 20,825 hectares. 7. Mineral processing Page 8 The Tarkwa Gold Mine is located in south- 8. Sustainable development Page 9 western Ghana near the southern end of what is commonly referred to as the Tarkwa Basin, 9. Mineral Resources and Mineral Reserves Page 10 300 kilometres by road west of Accra, the capital of Ghana, and is easily accessible with 10. Regulatory codes Page 13 an established infrastructure.

11. Competent Persons Page 13 The open pit surface operation exploits narrow, tabular auriferous conglomerates similar to those mined in the Witwatersrand Basin of 12. Key technical staff Page 14 South Africa. Mining is currently taking place from six pits, Pepe, Atuabo, Mantraim, 13. Brief history Page 17 Teberebie, Akontansi and Kottraverchy and the mine utilises a conventional CIL plant as well as a heap leach facility. In the twelve months ending December 2011, Tarkwa produced 717 koz of gold from the milling and heap leach operations at a cash cost of US$552/oz.

This Technical Short Form Report reflects the latest Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement, as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: Night shift blast hole drilling operations

Note: For abbreviations refer to page 28 and for

Teberebie open pit mining operations Teberebie glossary of terms refer to page 29 – “Mineral Resources and Mineral Reserves Overview 2011”. 1 2. Key aspects Open pit mining operations at dusk

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [Optiro Pty Ltd for Mineral Resources and Snowden Mining Industry Consultants (Pty) Ltd for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the Tarkwa Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This Technical Statement is a summary of the internally sourced document entitled C2011 Tarkwa Competent Persons Report Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location Tarkwa is located in south-western Ghana approximately 300 kilometres by road west of Accra, the capital, at a latitude 5° 15’ N and longitude 2° 00’ W. The Tarkwa Gold Mine is located four kilometres west of the town of Tarkwa with good access roads and an established infrastructure. The mine is served by a main road connecting to the port of Takoradi some 60 kilometres to the south on the Atlantic coast Climate Although there may be minor disruptions to operations during the wet season, there are no long-term constraints on production due to climate Licence status and The Tarkwa mine operates under mining leases covering a total area of approximately 20,825 holdings hectares. Five mining leases, dated 18 April 1997, cover the Tarkwa property, while two mining leases, dated 2 February 1988 and 18 June 1992 respectively cover the Teberebie property. The Tarkwa concession mining leases expire in 2027 and the Teberebie property mining leases expire in 2018. All necessary statutory mining authorisations and permits are in place for the Tarkwa Mine Lease and GFGL is entitled to mine all material falling within the lease Operational infrastructure The existing surface operation currently exploits narrow auriferous conglomerates, similar to those mined in the Witwatersrand Basin of South Africa. Following a feasibility study in 2004, the deposit is mined on an owner operated basis, and processing from 2004 to December 2011 utilised a conventional carbon-in-leach (CIL) plant as well as a heap leach facility Deposit type The open-pit surface operation currently exploits narrow, tabular auriferous conglomerates from six open pits, Pepe, Atuabo, Mantraim, Teberebie, Akontansi and Kottraverchy Life of Mine (LoM) It is estimated that the current Mineral Reserves will be depleted in 2023 with processing extending the mine life to 2024 Environmental/Health & Tarkwa retained its ISO14001:2004 environmental management system and certification following an Safety external audit during the year. The mine also retained its full compliance to the ICMI Cyanide Management code Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for The Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43 – 101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008 Open pit mining Total mined kt 117,156 67,063 134,131 132,585 113,341 –– Waste mined kt 94,927 56,008 111,051 109,906 91,960 –– Ore mined kt 21,876 10,840 22,716 21,273 22,035 Mined grade g/t 1.2 1.2 1.2 1.2 1.2 Strip ratio (tonnes) waste : ore 4.4 5.2 5.2 5.1 4.7 Processing –– Mill tonnes kt 11,426 5,639 11,182 7,733 5,571 –– Heap leach tonnes kt 11,713 5,857 11,534 13,540 16,464 Total tonnes kt 23,138 11,496 22,716 21,273 22,035 –– Mill head grade (CIL) g/t 1.4 1.4 1.4 1.4 1.5 –– Heap leach head grade g/t 0.9 0.9 0.9 0.9 1.0 Total head grade g/t 1.2 1.0 1.0 1.1 1.2 –– Mill yield (CIL) g/t 1.4 1.4 1.4 1.4 1.5 –– Heap leach yield g/t 0.5 0.7 0.6 0.6 0.7 Combined yield g/t 1.0 1.0 1.0 0.9 0.9 Plant recovery Mill % 97 97 97 97 97 factor Heap leach % 61 65 70 68 71 Gold produced –– Mill koz 518 261 503 314 267 –– Heap leach koz 199 101 218 299 379 koz 717 362 721 612 646 Total gold produced kg 22,312 11,261 22,415 19,048 20,095 Gold sold koz 717 362 721 612 646 Financials Surface Operating cost US$/oz 608 575 521 523 431 Total cash cost US$/oz 552 562 536 521 430 Capital expenditure US$ million 219 117 149 201 212 Notional cash expenditure (NCE) US$/oz 913 889 743 881 766 General Employees (TEC) number 4,024 4,153 4,377 4,107 3,833 Mineral Reserves Mt 264.8 235.3 244.2 270.0 285.0 Mineral Reserves g/t 1.2 1.2 1.3 1.2 1.2 Mineral Reserves Moz 10.3 9.3 9.9 10.7 11.3 Expected Life of Mine years 13 12 12 13 14 1 Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. Aerial view of North Heap Leach pads

3 4. Geological setting and mineralisation

The Tarkwa operation exploits narrow auriferous conglomerates, similar to those mined in the Witwatersrand Basin of South Africa and currently mines from six open pits; Pepe, Atuabo, Mantraim, Teberebie, Akontansi and Kottraverchy.

The Tarkwa ore bodies are located Group Series Thickness (m) Lithology within the Tarkwaian System, which forms a significant portion of the Tarkwaian (youngest) Huni 1,370 Quartzites, minor phyllites stratigraphy of the Ashanti Belt in Tarkwa Chloritic and sericitic phyllites and south-west Ghana. The Ashanti Belt is Phyllite 120 – 400 schists a north-easterly striking, broadly Quartzites, grits and synclinal structure made up of Lower Banket 120 – 160 conglomerates Proterozoic sediments and volcanics underlain by the metavolcanics and Quartzites, grits and metasediments of the Birimian System. Major unconformity Kawere 250 – 700 conglomerates The contact between the Birimian and Meta-volcanics, volcaniclastics the Tarkwaian is commonly marked by Birimian (oldest) Birimian and sediments zones of intense shearing and is host to a number of significant shear-hosted gold deposits. quartzites. The stratigraphy of the compression and folding led to individual quartzite units is well development of thrust faults and The Tarkwaian unconformably overlies established with auriferous reefs reversing of previous normal faults. The the Birimian and is characterised by interbedded with barren immature final stages involved further thrusting in lower intensity metamorphism and the quartzites. The units thicken to the a south-west direction. predominance of coarse-grained, west and current sedimentology flow immature sedimentary units. parameters indicate a flow from the Sedimentological studies of the east and north-east. Structurally, the detailed stratigraphy within individual Local geology Tarkwaian belt has been subject to A and A footwall reef units have led to The local geology at Tarkwa is moderate folding, and at least five the recognition of both lateral and dominated by the Banket Series, which episodes of deformation are vertical facies variations. The modelling can be further subdivided into a recognised. The original deposition of these has resulted in the recognition footwall and hangingwall barren occurred in a district basin environment of a cycle of events from initial channel quartzite, separated by a sequence of with associated low to steep-angle formation and rapid down-cutting of mineralised conglomerates and pebbly normal faulting. Subsequent the central channel, through a period of uplift and reworking. Finally, a period of meandering channel bars and flow 3º 1º 0º 1º reduction led to the development of

Recent coastal sediments Birimian basin sediments low-grade conglomerates with silty 9º 9º interbeds. The period of uplift and Tertiary sediments Tarkwaian sediments reworking has been recognised as being the principal episode of gold Dahomeyan metamorphic Basin intrusives terrane deposition and concentration within these reefs. The C, E and G reefs style Belt intrusives Togo Series Sediments of sedimentation differs from that of the 8º 8º Volta Basin Sediments Mafic Volcanics channelised, incised A reefs to a more localised sheet-flood-dominated alluvial Dikes Trend lines fan deposit.

Faults Concession The mineralised and potentially 7º 7º economic conglomerate reefs are 100 km identified below from the base upwards (younging): ¨¨ AFc – up to three metres thick, only occurs in the west and subcrops against the A1 in the east. Well sorted with rounded clasts of quartzite and visible gold; ¨¨ A1 – between two and seven metres thick, moderately to poorly Tarkwa « sorted conglomerate and thin quartzites with occasional visible gold; ¨¨ A3 – up to seven metres thick, moderately sorted thin Geology of south-western Ghana

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 4 discontinuous conglomerate lenses 15000E 22500E within a package of cross-stratified quartzites, visible gold is rare;

¨¨ B2 (or B) – up to three metres N E thick, very coarse quartzites with thin lags of subrounded pebble conglomerate does not occur in the MAP TO BE

15000N S 15000N Akontansi Ridge or Kottraverchy SUPPLIED W areas; ¨¨ CDE – up to eight metres thick and Intrusive Faults/Folds/Lineaments can be subdivided into the lower Dompim Phyllite Roads C reef and upper E reef, both of Huni Tarkwa Lease Boundary Tarkwa Phyllite Open pit resource outline which are conglomeratic and are Banket Hangingwall Underground stope separated by the D reef quartzite; Banket Reef Town and villages ¨¨ F2 – a variably developed Banket footwall Kawere polymictic gravel up to two metres

thick, essentially a marker horizon, 7500N 15000E 22500E except in the east where it carries low grades; and Gold Mine Surface geology of Tarkwa ¨¨ G – varies from a two to six metres thick poorly sorted conglomerate significant hydrothermal gold targets some parts of the current pits. The with clasts of quartzite and phyllite. on the Tarkwa lease area. increase in resource gold price to US$1,450/oz has resulted in an infill Exploration and drilling Tarkwa is now a mature mine with the down dip diamond drilling programme The bulk of the Tarkwa open-pit focus having shifted from exploration to to increase resource definition to palaeoplacer Mineral Resource has optimising the extraction of the current upgrade the Mineral Resource been drilled to the Measured and Mineral Resource. The current category ahead of mining and to Indicated Mineral Resource categories diamond drilling programme is guided provide detailed information for at current costs and a gold price of by the “unconstrained” Whittle® pit assessment of alternative select mining US$1,450/oz. A regional prospectivity optimisations which indicate the cuts of the reef packages. study conducted in 2004 did not reveal potential for economically viable any further economic palaeoplacer nor extraction of pay shoots down-dip in

KOTTRAVERCHY AKONTANSI AKONTANSI (E) PEPE MANTRAIM

West East

0 G G G F F F

CDE CDE

B B B A3 A3 A2 100 A3 A1 A2 Subcrops Over A2 Pepe Roll Over Metres A1 Anticlinal A1 Structure Afd FW Afd Afc Afb FW 200 Afc Afa Afb Afa

Immature Quartzite

Submature Quartzite

Mature Quartzite

Unconformity

Horizontal, not to scale body Tarkwa ore of the Stratigraphic profile

5 5. Mining

Tarkwa is a large, established open-pit gold mine that utilises selective surface mining methods to optimise the extraction of the sedimentary mineral deposits.

The mine is owner operated having its own load and haul fleet of 14 excavators, ranging from 120 to 295 tonnes, 51 dump trucks with a payload of 146 tonnes, as well as ancillary equipment. Twenty-four owner-operated drill rigs are used for blast hole drilling. Maintenance of the Caterpillar fleet is carried out by Gold Fields Ghana Limited, maintenance of the excavators and blast hole rigs is carried out by contractors. In 2012, Tarkwa plans to mine a total of 136 million tonnes of material at a stripping ratio of 5.3 to 1.

Mining methods Tarkwa utilises a proven and highly selective mining methodology. The location of the mining areas is defined through the long-term planning process. The boundaries of the pits are pegged out by survey and the area is cleared of bush and topsoil. The topsoil is relocated for rehabilitation purposes. After clearing, reverse circulation grade control drilling is carried out, and geological models constructed. The short-term plans and forecasts are updated with this grade control Selective mining at Tarkwa information prior to the commencement of mining. From the highest point in the pit, material is 3.8-metre grid with a hole diameter of On completion of the Mineral Resource free-dug or blasted to the first blasting 118 millimetres and a powder factor of update, the planning process reference level. Currently fresh rock 0.75 kg/BCM. Larger diameter holes commences incorporating a corporate and transitional zones are drilled and and an increased grid size will be decision on macro-economic blasted in six-metre lifts, with utilised in the partially weathered parameters, development of a excavation in three-metre flitches. material, while decreased grid sizes will two-year operational plan and the be utilised in harder material. The roll-out of the operational plan into an Fourteen (14) backhoe excavators are small-diameter holes are used to LoM plan which forms the basis of used to select waste from the ore, and preserve, as far as possible, the Tarkwa’s annual Mineral Reserve vice versa, along the sedimentary integrity of the ore/waste contacts for declaration. horizons to an average accuracy of selective mining purposes. 30 centimetres on the hangingwall and Standard software is utilised to derive 20 centimetres on the footwall of a Mine planning and scheduling the optimal pit shell designs at a variety reef. Pit geologists and geotechnicians In general, all mine design and of cut-off grades. The detailed supervise all digging and mineral scheduling is undertaken using engineering and design work on the material is classified as either RoM, Surpac®, Datamine®, Whittle®, Xeras®, optimised pit shells and scheduling is delivered to one of two primary Xpac® and in-house computer software carried out using these software crushers, or low grade, which is and a resource estimation model packages. stockpiled close to the primary termed the indirect conditioning crushers. Waste material is hauled to recoverable model (ICR). The planning A cut-off grade strategy is used in the the nearest waste dump. cycle commences with the ratification Mineral Reserve estimation process. of key input parameters, prior to The cut-off defines the ore/waste Blasting currently utilises relatively producing a compliant Mineral segregation, and a cut-over grade close patterns and small diameter Resource statement adjusted for all defines mill/heap leach segregation. holes, typically a 3.4-metre by Mineral Resource depletions. A third cut-off, termed the optimal

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 6 cut-off/cut-over, is also derived, which costing is used to formulate the which has negatively impacted the can be applied to increase the grade two-year plan. Historic productivity recoveries. The C2012 LoM plan is and therefore cash flow in the initial data and operating costs are utilised as based on replacing the North Heap years of the LoM plan. Material the basis from which the operational Leach facility with a new CIL plant. between the optimal cut-off/cut-over budget is benchmarked. All capital and the process cut-off is stockpiled projects are ranked and prioritised to The expansion is planned to comprise for treatment at the end of the LoM. maximise capital efficiency and return a new treatment plant with a capacity on investment. of 8 Mtpa, which will replace the For all operational plans, a detailed current North Heap Leach facility within (two-year) operating and capital cost The gold dissolution trends show a 36 months. This will result in the ore budget is produced and, where significant decline at the heap leach being treated in a more efficient way, appropriate, extended for the LoM facility due to reduced porosity and resulting in gold recovery rates production schedule. Zero-based increased hardness of the feed ore, increasing from 62% to 97%.

6. Projects

Recent re-interpretation work over the entire tenement holding has highlighted a number of conceptually prospective target areas. Target definition and initial drilling activities are planned for 2012 to test the highest ranking.

The key elements in terms of ¨¨ Improvement of Heavy Mining Each of these initiatives are aimed at optimising Tarkwa’s assets are in the Equipment infrastructure to support improving the profitability of the areas of organic growth, efficiency and the expanded LoM mining fleet; operation. productivity. Business improvement is and core to optimising the assets with the ¨¨ A scoping study to reassess if there High Pressure Grinding Roll (HPGR) is a realistic opportunity for ultimate R&D project being a good example in economic extraction of the point. This technology trailed on the underground Mineral Resources at South Heap has so far improved Tarkwa, is planned for 2012. recoveries by up to 5%.

Tarkwa has also embarked on a pre-feasibility level study known as the “Tarkwa Expansion Project Phase Six” (TEP6) subsequent to recommendations from a “Tarkwa Options Trade-Off Study” (TOTOS) that focused on delivering a high-value strategic direction for Tarkwa. The TOTOS study recommended the installation of a conventional milling/ leach circuit to offset the impact of increasing hardness and declining recoveries of the ore currently being processed through the North Heap Leach.

Other projects that were initiated in C2011 and planned to be evaluated in C2012 are: ¨¨ Optimising the LoM waste stripping schedule by utilising narrower cutbacks and 100 metre minimum mining widths; ¨¨ Evaluating alternative waste dumping and tailings disposal

strategies, including co-disposal; plant (HPGR) grinding roll High pressure

7 7. Mineral processing

Production ounce profile expected to grow primarily due to the planned CIL plant expansion and the installation of a secondary crusher.

