gold fields limited -...

TRANSFORM DIVERSIFY GROW

Gold Fields LimitedTo be the Global Leader in Sustainable Gold Mining

Nick Holland Chief E ec ti e OfficerNick Holland, Chief Executive Officer 27 February 20122012 BMO Global Metals & Mining Conference, Hollywood, Florida

Forward looking statements

Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the

US Securities Exchange Act of 1934.

In particular, the forward looking statements in this document include those relating to the global economy and outlook; changes and forecasts of gross domestic

products; changes in legal, tax and other regulatory regimes; commodity prices; demand for gold and other metals and minerals; interest rate expectations; exploration

and production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital expenditures; future

reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. Such forward looking statements involve known and

unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from

the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include

among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and

other cost savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold and/or copper; hazards

associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or credit; changes in government regulations,

particularly taxation and environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the

availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial action, temporary stoppages of

mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational health risks experienced by Gold Fields’ employees.

These forward looking statements speak only as of the date of this document. Gold Fields undertakes no obligation to update publicly or release any revisions to these

forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

2

What Gold Fields offers today

80.6 million ounces of reserves1A Quality Reserve

3.5 million ounces per annum2Solid Production Base

US$752 million4 (C2011)Robust Free Cash Flow

51:49 (RoW3:SA) production split (C2011) Geographical Diversification

US$752 million (C2011)Robust Free Cash Flow

Targeting 5Moz5 by 2015Strong Growth Pipeline

Net debt to EBITDA ratio - 0 33 times6Conservative Balance Sheet Net debt to EBITDA ratio - 0.33 timesConservative Balance Sheet

If we cannot mine safely, we will not mineCommitment to Safety

F ll t ld iU h d d Full exposure to gold priceUnhedged

Baa3; Positive (Moody’s) | BBB-; Stable (S&P)Commitment to Investment Grade Rating

_________________________________________________________1.Attributable gold equivalent Mineral Reserves as at 31 December 20112.Attributable gold equivalent production for the 12 months to December 20113.RoW: Rest of World (includes attributable gold equivalent ounces from international regions)4.Free cash flow is defined as cash flow from operating activities less capital expenditure – additions 5 Five million ounces in production or in development by 2015

Highest dividend yield in senior sector7Returning cash to Shareholders

5.Five million ounces in production or in development by 20156.Net Debt to EBITDA ratio for 2011 is calculated by dividing net debt as at 31 December 2011 by EBITDA for the December 2011 quarter annualised.7.Peer group: GoldCorp, Newcrest, Kinross, AngloGold, Newmont, Barrick

3

Replacing and growing the Mineral Reserve position

Headline numbers1 – Mineral Reserve as at 31 December 2011

Moz 80.6Moz

80

82

76 7Moz

Attributable Reserves

76

78

76.7MozAttributable Reserves

74

3 9Moz 7 8Moz

70

72 3.9MozDepletion

7.8MozAdditions

_____________________________________1. Group total figures are equivalent gold ounces and includes Cerro Corona (Au and Cu Au-equivalents) (Includes discovery and model changes through better geological understanding and gold

68

B 1 C t 2 C t 3 C t 431 December 2010 31 December 2011*

price change)* Note: 31 December 2011 figures are net of production depletion.

4

Mineral Reserve

Diversifying and improving the composition of the portfolio over time

Dec 2006 Attributable AuEq Reserve Dec 2011 Attributable AuEq Reserve

3%

(93.8Moz)

0%

(80.6Moz)

46%

11%

7%

23%

4%15%

8%5%

46%

33%

4%

45%

KDC & Beatrix

SRD & TSF

South Deep*

p

West Africa

South America

Australasia

5

_________________* SRD and TSF = Surface Rock Dump and Tailing Storage Facilities for KDC East and West in South Africa

Mineral Reserve

Attributable Mineral Reserves per mine/project (million AuEq ounces)

40

34.5

36.6

30

35

40Dec-10 Dec-11

20

25

30

-Au

Eq.

