JOHANNESBURG, November 18, 2016 /PRNewswire/ --
Gold Fields Limited (Gold Fields) (JSE,
NYSE: GFI) announces that it and Silver Standard Resources Inc.
(Silver Standard) (TSX:SRO, Nasdaq: SSRI) have today withdrawn
their latest joint proposal to acquire all of the outstanding
shares of Kirkland Lake Gold Inc. (Kirkland Lake) (TSX: KLG) in a negotiated
transaction.
As previously announced by Gold Fields, its wholly-owned
subsidiary, Gold Fields Netherlands Services B.V., has made three
successive proposals jointly with Silver Standard to acquire
Kirkland Lake pursuant to a plan
of arrangement for consideration consisting of cash and shares of
Silver Standard or a combination thereof. In response to each
proposal, the Kirkland Lake board
advised that it had determined that it was not reasonably expected
to result in a Superior Proposal relative to Kirkland Lake's previously announced
combination with Newmarket Gold Inc. (Newmarket) (TSX: NMI), and that Kirkland Lake would not be engaging in any
discussions with Gold Fields or Silver Standard or providing them
with due diligence access.
In light of the lack of engagement by the board of Kirkland Lake in response to these proposals,
and there being no basis to expect any further engagement from
Kirkland Lake, Gold Fields and
Silver Standard are left with no choice but to withdraw their
latest proposal.
Gold Fields remains interested in pursuing negotiations toward a
board-supported transaction with Kirkland
Lake in the event that Kirkland
Lake's shareholders reject the Newmarket transaction.
This press release is not, and is not intended to be, a
solicitation by Gold Fields of proxies from any shareholder of
Kirkland Lake or Newmarket. Gold Fields does not seek the power
to act, and will not act, as proxy for any shareholder of either
company.
Notes to editors
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified
producer of gold with eight operating mines in Australia, Ghana, Peru
and South Africa with attributable
annual gold production of approximately 2.0 million ounces. It has
attributable Mineral Reserves of around 46 million ounces and
Mineral Resources of around 102 million ounces. Attributable copper
Mineral Reserves total 532 million pounds and Mineral Resources
5,912 million pounds. Gold Fields has a primary listing on the JSE
Limited, with secondary listings on the New York Stock Exchange
(NYSE) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Enquiries
Investors
Avishkar Nagaser
Tel: +27-11-562-9775
Mobile: +27-82-312-8692
Email: Avishkar.Nagaser@goldfields.com
Thomas Mengel
Tel: +27-11-562-9849
Mobile: +27-81-354-0236
Email: Thomas.Mengel@goldfields.com
Media
Sven Lunsche
Tel: +27-11-562-9763
Mobile: +27-83-260-9279
Email: Sven.Lunsche@goldfields.com
SOURCE Gold Fields Limited, South
Africa