Since 1999, all ore has been sourced Crusher pocket from open-pit mining operations and is Crusher currently processed at the 9.8 Mtpa CV114 CV02 CV03 North Heap Leach facility and the CV01 Cyclones 4 x Trash CV116 Stockpile Mill screens CV115 Auxiliary discharge 12.3 Mtpa CIL plant. A third facility, the stockpile screen CV162 South Heap Leach facility was closed CV04 Scats stockpile SAG mill in December 2008. CV161

Ball mill 3 x Thickener The ore is a free-milling conglomerate 2 x elution Carbon sizing column Eluted carbon Loaded carbon cil 1 tanks screens Mill return with negligible sulphide content. screen screen tank Acid Tailings screens Process water Weathering has affected rocks near the column pond surface and a higher degree of 2 x Regeneration kilns weathering is associated with Tailings tank increased porosity and increased heap Pregnant solution cil 2 tanks Tailings Tailings tank tank screens leach dissolution and recovery. The Electrowinning Tailings 1 storage facility North Heap Leach was commissioned cells in 1998 to process the initial high Tailings 2 storage facility Furnace Gold bullion porous ore. Phase V heap leach pad CIL plant flow diagram construction was completed in 2009 and a further three phases of heap leach pad construction have been Secondary crushing product is fed to acid wash, and recovered using accounted for in the LoM plan. As the the tertiary hopper via series of electrowinning. The North facility has a mine gets deeper, so the percentage of conveyors. Ore withdrawn from this smelt house with diesel-fired furnaces weathered ore amenable to heap hopper is fed by six 0.75m x 1.80m to smelt all gold produced at the North leaching decreases. This justified the Nordberg Vibratory feeders to six facility. construction of the CIL plant in 2004 2.44m x 7.32m Nordberg double deck and its subsequent expansion that was scalping screens operating in closed The CIL process route has a 54” x 75” commissioned in January 2009. The circuit with six tertiary H4000 Gyratory crusher that feeds two CIL milling process provides a 97% hydrocone crushers. The oversize crushed ore stockpiles that have a live recovery which is not possible when from the upper and lower decks capacity of 45,000 tonnes (30 hours). using heap leaching for the harder, (32mm and 22mm respectively) feed Underneath each stockpile is a reclaim unweathered ore, the percentage of the tertiary crushers and the discharge tunnel, with apron feeders that feed which increases over the LoM. from the tertiary crushers is conveyed onto a conveyor belt, which in turn back to the tertiary bin. The undersize feeds the milling circuit. The milling The North Heap Leach employs three from the tertiary screens join the final circuit consists of a SAG and ball mill stages of crushing prior to crushing product to the agglomeration with recycle crushing in closed circuit agglomeration. RoM ore is directly stockpile. with the SAG mill. The SAG mill has an tipped by dump trucks or reloaded by effective grinding length of 42” with an front-end loaders into a 50” x 65” The agglomeration process involves internal diameter of 27” and 14 MW of Sandvik Superior primary gyratory the addition of 4 kg/t of cement to the installed power (2 x 7,000 kW twin- crusher. The crushed product (100% crushed rock to bind the fine material drive motors). The ball mill has an passing 250mm and 80% passing and produce an agglomerate that effective grinding length of 36’ with an 150mm) gravitates to a 1.83m x 6.82m remains stacked and porous on the internal diameter of 26” and 14 MW of D4 Jacques A Terex apron feeder, heap leach pads. Following installed power (2 x 7,000 kW twin which feeds two secondary screens via agglomeration, the ore is transferred by drive motors) and is in close circuit with a conveyor. conveyor and stacked on the leach the cyclone cluster. The milling circuit is pads by a stacking conveyor. The operated at a capacity of 1,450 tph. The oversize from the two 2.44m x heaps are irrigated with a cyanide The CIL circuit consists of two trains of 7.32m Nordberg double deck scalping solution which dissolves the gold as it eight tanks in series fed from a screens of aperture sizes 50mm and percolates through the heaps. The common leach tank. The loaded 32mm for the upper and lower deck pregnant solution is collected on the carbon passes into a 15-tonne acid respectively feed two Superior gyratory layer of geotextile that lines the base of wash column. The gold is recovered secondary crushers (S6000). The the heaps and is pumped through a from the loaded carbon in two undersize joins the final product to the series of ponds to the adsorption/ 15-tonne elution circuits. Gold is agglomeration stockpile via a series of desorption/recovery (ADR) plant where recovered from solution by electro- overland conveyors. the gold is adsorbed onto activated winning and smelted in the CIL smelt carbon, removed from the carbon by house in an induction furnace.

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 8 8. Sustainable development

Tarkwa retained its ISO 14001:2004 environmental management system and certification following an external audit during 2011. The mine also retained its full compliance to the ICMI Cyanide Management code.

Tarkwa manages risk to control and, where possible, eliminate hazards in the working environment. Tarkwa strives to achieve and maintain an outstanding health and safety performance through the participation of all employees and the application of safe, innovative processes and technologies, within a framework of OHSAS 18001 and full compliance. A comprehensive external audit of Tarkwa’s full compliance health and safety management system has been undertaken annually since 2005 and certification retained to date.

The OHSAS 18001 system is in alignment with Gold Fields Limited’s “Full Compliance Health and Safety Management System”, which is the Groupwide standard for the management of occupational health and safety in Gold Fields. This aims to achieve: ¨¨ The elimination of all fatal accidents at all Gold Fields operations; ¨¨ A 50% reduction in all accident rates over five years; and ¨¨ Maintain a safe and healthy working environment at all times through quality training, effective communication and employee commitment.

The initiative has the broad support of all labour unions and associations, individual employees and management. Tarkwa operates a comprehensive employer HIV/Aids programme comprising Informed Consent Voluntary Counselling and Testing (ICVCT), disease prevention and health promotion programmes. Business Action on Health Award

Tarkwa appointed an HIV/Aids Co-ordinator, who drives and with the code to ensure the safe use of cyanide. Strict use of oversees the implementation of an HIV/Aids programme with cyanide on site is continually monitored and necessary the full co-operation of the employee representative bodies changes are incorporated into operational procedures. and according to the international Labour Organisation and Gold Fields Group standards. The Co-ordinator has Environmental management at Tarkwa is conducted within incorporated HIV/Aids into the induction programme on the the framework of an ISO 14001:2004 certified environmental mine for both employees and contractors. Peer educators management system. Tarkwa operations are operated in facilitate discussions on HIV/Aids during health and safety accordance with Ghanaian environmental requirements, as meetings as well as providing formal counselling and training to administered by the Environmental Permitting Agency (EPA), both on-site and off-site communities. and hold the required environmental permits and valid environmental certificates. Tarkwa complies with the EPA During 2011, Gold Fields Ghana won the Global Business requirements and provides monthly monitoring returns, an Coalition’s 2011 Business Action on Health Award for annual environmental report and an update of the EMP at Workforce/Workplace Engagement – with a particular focus on intervals of three years. An Environment Impact Study (EIS) HIV/Aids management, in New York, U.S.A. for the Tarkwa expansion project was submitted to the Ghana EPA in March 2007. The document was approved Cyanide is managed under the framework of the International on 27 May 2007. Cyanide Management Code. Tarkwa Gold Mine was certified as ICMC compliant in June 2008. Under the Cyanide Code, all Tarkwa is currently awaiting its certificate from the EPA for the suppliers and transporters of cyanide to the mine must comply period 2010 to 2013.

Safety statistics Class Units June 2008 June 2009 June 2010 Dec 20101 Dec 2011 Fatalities (No) 3 0 0 1 1 Fatality rate (per mmhrs) 0.2 0 0 0.1 0.1 LDIFR (per mmhrs) 0.3 0.3 0.4 0.4 0.2 1 For six months to December 2010.

9 9. Mineral Resources and Mineral Reserves

The post depletion Mineral Resources and Mineral Reserves have increased by 20% and 12% respectively as a result of the gold price increase and the new CIP plant, which will replace the North Heap Leach within 36 months.

Stockpile tonnage and grade estimates are based on accumulations of estimated tonnage and grades trucked throughout the history of the mine, and are therefore considered to be reasonably accurate. However, the grades and tonnages are discounted by 5% for processing purposes as experience has shown that this is realistically achievable when reclaiming a stockpile. Run of Mine (RoM) stockpile tonnages were reconciled to survey volumes in December 2011.

Unless otherwise stated, all Mineral Resources and Mineral Reserves are quoted as 100% and are not attributable with respect to ownership.

Mineral Resources Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the resource block model. They also include estimates of any material below the cut-off grade required to be mined to extract the complete pay portion of the Mineral Resource.

This declaration is based on the premise that a new 8 Mtpa milling/CIL facility will be installed and commissioned by 2014 to process ore that is currently being processed through the North Heap Leach facility. The total CIL processing capacity for Tarkwa will increase to 20 Mtpa by end 2014.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground Measured 112.0 123.5 124.3 1.5 1.5 1.5 5,361 5,798 5,940 Indicated 167.5 125.1 173.4 1.2 1.3 1.2 6,694 5,186 6,705 Inferred 33.6 14.3 26.0 2.8 3.4 3.1 2,985 1,580 2,569 Total open pit and underground 313.1 262.8 323.7 1.5 1.5 1.5 15,041 12,565 15,214 Surface stockpiles Measured 3.4 3.3 4.2 0.8 0.7 0.7 83 77 100 Total surface stockpiles 3.4 3.3 4.2 0.8 0.7 0.7 83 77 100 Grand total 316.5 266.1 327.9 1.5 1.5 1.5 15,123 12,642 15,314 * December 2011 includes underground Inferred Mineral Resources of 22.8 Mt @ 3.53 g/t

Modifying factors ¨¨ The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce Dec Dec Mineral Reserves; Mineral Reserve parameters 2010 2011 ¨¨ All Mineral Reserves are quoted in terms of run-of-mine (RoM) grades and tonnages as delivered to the metallurgical Mineral Reserve gold price US$/oz 1,000 1,300 processing facilities and are therefore fully diluted; and Cut-off for heap leach g/t 0.30 0.30 ¨¨ Mineral Resources and Mineral Reserves undergo both internal and external audits during the year and any issues Cut-off for mill feed open pit g/t 0.42 0.40 identified are rectified at the earliest opportunity during the Strip ratio waste:ore 4.90 5.30 current reporting cycle. Dilution (open pits) % 11 11 Mineral Resource Dec Dec Plant recovery factor fresh ore % 97 97 parameters 2010 2011 Plant recovery factor oxide ore % 97 97 Mineral Resource gold price US$/oz 1,100 1,450 Heap leach recovery factor % 62 62 Cut-off for heap leach g/t 0.29 0.25 CIL Processing capacity Mtpa 12.3 12.3 Cut-off for mill feed g/t 0.40 0.36 Heap leach capacity Mtpa 9.8 9 Cut-off for underground g/t 2.59 – 3.38 2.62 – 3.27 Mine Call factor % 100 100

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 10 Grade tonnage curve Open pits

350 3.0

300 2.5 250 2.0 200 1.5 150 1.0

Tonnes (millions) 100 — 50 0.5 Average grade above cut-off (g/t)

0 0.0 — 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0

Cut-off grade (g/t) Folding (D2) at Kottraverchy

Mineral Reserves The Mineral Reserve estimate for Tarkwa Gold Mine is based on development of appropriately detailed and engineered LoM plans. All design and scheduling work is undertaken to an appropriate level of detail by experienced engineers using appropriate mine-planning software. The planning process incorporates appropriate modifying factors and the use of cut-off grades and other technical-economic investigations.

Mineral Reserve statements include only Measured and Indicated Mineral Resources modified to produce Mineral Reserves, and contained in the LoM plan.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit Proved 118.1 122.5 132.9 1.3 1.3 1.3 4,943 4,982 5,602 Probable 143.6 109.5 107.3 1.2 1.2 1.2 5,328 4,192 4,165 Total open pit 261.7 232.1 240.2 1.2 1.2 1.3 10,271 9,174 9,767 Surface stockpiles Proved 3.2 3.3 4.0 0.7 0.7 0.7 74 75 90 Total surface stockpiles 3.2 3.3 4.0 0.7 0.7 0.7 74 75 90 Grand total 264.8 235.3 244.2 1.2 1.2 1.3 10,345 9,249 9,857

Proved Probable Total Mineral Reserve Mineral Reserve Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold classified per mining area (kt) (g/t) (koz) (kt) (g/t) (koz) (kt) (g/t) (koz) Open pit Akontansi 36.2 1.2 1,396 106.1 1.1 3,783 142.3 1.1 5,179 Kottraverchy 13.1 1.5 629 – – – 13.1 1.5 629 Pepe/Mantraim 30.4 1.2 1,180 10.3 1.1 375 40.7 1.2 1,555 Teberebie 38.4 1.4 1,738 27.2 1.3 1,170 65.6 1.4 2,908 Surface stockpiles 3.2 0.7 74 – – – 3.2 0.7 74 Grand total 121.3 1.3 5,017 143.6 1.2 5,328 264.9 1.2 10,345

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Increased gold price; ¨¨ Increased gold price; ¨¨ Minor changes to the Pepe-Atuabo-Mantraim- ¨¨ Depletion by mining (RoM and low grade); Teberebie Resource model; ¨¨ Minor changes to the Pepe-Atuabo-Mantraim- ¨¨ Depletion by mining (RoM and low grade ore); and Teberebie Resource model; and ¨¨ Increase in gold price outstripped the increased cost ¨¨ Improved CIP plant recovery (vs. heap leach) driving inputs and, together with losses due to production optimal pit shell design and schedule. depletion and minor resource model changes, accounts for the net increase of the Mineral Resource.

Change in Mineral Resources Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011 Chart Data Layout

18.0 14.0 5.8 16.0 12.0 14.0 1.8 15.1 3.0 0.1 Gold (Moz) Gold (Moz) 0.6 10.0 0.6 10.3 12.0 12.6 0.01 0.8 9.2 10.0 0.6 0.0 8.0 0.7 0.0 8.0 6.0 6.0 4.0 4.0 2.0 2.0 0.0 0.0 gain Cost Cost Depletion Resource Depletion modelling Modelling Gold price Exclusions Inclusions/ Exclusions Scheduling

Chart Data Layout new CIP Plant Gold price and December 2010 December 2011 December 2010 December 2011 Surface material

Mineral Reserve Sensitivity The Mineral Reserve Sensitivity has been derived from the application of the relevant cut-off grades to individual grade tonnage curves of the optimised pit shells for the open pits. The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only. The following graph indicates the Managed Mineral Reserve sensitivity at -10%, -5%, Base (US$1,300), +5%, +10% and +25% to the gold price.

Managed Mineral Reserve Sensitivity

15

12.0 11.3 10.8 Gold (Moz) 9.9 10.3 10 9.2

5

0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 1,300 Gold price (US$/oz) open pit Aerial view of the Teberebie

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This technical statement has been prepared in compliance Mineral Resources and Mineral Reserves are underpinned by with the South Africa Code for the Reporting of Exploration an appropriate Mineral Resource Management process and Results, Mineral Resources and Mineral Reserves (2007 protocol to ensure adequate corporate governance in respect SAMREC Code). of the intent of the Sarbanes-Oxley Act.

JSE Environmental This technical statement has been prepared in compliance Tarkwa has an environmental management team who with the Listings Requirements of the JSE Limited (JSE), are supported by specialists from the corporate office in South Africa, specifically Section 12. Johannesburg. The systems, procedures, training, etc. are at international leading practice levels. Night view of Tarkwa CIL plant fine ore stockpiles CIL plant fine ore Night view of Tarkwa

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

Mr Robert van der Westhuizen BSc (Hons) (Geology); MSc (Mining) (MAusIMM; Registration number 223783). Mr R van der Westhuizen has 32 years’ experience in the mining industry and is responsible for the overall correctness, standard and compliance of the Life of Mine planning, scheduling, reserve statement and financial analysis for Tarkwa. Mr John A Searra: Chief Resource Geologist BSc (Hons) (Geology); MSc (Engineering). Mr JA Searra has over 26 years’ experience in the mining industry and is responsible for sampling, geology, exploration and resource estimation for Tarkwa. Mrs Lucette Hugo, Chief Strategic Planning Engineer BSc (Mineral Exploration and Mining Geology) (MAusIMM; Registration number 992541). Mrs L Hugo has 14 years’ experience in the mining industry and is responsible for the Life of Mine planning, scheduling and financial analysis for Tarkwa.

