gold fields exploration and growth projects...salares norte project argentina taguas project mali...

Gold Fields Exploration and Growth ProjectsTechnical Short Form Report31 December 2012

Growing Gold FieldsGrowing Gold Fields’ does not only mean growing ounces in production, it means pursuing growth in profitable production, earnings and returns to shareholders on a per share basis. Consequently, the two main metrics that we use to measure growth are reserve per share and cash flow per ounce. Our greenfields portfolio is taking us into new and promising growth environments, where we are able to leverage our expertise and capital to expand and diversify our production.

Our growth and diversification is based on three key activities:

�� Greenfields discovery, within our established operating regions of Australasia, South America and West Africa and in highly prospective locations such as Canada and Central Asia;

�� 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; and

�� Advancing development at our four resource development projects in Peru, Mali, the Philippines and Finland.

Significant milestones�� Discovery effort anchored by exploration drilling in excess of

690,000 metres in 2012.

�� Delivery of the maiden Inferred Mineral Resource of 19.8 Moz gold and 9,921 Mlb copper at the Far Southeast project in the Philippines.

�� Discovery of the Suhanko North deposit at the Arctic Platinum project in Finland and delivery of a 56% increase in Indicated and Inferred Mineral Resource by ounces, available to Greater Suhanko pre-feasibility study.

�� Delivery of a 98% increase in the Indicated and Inferred Mineral Resource at the Yanfolila project in Mali. A fast-track de-risking study is under way.

�� Promotion of the Salares Norte project in Chile to Advanced Drilling stage.

�� Continued near-mine exploration success at St Ives, Agnew and Damang.

�� Maintained a significant pipeline of greenfields exploration projects in Australia, Canada, USA, Chile, Argentina, Peru, Mali, Ethiopia and the Philippines.

Growth and International Projects objectives

� Grow the Gold Fields Mineral Reserve base and gold production on a per share basis through discovery anddevelopment.

� Actively manage the exploration and projects portfolio in order to upgrade its quality and create superior returns to Gold Fields.

� Develop a strong steady state pipeline of quality greenfields opportunities capable of delivering at leastone new mine to Gold Fields every two to three years.

� Establish Gold Fields’ exploration capability in key regions identified to offer exceptional prospectivity and become the dominant discoverer in those camps.

� Focus on delivering the growth objectives of the regional business units.

1Gold Fields – Exploration and Growth Projects – Technical Short Form Report 2012 �

Page head

Growing Gold Fields IFC

Significant milestones IFC

Growth and International Projects objectives IFC

1. Overview Page 2

2. Growth strategy Page 3

3. Greenfields exploration Page 4

4. Growth projects Page 5

5. Advanced drilling projects Page 9

6. Initial drilling projects Page 12

7. Near-mine exploration Page 13

8. Environment, health and safety, and sustainable development Page 14

9. Community relations Page 14

10. Key Growth and International Projects management Page 15

Cover image: View of Salares Norte Project, Chile

Note: For abbreviations refer to page 27 and for glossary of terms refer to page 28 – “Mineral Resources and Mineral Reserves Overview 2012”.

��View from Villa Project, Chile

Contents

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the JSE Limited (primary listing), the New York Stock Excha ge (NYSE), the NASDAQ Dubai Limited, the

Gold Fields Limited ( he Comp y) is Gold Fields Limited (the Company) is Gold Fields Limited (the Company) isa la ge unhe ged roducer of golda large unhedged producer of golda large unhedged producer of goldand is globall diversified with sixand is globally diversified with sixand is globally diversified with sixoperating mines and a strong operating mines and a strongportfolio of e loration and growthportfolio of exploration and growthportfolio of exploration and growthprojects. The Co pany is listed on projects. The Company is listed on projects. The Company is listed onthe JSE Limited (primary listing), the the JSE Limited (primary listing), theNew York Stock Exchange (NYSE), New York Stock Exchange (NYSE),the NASDAQ Dubai Limited, the the NASDAQ Dubai Limited, theEuronext in Brussels (NY ) and the Euronext in Brussels (NYX) and the Euronext in Brussels (NYX) and theSwiss Exchange (SWX).Swiss Exchange (SWX).

2 � Gold Fields – Exploration and Growth Projects – Technical Short Form Report 2012

1. Overview

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 shared value considerations into all of its activities, from the earliest stages of exploration through to feasibility studies, construction, mining and ultimately, to mine closure.

Although Gold Fields continually evaluates opportunistic acquisition of producing or late-stage projects, it is believed that effective exploration continues to offer the best opportunities for value-adding growth that does not dilute shareholder value. This forms the basis for the Company’s aggressive focus on near-mine and greenfields exploration in the existing countries of operation and beyond.

This approach continues to be vindicated by the ongoing success in expanding the Company’s Mineral Resources and Mineral Reserves. The diversified nature of the growth pipeline means that the Company has the potential to achieve a significant increase in production in the short, medium and long term, which includes:

�� A number of near-mine exploration and organic development opportunities at the existing operations in Australia, Ghana and Peru; and

�� Advanced projects in Peru, Mali, Chile, the Philippines, Finland, Canada and Kyrgyzstan. Construction decisions are expected on at least two of these within the next two to three years.

The Gold Fields Growth and International Projects Group is an integral part of the Company’s long-term growth strategy and incorporate these strategies into its business worldwide. The successes delivered by the Group in 2012 demonstrate that exploration and development excellence is fundamental for a major mining company to achieve cost-effective accretive growth.