(Moz

)

11.9

7.9 7 0

9.310

15

Au

and

Cu-

1.3 0.2 0.32.8

1.5

5.44.3

6.6

1.3 1.4 1.82.8 3.1

5.06.0 6.4 7.0

0

5

w &

&

es ng rix na W E wa ep

Agn

e

KD

C W

SR

D

TSF

KD

C E

SR

D

TSF St I

v e

Dam

an

Bea

tr

Cer

ro C

oron

KD

C W

KD

C

Tark

w

Sou

th D

ee

6

Mineral Resource

Attributable Mineral Resources per mine/project (million AuEq ounces)

90

81.5

74.8

70

80

Moz

)

Dec-10 Dec-11

40.2 38.440

50

60

d C

u-A

u E

q. (M

16.012.6

9 0

31.1

11.3 12.2 13.6

25.0

20

30

Au,

2P

GE

an

0.6 2.0 2.6 3.8 2.9 5.8 7.0 6.53.3

9.0

0.6 1.7 2.4 3.8 3.9 5.3 7.0 7.6 9.0

0

10

folila

RD

&

RD

&

gnew

paca

t Ive

s

Tala

s

oron

a

man

g

eatri

x

AP

P

arkw

a

DC

W

DC

E

Dee

p

_________________Excludes Woodjam Copper – 541 Mlb and Gold (by-product) - 0.132 Moz

Yan

f

KD

C W

SR

TSF

KD

C E

SR

TSF Ag

Chu

cap St T

Cer

ro C

o

Dam B

e

Ta KD KD

Sou

th D

7

Excludes South Deep TSF 0.4Moz APP includes 2PGE +Au

F2011 Highlights97% i i NCE i t US$396/ i t 29% i i

Attributable production of 3 49 million gold

97% increase in NCE margin per ounce to US$396/oz against a 29% increase in the US$ gold price

Cash Flow (US$m) Attributable production of 3.49 million gold

equivalent ounces

Cas o (US$ )

2,165

2,500Operating cash flow

Free cash flow 47% increase in operating profit to

US$2.9bn1,692

1,500

2,000

Free cash flow from operations1 increased

49% to US$752m 898

1,020

7521,000

NCE margin increased to 25% (US$396/oz)

from 16% (U$201/oz) 139

506

0

500

538% increase in earnings to US$973m -162

-500

0

2008 2009 2010 2011__________________________1. Free cash flow is defined as cash flow from operating activities less additions to capital expenditure

8

2008 2009 2010 2011

Leverage to the gold price

1,6001,800

Gold Price (US$/oz)

81%

Operating Cash Flow (US$m)

2 000

2,500

141%

1,569600800

1,0001,2001,400 81%

2,1651,000

1,500

2,000 141%

865

0200400

2008 2011

898

0

500

2008 2011

EBITDA (US$m)

3,000

3,500

Net Earnings (US$m)

1 000

1,200

2,9241,500

2,000

2,500 154%

973600

800

1,000

205%

1,150

,

0

500

1,000

319

973

0

200

400

2008 2011 2008 2011

9

Conservative balance sheet and debt strategy

Net debt (US$m) & Net debt:EBITDA ratio (times) Low Gearing

Balance sheet positioned for growth

0.80

0.90

3,000

3,500 Net Debt (LHS)

EBITDA (LHS)

Strong liquidity position

0.60

0.70

2 000

2,500 Net Debt:EBITDA (RHS) Robust cash flow generation

Conservative maturity management

0 30

0.40

0.50

1,500

2,000

Investment grade credit rating

B 3 | P iti (M d ’ )

0 10

0.20

0.30

500

1,000 − Baa3 | Positive (Moody’s)

− BBB- | Stable (S&P)

0.00

0.10

2008 2009 2010 2011-

___________________________________

Committed to returning cash to shareholders

10

Note: * Net Debt to EBITDA ratio for 2011 is calculated by dividing net debt as at 31 December 2011 by EBITDA for the December 2011 quarter annualised. For 2008 to 2010, EBITDA is calculated for the 12 months ended December.