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

General Manager Michiel van der BEng (Extractive Metallurgy) 15 Responsible for overall strategic direction, Merwe leadership and management

Manager Mining Stephen Osei BSc (Mining Engineering) 28 Full operational management Bempah

Mineral Resources Godfred Baba MSc Geological Engineering 16 Mineral resource management Manager Avane

Financial Manager Hein Muller BCom Accounting 23 Financial reporting and compliance

Human Resources Mohammed MPA, BA Hons Economics, ACCA 16 Human resource management Manager Abubakari

Metallurgy Manager Casper Dzomeku MSc Minerals Engineering, 27 Mineral processing and metallurgy heap HL MCSM, Exec. MBA leach

Metallurgy Manager George Nutor BSc Mineral Engineering 18 Mineral processing and metallurgy CIL CIL

Engineering H. de Beer Diploma Mechanical Engineering 28 Process engineering, logistics and Manager – Process Government Certificate of infrastructure management Competency

Safety Manager D. Pienaar NADSAM (M+3) 23 Health and safety

Environmental Ben Addo BSc (Chemistry), 18 Environmental management Manager MSc (Environmental management) Tarkwa mine village Tarkwa

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 14 Tarkwa Gold Mine Plan showing workings and infrastructure as at 31 December 2011

1 Kottraverchy West Waste Dump 2 Kottraverchy Pit Ghana National Grid Co-ordinate System 3 Kottraverchy South East Waste Dump 4 Kottraverchy East Waste Dump 5 TSF 1 6 TSF 2 7 CIL Plant 8 North Primary Crusher 9 Akontansi Pit 10 Akontansi Waste Dump 11 Bridge Waste Dump 12 Python Neck Waste Dump 13 West Hill Waste Dump 14 Merve Waste Dump 15 Blue Ridge Pad 16 West Pad Ext. 17 West Pad National Road to 18 South Pad Kumasi/Bogoso/Prestea 19 Teberebie / Mantraim Pit 20 Airstrip Waste Dump 21 Atuabo Waste Dump 22 Atuabo Pit 23 Makulu Pit 24 Pepe Pit 25 Papa Waste Dump 26 Bamboo Waste Dump 27 North Pad 28 Phase 5 Pad 29 Air Shaft 30 Cleaver Shaft 31 Swanzy Shaft 32 Bishops Shaft 1 Kottraverchy West Waste Dump 2 Kottraverchy Pit 3 Kottraverchy South East Waste Dump 4 Kottraverchy East Waste Dump 5 TSF 1 6 TSF 2 7 CIL Plant 8 North Primary Crusher 9 Akontansi Pit 10 Akontansi Waste Dump 11 Bridge Waste Dump 12 Python Neck Waste Dump 13 West Hill Waste Dump 14 Merve Waste Dump 15 Blue Ridge Pad 16 West Pad Ext. 17 West Pad 18 South Pad 19 Teberebie / Mantraim Pit 20 Airstrip Waste Dump 21 Atuabo Waste Dump 22 Atuabo Pit 23 Makulu Pit 24 Pepe Pit 25 Papa Waste Dump 26 Bamboo Waste Dump 27 North Pad 28 Phase 5 Pad 29 Air Shaft 30 Cleaver Shaft 31 Swanzy Shaft Cinnamon Bippo Shaft 32 Bishops Shaft Overlap Area National Railway to Prestea No. 2 Shaft

32

30 31 29

Abosso Deeps Samahu

1 28

2 Abosso Town 27 4 5 3

6 25 REFERENCE

Mine Offices 24 Mining Lease...... 23 8 7 26 Tailings/Heap Leach pads...... Mine Village 9 Damang has the area from surface to 30m below...... 10 22 Tarkwa has the area below 30m...... 21 11 Waste Dump...... 13 12 20 Open Pit......

National Road...... 15 16 14 19 National Railway...... 17 Tarkwa Town 18 Towns......

Retread Factory South Primary Crusher 13. Brief history

The history of Tarkwa

Amalgamated Banket Area Limited (ABA) acquired the Abontiakoon concession. Sinking of the Abontiakoon 1935: vertical shaft.

1936 – 1940: Construction of new central mill with a capacity of 30 ktpm.

Late 1900s: Several small mining companies operated the Abontiakoon concession.

1960: All workings abandoned and allowed to flood.

1961: Production restarted under the State Gold Mining Corporation.

1963: The Tarkwa mines renamed Tarkwa Goldfields Limited.

1973 – 1976: Apinto Shaft sunk to access additional ore sources.

1993: GFGL signed a management contract with the Ghanaian government to operate the mine.

1996: Feasibility study completed by GFGL on an open pit/heap leach operation.

Initial Tarkwa Phase I development completed for an open pit operation mining 14.5 Mtpa including 4.7 Mtpa 1998: of heap leach feed ore.

Tarkwa Phase II expansion completed to increase mining rate to 20.7 Mtpa and heap leach feed ore 1999: production to 7.2 Mtpa. All underground operations and associated processing plant ceased production.

2000: GFGL acquired northern area of Teberebie. Mining production pushed to 36 Mtpa.

Tarkwa implemented owner mining in July 2004 and commissioned a CIL plant with a “name plate” capacity 2004: of 4.2 Mtpa in October 2004.

2008: South Heap Leach facility ceases crushing in December 2008.

Expanded CIL plant commissioned in January 2009, design throughput of 12.3 Mtpa achieved in September 2009: 2009. HPGR 1 Mt plant scale test to be started at South Heap Leach facility in last quarter of the year.

Conversion to owner maintenance has been completed, with the inherent cost savings and productivity gains 2010: expected to materialise in C2011.

Gold Fields Ghana Limited acquired the 18.9% IAMGold interest in Tarkwa and now holds 90% with the 2011: remaining 10% held by the Ghanaian government. Tarkwa North Heap Leach Phase V pad Tarkwa

17 Structural and evaluation confirmation drilling at Kottraverchy

Boreholes 12500N

US$1 300/0z pit shell

12000N

11500N Indicated Mineral Resource boundary

11000N

10500N

10000N 2000E 2500E 3000E 3500E 4000E 4500E 5000E 5500E 6000E 6500E 7000E 7500E

Tarkwa Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVEs 316.5 Mt @ 1.5 g/t 264.8 Mt @ 1.2 g/t 15.1 Moz 10.3 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

33.6 Mt @ 2.8 g/t 3.0 Moz

INDICATED PROBABLE

167.5 Mt @ 1.2 g/t 143.6 Mt @ 1.2 g/t 6.7 Moz 5.3 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

115.4 Mt @ 1.5 g/t 121.2 Mt @ 1.3 g/t 5.4 Moz 5.0 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

18 Notes Imbricate oligomictic conglomerates at Tarkwa Polymictic conglomerates at Tarkwa

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Tarkwa Gold Mine – Technical Short Form Report 2011 1 Damang Gold Mine Technical Short Form Report 31 December 2011

2 Salient features

¨¨ Mineral Resources at 10.0 Moz.

¨¨ Mineral Reserves at 3.4 Moz.

¨¨ A strong near-mine and greenfields growth pipeline.

¨¨ Realising the potential to 2025 and beyond.

¨¨ Life of Mine extended to 2024 (+5 years).

West Africa is host to world-class gold deposits and is a premier mining destination. The Damang Gold Mine, in particular, will leverage off this and provide a new lease on life and contribute to Gold Fields’ vision, “To be the global leader in sustainable gold mining”.

Geographic location

Damang Mining Lease

• Tamale

Kumasi •

• Accra • Tarkwa • Takoradi

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 3 Geographic location IFC 1. Overview

1. Overview Page 1 Damang Gold Mine is owned and operated by Abosso Goldfields Limited (AGL), a Ghanaian- 2. Key aspects Page 2 registered company. With Gold Fields’ acquisition of IAMGold’s indirect 18.9% stake 3. Operating statistics Page 3 in the Damang Gold Mine in June 2011, Gold Fields now owns 90% of the issued shares of 4. Geological setting and mineralisation Page 4 AGL with the Ghanaian government owning the remaining 10% free carried interest. The 5. Mining Page 6 Damang Gold Mine consists of two mining leases, namely the Damang mining lease and 6. Projects Page 7 the Lima South mining lease, covering a combined total of 8,111 hectares as well as four prospecting licences. 7. Mineral processing Page 8 The Damang Gold Mine is located in south- Page 9 8. Sustainable development western Ghana near the southern end of what is commonly referred to as the Tarkwa Basin, 9. Mineral Resources and Mineral Reserves Page 10 300 kilometres by road west of Accra, the capital of Ghana. The mine exploits oxide and 10. Regulatory codes Page 13 fresh hydrothermal mineralisation in addition to Witwatersrand-style palaeoplacer gold. 11. Competent Persons Page 13 The hydrothermal mineralisation is located in Tarkwaian sediments and is the only deposit of 12. Key technical staff Page 14 its kind located on the eastern side of the Ashanti Belt in south-west Ghana. Damang’s 13. Brief history Page 17 main ore body is located close to the closure of an antiform, while all other known palaeoplacer mineralisation is located on the eastern and western limbs of the anticline.

The Damang plant currently processes 5.2 Mtpa from a blend of approximately 5% oxide ore and 95% fresh ore. The ore is sourced from various open pit mining operations and existing surface stockpiles. Process feed for the 12-month period to 31 December 2011 comprised 4.9 Mt at a yield of 1.37 g/t for 218 koz.

This technical short form report reflects the latest Life of Mine plan input parameters, together with an updated Mineral Resource and Mineral Reserve statement. The declared Mineral Reserve as at 31 December 2011 has increased by 1.3 Moz of gold when reconciled against the December 2010 statement, predominantly due to new discovery.

All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image: Damang Gold Mine, blast hole drilling.

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Damang main pit, cutback operations Resources and Mineral Reserves Overview 2011”.

1 2. Key aspects Panoramic night view of Damang‘s gold plant

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [Optiro Pty Ltd for Mineral Resources and Snowden Mining Industry Consultants (Pty) Ltd for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the Damang Mineral Resources and Mineral Reserves were evaluated Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition) Effective date 31 December 2011 Source of information This technical statement is a summary of the detailed internally sourced document entitled December 2011 Damang Competent Persons Report Personal inspection Personal inspection takes place by the Competent Persons as listed, who are full-time employees of Gold Fields Limited General location Damang is located in south-western Ghana, approximately 300 kilometres by road, west of Accra, the capital, at a latitude 5° 11’ N and longitude 1° 57’ W. The Damang concession lies to the north of and joins the Tarkwa concession, which is located near the town of Tarkwa. The area is served with good access roads and an established infrastructure. The Mine is further served by a main road connecting to the port of Takoradi, some 90 kilometres to the south-east Climate A tropical climate, with average monthly temperatures between 21°C and 32°C, is characterised by two distinct rainy seasons from March to July and September to November. Average annual rainfall near the site is 2,030 millimetres. Although there may be minor disruptions to operations during the wet season, there is no operating or long-term constraint on production due to climate Licence status and The Damang concession covers a total area of 25,454 hectares. All necessary statutory mining holdings authorisations and permits are in place for the Damang Mine Lease and Abosso Goldfields is entitled to mine all material falling within the lease. Abosso Goldfields holds a mining lease in respect of the Damang Mine dated 19 April 1995, as amended by an agreement dated 4 April 1996. This lease expires in 2025, but is renewable under its terms and the provisions of the Minerals and Mining Law, by agreement between Abosso Goldfields and the Government of Ghana Operational infrastructure The Damang plant processes oxide and fresh ore, which is sourced from four open pit mining operations and existing surface stockpiles, located on the Damang Mine Lease. The plant name plate throughput is 5.2 Mtpa with a ore blend of 95:5 fresh:oxide Deposit type The Damang orebody is hosted by a north to north-westerly plunging antiform developed within Tarkwaian sediments. The main Damang pit is located close to the closure of the antiform, and all other known mineralisation is located on the east and west limbs of the Damang anticline. The mine exploits oxide and fresh hydrothermal mineralisation in addition to Witwatersrand-style, palaeoplacer mineralisation Life of Mine (LoM) It is estimated that the current Mineral Reserve will be depleted in 2024 Environmental/Health & Damang retained its ISO 14001:2004 (environmental management system) certificate following the Safety surveillance audit conducted during this year, and remains fully compliant to the ICMI Cyanide Code Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for The Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43-101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 2 3. Operating statistics

Dec Dec June June June Units 2011 20101 2010 2009 2008 Open pit mining Total mined kt 23,515 7,144 12,529 19,459 31,422 –– Waste mined kt 18,735 4,962 8,658 15,057 27,300 –– Ore mined kt 4,780 2,182 3,871 4,402 4,092 Mined grade g/t 1.7 1.9 1.6 1.6 1.6 Strip ratio (tonnes) waste : ore 3.9 2.3 2.2 3.4 6.7 Processing – Mill tonnes kt 4,942 2,491 5,028 4,991 4,516 Total tonnes kt 4,942 2,491 5,028 4,991 4,516 – Mill head grade g/t 1.5 1.6 1.3 1.3 1.4 Total head grade g/t 1.5 1.6 1.3 1.3 1.4 Combined yield g/t 1.4 1.5 1.3 1.2 1.3 Plant recovery factor % 91.8 93.3 92.9 93.1 93.8 Gold produced –– Mill koz 218 117 207 200 194 koz 218 117 207 200 194 Total gold produced kg 6,772 3,637 6,451 6,233 6,041 Gold sold koz 218 117 207 200 194 Financials Surface operating cost US$/oz 653 632 630 692 608 Total cash cost US$/oz 701 636 660 661 551 Capital expenditure US$ million 88.0 56.3 29.8 16.9 28.1 Notional cash expenditure (NCE) US$/oz 1,056 1,114 774 745 753 General Employees (TEC) number 1,588 1,423 1,478 1,598 1,613 Mineral Reserves Mt 61.7 40.5 41.9 36.1 25.5 Mineral Reserve Head Grade g/t 1.7 1.6 1.6 1.6 1.7 Mineral Reserves Moz 3.4 2.1 2.1 1.8 1.4 Expected Life of Mine years 13 9 9 9 5 1 Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. Mining operations at Juno open pit

3 4. Geological setting and mineralisation

The Damang tenement boasts a strong pipeline of exploration targets from conceptual level to advanced projects.

The Damang ore bodies are located within the Tarkwaian Star/Composite, Malta/Breccia and Gulder Reefs on the west sediments, which form a significant portion of the stratigraphy limb and the Lima, Kwesie-K1 and Kwesie-K2 Reefs on the of the Ashanti Belt in south-west Ghana. The Ashanti Belt is a east limb of the Damang anticline feature significantly higher north-easterly striking, broadly synclinal structure made up of gold grades than the poorly mineralised sandstone units, Lower Proterozoic sediments and volcanics underlain by the which separate the reefs. The conglomerate reefs may metavolcanics and metasediments of the Birimian system. contain between 1.3 and 1.5 g/t Au, and the poorly The Tarkwaian unconformably overlies the Birimian, and is mineralised sandstone units usually contain between 0.1 and characterised by lower intensity metamorphism and the 0.2 g/t Au. predominance of coarse-grained, immature sedimentary Hydrothermal mineralisation units. Hydrothermal gold mineralisation at Damang occurs in pyrite and pyrrhotite alteration selvages, which are usually less than The Damang Gold Mine exploits oxide and fresh one metre wide and located immediately adjacent to hydrothermal mineralisation in addition to palaeoplacer en-echelon quartz veins. Gold is also associated with mineralisation. The hydrothermal mineralisation is located in accessory vein minerals such as carbonate, muscovite, Tarkwaian sediments and is the only deposit of its kind tourmaline, ilmenite and apatite. These alteration zones are located on the eastern side of the Ashanti Belt in south-west often linked, and may result in significant volumes, Ghana. characterised by intense veining and gold mineralisation.

Local geology Damang is unique in Ghana by virtue of having hydrothermal The Damang ore body is hosted by a north-easterly plunging mineralisation hosted in the quartzites of the Tarkwaian antiform developed within Tarkwaian sediments. The main banket footwall as opposed to the metavolcanics and Damang pit is located close to the closure of the antiform, metasediments of the Birimian Basement as seen at Prestea, and all other known palaeoplacer mineralisation is located on Bogoso and Obuasi. To date, no significant hydrothermal the east and west limbs of the Damang anticline. mineralisation has been encountered in the Birimian lithologies at Damang. The stratigraphy at Damang is primarily through the Tarkwaian Group and comprises a large-scale fining upwards sequence of clastic sediments interrupted by up to four major gold-bearing quartz pebble conglomerate horizons. This sequence unconformably overlies a mixed Birimian Supergroup basement comprising volcaniclastic deposits and DAMANG minor fine-grained clastic sediments and black shales.

The area is intruded by a number of igneous intrusions, the most common being dolerites that occur as narrow dykes and sill-like bodies along contacts on either side of the Tarkwa phyllite, a particularly fine-grained pelitic unit in the upper Tarkwaian. A second intrusive body, the so-called Amoanda diorite porphyry, occurs sporadically along the boundary between the Birimian and the Tarkwaian. Lima Palaeoplacer mineralisation Rex There are three gold-bearing conglomerate horizons recognised on the western limb of the Damang anticline. From footwall to hangingwall, these are known as the Star/ Composite, Malta/Breccia and Gulder Reefs. There are also three gold-bearing conglomerate horizons recognised on the eastern limb, namely the Lima, Kwesie-K1, and Kwesie-K2 Reefs. These conglomerate horizons are separated by poorly mineralised sandstone units. LEGEND

The reefs are usually characterised by a fining upwards Huni Sandstone Kawere Group sequence of poorly to moderately sorted, clast-supported polymictic conglomerates. However, local variations are Tarkwa Phyllite Birimiam Group observed where the conglomerate domain is interbedded Banket Series Mafic Intrusives

with fine to coarse-grained, poorly sorted sandstones. The Local geology plan of Damang lease area

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 4 WESTERN LIMB EASTERN LIMB ABOSSO CHIDA CHIDA TOMENTO TOMENTO LIMA / LIMA BONSA BONSA TARKWA CHIDA DEEPS SOUTH CENTRAL EAST NORTH KWESIE SOUTH NORTH SOUTH

Gulder 0 K 2

10

20 Malta K 1 Breccia 30 G Lima 40 Star Metres 50

60 Composite Horizontal not to scale

70 CDE

A3, A1 AFc Profiles depicting stratigraphic variance across property depicting stratigraphic variance across Profiles

On lease exploration and drilling Exploration drill programmes are designed to assess the of which were attributable to the Greater Damang project. magnitude and style of mineralisation. Reverse Circulation The extensive exploration drilling served as a proof of concept (RC) drilling is usually employed for initial exploration drill for the CEM as well as resource infill drilling for Greater testing of both palaeoplacer and hydrothermal styles of Damang PFS. mineralisation using a 100x100 metre grid. The use of diamond drilling is usually minimised in the initial exploration The exploration budget for C2012 closely resembles that stages due to the higher cost. However, it is common for a initially intended for C2011 as the focus returns to maintaining small component of diamond drilling to be performed, to the project pipeline required to replace ongoing depletion by establish stratigraphic and structural relationships and to mining. The Amoanda and Rex advanced stage resource enable samples to be collected for metallurgical test work. infill/upgrade projects will form the core work for the year with Exploration drilling is also done outside optimised pit shells to early stage drilling planned for Bonsa Hydrothermal, Epeiso assess the magnitude, grade distribution and continuity, as and the Rex-Amoanda corridor. Further work on the Greater well as the engineering and metallurgical character of the Damang Project will be conducted during C2012. mineralisation. Depending on initial drilling results follow-up drilling can be done. Damang maintains rigorous quality assurance and quality control (QA/QC) protocols on all of its exploration Exploration objectives are specified in the operation’s programmes using leading industry practice in data acquisition, reputable laboratories, and having sign-off by business plan and Mineral Reserve replacement strategy. Infill Competent Persons under the 2007 SAMREC Code. QA/QC and Mineral Resource conversion drilling is required to programmes are the same for samples from both increase the level of confidence in a resource estimate by hydrothermal and palaeoplacer deposits and are intended to more accurately resolving mineralisation boundaries, grade monitor routine sampling, laboratory performance, in an effort continuity and distribution as well as the internal waste to control and eliminate possible errors in sample preparation boundaries. Mineral Resource models, which are generated and analysis. The results of laboratory internal QA/QC assays following the completion of this drilling, are used to establish provide secondary validation to accompany the AGL quality more robust production schedules and enable more accurate control programme. and confident grade and tonnage reconciliation to be undertaken.