The current portfolio of greenfields projects includes four advanced projects at the resource development to feasibility study stage, three projects at the advanced drilling (scoping study) stage, and a robust pipeline of earlier-stage initial drilling and target definition projects.

Gold Fields is currently exploring in 11 countries on five continents. Exploration offices are located in Perth, Australia; Baguio, Philippines; Denver, USA; Santiago, Chile; Lima, Peru; Mendoza, Argentina; Vancouver, Canada; Bamako, Mali; and Bishkek, Kyrgyzstan.

During 2012, Gold Fields spent a total of US$415 million on exploration and growth, which included US$129 million on greenfields exploration, US$65 million on near-mine exploration, US$165 million on feasibility and evaluation studies and mergers and acquisition.

US$415 millionon Greenfields Exploration and Project development in 2012

4major resource

development projects

MaidenMineral Resource at

Far Southeast

Panoramic view of the Salares Norte Project, Chile


2. Growth strategy

Grow the Gold Fields Mineral Reserve base on a per share basis and grow the cash flow per ounce of gold produced through quality discovery and development.

Over the past 10 to 20 years, there has been a notable decline in the number of high-quality discoveries made, despite an increase in global exploration expenditures. Known gold provinces in lower risk jurisdictions have become very mature and traditional exploration methods less and less effective. With this backdrop, the renewed commodity boom has made it easier for junior companies to raise money and the level of competition for a smaller number of quality advanced projects has sharply increased. Consequently these better projects are now fully valued, if not overvalued.

Gold Fields’ growth strategy has therefore become more focused on creating its own high-quality opportunities through an aggressive greenfields exploration programme. This requires timely and disciplined assessment of opportunities at a somewhat earlier stage in the process. The Exploration Group leverages its technical excellence in area selection to improve the likelihood of success and significantly reduce project development timelines. This exploration focus is expected to grow the Gold Fields Mineral Reserves and gold production on a per share basis and thereby capture significant value for the Company’s shareholders.

Gold Fields’ exploration opportunity selection strategy is based on a measured and thoughtful approach. The goal is to strike the appropriate balance between size, quality and the various risks associated with the opportunity.

These trade-offs are continually reassessed as the projects advance through the development pipeline to ensure that their economic potential is commensurate with their technical, commercial, geopolitical, social and environmental risks.

The Company has targeted opportunities within three operating regions of South America, West Africa and Australasia, as well as new frontiers such as North America and Kyrgyzstan. By focusing on these regions, not only is the exploration effort more likely to succeed, delivery of growth is assisted by leveraging existing resources and infrastructure. The Exploration Group has made a priority of furthering near-mine exploration around the Gold Fields operations in Australia, Ghana and Peru – based on the philosophy that the best place to find gold is near a gold mine. Near-mine exploration is focused on delivering the option value of the Company’s sites and providing a robust platform for regional growth.

Gold Fields global presence

Canada

��Woodjam ProjectLarder Lake Project

Peru

��Cerro Corona�Chucapaca

USA

Chile

� Salares Norte Project

Argentina

Taguas Project

Mali

�Yanfolila�Kangare Project

Ghana

��Damang��Tarkwa

South Africa

��Head office��South Deep

Australia

��Agnew��St Ives

Finland

�Arctic Platinum Project

Kyrgyzstan

��Talas Project

Philippines

�Far Southeast�Guinaoang Project

Ethiopia

Key

��Head office��Producing mines�Resource developing projects

��Advanced drilling projectsInitial drilling/target definition projects


During 2012 Gold Fields spent US$129 million on Greenfields Exploration Projects and completed 236,752 metres of drilling exclusive of its international projects and near-mine exploration programmes. One project was promoted to resource development while another moved up from initial to advanced drilling.

Gold Fields manages its 5,228,028 hectares of greenfields exploration tenements in a disciplined and thoughtful way, with clear decision points based on the discovery potential and early economic assessment of targets. Greenfields exploration covers the lower three segments of the resource triangle with a handover to International Projects taking place when a project is promoted to Resource Development. The current tallies by region of projects at each stage are reflected in the numbers shown in the diagram, with three projects at advanced drilling; 13 at initial drilling; and eight at target definition stages, compared to 2011 totals of three, 20 and six, respectively. All numbers exclude near-mine projects. The reduction in number of initial drilling projects reflects a focus on either promoting promising projects up the pipeline or discarding them through early drill testing of well-researched targets within each project. A project portfolio review resulted in a suspension of greenfields activities in Ghana, resulting in no target definition projects currently held in Africa.

Greenfields exploration targets are accessed from a variety of sources but always against the backdrop of what are considered the most fertile and prospective terrains across the globe, and within the context of country risk and strategic fit. Some projects are self-generated while within each region, those in the hands of juniors are unearthed by continuously monitoring and reviewing local opportunities.

As projects move towards the advanced stage, both an internal and external audit is conducted regarding sample QAQC, including sample collection; chain of custody; preparation for analyses with special attention paid to potential for contamination; laboratory methodologies; external laboratory check analyses; and failure criteria. Only accredited laboratories are used. Furthermore, every published resource estimate produced by Gold Fields is signed off by a Competent Person recognised by the JORC, SAMREC and NI 43-101 codes, be they internal employees or external consultants.

Taguas Project, Argentina

3. Greenfields exploration

In order to position Gold Fields for the longer term, the company is also establishing its exploration efforts in a few key prospective geological belts where it can be recognised as a dominant player. This effort will centre on new exploration search spaces, which are underexplored and often have never seen a drill bit.

