AngloGold Limited

Registration number 1944/017354/06

Incorporated in the Republic of South Africa

JSE Share Code: ANG

ISIN: ZAE000043485

AngloGold concludes letter of intent on Jerritt Canyon

AngloGold Ltd today announced that it has concluded a letter of intent with
Queenstake Resources U.S.A. Inc. on its interests in the Jerritt Canyon Joint
Venture. This follows the receipt by the Jerritt Canyon joint venture partners
of a second unsolicited offer from Queenstake.

AngloGold owns 70% of the joint venture and is the operator and managing
partner of the Jerritt Canyon mine. Under the terms of the letter of intent,
Queenstake has paid a $250,000 deposit in satisfaction of amounts owed under a
prior agreement and will pay the Jerritt Canyon Joint Venture an additional
$1.25 million in cash and 32 million shares of Queenstake common stock on
closing, with $6 million in deferred payments and approximately $4 million in
future royalty payments.

Queenstake will accept full closure and reclamation and other liabilities. The
closing is set for June 25, 2003.

For the year ended December 31, 2002, Jerritt Canyon produced 237,000
attributable ounces of gold at a total cash cost of $249 per ounce.

Ends

Disclaimer

Except for the historical information contained herein, there are matters
discussed in this news release that are forward-looking statements. Such
statements are only predictions and actual events or results may differ
materially. For a discussion of important factors including, but not limited
to, development of the Company's business, the economic outlook in the gold
mining industry, expectations regarding gold prices and production, and other
factors, which could cause actual results to differ materially from such
forward-looking statements, refer to the Company's annual report on Form 20-F
for the year ended December 31, 2002, which was filed with the Securities and
Exchange Commission on April 7, 2003.

Queries:

www.anglogold.com

South Africa        Tel:                Mobile:         E-mail:                 
                                                                                
Steve Lenahan       +27116376248        +27833082200    slenahan@anglogold.com  
                                                                                
Alan Fine           +27116376383        +27832500757    afine@anglogold.com     
                                                                                
Shelagh Blackman    +27116376379        +27833082471    skblackman@anglogold.com
                                                                                
Europe & Asia                                                                   
                                                                                
Tomasz Nadrowski    +12127507999        +1917912464     tnadrowski@anglogold.com
                                                                                
USA                                                                             
                                                                                
Charles Carter      (Toll free)         +12127507999    cecarter@anglogold.com  
                    8004179255                                                  
                                                                                
Australia                                                                       
                                                                                
Andrea Maxey        +61894254604        +61438001393    amaxey@anglgold.com.au  

Disclaimer

Except for the historical information contained herein, there are matters
discussed in this news release that are forward-looking statements. Such
statements are only predictions and actual events or results may differ
materially. For a discussion of important factors including, but not limited to
development of the Company's business, the economic outlook in the gold mining
industry, expectations regarding gold prices and production, and other factors,
which could cause actual results to differ materially from such forward-looking
statements, refer to the Company's annual report on the Form 20-F for the year
ended 31 December 2000 which was filed with the Securities and Exchange
Commission on 23 April 2001.



END