The C2011 exploration budget made provision for drilling on a variety of early stage and resource conversion projects across the Damang lease. However, a fundamental change in focus occurred between the submission of the budget in Q4 2010 and the commencement of drilling in January 2011, due to the significant potential that was identified in and around the existing Damang pits. The Near-Mine Exploration team undertook a desktop study designed to quantify the extensional potential of what is now referred to as the Greater Damang project which encompasses the Huni, Damang and Juno pits, with a combined strike length of some 3.2 kilometres. This in turn led to the creation of a Conceptual Extensional Model (CEM) in late 2010. For C2011, Damang Exploration unit drilled a total of 78,018 metres of combined

reverse circulation (RC) and diamond drilling, the vast majority Mineralised veins in the Damang pit

5 5. Mining

The Damang plant processes oxide and fresh ore, which is sourced from four open pits and existing surface stockpiles, located on the Damang Mine lease.

Mining at Damang is carried out by drill-and-blast and haulage operations extraction scheduling, incorporated conventional open pit methods. through vehicle, road and bench into the LoM plan. In the majority of African Mining Services had, since the maintenance, dust and erosion instances, this is completed using a commencement of operations in control. Fresh rock and transitional combination of commercial software August 1997, performed the mining zones are drilled and blasted in packages. and fleet maintenance, but this was six-metre lifts, with excavation in changed to owner operator in March three-metre flitches. To optimise ore For all operational plans, a detailed 2011. fragmentation and blast control, (two-year) operating and capital cost blasting in fresh rock utilises both budget is produced and, where Load and haul is undertaken using conventional (Nonel) and electronic appropriate, extended for the LoM a standard truck-shovel operation, detonators. Oxide material, which production schedule. The operational with excavators in backhoe cannot be “free-dug”, is blasted using plan is prepared on a monthly basis configuration (two Bucyrus RH120E, lower powder factors. Waste material and zero-based costing is used to three Bucyrus RH90C and one is hauled to planned dumps located formulate the plan. Of critical Liebherr 984). The haulage fleet close to the pit exit. AGL has a importance is the utilisation of consists of twenty-four (24) Caterpillar progressive reclamation plan, whereby, historically achieved data for productivity and operating costs. 777 dump trucks, with an average as areas become inactive, they are All capital projects are ranked and payload capacity of 100 tonnes each. immediately rehabilitated through prioritised to maximise capital efficiency With the current equipment fleet, contouring and replacement of topsoil, and return on investment. the primary excavation rate is seeding, planting and fertilisation. approximately 900 to Open pit planning involves the input of 1,300 kBCM/month. Oxide ore is selectively mined to economic parameters and physical provide incremental feed to the mill. constraints into optimisation software Off-highway trucks haul ore to interim The Rex pit, located 15 kilometres to to generate a series of nested pits from stockpiles near the mining area. A fleet the south of the treatment plant, is which an optimal shell is selected. of tipper trucks operated by Engineers currently supplying oxide ore, but will Detailed design is then undertaken to and Planners Ltd then reclaims the ore be replaced by Huni pit, located confirm the mineability of the optimised and transports it to the treatment plant. one kilometre from the treatment plant. shell. The process is iterated until an The haul roads are designed for CAT acceptable level of correlation is Mining methods 777 trucks. For double-lane traffic, the achieved between the optimised shell Consistent with the current production minimum width is 23 metres, and and detailed design. The relatively schedule, mining is carried out seven includes a drainage ditch and safety small dimension of the pits and the days per week, three shifts per day. berm. For single-lane traffic, a characteristics of the ore bodies, Morning shift, dayshift and nightshift minimum width of 15 metres is used. combined with the equipment size, have 9.5 hour duration each with make the pit design exercise critical overlaps between the shifts. Mine planning and scheduling when it comes to keeping strip ratios in The Mineral Resource, based on a line with optimisation results. Ancillary equipment includes technique termed Composite IK bulldozers, graders, water trucks and resource modelling, forms the basis for Standard mine design software is service truck vehicles, supporting the subsequent design, planning and used; Whittle 4X to derive the optimal Caterpillar 777 dump trucks, with payload capacity of 100 tonnes

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 6 pit shell and Datamine or MineSight for the detailed N engineering and design work on the optimised pit shells.

Mine planning is based on three-dimensional block models of in situ mineralisation, with allowances made for minimum mining widths, dilution, and ore loss appropriate to the mining Label Period Qtr 1 – 2012 method being considered. Historical performance measures Qtr 2 – 2012 are considered in determination of these modifying factors. Qtr 3 – 2012 Qtr 4 – 2012 2013 2014 Infrastructure, waste disposal and ore stockpile management 2015 2016 requirements are incorporated into the planning process. 2017 2018 2019 A scoping study to reassess if there is a realistic opportunity 2020 2021 for ultimate economic extraction of the underground Abosso 2022 Activity1 0 500m Deeps Mineral Resources at Damang, is planned for 2012. Naf Huni, Juno and Damang Life of Mine schedule 6. Projects Recent re-interpretation work over the entire tenement holding has highlighted a number of conceptually prospective target areas. Target definition and initial drilling activities are planned for 2012 to test the highest ranking opportunities.

The exploration programme at Damang can be seen as two Further focus in C2012 will be to close the current exploration projects running in parallel. The primary project is 80 x 40-metre drill pattern to a 40 x 40-metre pattern, the Greater Damang Extension and is jointly administrated and which will allow resource estimation to be carried out on a executed by Abosso Goldfields Limited and the Growth and further 500 metres of the corridor; International Projects group. The exploration programme for ¨¨ Greater Rex (~500 metres north and ~1 kilometre south C2012 primarily has four key projects: along strike of the Rex ore body) will continue with resource ¨¨ Greater Damang Project which comprises work in and conversion drilling to improve on the confidence in the around the Damang pit as well as extensions to the resource model and to test grade continuity and Damang cutback (Huni North, Juno, Tamang and Kwesi). orientation; and The focus is specifically where potential exists for both ¨¨ Bonsa Hydrothermal initial drilling will commence once all fresh palaeoplacer and hydrothermal mineralisation along a permits are in place. Earlier exploration on this Prospecting strike length of some 3.5 kilometres and also at depth licences (PL) concentrated on palaeoplacer mineralisation beneath the currently modelled pit shells. The potential in the northern portion of the PL, with only limited beneath the pit shells has been proved and the project will exploration conducted in the southern portion where the continue with resource conversion drilling; Bonsa Hydrothermal Project is located. The recent project ¨¨ Greater Amoanda focuses on the 1.5-kilometre-long review identified the Bonsa Hydrothermal Project area as corridor between the Amoanda and Tomento East pits and one of the best ranked targets on the AGL PL’s. The target aims to extend and add to the 211 koz Mineral Reserves area is structurally complex and underlain by the banket delineated in the 400 metres immediately north of the footwall quartzite, which favours the development of Amoanda pit towards the Tomento East pit in C2012. hydrothermal ore bodies.

620000 630000 620000 630000

N N

5km 5km 610000 610000 610000 610000 600000 600000 600000 600000 Aeromagnetic image of Greater Damang area image of Greater Aeromagnetic Damang area of Greater interpretation Aeromagnetic magnetic domains) (colours represent 620000 630000 620000 630000

7 7. Mineral processing

The plant name plate throughput is 5.2 Mtpa with an ore blend of 95:5 fresh:oxide.

The Damang milling circuit was multimix head for oxygen injection. the CIL circuit any coarse carbon commissioned in November 1997 with The cyclone overflow comprises 45% discharged accidentally. The purpose a design throughput of 3 Mtpa. solids and is introduced onto the trash of the thickener is to ensure solid- A number of modifications and screen (0.8 millimetre apertures) and liquid separation so that much of the optimisations allowed an increase in the undersize is presented as leach cyanide and lime in the liquid the annual throughput to about feed. At this stage about 40% of the component can be recovered and 5.2 Mtpa. The plant is a conventional gold is dissolved. re-used in the plant. two-stage grinding circuit using SAG and ball mill combination, with pebble A solution containing 250 ppm Loaded carbon is recovered from the crusher and gravity concentration, sodium cyanide and oxygen is added first tank of the adsorption train and followed by a carbon-in-leach recovery to the CIL tank. Hydrogen peroxide is transferred to acid washing, elution, process. The average throughput of dosed to tanks 1 and 2, to maintain and electrowinning. Cathodes are the plant is currently 14,085 tonnes dissolved oxygen content of 14 ppm washed with high-pressure spray water per day (tpd), with an average and 10 ppm respectively. The slurry and the gold sludge is recovered by availability of 93.3%. discharging from the last tank is filtration. The gold sludge filter cake is screened on a horizontal linear screen dried and smelted. Slurry discharging The purpose of the milling section is (tailings screen) which is fitted with a from the last adsorption tank is to produce blended leach feed with screen cloth of 0.8 millimetre aperture. screened ahead of thickening and about 70 % passing 106 µm. The This screen recovers and returns to tailings disposal. section consists of a SAG mill (8 metres x 5.1 metres) with a power Damang LoM tailings storage facility assessment rating of 5.8 MW and a ball mill LoM Available Surplus/ Capital (6.1 metres x 9 metres) with an identical deposition capacity (shortfall) requirements Expenditure power rating. Cyanide is added at the (Mt) (Mt) (%) (US$m) period feed of the ball mill to maximize the 60.0 59.8 (0.3) 68.8 C2012 – C2019 gold dissolution during the grinding and reduce the accumulation of free gold in this part of the circuit.

A scalped stream of approximately a fifth of the cyclone underflow stream (circulating load) is fed to the gravity circuit which comprises of 2x KC 48 Knelson gravity concentrators with a capacity of 200 to 400 tph. The balance of the circulating reports to the ball mill as feed. The purpose of this section is to remove any free gold out of the circuit. The section consists of two vibratory screens, which are fitted with five-millimetre aperture screen panels to the two Knelson concentrators. The feed is introduced to the screen with the oversize reporting back to the ball mill and the undersize material is presented to the Knelson concentrators. The tails from the Knelson concentrators combine with the ball mill discharge and are presented as a feed to the cyclones.

The Knelson concentrate is discharged into a hopper located in the gold room. Cyclone overflow is screened to remove trash before reporting to the seven-stage CIL, via

the filblast pump, which is fitted with a Crushing plant

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 8 8. Sustainable development

Damang aims to comply with the established Gold Fields Group Health and Safety Policy, which subscribes to international leading practices, specifically in the context of World Bank Policies and Guidelines, International Finance Corporation Operational Policies, International Labour Organisation Conventions and OHSAS 18001.

Damang has achieved an outstanding health and safety performance through the participation of all employees and the application of safe, innovative processes and technologies, within a framework of full compliance. The mine has set itself a target of zero lost-time injuries for the next financial year. The mine’s progressive fatality-free shifts are currently in excess of five million.

Environmental management at Damang is conducted within the framework of an ISO 14001 certified environmental management system (EMS). Certification of the system occurred first in July 2003 for a three-year period and has School for Damang community since then been the subject of annual third-party audits. Recertification of the EMS under the revised ISO 14001:2004 standard was achieved in July 2006 for another three-year period. Damang mine has successfully completed two surveillance audits (2010/2011) following the recertification audit in 2009. The next recertification audit is scheduled for February 2012. The foundation of the EMS is the Abosso Goldfields Limited Environmental Policy, which is aligned with the Gold Fields Limited Environmental Policy.

Damang’s vision is strongly aligned with the Group vision of being the global leader in sustainable gold mining. To this end, Damang has upheld Gold Fields’ number one value of safe production and was recognised as the safest operating mine in Ghana in 2004. It was also awarded the Chairman’s safety shield in 2008, as well as the award for Best Mine in Ghana in Clinic for Damang community 2009 based on occupational injury statistics as defined by the Minerals Commission. was completed and a borehole provided at Koduakrom to provide potable water. Damang continues to deliver tangible and lasting benefits to its stakeholder communities towards ensuring sustainable The Sustainable Community Empowerment and Economic community development in the 2011 financial year. The social Development Programme (SEED) made significant progress investment spend during the year under review focused on during the period under review. AGL in conjunction with the various sectors of the local economy including education, Ministry of Food and Agriculture (MoFA) officers organised health, water and sanitation and alternative livelihood. refresher training for vegetable and livestock module beneficiaries at the Damang community centre. Training In addition, AGL continued its support to the teachers at the covered all the basics in veterinary services and vegetable “Nana” Amoakwa Model School at Damang and award of cultivation and also the hygienic standards to be practiced by scholarships to students from local communities to enhance beneficiaries to meet the market demand especially with the education. Small Town water system initiated at Kyekyewere intention of producing for on mine catering.

Safety statistics June June June Dec Dec Class Units 2008 2009 2010 20101 2011 Fatalities (No) 0 0 0 0 0 (per Fatality rate mmhrs) 0 0 0 0 0 (per LDIFR mmhrs) 0.7 0.6 0.3 0.3 0.2 1 For six months to December 2010.

9 9. Mineral Resources and Mineral Reserves

A successful year in building towards the vision of a LoM to 2025 and beyond. The pre- depletion Mineral Resources increased by 5.7 Moz and the pre-depletion Mineral Reserves rose by 1.6 Moz. The Damang Mineral Resource and Mineral Reserve declarations are based on systematic and sustainable mineral reporting practices. Systematic reverse circulation (RC), diamond drilling and subsequent core-logging consistently update the geological structure and reef-pod models used as the basis of each declaration. Ongoing assaying of RC, diamond drilling and grade control samples is carried out to provide additional grade and geology data that is incorporated into a detailed evaluation model.

Updated pit designs and schedules are then compiled and evaluated based on the most recent technical and economic parameters to compile a LoM plan. Cognisance is taken of pit limitations, haul road distance and plant capacity. Detailed economic and scenario models are subsequently compiled to ensure Mineral Reserve declarations are underpinned by valid economic models. Internal and external audits as well as peer reviews are conducted to ensure consistency and compliance with regulatory practices.

Mineral Resources Mineral Resources are quoted at an appropriate in situ economic cut-off grade with tonnages and grades based on the relevant resource block models. They also include estimates of any material below the cut-off grade required to be mined to extract the complete pay portion of the Mineral Resource.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Resource Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit and underground Measured 12.9 4.4 4.9 1.9 1.5 1.5 787 218 243 Indicated 113.4 55.8 54.3 1.7 1.6 1.7 6,316 2,936 2,938 Inferred1 36.4 12.0 12.7 2.4 3.4 3.4 2,854 1,329 1,377 Total open pit and underground 162.7 72.2 71.9 1.9 1.9 2.0 9,957 4,483 4,558 Surface stockpiles Indicated 2.7 4.4 4.7 1.0 1.1 1.1 87 155 161 Total surface stockpiles 2.7 4.4 4.7 1.0 1.1 1.1 87 155 161 Grand total 165.4 76.6 76.6 1.9 1.9 1.9 10,044 4,638 4,719

1Includes underground Inferred Mineral Resources of 5.1 Mt at 6.14 g/t

Modifying factors Dec Dec ¨¨ The Measured and Indicated Mineral Resources are Mineral Resource parameters 2010 2011 inclusive of those Mineral Resources modified to produce Gold price US$/oz 1,100 1,450 Mineral Reserves; Cut-off for fresh ore g/t 0.65 0.55 ¨¨ Unless otherwise stated, all Mineral Resources and Cut-off for oxide ore g/t 0.36 0.32 Mineral Reserves are quoted as 100% and are not Mineral Reserve parameters attributable with respect to ownership; Gold price US$/oz 1,000 1,300 ¨¨ All Mineral Reserves are quoted in terms of Run-of-Mine Cut-off for fresh ore g/t 0.72 0.62 (RoM) grades and tonnages as delivered to the metallurgical processing facilities and are therefore fully Cut-off for oxide ore g/t 0.38 0.35 diluted; Strip ratio waste:ore 5.8 4.6 Dilution (hydrothermal) % 15 10 – 15 ¨¨ Mineral Reserve statements include only Measured and Indicated Mineral Resources, modified to produce Mineral Dilution (palaeoplacer) cm 40 40 Reserves and contained in the LoM plan; and Mine Call Factor % 100 92 ¨¨ Mineral Resources and Mineral Reserves have undergone Plant recovery factor – fresh ore % 92.5 91.5 both internal and external audits during the current year, and any issues identified were rectified during the current Plant recovery factor – oxide ore % 93.5 93.5 reporting cycle. Processing capacity Mtpa 5.2 5.2

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 10 Grade tonnage curves Open pits Underground

200 3.4 16 12 14 160 3.0 12 10

120 2.6 10 8 8 2.2 80 6 Tonnes (millions) 1.8 Tonnes (millions) —

— 4 6 40 2

1.4 Average grade above cut-off (g/t) Average grade above cut-off (g/t) —

0 0 4 — 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 0 1 2 3 4 5 6 7 8 9 10 Cut-off grade (g/t) Cut-off grade (g/t)

Mineral Reserves The Mineral Reserve estimate for Damang Gold Mine is based on development of appropriately detailed and engineered LoM plans. All design and scheduling work is undertaken to an appropriate level of detail by experienced engineers using appropriate mine-planning software. The planning process incorporates appropriate modifying factors and the use of cut-off grades and other technical-economic investigations.