Gold Fields maintains rigorous quality assurance and quality control (QAQC) protocols on all of its exploration programmes using best industry practice in data acquisition, accredited laboratories and having sign-off by Competent Persons under the SAMREC 2007, NI 43-101 and JORC 2012 Codes.

Conversion of the greenfields discovery into Mineral Resources and eventually mine construction and production is critical to long-term value creation. The Growth and International Projects Group in Gold Fields has the skills to co-ordinate studies from the Scoping level through to detailed feasibility. Once a decision to construct has been made then the Group also contains the skills to execute mine construction.

Having the total growth activity from exploration and business development through to mine construction organised in one group, Growth and International Projects, gives Gold Fields the opportunity to optimise and accelerate the discovery and development of new mines so that we can deliver a new mine every two to three years.

APP

FSE

Yanfolila

Chucapaca

53

355

2 1

1 12

Talas

Woodjam

Salares Norte

AFRICA – MENA AMERICAS AUSTRALASIA

StageDecision milestone

In development

Indicated and Inferred Resources(+ve growth projects)

Target definition

FS

Advanced drillingEconomic Intersection

(with requisite size potential)

Initial drillingBedrock Drill Target Defined

(and available)

GFI Target Confirmed (+ve scoping study)

Resource development


4. Growth projects

Chucapaca JV Project, Peru (51% Gold Fields)In early 2007, Gold Fields formed an agreement with Compania de Minas Buenaventura S.A., or Buenaventura, in southern Peru for the Chucapaca project. In early 2010 Minera Gold Fields Peru completed its back-in commitment and Gold Fields (51%) and Buenaventura (49%) registered Canteras del Hallazgo S.A.C., or CDH, as the joint venture company to hold, explore, and potentially develop the Chucapaca gold-copper property. Gold Fields, through CDH, has completed more than 118,000 metres of drilling over the current life of the Chucapaca Project, comprising resource definition, geotechnical and sterilisation drilling, required for feasibility studies. Detailed metallurgical, mining, and engineering studies have all been completed as part of the project over the last three years.

Following completion of a scoping study in 2010, Gold Fields, through CDH, commenced a feasibility study in 2011 for the Canahuire deposit on the Chucapaca Project. The feasibility study was completed in late 2012, and concluded that the project financials were not sufficiently robust to warrant a development decision at that time. Instead, the project will conduct a value engineering exercise in 2013, to look at options to improve the financial position relative to the feasibility result. This phase will re-examine options including open pit and underground mining methodologies, as well as reviewing aspects of the feasibility scope to improve the initial capital position of the project. As a result of the decision, the submission of the environmental Impact Assessment (EIA) has been put on hold, to allow for potential changes to the project scope resulting from the value engineering phase outcomes.

The final resource model for the feasibility study was completed in 2012.

Chucapaca (Canahuire deposit) classified Mineral Resources

Classification

Tonnes (Mt) Au/Ag (g/t), Cu (%) Au/Ag (koz), Cu (Mlb)

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Indicated

Gold 92.6 92.6 – 1.45 1.45 – 4,315 4,315 –

Silver 92.6 92.6 – 11.61 11.61 – 34,550 34,550 –

Copper 92.6 92.6 – 0.09 0.09 – 179 179 –

Inferred

Gold 40.2 40.2 83.7 1.36 1.36 1.90 1,756 1,756 5,113

Silver 40.2 40.2 83.7 8,94 8.94 8.20 11,543 11,543 22,066

Copper 40.2 40.2 83.7 0.09 0.09 0.09 75 75 166

Total

Gold 132.7 132.7 83.7 1.42 1.9 1.9 6,071 6,071 5,113

Silver 132.7 132.7 83.7 10.80 10.8 8.2 46,093 46,093 22,066

Copper 132.7 132.7 83.7 0.09 0.09 0.09 254 254 166

Notes:�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within optimised open pit shells using scoping study parameters including mining, processing, and

administration cost estimates; mining parameters; and process recoveries for copper, gold, and silver.�� Commodity prices used in this study are US$3.90/lb copper, US$1,450/oz gold, and US$27.50/oz silver (December 2011 model).�� The Mineral Resource is reported for material within open pit shells (defined using Whittle 4X pit optimisation software) having positive value

per mining parcel after process recovery and costs for processing, refining, and overhead have been applied (a parcel being the smallest mineable unit of 800 m³).

�� The Mineral Resources are unchanged from the previous year as no material changes have been made to the geological or resource models.

Cerro Corona

PERU

Nauta

Plura

Chiclayo

Salaverry

Lima

Arequipa

Cajamarca

ChucapacaProject

Exploration drilling, Chucapaca Project, Peru


A re-engineered pre-feasibility study commenced late in 2011 focusing on optimisation of the Platsol-process and trade-off studies concerning processing options and product marketing have continued into 2012. A major drilling programme of 40,000 metres diamond drilling completed on the Suhanko North prospect in the first half of 2012 has been successful in delineating a maiden resource of 74 Mt at an average grade of 1.6 g/t, to complement the existing resource base of Konttijarvi and Ahmavaara, and to contribute to the overall Suhanko Project.

Additional work completed in 2012 included updating of the environmental permitting requirements for the Suhanko Project and potential extensions, including baseline studies for the project EIA, drilling, additional metallurgical testwork, and ongoing mining and project pre-feasibility studies, plus planning and preparation for a second Platsol pilot plant trial. Gold Fields completed the pre-feasibility in January 2013, and plans to conduct some additional technical and permitting work during the first half of 2013 as preparation to facilitate a decision to initiate a full feasibility study in the second half of 2013.