F2011 Dividend

Committed to returning cash to shareholdersDividends (SA cents per share)

CY2008 - 2011 Final dividend: 230 SA cents per share

− 130% up on interim dividend300

350

− 229% up on 2010 final dividend

Full year dividend: 330 SA cents per share250

− 136% up on C2010 dividend

Dividend yield of 2 6%*330

150

200

Dividend yield of 2.6%

Competitive compared to US Treasury rates150

130 140

100

130

0

50

2008 2009 2010 20112008 2009 2010 2011

11

___________________________________* Dividend yield calculated based on closing price of 12700 SA cents per share as at 15 February 2012

NCE margin expansion

1800US$/oz

Q4 2011 NCE margin of 28 % exceeds long-term target

29%

1400

1600Gold Price Total Cash Cost NCE

28%

21%

1000

1200

140021%

800

1000

400

600

Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011

Cost containment allowing the higher gold price to be delivered to the bottom line

12

__________________________Data points are per quarter

g g g p

12

Increasing international diversification

2008 Production1 2011 Production1 2015 Production Target2

20%2% 18%19%

40%

20%

20%

62%18%

2% 18%

49%

22%

10%

20%

South Africa West Africa Australia South America

22%

2015 Production Target2

South Africa Region Australasia Region West Africa Region South America Region

~ 2 Moz ~ 1 Moz ~ 1 Moz ~ 1 Moz

______________________________________________________1. Attributable gold equivalent ounces 2. Five million ounces in production or in development

13

Improving size & profitability of international portfolio

37% 40%2,500

‘000 ounces

26%

32%

25%

30%

35%

2,000

15%

20%

25%1,500

1,5161,802

1,989 1,977

5%

10%

500

1,000

-2%

-5%

0%

02008 2009 2010 2011

_____________________________________________

2008 2009 2010 2011

International production (LHS) International NCE Margin (RHS)*

* Managed productionNote: NCE margin is calculated on a managed basis

14

Creating a globally diversified portfolioArctic PlatinumPre-Feasibility• 12Moz 2PGE + Au

resource• Scoping Study

confirms Platsol®

Producing AssetDevelopment ProjectExploration Project

Creating a globally diversified portfolio

Finland

process• Exploration and

amenability in 2012

Yanfolila Drilling

Woodjam JV Exploration

Canada

Mali

• Potential for 200kozpa starter project

• Scoping study completed

• Large land package

Far Southeast Project

Canada

MaliChucapaca JV Feasibility• 7.6Moz Aueq resource• 100,000m drilling completed• Feasibility study underway

Development decision H2

Far Southeast Project Drilling• Targeting 52 Moz Aueq^

• 8 drill rigs operatingKangare ExplorationDamang Super-pit

Pre-Feasibility

Peru

• Development decision H2 2012

• Large land holding in highly prospective region

PhilippinesMaliPre Feasibility• Super-pit targeting

4Moz*

• Pre-feasibility H2 2012

GhanaSouth Deep Construction

____________________________________________________________________

Salares Norte Exploration

Chile

Taguas JV Exploration

Argentina

South Africa

* Refer to the Exploration Target Statement for the Damang Super-pit Project^ Refer to the Exploration Target Statement for the Far Southeast Project

15

South Deep Project

Capital infrastructure programme on track

World class project management Forecast production build-up (koz)

700800

Ramp up to 700koz run rate end 2015

Project capital development achieved 105% of

planned metres for the year 300400500600700

planned metres for the year

Improvement in de-stress mining

− Q4 2011: 8% 0100200300

2011E 2012E 2013E 2014E 2015E− Q3 2011: 23%

Major progress on key infrastructure: on budget and on time

2010 2011E 2012E 2013E 2014E 2015E Status

2011E 2012E 2013E 2014E 2015E

2010 2011E 2012E 2013E 2014E 2015E Status94 Level Refrigeration Plant Commissioned