In general, Proved Mineral Reserves are derived from Measured Mineral Resources, and the Probable Mineral Reserves are derived from Indicated Mineral Resources, except where confidence levels of modifying factors lead to Measured Mineral Resources converting to lower confidence Probable Mineral Reserves. The stockpiles included in the Mineral Reserve comprise mostly lower-grade mineralisation that has been accumulated since the start of mining of the Damang pit. The stockpile material comprises about 2.6% of the Mineral Reserve ounces and 4.4% of the Mineral Reserve tonnes.

Tonnes (Mt) Grade (g/t) Gold (’000 oz) Mineral Reserve Dec Dec June Dec Dec June Dec Dec June classification 2011 2010 2010 2011 2010 2010 2011 2010 2010 Open pit Proved 8.6 2.4 2.8 2.0 1.6 1.6 552 125 146 Probable 50.4 33.7 34.4 1.7 1.7 1.6 2,751 1,800 1,816 Total open pit 59.0 36.1 37.2 1.7 1.7 1.6 3,303 1,925 1,962 Surface stockpiles Probable 2.7 4.4 4.7 1.0 1.1 1.1 87 155 161 Total surface stockpiles 2.7 4.4 4.7 1.0 1.1 1.1 87 155 161 Grand total 61.7 40.5 41.9 1.7 1.6 1.6 3,390 2,080 2,123

Mineral Reserve Proved Probable Total Mineral Reserve classified per Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold mining area (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) DPCB 2.3 1.9 140 2.7 1.8 154 5.1 1.8 293 Juno 2.4 1.7 131 6.4 1.7 359 8.8 1.7 490 Huni 3.9 2.3 281 23.4 1.9 1,452 27.3 2.0 1,733 Nyame – – – 0.3 0.7 6 0.3 0.7 6 Lima South – – – 2.5 1.0 77 2.5 1.0 77 Tomento East – – – 0.9 1.1 30 0.9 1.1 30 Tomento West – – – 0.1 1.0 4 0.1 1.0 4 Amoanda – – – 3.4 1.9 211 3.4 1.9 211 Rex – – – 8.5 1.4 386 8.5 1.4 386 Chida – – – 0.1 1.6 8 0.1 1.6 8 Abosso Tailings 2.0 1.0 65 2.0 1.0 65 Surface stockpiles – – – 2.7 1.0 87 2.7 1.0 87 Grand total 8.6 2.0 552 53.1 1.7 2,838 61.7 1.7 3,390

11 Mineral Resources and Mineral Reserves reconciliation year-on-year

Factors that affected Mineral Resource reconciliation: Factors that affected Mineral Reserve reconciliation:

¨¨ Significant growth due to resource modelling of Greater ¨¨ Growth largely as a result of updated resource Damang with added benefit from an increase in the modelling at Greater Damang coupled with a gold price gold price; and increase; and ¨¨ The gold price has also impacted additional ounces at ¨¨ Increased gold price also provided additional ounces at the remaining deposits, albeit to a lesser extent. satellite pits.

Change in Mineral Resources Change in Mineral Reserves December 2010 to December 2011 December 2010 to December 2011

12.0 3.5 0.2 0.4 1.5 0.1 0.1 3.4 10.0 3.0 5.4 0.1 10.0 Gold (Moz) Gold (Moz) 2.5 8.0

2.0 2.1 6.0 0.2 0.0 1.5 4.0 4.6 0.2 0.0 1.0 2.0 0.5 0.0 0.0 Other Other Resource modelling Resource Discovery modelling Discovery Exclusions December 2010 December 2011 Mined depletion December 2010 December 2011 Mined depletion Economic factors Economic factors

Mineral Reserve Sensitivity The Mineral Reserve Sensitivity has been derived from the application of the relevant cut-off grades to individual grade tonnage curves of the optimised pit shells for the open pits.

The Mineral Reserve Sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

The following graph indicates the managed Mineral Reserve Sensitivity at -10%, -5%, Base, +5%, +10% and +25% to the gold price.

Managed Mineral Reserve Sensitivity

4 3.9 3.5 3.6 3.4 3.0 3.1

Gold (Moz) 3

2

1

0 (-10%) (-5%) (Base) (+5%) (+10%) (+25%) 1,300

Gold price (US$/oz) DE710 diamond drill exploration rig in northern cut-back

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 12 10. Regulatory codes

SAMREC Sarbanes-Oxley Act This technical statement has been prepared in compliance Mineral Resources and Mineral Reserves are underpinned by with the South Africa Code for the Reporting of Exploration an appropriate Mineral Resource Management process and Results, Mineral Resources and Mineral Reserves (2007 protocol to ensure appropriate corporate governance in SAMREC Code). respect of the intent of the Sarbanes-Oxley Act.

JSE Environmental This technical statement has been prepared in compliance Damang has an environmental management team which is with the Listings Requirements of the JSE Limited (JSE), supported by specialists from the corporate office in South Africa, specifically Section 12. Johannesburg. The systems, procedures, training, etc. are at international leading practice levels. Resource conversion drilling – Greater Damang Project conversion drilling – Greater Resource

11. Competent Persons

Internal technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Competent Persons

Chris Murray: Mineral Resources Manager MSc (Sedimentology), SACNASP (No. 400046/04). Chris has 32 years’ experience in mining and exploration in South Africa and Ghana and is jointly responsible for the overall correctness, standard and compliance of this declaration. David Dadzie: Chief Mine Geologist BSc. Geology, Member of the Ghana Institute of Engineers. David has 12 years’ experience in mining and exploration in Ghana and is responsible for grade control, reserve reconciliation and resource modelling. Sean Kelly: Geostatistics and Evaluation Manager National Higher Diploma (Mineral Resource Management), GDE (Mining Engineering), Mine Surveyor’s Certificate of Competency, Member of PLATO (No. MS0095). Sean has 29 years’ experience in the mining industry and is responsible for the resource modelling and estimation. Deon Steenkamp: Chief Exploration Geologist BSc (Hons) Economic Geology, BSc (Geology), MBA, MAusIMM (301686). Deon has 29 years’ experience in mining and exploration in Ghana and South Africa and is responsible for exploration programme planning and implementation. Jason Kavanagh: Exploration Manager BSc (Hons) Geology, MSc Mining Geology, MSc Computing for Earth Sciences MAusIMM (301676) Jason has 14 years’ experience in mining and exploration in Indonesia, South Africa, Canada, Zambia and Ghana and is the Exploration Manager for the Greater Damang Project. Robert van der Westhuizen: Mine Planning Engineer M.Sc (Mining), MAusIMM (No. 223783). Robert has 32 years’ experience in the mining industry in South Africa, Mali, Ghana and Tanzania and is responsible for mine planning, optimisation and scheduling. DE710 diamond drill exploration rig in northern cut-back

13 12. Key technical staff

Post Incumbent Qualifications Years Key responsibilities

General Manager Christo Viljoen NHD (Electrical Engineering); 26 Responsible for the overall strategic GCCE (Mines); GCCE (Factories) direction, leadership and management Pr Eng 2008/900/24

Mine Manager Darrol van SAIMM 15 Mine planning optimisation and scheduling Deventer BTech Mining Engineering

Metallurgy Manager Charles Amoah BSc Metallurgical Engineering 18 Mineral processing and metallurgy MSc Mineral processing Engineering

Environmental Francis Nyame MSc (Environmental Management) 21 Environmental management Manager AIEMA – 0011446 Monitoring and compliance with regulatory requirements Conformance with ISO14001 systems

Finance Manager Augustine Wireko ACCA (1142411) CA 4 Financial management, reporting and Asubonteng BSc – Renewable Natural Resources compliance

Engineering Andries Bergh BEng (Mech) GCC – Mines and 16 Engineering, logistics and infrastructure Manager Works management

Human Resources Charles Klutse BA (Social Work and Administration) 12 Human resources training and Manager development, social responsibility

Unit Manager – Andre von Solms National Diploma Level 5 27 Management of safety risk exposure Safety and Health Occupational Hygiene/Environmental Occupational hygiene monitoring Engineering programmes Damang tailings facility

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 14 Damang Gold Mine Plan showing mine infrastructure as at 31 December 2011

Reference

Damang mining lease ......

Lima South mining lease ......

Prospecting licences (PL) ......

Tailings ...... Damang has the area from surface to 30 metres below

Tarkwa has the area below 30 metres ......

Exploration drilling sites ......

Waste dump ......

Open pit ......

National road ......

National railway ......

Towns ......

Lima South Subiri PL

West Damang Damang mining lease ......

Lima South mining lease ......

Prospecting licences (PL) ......

Tailings ...... Damang has the area from surface to 30 metres below

Tarkwa has the area below 30 metres ......

Exploration drilling sites ......

Waste dump ......

Open pit ......

National road ......

National railway ......

Towns ......

West Damang

New Damang Huni Valley PL Damang Pit (Relinquished in 2009)

Nyame

Tomento West Old Huni 1 Bus Stop Waste Dump Valley Camp Lima Amoanda 2 South-West Waste Dump 3 New Kyekyewere Bonsa North Amoada 4 Kwesie South Village 5 Tomento North

Nohokoa 6 Tomento Pit 7 Cinnamon Bippo Shaft Chida 8 No. 2 Shaft 9 Cleaver Shaft Chida South 10 Abosso Deeps

Rex 11 Hoisting and Pumping Shaft Bonsa Rex South Epieso PL 12 Swanzy Shaft 13 Bishops Shaft Wassa 14 Rex North Breman PL Overlap Area 15 Amoanda Pit 16 Amoanda Waste Dump Wassa Breman Epieso • 17 Amoanda Stockpile 18 Tormento East 19 Tomento Waste Dump 20 Lima Pit 21 South Tailings Storage Facility Bonsa River Forest Reserve PL 22 Kwesie South Pit 23 Kwesie North Pit Abosso Town 24 Kwesie North 25 Juno 2 South West 26 Juno 3 27 East Tailings Storage Facility 28 North East Waste Dump 13. Brief history

The history of Damang

1882: Operations at the underground Abosso mine exploiting banket conglomerates to a depth of 850 metres.

Adjah Bippo and Cinnamon Bippo underground mines to the north incorporated into the Abosso Mine 1920: holdings.

Late 19th Several small mining companies operated the Abontiakoon concession near Tarkwa town leading to the century: sinking of eight vertical shafts and excavation of numerous open pits.

1956: Abosso mine ceased operation.

Ranger Exploration (Ranger) began investigation of retreating tailings from the Abosso mine. Artisanal miners 1989: appeared to be exploiting alluvium shedding from two low ridges in the area.

1980 – Pitting and trenching demonstrated near surface mineralisation over a three-kilometre strike length. 1982:

A drilling programme and subsequent feasibility study showed that mining a mineralised quartz vein system to a 1993 – 1996: depth of 200 metres would be viable.

Open pit operations commenced in August on the main pit following relocation of 3,000 people. Gold production 1997: started in November at the 3.0 Mtpa capacity CIL plant.

2001: Gold Fields and Repadre signed an agreement to purchase Ranger’s 90% interest in Damang.

2003: IAMGold and Repadre merged to give IAMGold an 18.9% interest in Damang and GF Ghana a 71.1% interest.

Further drilling carried out at the main pit and feasibility study initiated to test the viability of a cutback to extend the 2004: life of the main pit.

Drilling and Mineral Resource estimation completed for the Damang pit cutback (DPCB). AFE submitted and approved. 2005: Waste mining at Damang cutback commenced in July. Mining at Amoanda commenced in January and mining at Tomento commenced in July. A regional prospectivity study was completed in November.

Drilling and Mineral Resource estimation carried out in Rex, Tomento North, Tomento East, Tomento West 2006: and Huni. Block models built for Chida, Chida South and Bonsa North with historical data. Amoanda pit finally depleted August 2006.

Drilling and Mineral Resource estimation carried out in Rex, DPCB and Tomento West. Mining at Tomento North Pit 2007: 2 commenced to boost oxide feed to mill.

Drilling and Mineral Resource estimation carried out at Rex, Abosso Tailings and Abosso Deeps. Rex Mineral 2008: Resource model revised and new block model built for Tomento West. Mining at Tomento East brought forward, commenced April 2008.

Drilling and Mineral Resource estimation carried out in Amoanda North, Tomento West, and Abosso tailings. Rex 2009: Mineral Resource model revised. New Mineral Resource model for DPCB and Amoanda North. Started mining at Rex and Abosso Tailings.

Drilling and Mineral Resource estimation carried out at Amoanda North extension and corridor, Rex, Huni and Juno. 2010: New resource models generated for DPCB including Juno and Huni, Amoanda and Rex.

An updated Conceptual Extensional Resource Model developed for Greater Damang pit (Huni, Damang, Main and Juno). Phase II drilling programme incorporated into Greater Damang PFS with resultant increase in Mineral Resource and Mineral Reserve ounces; 2011: Quarter 1 saw move to owner mining and maintenance; and Gold Fields Ghana Limited acquired the indirect 18.9% IAMGold interest in Damang and now holds 90% with the remaining 10% held by the Ghanaian government.

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 17 Schematic 3D impression of the Greater Damang Project

Huni Pit Juno Pit Main Damang Pit

Borehole traces Pit Outline Au Mineralisation

Damang Mineral Resource and Mineral Reserve Classification

exploration results

MINERAL MINERAL RESOURCES RESERVES 165.4 Mt @ 1.9 g/t 61.7 Mt @ 1.7 g/t 10.0 Moz 3.4 Moz Reported as in situ Reported as mineable mineralisation estimates production estimates

INFERRED

36.4 Mt @ 2.4 g/t 2.9 Moz

INDICATED PROBABLE

116.1 Mt @ 1.7 g/t 53.1 Mt @ 1.7 g/t 6.4 Moz 2.8 Moz Increasing level of geoscientific knowledge and confidence Increasing MEASURED PROVED

12.9 Mt @ 1.9 g/t 8.6 Mt @ 2.0 g/t 0.8 Moz 0.6 Moz

Consideration of mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the ‘modifying factors’)

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 18 Notes Damang rehabilitation programme Damang rehabilitation

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report. “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Damang Gold Mine – Technical Short Form Report 2011 1 Gold Fields Exploration and Growth Projects 31 December 2011

2 Growing Gold Fields Growth and International Projects Objectives Growing Gold Fields’ does not only mean achieving our goal of 5 million ¨¨ ounces in production or development Grow the Gold Fields Mineral Reserve base and gold production on a per share basis through quality by 2015. It also means pursuing growth exploration, discovery and development. in profitable production, earnings and returns to shareholders on a per share ¨¨ Deliver the existing international projects toward basis. Whilst doing so, we are also development and production to contribute towards ‘internationalising’ our production base the goal of increasing international production toward to establish a truly global presence five million ounces per year by 2015. beyond our historical foundation in South Africa. This strategy is taking us ¨¨ Develop a strong steady state pipeline of quality into new and promising growth greenfields opportunities capable of delivering at least environments, where we are able to one new resource definition project per year. leverage our expertise and capital to ¨¨ Establish Gold Fields’ exploration capability in key expand our production, as well as our regions identified to offer exceptional prospectivity and Mineral Resources and Mineral become the dominant explorer in those camps. Reserves. ¨¨ Focus on delivering the growth objectives of the three This growth and diversification is based international regional business units. on three key activities: ¨¨ Successful greenfields exploration, both within our established Australasia, South America and West Africa Regions, and in highly prospective locations beyond these operations in Canada and Kyrgyzstan ¨¨ Leveraging off our large Mineral Resource and Mineral Reserve base through successful near-mine exploration, for example at Damang in Ghana, Agnew and St Ives in Australia and Cerro Corona in Peru ¨¨ Advancing development at our four resource development and feasibility projects in Finland, Ghana, Peru and the Philippines

Gold Fields Limited (the company) is one of the world’s largest unhedged producers of gold and is globally diversified with eight operating mines and a strong portfolio of exploration and growth projects. The company is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), the NASDAQ Dubai Limited, the Euronext in Brussels (NYX) and the Swiss Exchange (SWX).