Arctic Platinum Project, Finland (100% Gold Fields)The Arctic Platinum Project, or APP, is located approximately 50 kilometres south of the city of Rovaniemi in northern Finland. APP is assessing a number of shallow Cu – Ni – PGE (platinum group element) deposits located within the Suhanko, Narkaus (SK Reef) and Penikat (SJ Reef) layered intrusions. Starting in January 2000, the initial exploration and project development focus was on the Konttijarvi and Ahmavaara deposits, collectively referred to as the Suhanko Project. Gold Fields completed a mill – float – smelter feasibility study for the Suhanko Project in the third quarter of fiscal 2005 and, based on the results of the study, decided to postpone the development of a 10 Mtpa surface mining complex.

On 24 March 2006, an Acquisition and Framework Agreement, or Acquisition Agreement, was entered into between North American Palladium Limited, or NAP, Gold Fields Exploration BV, Gold Fields Finland Oy and North American Palladium Finland Oy to form a joint venture to advance the exploration and development of a mine at APP. The Acquisition Agreement granted NAP an option to acquire up to a 60% undivided interest in APP, including all of the Suhanko, Narkaus and Penikat properties and claims, upon satisfaction of certain conditions on or before 31 August 2008. During the option period, NAP was the operator with the responsibility to manage and fund the project. On 10 September 2008, NAP declined to exercise its right to acquire 60% of APP and the project reverted unencumbered to Gold Fields.

From 2009, Gold Fields has investigated the potential of applying the Platsol® hydrometallurgical process, instead of off-site smelting options to recover copper, nickel, gold and PGE (platinum and palladium) from flotation concentrates, which would be produced in an on-site concentrator facility. Metallurgical testwork returned positive results and engineering work was conducted to provide initial operating and capital cost estimates to use hydrometallurgical recovery on a commercial scale at the Suhanko Project.

A full scale Platsol® pilot plant testwork programme in 2011 demonstrated the process could achieve high metal recoveries from the Suhanko concentrates. Gold Fields subsequently completed a scoping study, which showed a viable project was sustainable if additional Mineral Resources could be identified to prolong the LoM.

KuopioJoensuu

Mikkeli

Helsinki

Haemeenlinga

Oulu

Rovaniemi

APP

FINLAND

APP classified Mineral Resources

Classification

Tonnes (Mt) Au/Pt/Pd (g/t), Cu/Ni (%) Au/Pt/Pd (koz), Cu/Ni (Mlb)

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

MeasuredGold 46.9 46.7 38.6 0.16 0.16 0.15 237 239 186Platinum 46.9 46.7 38.6 0.41 0.41 0.44 624 623 546Palladium 46.9 46.7 38.6 1.68 1.69 1.75 2,527 2,537 2,172Copper 46.9 46.7 38.6 0.24 0.25 0.23 245 267 195Nickel 46.9 46.7 38.6 0.10 0.11 0.10 106 110 85IndicatedGold 69.9 47.0 54.0 0.11 0.14 0.13 254 206 230Platinum 69.9 47.0 54.0 0.31 0.36 0.37 686 550 644Palladium 69.9 47.0 54.0 1.28 1.50 1.52 2,886 2,264 2,640Copper 69.9 47.0 54.0 0.23 0.24 0.24 340 235 267


Far Southeast Option, Philippines (40% Gold Fields)In September 2010, Gold Fields entered into two option agreements to acquire a 60% interest in the FSE Project for a total consideration of $340 million from Lepanto (owning 60%) and Liberty (owning 40%). After paying option fees of $10.0 million and making two downpayments of $44 million and $66 million in September 2010 and September 2011 respectively, Gold Fields decided to bring forward half of the remaining $220 million payment to acquire Liberty’s 40% interest in FSE. Gold Fields continues to hold its option to acquire an additional 20% stake in FSE from Lepanto for a further $110 million, which, if exercised, would increase its total interest in FSE to 60%.

The Liberty and Lepanto options were initially granted to Gold Fields for the later of 18 months from signature in September 2010 or the date of receiving a FTAA for the project. An FTAA licence allows a foreign corporation to control a majority interest in a Philippine mining project. Notwithstanding this provision, Gold Fields had the discretion to exercise either option prior to the FTAA being granted and decided to exercise the Liberty option earlier than originally planned due to the fact that; due diligence results to date demonstrate significant upside to the resource potential; by acquiring ownership of 40% Gold Fields was able to demonstrate its commitment to the project and formalise its partnership with Lepanto; and the early exercise of the Liberty option does not affect the remaining 20% Lepanto option, which continues to be exercisable in accordance with the terms of the agreement.

The FTAA application for the FSE Project was filed in November 2011. The application requires Free Prior Informed Consent (“FPIC”) of the Indigenous People. The FPIC process was suspended at a national level pending the release of new guidelines and the Group expects it to recommence in September 2012, with the objective of obtaining FPIC in

APP classified Mineral Resources

Classification

Tonnes (Mt) Au/Pt/Pd (g/t), Cu/Ni (%) Au/Pt/Pd (koz), Cu/Ni (Mlb)