Twin Vent Shaft Deepening On-track

Tailings Storage Facility CommissionedTailings Storage Facility Commissioned

Plant Expansion On-track

Backfill Infrastructure On-track

New Mine Development On goingNew Mine Development On-going

16

Chucapaca Project: Location

Chucapaca Project in southern Peru

CerroCerroCorona

PERU

Lima

ChucapacaProject

Mi i C iGold Fields94,100Ha

Buenaventura18 400Ha

Chucapaca Project 12,700Ha

Mining Concessions

18,400Ha

17

Chucapaca Project: Resource pit shell

ECCP10-137

September 2011 Mineral Resource Model and Open Pit Shell (7.6Moz Aueq*)

W ECCP10-13762.2m at 5.23g/t Au

from 409.4mSection 950W

CCP11-27425.8m at 2.00g/t Au

from 619.8m Section 1100W

~70% of Resource in the Indicated

Category

7.6Moz Aueq*

Category

CCP11-28975.95m at 3.5g/t Au

450 m

g/t Aueq

Showing Drilling completed to Sept 2011. Mineral Resource completed based on d illi l t d t M 2011

75.95m at 3.5g/t AuSection 1000W

________________________________drilling completed to May 2011

________________________________* The Mineral Resource is reported at a 0.54g/t Aueq cut-off constrained within a pit shell optimised using US$1,450/oz Au, US$3.90/lb Cu and US$27.50/oz Ag. Calculations of Aueq grade are based

on the same price assumptions with no recovery weighting. The Mineral Resource is reported on a 100% basis.

18

Chucapaca Project: Exploration potential

Good exploration potential in the district...W E

Titan Geophysics – Deep Search Ground IP~ 2km

C° ChucapacaCanahuire 2km

Agani

CCP11_41416m @ 0.6g/t

Au

Canah ire one of n mero s targets that ha e potential0 2km

…Canahuire – one of numerous targets that have potential

19

Chucapaca Project: 2012 Objectives

Indicati e deli er timeline

2011 2014E 2015E

Indicative delivery timeline

2016E2012E 2013E

* #ChucapacaˣExplore* Develop^ Construct#Chucapaca

400 to 600kozpa Aueq

2012 Objectives

Complete feasibility study during H2 2012

Submit EIA H2 2012

Development decision targeted for end 2012

___________________________________* Includes all exploration and study-related activity^ Includes all engineering, permitting, long lead orders and pre-construction activity

20

# All construction activity until commissioning and handover to operational teamsx 100% basis

Damang Super-pit Project: Ghana

2.1Moz Reserve for total Damang property (31 Dec 10) Damang Pit Reserve 1 1Moz

Resource and Pre-feasibility targeted for H1 2012

Damang Pit Reserve 1.1Moz Other pit reserves of 0.83Moz

Combine Huni, Juno and Damang pits as a Super-pit

Conceptual model generated by cut and paste of

grade control model

D b 2011 December 2011 Damang Reserve: 62Mt at 1.71g/t for 3.4Moz Damang Resource: 166Mt at 1.9g/t for 10.0Moz

D S it l ti t t* Damang Super-pit exploration target*

80Mt at 1.6g/t for 4.0Moz

Resource delineation drilling programme completed 157 holes for ~38,000m ~40m by ~80m spacing