Gold Fields: Exploration – Technical Short Form Report 2011 3 Contents Significant milestones

¨ Discovery effort anchored by exploration drilling in excess of 700,000 metres in 2011. Growing Gold Fields IFC ¨ Delivery of a 35% increase in the 1. Overview Page 2 Indicated and Inferred Mineral Resource at the Chucapaca project in Peru and 2. Growth strategy Page 3 continued work toward completion of a feasibility study in mid-2012. 3. Greenfields exploration Page 4 ¨ Continued near-mine exploration success 4. International projects Page 5 at St Ives, Agnew and Damang. 4.1 Chucapaca JV Project, Peru Page 5 4.2 Arctic Platinum Project, Finland Page 5 ¨ Following positive proof-of-concept 4.3 Far Southeast Option, Philippines Page 7 drilling and completion of a scoping study at the Far Southeast project in the 4.4 Greater Damang Project, Ghana Page 8 Philippines, Gold Fields made a third down-payment in early 2012 of 5. Advanced drilling projects Page 9 US$110 million to secure a 40% ownership in the project under the terms 5.1 Yanfolila Project, Mali Page 9 of our option agreement. We aim to 5.2 Woodjam JVs, Canada Page 10 progress to pre-feasibility and report a maiden Mineral Resource in 2012. 5.3 Talas JV Project, Kyrgyzstan Page 11

6. Initial drilling projects Page 11 ¨ Completion of full-scale 6.1 Toodoggone JV, Canada Page 11 hydrometallurgical pilot plant testwork at the APP project in Finland and continuing 6.2 East Lachlan JVs, Australia Page 12 work on a pre-feasibility study to be 6.3 Mankayan Project, Philippines Page 12 completed in late 2012. 6.4 Salares Norte, Piedra, Rio Baker and Pircas Projects, Chile Page 12 6.5 Taguas Project, Argentina Page 13 ¨ Completion of resource definition drilling 6.6 Moquegua and Tacna Projects, Peru Page 13 at the Greater Damang Project in Ghana and continuing work towards completion 6.7 Asheba Project, Ghana Page 13 of a pre-feasibility study by mid-2012. 6.8 Edwenase and Boako Projects, Ghana Page 13

6.9 Gladie Project, Mali Page 13 ¨ Completion of an internal scoping study 6.10 Telikan Project, Guinea Page 13 at the Yanfolila project in Mali and ongoing drilling to define additional 7. Near-mine exploration Page 14 resources on other nearby targets.

7.1 St Ives Gold Mine, Australia Page 14 7.2 Agnew Gold Mine, Australia Page 14 ¨ Completion of resource delineation drilling at the Woodjam project in Canada and 7.3 Damang Gold Mine, Ghana Page 14 declared maiden Inferred Mineral 7.4 Cerro Corona Mine, Peru Page 14 Resource for the South-east zone. Conceptual study to be completed in early 8. Environment, health & safety, Page 15 2012. and sustainable development

9. Community relations Page 15 ¨ Maintained a robust pipeline of greenfields exploration projects in Australia, Canada, 10. Key growth and international projects Chile, Argentina, Peru, Ghana, Mali, Page 16 management Guinea and the Philippines.

Cover image: Exploring for prospective ground in Alaska.

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral Resources and Mineral Reserves Overview 2011”. Exploration drilling on Pircas Project in Chile (4,575 m AMSL) Project Exploration drilling on Pircas

1 1. Overview Toodoggone JV Woodjam JV

Gold Fields’ vision is to become the global leader in sustainable gold mining. This requires the company to take a long-term view of its investment strategy and integrate sustainable development and “responsible gold” Vancouver considerations into all of its activities, from the earliest stages of exploration through to feasibility studies, construction, Denver mining and, ultimately, to mine closure.

Although Gold Fields is open to the MAP REFERENCE acquisition of producing or late-stage projects, it is believed that effective South Africa exploration continues to offer the best West Africa opportunities for value-adding growth that does not dilute shareholder value. Australasia Cerro Corona This forms the basis for the company’s Hualgayoc JV South America aggressive focus on near-mine and Lima Tacna greenfields exploration in the existing Moquegua countries of operation and beyond. EXPLORATION LEGEND Chucapaca JV Amantina JV This approach continues to be  Offices Rio Baker Taguas JV vindicated by the ongoing success in ◆ Mines Pircas expanding the company’s Mineral Salares Norte  Near-mine exploration Santiago Resources and Mineral Reserves.  Exploration projects – GFI 100% – GFI option – JV GFI operated – JV partner operated US$207m – Near mine Group exploration The diversified nature of the growth The current portfolio of greenfields C2011 pipeline means that the company has projects includes four advanced the potential to achieve a significant projects at the resource development increase in “international” production in to feasibility study stage, three projects the short, medium and long term, at the advanced drilling (scoping study) which includes: stage, and a robust pipeline of ¨¨ A number of near-mine exploration earlier-stage initial drilling and target and organic development definition projects. opportunities at the existing operations in Australia, Ghana and Gold Fields is currently exploring in 4 Peru; and nine countries on five continents. Major resource ¨¨ Advanced projects in Finland, Exploration offices are located in Perth, development and Kyrgyzstan, Mali, Peru, Canada Australia; Baguio, Philippines; Beijing, feasibility projects and the Philippines. Construction China; Denver, USA; Santiago, Chile; decisions are expected on at least Lima, Peru; Mendoza, Argentina; two of these within the next two to Vancouver, Canada; Bamako, Mali; three years. Accra, Ghana and Bishkek, Kyrgyzstan. The Gold Fields Exploration Group is an integral part of the company’s During 2011 Gold Fields spent a total long-term growth strategy and of US$207 million on exploration, 35% incorporates these strategies into its which included US$132 million on business worldwide. The successes greenfields exploration and Increase in Mineral delivered by the Group in 2011 US$75 million on near-mine Resources at Chucapaca demonstrate that exploration exploration. (December 2010 to excellence is fundamental for a major December 2011) mining company to achieve cost- effective accretive growth.

Gold Fields: Exploration – Technical Short Form Report 2011 2 Arctic Platinum

beijing

Yanfolila Mankayan Kangare Far Southeast Bamako Manila Telikan Talas JV Gladie Boako Accra Nabire Bakti JV Tarkwa Damang Damang Asheba Edwenase

Agnew Agnew JOhannesBURG

South Deep Kloof-Driefontein Complex (KDC) Perth Beatrix Orange St Ives Delamarian St Ives

East Lachlan JVs 2. Growth strategy

Grow the Gold Fields Mineral Reserve base and gold production on a per share basis through quality exploration, discovery and development.

Over the past 10 to 20 years, there has been a notable decline commensurate with their technical, commercial, geopolitical, in the number of high-quality discoveries made, despite an social and environmental risks. increase in global exploration expenditures. Known gold provinces in lower risk jurisdictions have become very mature The company has targeted opportunities within the three and traditional exploration methods less and less effective. international operating regions of South America, West Africa With this backdrop, the renewed commodity boom has made and Australasia, as well as new frontiers such as North it easier for junior companies to raise money and the level of America, Kyrgyzstan and China. By focusing on these regions, competition for a smaller number of quality advanced projects not only is the exploration effort more likely to succeed, delivery has sharply increased. Consequently these better projects are of growth is assisted by leveraging existing resources and now fully valued, if not overvalued. infrastructure. The Exploration Group has made a priority of furthering near-mine exploration around the Gold Fields Gold Fields’ growth strategy has therefore become more operations in Australia, Ghana and Peru – based on the focused on creating its own high-quality opportunities through philosophy that the best place to find gold is near a gold mine. an aggressive greenfields exploration programme. This Near-mine exploration is focused on delivering the option value requires timely and disciplined assessment of opportunities at of the company’s sites and providing a robust platform for a somewhat earlier stage in the process. The Exploration regional growth. Group leverages its technical excellence in area selection to improve the likelihood of success and significantly reduce In order to position Gold Fields for the longer term, the project development timelines. This exploration focus is company is also establishing its exploration efforts in a few key expected to grow the Gold Fields Mineral Reserves and gold prospective geological belts where it can be established as a production on a per share basis and thereby capture dominant player. This effort will centre on new exploration significant value for the company’s shareholders. search spaces which are underexplored and often have never seen a drill bit. Gold Fields’ exploration opportunity selection strategy is based on a measured and thoughtful approach. The goal is to strike Gold Fields maintains rigorous quality assurance and quality the appropriate balance between size, quality and the various control (QAQC) protocols on all of its exploration programmes risks associated with the opportunity. These trade-offs are using best industry practice in data acquisition, accredited continually re-assessed as the projects advance through the laboratories and having sign-off by Competent Persons under development pipeline to ensure that their economic potential is the SAMREC 2007 and JORC 2004 Codes.

3 3. Greenfields exploration

Gold Fields spent $132 million on greenfields exploration projects exclusive of its international projects and near-mine exploration programmes during 2011.

Gold Fields operates a disciplined greenfields exploration To be successful, targets need to be drill-tested and advanced project management system with clear decision points based to the next exploration phase. There is a strong focus on on the discovery potential and economics of a target. turning over targets as effectively as possible by drill-testing and progressing targets up the pipeline in a timely manner. Construction Decision positive feasibility study Greenfields exploration targets are generated by reviewing and 1 BFS Indicated and Inferred ranking the most prospective terrains across the world and Resources exploration areas are selected after considering country risk positive prefeasibility study Resource and strategic fit. Each exploration region continuously monitors 3 Development and reviews opportunities, targeting projects at all stages of GFI Target Confirmed positive scoping study development.

Advanced Drilling 3 When evaluating new advanced opportunities or assessing Economic Intersection conceptual targets, various metrics are used in addition to with requisite size potential geological criteria, which include Mineral Reserve and 40 Initial Drilling production potential, margin, payback period, initial capital costs, development timelines, net asset value, earnings and Bedrock Drill Target defined and available cash flow. 85 Target Definition The table below provides a breakdown of the number of targets in Gold Fields’ three main exploration regions, as well as targets in North America and the rest of the world, for each of the five stages of the resource triangle as of December 31, The progressive stages of an exploration target’s 2011. The table does not include near-mine exploration development are illustrated in the diagram above, with the projects on sites adjacent to Gold Fields’ existing operations. number of current projects shown in each stage.

Stage Africa Australasia South America Rest of world Total Feasibility study 0 0 1 0 1 Resource development 1 1 0 1 3 Advanced drilling 1 0 0 2 3 Initial drilling 11 17 9 3 40 Target definition 46 21 17 1 85 Logging core at APP Logging core

Gold Fields: Exploration – Technical Short Form Report 2011 4 4. International projects

Chucapaca JV Project, Peru (51% Gold Fields) In February 2010, Gold Fields, through its exploration (platinum group element) deposits located within the Portimo subsidiary, Minera Gold Fields Peru S.A., completed its and Narkaus mafic layered intrusions. Starting in January back-in right to earn a 51% interest in the Chucapaca joint 2000, the initial exploration and project development focus venture project with Compania de Minas Buenaventura was on the Konttijarvi and Ahmavaara deposits, collectively S.A., or Buenaventura, in southern Peru. Gold Fields and referred to as the Suhanko Project. Gold Fields completed a Buenaventura have registered Canteras del Hallazgo S.A.C., mill – float – smelter feasibility study for the Suhanko Project or CDH, as the joint venture company to hold, explore and in the third quarter of fiscal 2005 and, based on the results of potentially develop the Chucapaca gold-copper property. the study, decided to postpone the development of a 10Mtpa Following completion of a scoping study in 2010 and surface mining complex. declaration of a maiden Mineral Resource, Gold Fields through CDH commenced a feasibility study for the On 24 March 2006, an Acquisition and Framework Canahuire deposit of the Chucapaca Project. Agreement, or Acquisition Agreement, was entered into between North American Palladium Limited, or NAP, Gold Gold Fields is making progress towards completion of the Fields Exploration BV, Gold Fields Finland Oy and North Canahuire feasibility study and submission of an American Palladium Finland Oy to form a joint venture to environmental impact assessment (EIA) targeting a advance the exploration and development of a mine at APP. development decision this year. A total of 12 drill rigs have The Acquisition Agreement granted NAP an option to acquire been on site during 2011 working on infill and geotechnical up to a 60% undivided interest in APP, including all of the drilling within the Canahuire resource area. Results proved Suhanko, SJ Reef and SK Reef mining properties and claims, consistent with expectation and an updated resource upon satisfaction of certain conditions on or before estimate was released in the third quarter of 2011. The final 31 August 2008. During the option period, NAP was the resource model for the feasibility study is planned for the operator with the responsibility to manage and fund the second quarter of 2012. Additional drilling completed project. On 10 September 2008, NAP declined to exercise its included sterilisation drilling and additional holes for right to acquire 60% of APP and the project reverted metallurgical samples. Metallurgical variability tests have unencumbered to Gold Fields. been completed and a metallurgical optimisation study is in progress. The results of this work will feed into the plant In 2009, Gold Fields investigated Platsol® hydrometallurgical throughput and process design for the EIA and the feasibility processing, instead of off-site contract smelting, for recovery study. Baseline work for the EIA is expected to be of copper, nickel, gold and PGE from Suhanko flotation completed in the first half of 2012. The company has concentrates. The initial metallurgical tests in 2009 returned established formal access agreements with the local positive results and further engineering work was conducted communities. A significant sustainable development to provide indicative operating and capital cost estimates for programme has been implemented including the hiring and hydrometallurgical processing on a commercial scale at training of local employees and development and Suhanko. improvement of local infrastructure. Gold Fields proceeded to fullscale Platsol® pilot plant test work in 2011. A total of 100 tonnes of sample material was Arctic Platinum Project, Finland collected from purpose drilled core holes comprising (100% Gold Fields) 50-tonne samples from each of Konttijarvi and Ahmavaara. The Arctic Platinum Project, or APP, is located approximately Samples were processed to concentrate at the pilot flotation 60 kilometres south of the city of Rovaniemi in northern plant operated by GTK Outokumpu in Finland, and the Finland. APP is assessing a number of shallow Cu – Ni – PGE concentrate products were then shipped to SGS Lakefield in

Chucapaca project, Canahuire deposit (Sept 2011) Tonnes (Mt) Au & Ag = g/t Cu = % Au & Ag = ’000oz Cu = Mlb Mineral Resource Dec Dec June Dec Dec June Dec Dec June Classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Indicated – Gold 1.45 – – 4,315 – – Indicated – Silver 92.6 – – 11.61 – – 34,550 – – Indicated – Copper } 0.09 – – 179 – – Total Eq Au Oz (Au+Ag+Cu) Indicated 92.6 – – 1.83 – – 5,451 – – Inferred – Gold 1.36 1.90 1.90 1,756 5,113 5,113 Inferred – Silver 40.2 83.7 83.7 8.94 8.20 8.20 11,543 22,066 22,066 Inferred – Copper } 0.09 0.09 0.09 75 166 166 Total Eq Au Oz (Au+Ag+Cu) Inferred 40.2 83.7 83.7 1.69 2.09 2.09 2,178 5,639 5,639 Grand total Eq Au Oz (Au+Ag+Cu) 132.7 83.7 83.7 1.79 2.09 2.09 7,628 5,639 5,639 Note: These Mineral Resources are not Mineral Reserves as an assessment to a minimum of a prefeasibility study is required. Attributable metal to Gold Fields and Buenaventura is 3.9 Moz gold equivalent (Au Eq) and 3.7 Moz Au Eq, respectively. The Mineral Resource is reported at a 0.54g/t Au Eq cut-off grade constrained within a diluted optimised pit shell. The pit shell is based on a price assumption of US$1,450/oz gold, US$3.90/lb copper and US$27.50/oz silver. Gold equivalent grade is calculated based on gold, silver and copper grades normalised to differential metal prices. The Mineral Resource estimate, which is reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code — 2007 edition) is reported without dilution or ore loss. Some figures may not sum exactly due to rounding.

5 Canada for pilot plant Platsol® test work. All test work demonstrated that the process can provide a viable processing option for the recovery of precious and base metals from Suhanko concentrates.

Under the base case, operating and capital cost assumptions of a hydrometallurgical scoping study, which was started in April 2011, the economics of the Suhanko Project are likely to be relatively marginal during the early stages of production. Nonetheless, there are several other mineral resource positions that could considerably improve the project’s economics, by providing additional sources of ore and increased mining flexibility, and by extending the overall life of the mine. These resource positions require metallurgical tests to develop the flotation and hydrometallurgical recoveries, and additional resource definition drilling to firm up on the earlier exploration results. PGE-Cu sulphide veinlets Outcropping the Konttijarvi Deposit, Arctic from Finland Platinum Project,

Additional work completed in 2011 included preparation of an EP amendment for Platsol® hydrometallurgical processing of concentrates at Suhanko, and start of resource definition drilling at the Suhanko North prospect which is located five to six kilometres from the proposed Suhanko plant site. It is expected that this drilling and evaluation would be completed by May 2012. Drilling, additional metallurgical test work and ongoing mining and project engineering studies will continue through 2012 with the intention of completing a pre-feasibility study by end 2012.