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Nickel 69.9 47.0 54.0 0.09 0.08 0.09 139 87 108InferredGold 91.7 68.1 75.7 0.10 0.10 0.10 295 216 250Platinum 91.7 68.1 75.7 0.38 0.53 0.51 1,107 1,164 1,231Palladium 91.7 68.1 75.7 1.50 1.99 1.93 4,429 4,361 4,695Copper 91.7 68.1 75.7 0.22 0.22 0.21 450 215 246Nickel 91.7 68.1 75.7 0.10 0.08 0.07 194 116 222TotalGold 208.5 161.9 168.3 0.12 0.13 0.12 786 661 666Platinum 208.5 161.9 168.3 0.36 0.45 0.45 2,417 2,337 2,421Palladium 208.5 161.9 168.3 1.47 1.76 1.76 9,842 9,162 9,507Copper 208.5 161.9 168.3 0.22 0.20 0.19 1,034 717 708Nickel 208.5 161.9 168.3 0.10 0.09 0.11 438 313 415Notes:�� Some figures may not sum or average exactly due to rounding.�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within optimised open pit shells using 2012 pre-feasibility study parameters including mining,

processing, and administration cost estimates; mining parameters; and process recoveries for copper, gold, nickel, palladium, and platinum.�� Commodity prices used in this study are US$3.90/lb copper, US$1,650/oz gold, US$8.90/lb. nickel, US$670/oz palladium, and

US$1,650/oz platinum.�� Mineralisation within the pit shell is reported as a Mineral Resource where the value for the mineralisation is greater than 1 g/t 2PGE+Au for

Suhanko-style deposits (Ahmavaara, Konttijärvi, Kilvenjärvi, Suhanko North, and Vaaralampi) and 1.8 g/t 2PGE+Au for SK Reef deposits (Kuohunki, Nutturalampi, and Siika Kämä).

�� SK Reef Mineral Resources are reported within optimised open pit shells (see above) whereas previously these resources were reported unconstrained using only 2PGE+Au cut-off grades (1 g/t above 100 m depth and 2 g/t below 100 m).

2013. The Group commenced a pre-feasibility study focusing on extraction through bulk underground mining methods in 2012. To date a total of just less than 163,000 metres has been drilled on the project. A maiden mineral resource was declared in 2012 based on 38,000 metres of FSE drilling and 64,000 metres of Lepanto drilling. This inferred resource totals 892 Mt containing 19.8 Moz gold and 4.6 Mt copper. Additional drilling in 2013 will focus on definition of the high-grade, high-value areas of the resource and the final pre-feasibility study resource model.

Approval for surface drilling at several drill sites has been obtained in 2012 and drilling has been conducted at these locations. Approvals are still pending on access to other required drill site locations, and negotiations are ongoing to secure this access through 2013. The community relations team significantly ramped up its activities in the district during 2012 and initiated sustainable development programmes in partnership with the local communities.

Bangued

CasiguranBaguio

Bolinao

Angeles

MANILA Polillo

GuinaoangFSE

BABUYANISLANDS

Legaspi

Philippine Sea

PolilloIslands

South China Sea

San Jose

PHILIPPINES(LUZON)


Far Southeast classified Mineral Resources

Classification


Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Inferred – Gold 891.7 – – 0.70 – – 19,800 – –Inferred – Copper 891.7 – – 0.50 – – 9,921 – –Notes:�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within an optimised bulk underground mining shell using scoping study level assumptions for mining,

processing, and administration cost estimates; mining parameters; and process recoveries for copper and gold.�� Commodity prices used in this study are US$3.90/lb copper and US$1,650/oz gold.�� The Mineral Resource is reported for all material within an optimised underground bulk mining shell.�� The maiden Mineral Resource was reported by Gold Fields for the Far Southeast Project in September 2012.

Yanfolila Project, Mali (85% Gold Fields)An updated positive scoping study for Yanfolila was completed during Q4 2012. This showed that the operational simplicity and low capital risk of the project provide sufficient encouragement for its promotion from advanced drilling to resource development under the International Projects Group.

An updated geological study was completed during 2012, increasing the combined Mineral Resources at the Komana East and Komana West deposits to 17.4 Mt containing 1.46 Moz of gold at an average grade of 2.62 g/t.

Bamako

AraouaneAguelhok

Yanfolila Project

MALI

Yanfolila classified Mineral Resources

Classification

Tonnes (Mt) Gold grade (g/t) Gold (koz)

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Indicated 7.6 – – 3.10 – – 757 – –

Inferred 9.8 9.1 9.1 2.24 2.53 2.53 706 740 740

Grand total 17.4 9.1 9.1 2.62 2.53 2.53 1,463 740 740

Notes:�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within optimised open pit shells using scoping study parameters including mining, processing, and

administration cost estimates; mining parameters; and process recoveries for gold.�� The commodity price used in this study is US$1,650/oz gold.�� The Mineral Resource at each deposit is reported for material within open pit shells (defined using Whittle 4X pit optimisation software) having

positive value per mining parcel after process recovery and costs for processing, refining, and overhead have been applied (a parcel being the smallest mineable unit of between 60 m³ and 125 m³).

�� Certain Inferred Mineral Resources have been upgraded in confidence to Indicated Mineral Resources following extensive additional infill drilling and improved geological and resource modelling.

Exploration borehole core from Komana East


5. Advanced drilling projects

Woodjam JVs, Canada (Gold Fields 51%, earning into 70%)Gold Fields holds 59,971 hectares of land in Central British Columbia through joint venture agreements, the most significant of which is with the Consolidated Woodjam Copper Corp. (WCC.V).