____________________________* Refer to the Exploration Target Statement for the Damang Super-pit Project in the Appendix

21

Damang Super-pit Project: Pit shell

HuniDamangJuno121 6m at 1 74 g/t Au

Proof of concept drilling demonstrated robust exploration target

180m at 2.42 g/t Au

121.6m at 1.74 g/t Au

270m at 0.95 g/t Au605.4m at 0.63 g/t Au

425.4m at 0.71 g/t Au408.4m at 0.52 g/t Au

143.8m at 3.93 g/t Au348.8m at 1.1 g/t Au g

72m at 0.81 g/t Au

181.4m at 0.51 g/t Au

350 8m at 0 77 g/t Au 401.6m at 1.07 g/t Au

188.6m at 0.62 g/t Au

168.3m at 0.55 g/t Au

350.8m at 0.77 g/t Au

240m at 0.95 g/t Au

300m at 1.32 g/t Au354.7m at 0.83 g/t Au

current pit shell

N 500m

348.7m at 1.06 g/t Aup

drill hole intersectionsurface topographydrill hole trace

________________________________________________________________________________________________________________________________________Note: Drilling results are not true width. These drill holes are drilled down the steep dipping stratigraphy to define overall continuity of mineralisation, over more than 3km strike and upto 600m dip extent Individual flat lodes are intersected and demonstrate higher grade mineralisation consistent with currently mined ores.

22

Damang Super-pit Project: 2012 Objectives


Explore* Develop^ Construct#Damang Super-pitˣ400 to 500kozpa Au

2011 2014E 2015E 2016E2012E 2013E

p

2012 Objectives

Updated resource model expected in Q2 2012

Complete pre-feasibility study in H2 2012

Ongoing engagement with Ghana authorities on proposed tax changes


23


Far Southeast Project (FSE): Philippines

High quality gold-copper porphyry with significant upside potential

Option to acquire 60% interestOption to acquire 60% interest

88 historic holes defined a high grade gold-Far Southeast Project Area

copper porphyry

Established infrastructure in a mining district

Gold Fields initial drilling confirms high grade

core and extends mineralisationcore and extends mineralisation

24

Far Southeast Project: Geology and resource potential

NW SE

EnargiteProd: 1997 to presentProd: 1938 98 Prod: 1997 to present18Mt @ 7.71g/t Au

Prod: 1938 - 9841Mt @ 3.3g/t Au

Far SoutheastA C

1,60

0m

700 Drilling level

Au-Cu Porphyry

*

100 m

500m

Exploration Target*:900Mt at 0.77g/t Au and 0.54% Cu

(52Moz eq) (c/o ~0.8g/t Aueq^)

-200 m

? After Hedenquist et. al. 2002

____________________________* Refer to the Exploration Target Statement for the Far Southeast Project in the Appendix^ Based on the following prices: US$3.74/lb copper, US$1,500/oz gold

25

Far Southeast Project: A world-class deposit

1.60

Gold versus Copper Grade (deposit size in Aueq ounces - scaled by bubble size)

1.20

1.40 Production Feasibility Undeveloped Exploration Gold Fields

Hunchun

Andash

Far SoutheastCerro Corona

1.00

1.20

de (g

/t)

High grade trend

Grasberg

Boddington Ok TediRidgeway

Maricunga

Golpu

Minas Conga

Bystrinskoye

PebbleCaspiche

T

0.60

0.80

Gol

d gr

ad

Almalyk

Sarcheshmeh

NorthparkesKisladag

Maricunga

Oyu Tolgoi

Tampakan

Reko Diq El MorroPebble

Cadia East Mankayan

KSMSnowfield

King King

Galore CreekPeschanka

Talas

0.20

0.40

Bingham CanyonBatu Hijau

SarcheshmehAjaxBougainville

Casino

0.000.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

Copper grade (%)

The “Lipson Line” – deposits around the line require specific conditions for development

______________________* * Data derived from MEG and Gold Fields internal sources – Resource and Reserve grades as available, or targeted Exploration grades