Subject to completion of the pre-feasibility engineering and cost studies, there is opportunity for APP to be among the lowest operating cost producers in the PGE industry. APP is located in a strong and stable operating environment with a sound mining regulatory framework. Winter drilling – Suhanko North

2PGE/Au (g/t) 2PGE/Au (’000 oz) Tonnes (Mt) Cu/Ni (%) Cu/Ni (Mlb) Suhanko1 Dec Dec June Dec Dec June Dec Dec June Classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Measured-2PGE + Au 2.26 2.34 2.34 3,398 2,906 2,906 Measured-Gold 0.16 0.15 0.15 239 186 186 Measured-Platinum 0.41 0.44 0.44 623 546 546 46.7 38.6 38.6 Measured-Palladium 1.69 1.75 1.75 2,537 2,172 2,172 Measured-Copper 0.25 0.23 0.23 267 195 195 Measured-Nickel } 0.11 0.10 0.10 110 85 85 Indicated-2PGE + Au 1.78 1.83 1.83 2,324 2,826 2,826 Indicated-Gold 0.16 0.14 0.14 192 216 216 Indicated-Platinum 0.30 0.32 0.32 399 493 493 40.9 47.9 47.9 Indicated-Palladium 1.32 1.37 1.37 1,733 2,109 2,109 Indicated-Copper 0.24 0.24 0.24 221 253 253 Indicated-Nickel } 0.08 0.09 0.09 74 95 95 Inferred-2PGE + Au 1.72 1.74 1.74 1,374 1,806 1,806 Inferred-Gold 0.14 0.14 0.14 112 146 146 Inferred-Platinum 0.32 0.31 0.31 255 322 322 24.8 32.4 32.4 Inferred-Palladium 1.28 1.29 1.29 1,009 1,343 1,343 Inferred-Copper 0.22 0.21 0.21 119 150 150 Inferred-Nickel } 0.08 0.07 0.07 44 150 150

Gold Fields: Exploration – Technical Short Form Report 2011 6 2PGE/Au (g/t) 2PGE/Au (’000 oz) Tonnes (Mt) Cu/Ni (%) Cu/Ni (Mlb) Suhanko1 Dec Dec June Dec Dec June Dec Dec June Classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Total-2PGE + Au 1.97 1.97 1.97 7,096 7,538 7,538 Total-Gold 0.16 0.14 0.14 543 548 548 Total-Platinum 0.36 0.36 0.36 1,277 1,361 1,361 112.5 118.9 118.9 Total-Palladium 1.48 1.47 1.47 5,279 5,624 5,624 Total-Copper 0.24 0.23 0.23 607 598 598 Total-Nickel } 0.09 0.09 0.09 228 330 330 Tonnes (Mt) 2PGE + Au (g/t) 2PGE + Au (’000 oz) SKReef2 Dec Dec June Dec Dec June Dec Dec June Classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Measured – – – – – – – – – Indicated 6.1 6.1 6.1 3.55 3.50 3.50 696 696 696 Inferred 43.3 43.3 43.3 3.14 3.10 3.10 4,367 4,367 4,367 Total SK Reef (2PGE + Au) 49.4 49.4 49.4 3.19 3.20 3.20 5,063 5,063 5,063

Tonnes (Mt) 2PGE + Au (g/t) 2PGE + Au (’000 oz) Total APP* Dec Dec June Dec Dec June Dec Dec June Classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010 Measured 46.7 38.6 38.6 2.26 2.34 2.34 3,398 2,906 2,906 Indicated 47.0 54.0 54.0 2.01 2.02 2.02 3,020 3,522 3,522 Inferred 68.1 75.7 75.7 2.62 2.53 2.53 5,741 6,173 6,173 Grand total (2PGE + Au) 161.9 168.3 168.3 2.34 2.33 2.33 12,159 12,601 12,601 1 Models updated in 2011 using new estimation methods, modified geological interpretations and modified resource classification based on new information. Reported at a 1.0g/t 2PGE+Au cut-off in compliance with Gold Fields best practice, based on long term resource metal price assumptions and scoping level modifying factors (mining and processing costs). Average Pd/Pt ratio of 4.2:1 2 Unconstrained total Mineral Resources as reported in 2005. Flotation studies demonstrate recoveries are similar to Suhanko Engineering studies require completion of Platsol® hydrometallurgical testing. SK Reef Mineral Resources are reported above a 1.0g/t 2PGE+Au cut-of for above 100m depth, and at a 2.0g/t 2PGE+Au cut-off for areas deeper than 100m. Average Pd/Pt ratio of 3.7:1

CROSS FAULT Far Southeast Option, Philippines TUBO SHAFT (option for Gold Fields to acquire 60%) 1400 m On 20 September 2010 Gold Fields entered into two option 1200 m agreements with Lepanto Consolidated Mining Company (Lepanto), 60% owner, and Liberty Express Assets (Liberty), 1000 m 40% owner of the undeveloped gold-copper Far Southeast 900 LEVEL deposit (“FSE”), granting Gold Fields an option to acquire a 800 m 700 LEVEL 60% interest in Far Southeast for a total consideration of 600 m % Cu EQUIVALENT ROCK TYPE US$340-million. After making two down-payments of Or = to 2.00 Bato dacite pyroclastics US$44-million and US$66-million in September 2010 and 1.50 - 1.99 Hydrothermal breccia 1.00 - 1.49 Imbanguila dacite porphyry September 2011 respectively, Gold Fields decided to bring 0.70 - 0.99 Imbanguila dacite porphyry 200 m Quart diorite porphyry forward half of the remaining US$220-million payment to Enargite ore Balili volcaniclastics Fault acquire Liberty’s 40% interest in Far Southeast. Gold Fields Level drive Lepanto metavolcanics SEA LEVEL continues to hold its option to acquire an additional 20% FSE Au-Cu TARGET stake in Far Southeast from Lepanto for a further 0 200 400m 400 W50 E250 E700

US$110-million, which, if exercised, would increase its total Philippines: schematic section Far Southeast project, interest in Far Southeast to 60%. Liberty option earlier than originally planned due to the fact The Liberty and Lepanto options were initially granted to Gold that: due diligence results and a scoping study completed Fields for the later of 18 months from signature in September during 2011 proved positive and demonstrated significant 2010 or the date of receiving a Financial or Technical upside to the resource potential; by acquiring ownership of Assistance Agreement (FTAA) for the project. A FTAA licence 40% Gold Fields was able to demonstrate its commitment to allows a foreign corporation to control a majority interest in a the project and formalise its partnership with Lepanto; and Philippine mining project. Notwithstanding this provision, the early exercise of the Liberty option does not affect the Gold Fields had the discretion to exercise either option prior remaining 20% Lepanto option, which continues to be to the FTAA being granted and decided to exercise the exercisable in accordance with the terms of the agreement.

7 The FTAA application for the Far Southeast project was filed Greater Damang Project, Ghana in November 2011 and based on the date of the filing Gold (90% Gold Fields) Fields expects it could be granted in the second half of 2012. Gold Fields also expects to have a maiden Resource The Greater Damang Project comprises a pre-feasibility study statement for Far Southeast and commence a pre-feasibility aiming to develop a large cut-back on the existing Huni- study later this year Damang-Juno deposits at the Damang Gold Mine (Abosso Gold Fields Ltd) in south-west Ghana. A potential “Superpit” During 2011, eight underground diamond drill rigs operated at of almost 3.5-kilometre length was identified in 2010 following FSE from an underground drilling platform on the 700-metre conceptual modelling of the deposit, and confirmed as level of the existing Lepanto Mine. Activities were suspended in potentially viable by a 25,000-metre proof of concept drilling October following a rush of water from historic mine workings programme completed in May 2011. which flooded pumping facilities and subsequently the drilling platforms. Drilling will recommence in Q1 2012. Following completion of the initial proof of concept drilling programme (25,000 metres) in May a second phase of drilling Nearly 31,000 metres of drilling had been completed to was completed in October 2011. An additional 38,000m of December 31, 2011. Early drill results support the existence resource definition drilling confirmed the extent of and extent of the known core of mineralisation and have mineralisation consistent with current mined ores over the identified further extensions, both laterally and at depth, entire 3.5km strike length and at depths of up to 500 metres outside of the main central zone of higher-grade below the current pit floor. mineralisation. Drilling will continue to scope the system and infill to a suitable level for resource definition and Gold Fields New geological models incorporating data from the additional plans to report a maiden resource in 2012. drilling, and subsequent evaluation, contributed to an updated Mineral Resource for the Greater Damang Project of In addition to the resource definition drilling and as part of the 7.4 million ounces. Final pre-feasibility study optimisation will Scoping Study of Gold Fields, a geotechnical programme be completed using the updated models in 2012. Additional was completed as well as studies on hydrogeology, mining study aspects including design and financial evaluation of the methods and potential sites for tailings disposal and new processing facilities capable of supporting increased infrastructure. Surface diamond drilling for geotechnical production rates will also be finalised. The project is purposes also commenced late in 2011. The community progressing to schedule aiming for completion of the relations team has ramped up activities in the district and pre-feasibility studies in 2012. initiated a number of sustainable development programmes in partnership with the local communities.

Huni Pit Juno Pit Main Damang Pit Schematic 3D model of the Greater Damang Project Schematic 3D model of the Greater

Borehole traces Pit Outline Au Mineralisation

Gold Fields: Exploration – Technical Short Form Report 2011 8 5. Advanced drilling projects

Yanfolila Project, Mali (85% Gold Fields) In south-western Mali, Gold Fields is exploring the Yanfolila and adjacent Kangare gold projects. Yanfolila is an advanced drilling stage project which comprises 97,600 hectares of concessions covering several mineralised areas, including the Komana East, Komana West, Kabaya South and Solona targets. Gold Fields owns an effective 85% of the Yanfolila properties. As of December 2010, Gold Fields had completed a total of 88,000 metres of reverse circulation and diamond drilling on the Yanfolila project and delineated SAMREC compliant pit-constrained resources of 740,000 ounces of gold at an average grade of 2.5g/t gold in the Komana East and Komana West deposits. Activities completed during 2011 contributed to the completion of an internal scoping study in Q3 2011 which indicated that the project needed at least 1.5 million ounces of pit-constrained gold resources to be economically viable. Additional drilling is in progress on the most prospective targets outside of the Komana East and Komana West area, aiming to identify additional resources which would have potential to extend the resource base and life of a greater Komana project. Mali Yanfolila, the Komana East deposit, Project, from Drill core

Yanfolila Inferred Mineral Resources Deposit Tonnes (Mt) Gold grade (g/t) Gold metal (koz) (Managed) Komana East 5.1 2.5 411 Komana West 4.0 2.6 330 Total 9.1 2.5 740 These Mineral Resources are not Mineral Reserves as an assessment to a minimum of a prefeasibility study is required. The Mineral Resource estimate, which is reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2007 edition (SAMREC Code), is reported without dilution or ore loss within an optimised pit shell at a 0.41 g/t Au cut-off grade. A gold price of US$1,100/oz Au is used in the estimate. Some figures may not sum exactly due to rounding.

The Kangare project is located immediately north of Yanfolila and comprises 118,900 hectares of granted concessions and applications at the target definition and initial drilling stage. Gold Fields owns an effective 90% of the Kangare properties. Gold Fields has completed extensive geophysical and geochemical surveys and aircore drilling to define several gold targets. Initial bedrock drilling using combined reverse circulation and diamond drilling at the Tinguele target in August 2011 defined a large gold-bearing system. Follow-up drilling is in progress.

535000 540000 545000 550000 555000 560000

N Sanoumale 10 kilometres West Guirin Diarani West Komana East Komana West 1230000 Mali 1230000 Gonka

Favourable mineralised

25km radius Kabaya corridors South Badogo Malikila

p Exploration Licenses

1225000 Kabaya South 1225000 p License Applications

RC Drilling Target (Aircore Completed) Farassaba Dalanda Main N

Aircore Drilling Target Dalanda Link 1220000 1220000

Dalanda

South

YFR01 1215000 1215000

Farassaba Gold in Soils – Komana Project 1210000 1210000 Gold in soils for the Farassaba Area, Komana Project, Yanfolila, Mali. Illustrating Yanfolila, Komana Project, Gold in soils for the Farassaba Area, subject of the 2011-12 drill target areas >10km long soil anomaly with relevant drilling campaign 535000 540000 545000 550000 555000 560000

9 Woodjam JVs, Canada (Gold Fields earning into 70%) In central British Columbia, Canada, Gold Fields is exploring earn an initial 51% interest in the property, which has been the Woodjam project for copper-gold porphyry deposits. The approved by the partners. It has also completed 1,751 metres project comprises two separate joint venture agreements of diamond drilling on the adjacent Rand option and 2,174 which were signed in July 2009 and May 2010 respectively metres of diamond drilling on the Redgold property. with Fjordland Exploration Inc. and Cariboo Rose Resources to earn up to 70%. In November 2011, Fjordland Exploration The Rand option was signed in late 2010 with Teslin River and Cariboo Rose completed a “plan of arrangement” which Resources (Teslin). The Rand property is adjacent to but not spun out their combined share of the Woodjam project into included in the Woodjam North Joint Venture. The deal terms Consolidated Woodjam Copper Corp. (WCC.V), a separate allow Gold Fields to earn-in to an 80% interest through the company now listed on the TSX Venture Exchange. The following stages of exploration expenditures on the property property comprises some 56,800 hectares covering several and cash payments to Teslin: known porphyry copper and gold targets including the SE ¨¨ C$25,000 cash payment upon signing; Zone, Takom, Megabuck and Deerhorn zones. Additional ¨¨ C$1 million expenditure over the first three years including prospective third-party concessions totalling 2,150 hectares a minimum of C$250,000 in year 1 for 51%; within the project area were optioned during 2011 and have ¨¨ C$1.5 million expenditure over the years 4 and 5 for an been incorporated into the joint venture. In July 2011, Gold additional 19% (to a total of 70%); Fields also signed a joint venture agreement to earn up to ¨¨ Completion of a Bankable Feasibility Study capped at 70% of the nearby 8,902 hectare Redgold copper-gold C$20 million over the subsequent five years plus a final property which is owned by two private individuals. cash option payment of C$400,000 for an additional 10% (to a total of 80%); and In January 2011, the Woodjam Project was promoted to the ¨¨ Teslin will retain a 2% NSR of which one half (1%) can be advanced drilling stage based on positive results of the initial purchased by Gold Fields for C$1 million. drilling programmes in 2009 and 2010. As of November 2011, Gold Fields had completed a total of 53,534 metres of Gold Fields delivered a maiden Mineral Resource on the diamond drilling and 173 metres of reverse circulation drilling South East Zone in December 2011 and a conceptual study on multiple targets within the Woodjam Project and of the combined Woodjam Project will be finalised in the first consequently has completed the expenditure requirements to quarter of 2012.

SE11-50 SE10-17 SE11-51 1,000 m SE10-14 SE11-33 SE11-49SE10-07 Resource Pit

Overburden Fine Quartz Monzonite 800 m

Medium Quartz 600 m Monzonite Inferred Fault Inferred

Model NSR Value1 400 m $25 $17 - $25 Coarse Quartz Monzonite $12 - $17 250 m $7.50 - $12 Long section illustrating resource block model with NSR value over local Long section illustrating resource BC, Canada Project, South East Zone,Woodjam geology,

Woodjam Inferred Mineral Resources Classification (Managed) Tonnes (Mt) Cu % Cu Mlb Inferred copper (SE zone) 146.5 0.33 1,060 Note: These Mineral Resources are not Mineral Reserves as an assessment to a minimum of a prefeasibility study is required. Gold Fields holds a 51% interest in the project with attributable metal of 541Mlb of copper. The Mineral Resource is reported at a US$7.50 NSR cut-off constrained within a diluted optimised pit shell. The pit shell is based on price assumptions of US$1,450/oz gold and US$3.90/lb copper. The Mineral Resource estimate, which is reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (SAMREC Code – 2007 edition) is reported without dilution or ore loss. Some figures may not sum exactly due to rounding. 1 The NSR block values per tonne were calculated for the Inferred materials in the model by multiplying the copper grade by the recovery, then by the metal price and then subtracting the smelting and refining costs. A copper price of $3.90/lb and an average copper recovery of 82% were used in NSR calculation.

Gold Fields: Exploration – Technical Short Form Report 2011 10 Talas JV Project, Kyrgyzstan (Gold Fields 60%) In north-western Kyrgyzstan, Gold Fields owns a 60% averaging 0.5 g/t gold and 0.17% copper. The gold interest in the Talas joint venture with partner Orsu Metals equivalent ounces have been recalculated using the new Corporation. The Talas JV covers four exploration licences metal prices as at 31 December 2011 with a similar outcome. which are prospective for copper-gold porphyry deposits. Due to ongoing social and political unrest in Kyrgyzstan Most of the exploration work completed to date has focused which began with a revolution in April 2010, field work has on the Taldybulak copper-gold deposit that is located on the been suspended. In October 2011, a new President was Taldybulak licence, which is one of four licences controlled by elected and he is now consolidating his new government. the joint venture. As of the end of 2010, a total of about Gold Fields and its partner will continue to monitor the 30,000 metres of diamond drilling had been completed on situation and make a decision on the way forward once more the Taldybulak deposit to delineate a SAMREC compliant clarity is obtained. copper-gold resource of 11.7 gold-equivalent ounces

Talas project (% Gold Fields 60%)

Au = ’000oz, Cu = Mlb and Tonnes (Mt) Au = g/t, Cu = % and Mo = % Mo = Mlb

Mineral Resources Dec Dec Jun Dec Dec Jun Dec Dec Jun classification (managed) 2011 2010 2010 2011 2010 2010 2011 2010 2010

Indicated – gold 0.6 0.6 0.6 2,600 2,600 2,600

Indicated – copper 127.0 127.0 127.0 0.2 0.2 0.1 477 477 477 Indicated – molybdenum } 0.01 0.01 0.01 29 29 29 Total Eq Au Oz (Au+Cu+Mo) Indicated 127.0 127.0 127.0 — — — 4,223 4,228 4,228

Inferred – gold 0.4 0.4 0.4 3,710 3,710 3,710

Inferred – copper 296.0 296.0 296.0 0.2 0.2 0.1 1,098 1,098 1,098 Inferred – molybdenum } 0.01 0.01 0.01 69 69 69 Total Eq Au Oz (Au+Cu+Mo) Inferred 296.0 296.0 296.0 — — — 7,472 7,477 7,477

Grand Total Eq Au Oz (Au+Cu+Mo) ID & IF 423.0 423.0 423.0 — — — 11,695 11,705 11,705

These Mineral Resources are not Mineral Reserves as an assessment to a minimum of a prefeasibility study is required. The Mineral Resource estimate, which is reported in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, 2007 edition (SAMREC Code), is reported without dilution or ore loss. The Mineral Resources are constrained within an optimised open pit shell developed using scoping-level study parameters including mining, processing and administration cost estimates; mining parameters; and process recoveries for gold, copper and molybdenum. Commodity prices used in this study are US$1,450/oz gold, US$3.90/lb copper and US$17/lb molybdenum. Some figures may not sum exactly due to rounding.