The target type is porphyry copper-gold systems of which there are many examples on the property, including SE zone, Takom, Megabuck, Deerhorn and Three Firs. Vancouver

WoodjamJV

Edmonton

Winnipeg

Toronto

CANADA

During 2012, 36,623 metres of diamond drilling further tested these targets. Mineral Resource estimates, based on the additional data, are in progress, with no update on the previously reported inferred resource at the SE Zone of 146.5 million tonnes at 0.33% copper for 1 060 million pounds of copper. The porphyries vary widely in gold and copper content with Deerhorn being the stand out target from a gold perspective. A scoping study is under way and decisions on the future exploration strategy will be made during the first half of 2013. In addition, Gold Fields drilled 1,315 metres on the adjacent Rand property (earning into 80 percent from Teslin River Resources), and a further 1,768 metres on three porphyry targets at RedGold (Gold Fields earning into 70%), all using diamond drilling. Assay results are pending.

Woodjam classified Mineral Resources

Classification


Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Inferred – Gold 146.5 146.5 – 0.06 0.06 – 260 260 –

Inferred – Copper 146.5 146.5 – 0.33 0.33 – 1,060 1,060 –

Notes:�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within optimised open pit shells using conceptual study parameters including mining, processing, and

administration cost estimates; mining parameters; and process recoveries for copper and gold.�� Commodity prices used in this study are US$3.90/lb. copper and US$1,450/oz gold (December 2011 model).�� The Mineral Resource is reported for material within an open pit shell (defined using Whittle 4X pit optimisation software) having positive value

per mining parcel after process recovery and costs for processing, refining, and overhead have been applied (a parcel being the smallest mineable unit of 1,000 m³).

�� The Mineral Resources are unchanged from the previous year as no material changes have been made to the geological or resource models.


Talas JV Project, Kyrgyzstan (Gold Fields 100%)On 20 July 2012, Gold Fields bought out Orsu Metals Corporation’s (Orsu) 40% holding in Talas, located in north-western Kyrgyzstan, for US$10 million. Another wholly owned Gold Fields subsidiary has agreed to subscribe, by way of a private placement, for 25 million units of Orsu at a price of CAD$0.40 per unit. Each unit will consist of one common share of Orsu and one half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable for a period of three years from the date of issue to acquire one common share of Orsu at a price of CAD$0.50. Completion of the subscription is conditional on Orsu obtaining from the Kazakh government a formal waiver of its pre-emptive right to acquire shares in Orsu and its consent to the issue and placement of new shares in Orsu pursuant to the subscription.

After a period of social stabilisation in the Talas area, work recommenced in Q2 2012. The four exploration licences covering 37,700 hectares are prospective for copper-gold porphyry deposits. Most exploration work during the year focused on the Taldybulak porphyry where an additional 6,403 metres of core was drilled.

The additional drilling and fresh insights into the geology of the deposit have resulted in an updated Mineral Resource estimate as set out in the accompanying table. An update to the scoping study will also be completed in the first half of 2013.

Taldybulak core – sheeted veining

Taldybulak deposit – Talas Project, Kyrgyzstan

Talas

Bishkek

Balykchy

Talas Project

KYRGYZSTAN


Talas classified Mineral Resources

Classification

Tonnes (Mt) Au (g/t); Cu/Mo (%) Au (koz); Cu/Mo (Mlb)

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Dec 2012

Dec 2011

Dec 2010

Indicated

Gold 116.5 127.0 127.0 0.61 0.64 0.64 2,273 2,600 2,600

Copper 116.5 127.0 127.0 0.19 0.17 0.17 488 477 477

Molybdenum 116.5 127.0 127.0 0.01 0.01 0.01 26 29 29

Inferred

Gold 336.2 296.0 296.0 0.41 0.39 0.39 4,453 3,710 3,710

Copper 336.2 296.0 296.0 0.16 0.17 0.17 1,178 1,098 1,098

Molybdenum 336.2 296.0 296.0 0.01 0.01 0.01 79 69 69

Total

Gold 452.7 423.0 423.0 0.46 0.46 0.46 6,726 6,310 6,310

Copper 452.7 423.0 423.0 0.17 0.17 0.17 1,666 1,575 1,575

Molybdenum 452.7 423.0 423.0 0.01 0.01 0.01 105 98 99

Notes:�� These Mineral Resources are reported without dilution and ore loss.�� The Mineral Resources are constrained within an optimised open pit shell using scoping study parameters including mining, processing, and

administration cost estimates; mining parameters; and process recoveries for copper and gold.�� Commodity prices used in this study are US$3.90/lb copper, US$15.50/lb molybdenum and US$1,650/oz gold.�� The Mineral Resource is reported for material within open pit shells (defined using Whittle 4X pit optimisation software) having positive value

per mining parcel after process recovery and costs for processing, refining, and overhead have been applied (a parcel being the smallest mineable unit of 1,000 m³). No contribution is accredited to molybdenum for the open pit and value calculations.

Salares Norte Project, Chile (Gold Fields 100%)In Chile during the first half of 2011, Gold Fields consolidated the Rio Baker property into Salares Norte, bringing the tenement holding to 900 hectares. Based on encouraging results from the 2012 drilling programme, Salares Norte was promoted to advanced drilling status. A total of 11,629 metres of diamond drilling were completed during this year, with ongoing encouraging results, and the programme will continue to the end of the Andean summer field season in the second quarter of 2013.

Salares Norte Project, Chile

Falkland Islands (UK)

ARGENTINA

PARAGUAY

BOLIVIA

PERU

URUGUAY

SOUTHATLANTIC

OCEAN

PACIFICOCEAN

SANTIAGO

SALARES NORTE

Punta Arenas

Vallenar

Antofagasta


6. Initial drilling projects

Larder Lake JV, Canada (Gold Fields earning into 65%)During the second quarter of 2012 Gold Fields executed an agreement with Bear Lake Gold Limited on its Larder Lake project covering 2,788 hectares in eastern Ontario. For an expenditure of CDN$25 million over 36 months, Gold Fields will earn 51% of the project, with a firm commitment of CDN$5 million over the initial 12 months. An additional 10% may be earned by spending CDN$15 million over a further 24 months. Bear Lake may ask Gold Fields to arrange financing for an additional 5% interest.