6. Initial drilling projects

Toodoggone JV, Canada (Gold Fields earning into 75%) In northern British Columbia, Gold Fields is earning up to a 75% interest in Cascadero Copper Corporation’s Toodoggone copper and gold property. The initial diamond- drilling programme was concluded in October 2009. In June 2011, a helicopter-supported diamond drilling programme (2,448 metres in seven holes) was completed on the Mex porphyry copper-gold target which had not been drilled in the 2009 campaign. Assay results are mixed at this stage and a follow-up drilling programme is planned in 2012. Exploration in British Columbia, Canada

11 East Lachlan JVs, Australia (80% Gold Fields) Mankayan copper-gold project located on Luzon Island in the Philippines. The Mankayan project is immediately adjacent to In the East Lachlan Fold Belt of New South Wales, Australia, the Far South east project and contains a significant buried Gold Fields holds an 80% interest in six project areas gold-copper porphyry deposit located at Guinaoang about (Wellington North, Cowal East, Jemalong, Moorefield, Parkes- four kilometres east of the FSE deposit. Diamond drilling is Clancy and Parkes-Centaurus) and has completed the 51% planned at Mankayan in 2012. earn-in of a potential 80% on the Myall JV. Gold Fields has expanded its own ground position in this world-class Au-Cu porphyry belt with the addition of four new project areas in its Salares Norte, Piedra, Rio Baker and Pircas own right and now holds approximately 2,100km2 in the belt. Projects, Chile (options for 100% Gold Fields) A substantial full field air-core drilling programme remains In Chile, Gold Fields has an option agreement with ongoing at the Myall concession focussed on the discovery SBX Asesorias e Inversiones, a private Chilean company, of concealed porphyry gold-copper systems that have which allows Gold Fields the option to acquire 100% of two breached the palaeosurface. Elsewhere in the belt, 14 initial properties, Salares Norte and Piedra. At Salares Norte, Gold drill targets have been tested in C2011 with encouraging Fields completed an initial reverse circulation drilling results. Focused target definition work consisting of airborne programme in April 2011. The 933-metre programme and ground geophysical surveys and auger drilling coupled consisted of three widely-spaced holes which tested with multi-element and multi-spectral ASD analysis is combined geophysical and soil geochemical anomalies revealing a number of porphyry-related anomalies at the considered prospective for epithermal gold-silver Wellington North project. Further work at the Cowal East JV mineralisation. Results were encouraging and follow-up is identifying both epithermal Au and porphyry Cu-Au targets. diamond drilling commenced in December 2011. These and other targets are scheduled for initial drilling in early C2012 while greenfields target definition work In May 2011, an option agreement was signed with S.L.M. continues. Rio Baker, a private Chilean company, which allows Gold Fields the option to acquire 100% of the Rio Baker Mankayan Project, Philippines property which is adjacent to the west of Salares Norte. (Gold Fields option to acquire 100%) Target definition work consisting of geological mapping, soil In September 2011, Gold Fields signed an option agreement sampling and geophysical surveys is in progress and initial with Bezant Resources PLC to acquire 100% of the drilling is scheduled for early 2012.

267800 268000 268200 268400 268600 268800 269000 N 1862600

FSE Guinaoang

TGF-34 TGF-28 TGF-30 Baguio  BRC-56 

(!(! PFC-46 TGF-38 TGF-33 TGF-26    

BRC-55 PFC-48 PFC-43 TGF-29  TGF-27    1862200 1862400  THM-25 Manila  TGF-35  PFC-40 PFC-47 Legend BRC-52   THM-15   Bato dacite porphyry

THM-23 BRC-54   MMD-03 PFC-44 TGF-31 Diatreme BRC-50  1862000  PFC-39 THM-19 PFC-42 MMD-11 Imbanguila dacite pyroclastic Ò Ò Ò Ò Ò THM-13 Ò Ò Ò Ò Ò Ò Ò Ò Ò Ò Quartz diorite porphyry THM-24 THM-12 Ò Ò Ò Ò Ò MMD-04    TGF-32 MMD-10 MMD-05 Ò Ò Ò Ò  Ò Ò Ò Ò Balili volcaniclastic THM-22 BRC-57 Ò Ò Ò Ò

PFC-45 Ò Ò Ò Ò MMD-02   PFC-49 Fault  1861800  THM-18 BRC-58  ¤! DDH THM-14 MMD-01 THM-17 0.3 % Cu @ 900m asl  THM-16 MMD-06

MMD-08 THM-21  1861600 BRC-51 MMD-09

MMD-07  THM-20 BRC-53

1862400

TGF-36

1861200

0 200 400 Metres Geology of Mankayan Project 267800 268000 268200 268400 268600 268800 269000

Gold Fields: Exploration – Technical Short Form Report 2011 12 Gold Fields also has an option to acquire 100% of the nearby commenced on the Chapi Chiara epithermal gold target Pircas gold property held by S.C.M. Aguas Heladas, a private which is part of the Amantina joint venture signed with Vena Chilean company. In May 2011, a follow-up reverse Resources Inc. to earn up to a 70% interest. The Amantina circulation drilling programme on the main breccia target was joint venture property is contiguous with the Moquegua suspended by early winter snowstorms. This drilling project. This drilling programme will continue in the first programme will resume in 2012. quarter of 2012.

Asheba Project, Ghana (90% Gold Fields) Gold Fields acquired the Asheba project through acquisition of the Glencar Group in November 2009. The project covers approximately 24 square kilometres and is located 25 kilometres south of Gold Fields’ Tarkwa Mine in Ghana. Assays were received from the initial drilling programme (4,800 metres) completed in early 2011, which confirmed mineralisation in two prospect areas consistent with expectation. Follow-up drilling will be completed by mid-2012. Geologist inspecting field samples, Salares Norte Project, Norte Project, Geologist inspecting field samples, Salares Maricunga District, northern Chile Taguas Project, Argentina (Gold Fields earning up to 70%) Gold Fields signed a joint venture agreement in October 2011 to earn up to 70% of the Taguas gold-silver project from Minera S.A., a private company. The project is located in the El Indio gold belt in San Juan province, Argentina. Diamond drilling commenced in December 2011 and will continue into 2012. Inspecting exploration trenches completed on the Asheba Project, Ghana completed on the Asheba Project, Inspecting exploration trenches

Edwenase and Boako Projects, Ghana (Gold Fields Options to acquire 90%) At the Edwenase Project, soil sampling and trenching has defined several new targets which warrant drill testing. Drilling will commence in the first quarter of 2012. At the Boako Project, infill soil sampling has defined three priority zones which will be followed up with a combination of trenching, air-core and reverse circulation drilling in early 2012.

Drilling on the Taguas Project, San Juan Province, San Juan Province, Project, Drilling on the Taguas Argentina Gladie Project, Mali Moquegua and Tacna Projects, Peru (Gold Fields Option to acquire 90%) (100% Gold Fields) Gold Fields signed an option agreement with a Malian vendor to acquire 90% of the Gladie project located in south-east Gold Fields is exploring the Moquegua and Tacna projects Mali. Soil sampling commenced in October 2011 and results located in the Altiplano region of southern Peru. Initial reverse have validated the existing anomalies, as well as outlining circulation drilling partially tested the Ichocollo porphyry gold two new zones. A program of Air Core drilling (4,125 metres target at the Tacna Project in September 2011. However, the in 67 holes) is in progress with the objective of testing the drilling programme was suspended after two holes, due to three main anomalies. Assay results are pending. regional social unrest. This programme is scheduled to resume in early 2012, followed by initial reverse circulation Telikan Project, Guinea (80% Gold Fields) drilling programmes on two other target areas. Gold Fields completed follow-up soil sampling, trenching and At the Moquegua Project, an initial drilling programme of six a reverse circulation drilling programme (5,350 metres in diamond drill holes was completed between August and 45 holes) in 2011. The drilling programme tested two November 2011 on the Pacosani breccia target. Final assay first-priority gold-in-soil anomalies. A decision on the way results are still incomplete but results to date have not been forward will be made once all assay results are returned in encouraging. In December 2011, initial diamond drilling early 2012.

13 7. Near-mine exploration

St Ives Gold Mine, Australia The St Ives Gold Mine in Australia is in the process of building strike potential exists on both project areas as highlighted in a up the Athena-Hamlet complex within the highly prospective full geological review completed in 2011 by external consulting Argo-Athena camp. The camp is situated within the St Ives specialists. Drilling late in 2011 has tested the immediate strike lease area, five kilometres from the Lefroy Plant CIL extent of Amoanda and activities will continue into 2012. processing facility. The Athena project is the first fully defined deposit within the Athena-Hamlet complex, and after initial Early stage exploration activity has been limited at Damang in discovery in 2006 mine development commenced in 2009. recent history. Recent re-interpretation work over the entire Construction at the Athena mine was completed during fiscal tenement holding has highlighted a number of conceptually 2011 and is now ramping up to full production levels. prospective target areas. Target definition and initial drilling Development of the Hamlet mine commenced in 2010 activities are planned for 2012 to test the highest-ranking utilising the same Athena portal site and infrastructure, and prospects including the Bonsa Hydrothermal and the Central first ore development commenced late in 2011. Anticline prospects.

Framework diamond drilling has been completed around the Cerro Corona Mine, Peru Victory complex. Prospective new mineralisation has been At the Cerro Corona copper-gold mine in Peru, initial assay identified to the west of the current Leviathan pit which will results of the recently completed Phase 2 infill and require follow up. Additional mineralisation was also identified extensional drilling programme confirms the existing resource in the vicinity of the Britannia Footwall, Sirius and Paddy’s model, with localised variations in grade. The data will be resources. used to develop a revised litho-structural-alteration model and resource update to enhance the Life of Mine reserves. Target generation drilling was carried out at several other targets within the junction, the South Argo Trend and the Exploration framework drilling commenced in June 2011 on South Foster area. Reserve conversion and extensional the adjacent Sylvita Project. Of the five holes completed, drilling is in progress at Athena, Hamlet and Cave Rocks. three have successfully intersected altered porphyry and two intersected limestone with narrower dykes intruding the Agnew Gold Mine, Australia sequence. Skarn and sulphide manto mineralisation has been At the Agnew Gold Mine in Australia, recent drilling has observed in the limestone close to dykes and the porphyry, identified three high-grade ore-shoots developed at depth on with some indications of localised strong copper the Waroonga Main Lode North; the Fitzroy, the Bengal and mineralisation. the Hastings shoots. The Fitzroy and Bengal shoots plunge steeply to the north-west and may intersect with the porphyry The Oxide Stockpile drilling project was completed in June link zone which was previously identified between the Main 2011. Assays received confirmed the estimated grade of the North and Kim lodes. Results of drilling have been positive stockpile, as well as distribution and levels of soluble copper and an initial surface deep-drilling programme is expected to (which were very low) within the stockpile stack. Full analysis be completed in Q1 2012. Additional follow-up drilling to a and modelling of the stockpiles was completed in July 2011. density that is appropriate for resource estimation will follow if initial indications prove consistent with interpretations. A pre-feasibility study for processing the oxide material by Heap Leach has been initiated. Assay results from two new holes into the porphyry link zone suggest that the extensions to the shallow plunging, moderate-grade mineralisation situated on the southern edge of the Kim South lode extends to the south and may potentially join up with the high-grade mineralisation in the Fitzroy and Bengal shoots. Although the immediate focus at Waroonga will be on confirming grade and continuity of the high-grade shoots, this mineralised trend between Kim lode and the Fitzroy shoot requires follow-up which will also be scheduled for the 2012 work programme.

Recent reconnaissance aircore drilling was completed to the north of the Cinderella deposit. Two zones of shallow mineralisation were delineated, approximately 200 metres and one kilometre respectively north of the potential Cinderella pit position. A follow-up drilling programme is planned.

Damang Gold Mine, Ghana At the Damang Gold Mine in Ghana, the Superpit project described under International Projects forms the main site project for 2011 and 2012. To accompany this project, additional near-mine activities will focus on definition of potential extensions to the Rex and Amoanda deposits to the south of the Superpit project area. Considerable depth and Drillers working on the Cerro Corona Phase 2 project, Cerro Corona pit floor, Peru pit floor, Corona Cerro Phase 2 project, Corona Drillers working on the Cerro

Gold Fields: Exploration – Technical Short Form Report 2011 14 8. Environment, health and safety, and sustainable development

Gold Fields Exploration has an overriding commitment to undertake. The approach is to apply a set of EHS sustainable development, which is pursued through effective fundamentals that form foundations of the desired culture, management of environment, health and safety (EHS). The expected behaviours and performance standards within the EHS management system forms the basis for the Group. Gold Fields Exploration sustained zero lost-time development and application of the EHS systems at all levels incidents from February through to December 2011. The within the Group. This system is based on best practices and Group continues to aspire to zero harm to employees, the meets the requirements of ISO 14001 and OSHAS 18000. host communities, and to the environment in which the Gold Fields seeks to create a mindset and environment company operates, and will introduce a range of initiatives where people know it is possible to work incident free, designed to support that aspiration. regardless of where they are in the world or what role they

9. Community relations

The establishment and maintenance of a strong social licence is acceptable to them. The Group believes in the value of to operate is essential for successful exploration activities. It being transparent when dealing with the community and that is also an important factor in the licence acquisition process, the company complies with the law in all aspects. The focus with many governments offering preference to those is on social investment rather than philanthropy, and the companies with a proven track record of constructive company considers itself to be an enabler of community community engagement and development. As a result, the development. Gold Fields believes in the inclusion and implementation of socio-economic development (SED) participation of stakeholders and capitalises on existing initiatives in local communities start from the moment the community skills. company begins to explore, right through to mine closure. Gold Fields’ social development teams are spread around the For Gold Fields Exploration, engagement with stakeholders is world and are embedded with the company’s exploration a broad and continuous process of contact, dialogue and teams at every project, ensuring consistency of approach interaction. These steps assure that affected communities and continuity throughout the exploration stages. The and other stakeholders are adequately informed and able to objective is to make Gold Fields the global leader in participate in decisions that affect their lives in a manner that sustainable gold mining. Helicopter supported exploration in British Columbia, Canada

15 10. Key Growth and international projects management

The Growth and International Projects team comprises about 639 full-time and contract personnel including 151 geoscientists, who provide the key exploration and project-development capability in the regions of focus worldwide. In addition to experienced field-based technical personnel, state-of-the-art expertise and support are provided to the regional teams by two in-house groups: the Earth Science Group and the Project Generation Group.

Post Incumbent Qualifications Years Key responsibilities Executive Vice Tommy McKeith BSc (Hons) Geology, 24 Executive Head of Growth and International Projects; President Growth and GDE Mining, MBA, FAusIMM responsible for strategic direction, leadership & International Projects management; Perth office Senior Vice President Nate Brewer BA Geology; AIPG (CPG) 35 Head of global Greenfields Exploration; Denver office Greenfields Exploration Vice President Justin Osborne BSc (Hons) Geology; FAusIMM 23 Strategic development, communication strategies, Development Strategy innovation and technology, sustainable energy and business analysis for the Growth and Projects group; Senior Manager - Ed Baltis BSc (Hons) Geology 24 Head of Project Generation Group and Near-Mine Project Generation and Exploration (delineation and target generation within Near Mine high potential gold provinces and mining operations; supports Exploration Group and international operations with technical decision making on active exploration projects; R&D); Perth office Vice President Michael Botha BSc (Hons); MSc Geology 28 Strategic Projects and advanced growth projects Strategic Projects Head of Human Conrad Mtshali BA (Social Sciences) MAP 16 Overall responsibility for Human Resource strategy Resources execution Head of Finance Vinit Desai CA (SA), BCompt (Hons) 14 Head of Finance for the Growth + International Projects Division Vice President Diega Ortego Law degree (Masters) 15 Head of Sustainable Development in Growth and Sustainable International Projects development Vice President Matt Dusci BSc Hons (Geology) 17 Head of concepts + studies team including the Concepts and Studies AIG (CP) - 3395 generation of Mineral Resources Vice President Mike Nelson BSc (Hons) Masters in Applied 25 Project delivery (Pre-feasibility onward) International Projects Finance Exploration drilling at Yanfolila in Mali Exploration drilling at Yanfolila

Gold Fields: Exploration – Technical Short Form Report 2011 16 Notes Small scale folding in banded ironstone

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

17 “If we cannot mine safely, we will not mine” Gold Fields Safety Value

Registered Office South Africa: 150 Helen Road Sandown Sandton, 2196 Johannesburg Gauteng Private Bag X30500 Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700 Facsimile: +27 (0) 11 562 9838

Gold Fields: Exploration – Technical Short Form Report 2011 1