Larder Lake Project, Canada

Central to the Larder Lake Property is the Cheminis Mine which produced 7.6 million ounces of gold at a recovered grade of 3.7 g/t from a 331 metre vertical shaft and from six levels of which the deepest is at 315 metres. Bear Lake reported a NI43-101 compliant Indicated and Inferred Mineral Resource of 1.7 million tonnes at 5.0 g/t gold for 277,000 ounces (Mineral Resources reported using a minimal true thickness of 2 metres and a cut-off grade of 2.5g/t gold). In June, 2011 Bear Lake Gold reported an Inferred Mineral Resource estimate for their new Bear Lake Zone discovery of 3.7 million tonnes at 5.7 g/t gold for 683,000 ounces of gold. Both zones remain open on strike and at depth.

Other unexplored targets include Fernland where a hole completed in November 2007, intersected 11.3 g/t gold over 6.0 metres near surface.

The Larder Lake Project, located in the prolific Cadillac-Larder Lake Break in the southern Abitibi geological sub-province, is targeting orogenic gold style mineralisation of the green carbonate and flow ore styles renowned from the adjacent, now defunct, 11 million ounce Kerr-Addison Mine. Both styles of mineralisation have been encountered in the 22,466 metres of diamond drilling conducted during 2012. The current drill programme will terminate in the first half of 2013.

Taguas JV, Argentina (Gold Fields earning into 65%)The 3,747 hectare Taguas Project of Minera S.A. is located in the El Indio belt in San Juan province, and is being explored for gold-copper mineralisation related to porphyry and epithermal style systems.

During 2012, 12,290 metres of diamond drilling identified both styles of mineralisation and the current programme, which is focused on a mineralised hydrothermal breccia, will be completed by March 2013.

Taguas Project, Argentina

Kangaré Project, Mali (Gold Fields 90%)Deals were concluded with local owners to acquire 100% of their mineral rights holdings to tenements contiguous with and to the north of Yanfolila. The Mali government retains a 10% free carried interest. In all, Kangaré covers 169,033 hectares which is being explored for orogenic style mineralisation typical of western Mali.

Extensive soil geochemical programmes have outlined several multi-kilometre long anomalies, some coincident with induced polarisation anomalies, and which are being systematically tested with combinations of aircore (31,868 metres), reverse circulation (1,619 metres) and diamond drilling (3,414 metres) programmes. Encouraging initial results have been received from the Faraba and Tagan licences.

Guinaoang Option, Philippines (Gold Fields earning into 100%)Guinaoang is a significant, buried porphyry gold-copper system on the Mankayan tenement of 900 hectares on Luzon Island, lying immediately southeast of the Far Southeast deposit. Although drilling was scheduled for this year, land access with local stakeholders has thus far proved problematic. Consequently a 12-month extension with the underlying owner, Bezant Resources PLC, has been negotiated, subject to shareholder approval in January 2013.


7. Near-mine explorationA significant proportion of the increase in our international regions’ Mineral Resources and Mineral Reserves has been as a result of near-mine exploration.

Near-mine exploration forms the sustaining foundation of our overall growth strategy. As well as adding to our total Mineral Reserve base, near-mine exploration:

�� Extends the life of our existing mines and maintains or increases their option value

�� Ensures we can continue to leverage our existing infrastructure well into the future

�� Provides a robust platform for regional growth

During 2012, we completed 374,830 metres of near-mine drilling – compared to 345,625 metres in 2011. In 2013, we expect to carry out a lower level of activity, due to the slight reduction in our near-mine exploration budget. This is due to our immediate prioritisation of lower-risk, higher-return near mine growth projects to help support Group cash generation.

Australasia regionAgnewDuring 2012, we continued to explore the Waroonga Main Lode – including the down-plunge extension of its three associated high-grade ore shoots to the south of the Kim Lode – using directional surface diamond drilling. The programme, which is focused on confirming the continuity and extent of the Fitzroy, Bengal and Hastings shoots, is known as the High Grade Shoots Project.

The project also further defined the apparent intersection with the Porphyry Link target zone between the Kim and Main Lodes – as well as the identification of extensions to the Porphyry Link target zone itself (which appears to coalesce with the main Kim Lode at depth).

St IvesThe St Ives mine is a centre of excellence for near-mine exploration within Gold Fields, due to its significant prospectivity, range of underground and shallow deposits, and our long-term investment in its innovative near-mine exploration teams. In 2012, we carried out an extensive A$40 million (US$42 million) near-mine exploration programme at the mine. This was aimed at continuing to replace ore reserves as they get depleted.

As part of this programme, in the third quarter of 2012 we announced a new, high-grade shallow prospect at the Invincible ore deposit. Mineralisation was identified over a 1km strike and to a depth of 200 metres – and this was found to be open along the strike and at depth. Subsequent confirmation drilling resulted in the announcement of a maiden Mineral Resource estimate of 160,000 ounces, which brings the mine’s total Mineral Resource to 4.7 million ounces. This new discovery is expected to have a significant impact on the mine’s overall Mineral Resources and will help underpin future production at the mine.

In addition, we carried out work to extend our Mineral Resources in the area between the Neptune and Revenge deposits – with positive results in the form of newly identified extensions. Likewise, high-grade mineralisation continued to be intersected on depth extensions of the Eastern Lodes at Cave Rocks.

On top of such efforts, we carried out significant early-stage near-mine exploration to identify entirely new deposits (in addition to Invincible) – and to help underpin the mine’s medium-term production pipeline. This included the identification of Target X in the Leviathan area.

Exploration drilling at Lake Lefroy, St Ives, Australia

South America regionCerro CoronaIn late 2012, we completed the first phase of a deep drilling programme under the Corona Deep Project, which has identified mineralisation to depths of 600 metres below the current pit design. This has potential similarities to a common form of gold-copper porphyry “pencil” system that can extend to depths far greater than those currently identified at Cerro Corona. Although all six deep drill holes intersected porphyry-style copper-gold mineralisation below the current pit, assay results suggest a decreasing gold/copper ratio at depth.

We are carrying out a full evaluation of mining potential for the Corona Deep Project, which is due for completion in the first half of 2013. Depending on the results, this would potentially support plans for a first-pass deep drilling programme to support large-scale underground mining opportunities over the longer term.

Deep drilling programme, Cerro Corona Mine

West Africa regionDamangIn late 2012, Gold Fields completed a framework drilling programme on highly prospective targets linked to the Bonsa Hydrothermal Project. These were identified as part of a major, ongoing geological reinterpretation exercise. We are awaiting final assay results from the project.

In addition, Gold Fields focused on extending the previously lucrative Amoanda open pit to increase the mine’s Mineral Reserves and to support the Damang Superpit Project. This included the testing of concepts to define the pit’s cut-back potential in the highly prospective zone between Amoanda and Damang. Drilling results confirmed an extension to the north plunging Amoanda mineralisation.


9. Community relations

8. Environment, health and safety, and sustainable developmentGold Fields Growth and International Projects (GIP) has an overriding commitment to sustainable development, which is pursued through effective management of environment, health and safety (EHS). The EHS management system forms the basis for the development and application of the EHS systems at all levels within GIP. This system is based on best practices and meets the requirements of ISO 14001 and OSHAS 18000.

GIP seeks to create a mindset and environment where people know it is possible to work incident free, regardless of where they are in the world or what role they undertake. The approach is to apply a set of EHS fundamentals that form foundations of the desired culture, expected behaviours and performance standards within GIP. As a consequence GIP continues to aspire to zero harm to employees, the host communities, and to the environment in which the company operates, and will introduce a range of initiatives designed to support that aspiration.

Moffatt falls, Horsefly, British Colombia

The establishment and maintenance of a strong social license to operate is essential for successful exploration activities. It is also an important factor in the licence acquisition process, with many governments offering preference to those companies with a proven track record of constructive community engagement and development. As a result, the implementation of socio-economic development (SED) initiatives in local communities start from the moment the company begins to explore, right through to mine closure.

For GFL, engagement with stakeholders is a broad and continuous process of contact, dialogue and interaction. These steps assure that affected communities and other stakeholders are adequately informed and able to participate in decisions that affect their lives in a manner that is acceptable to them. The Group believes in the value of being

transparent when dealing with the community and that the Company complies with the law in all aspects. The focus is on social investment rather than philanthropy, and the Company considers itself to be an enabler of community development. Gold Fields believes in the inclusion and participation of stakeholders and capitalises on existing community skills.

Gold Fields’ social development teams are spread around the world and are embedded with the Company’s exploration teams at every project, ensuring consistency of approach and continuity throughout the exploration stages. The objective is to make Gold Fields the global leader in sustainable gold mining.


10. Key Growth and International Projects ManagementThe 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.

Post Incumbent Qualifications Years Key responsibilities

Executive Vice-President Growth and International Projects

Tommy McKeith BSc (Hons) Geology, GDE Mining, MBA, FAusIMM

25 Executive Head of Growth and International Projects; responsible for strategic direction, leadership and management; Perth office

Senior Vice-PresidentGreenfields Exploration

Nate Brewer BA Geology; AIPG (CPG) 36 Head of Global Greenfields Exploration; Denver office

Head of Legal and Commercial Alan Gibson LLB and BE Com 12 Head of Legal for Growth and International Projects

Vice-President Strategic Projects

Michael Botha BSc (Hons); MSc Geology 29 Strategic projects and advanced growth projects

Vice-President Human Resources

Conrad Mtshali BA (Social Sciences) MAP 17 Overall responsibility for Human Resource strategy execution

Vice-President Finance Vinit Desai CA(SA), BCompt (Hons) 15 Head of Finance for the Growth + International Projects Division

Vice-President Sustainable development

Diega Ortego Law degree (Masters) 16 Head of Sustainable Development in Growth and International Projects

Vice-President Concepts and Studies

Matt Dusci BSc Hons (Geology) AIG (CP) – 3395

18 Head of concepts + studies team including the generation of Mineral Resources

Senior Vice-President International Projects

Mike Nelson BSc (Hons) Masters in Applied Finance

26 Project delivery (Pre-feasibility onward)

Exploration drilling, Woodjam Project, Canada

This Technical Short Form Report (“the Report”) contains information as at 31 December 2012 (“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.

Notes

BASTION GRAPHICS

Canahuire deposit area, Chucapaca Project

Registered Office South Africa:150 Helen RoadSandownSandton, 2196JohannesburgGauteng

Private Bag X30500Houghton, 2041South Africa

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

“If we cannot mine safely, we will not mine”

Gold Fields Safety Value

“If we cannot mine safely, we will not mine”

Gold Fields Safety Value

gold fields exploration and growth projects...salares norte project argentina taguas project mali...

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