26

Far Southeast Project: 2012 Objectives


2011 2014E 2015E


2016E2012E 2013E

E l * D l ^ C t t#Far SoutheastˣExplore* Develop^ Construct#

4 to 25Mtpa ore

2012 Objectives Underground drilling to recommence in March 2012 Complete initial resource estimate in H2 2012Awaiting Picture FTAA targeted in H2 2012 − Decision to exercise option and final payment of US$220 million

Pre-feasibility anticipated to commence in H2 2012

g(Sven)


27


Yanfolila Project: Mali

Scoping a 1Moz to 1.5Moz starter project

Komana scoping study

100,506m RC and DD drilled in 2 years

Good targets within 25km radius of the

Komana deposits

Multiple ore sources feeding a central

3Mtpa to 4Mpta CIL plant

Kabaya South

Solona Solona

Sanioumale West25km radius

28

Yanfolila Project: 2012 Objectives


2011 2014E 2015E

y

2016E2012E 2013E

Explore* Develop^ Construct#Yanfolilaˣ180 to 250kozpa Au Explore Develop Construct180 to 250kozpa Au

2012 Objectives

48,000 meters of additional drilling planned for H1 2012

Resource upgrade and optimisation during H2 2012

Commence pre-feasibility study H2 2012


29


Arctic Platinum Project (APP), Finland

®

Detailed scoping study completed Q4 2011

Barents SeaSignificant PGE-Cu-Ni Deposits

Layered Intrusive Complexes

Platsol® demonstrated as a technically viable

process Norway

Improved overall project recoveries

On site production of saleable metalsKevitsa

Sakatti Kontijaarvi and Ahmavaara M,I&I Resources

137Mt at 1.21g/t Pd, 0.29g/t Pt, 0.12g/t Au, 0.21% WhiteSea

RovaniemiSuhanko Project

Koillismaa

Sakatti

Cu and 0.08% Ni

Exploration identified potential new depositsFinland Russia

Gulfof

Bothnia

�Kemi Cr Mine

~100Mt potential identified FinlandBothnia

LakeOnega

200 kilometres

30

APP Resource expansion & metallurgical test work

2012 exploration to focus

21,867m completed out of 40,000m drilling programme

Suhanko North

on proving up resource potential of the Suhanko Extension deposits A A’

SUHANKO EXTENSIONS

Konttijärvi

Tuumasuo

SUHANKO PROJECT

Ahmavaara Vaaralampi

31

Arctic Platinum Project: 2012 Objectives

2011 2014E 2015E


2016E2012E 2013E

Arctic PlatinumExplore* Develop^ Construct#

Arctic Platinum300 to 400kozpa 2PGE+Au

2012 Objectives

Aim to complete drilling on Suhanko North

Platsol® amenability tests on new resources

Resource upgrade and optimisation H2 2012

Complete pre-feasibility study H2 2012

___________________________________* Includes all exploration and study-related activity

32

^ Includes all engineering, permitting, long lead orders and pre-construction activity# All construction activity until commissioning and handover to operational teams

5Moz in production or in development by 2015

Continue to improve the quality of the portfolio as measured by NCE per ounce

DamangSuper pit

YanfolilaAPP FSE

Current Base*

5Moz either

in production or in

development

5Moz either

in production or in

development

ChucapacaSuper-pit

South Deep

3.5Moz3.5Mozpp

2011 2015 Target______________________* Actual production 12 months to December 2011

33

Thank You

Damang Exploration Target Statement

Damang Superpit Project, Ghana – Exploration Target Statement

The Damang Gold Mine (Abosso Goldfields Ltd) is one of Gold Fields two operating mines in south west Ghana, and currently produces approximately 220-240koz per annum. Following theacquisition (June 2011) of Iamgold’s minority stake (18.9%) in the Ghanaian mines, Gold Fields holds a 90% interest in the Damang Gold Mine, with the remaining 10% interest being held bythe Government of Ghana. The Damang Mineral Reserves at December 31st 2010 totalled 2.1 Moz, with total Mineral Resources of 4.1 Moz from the Damang-Huni-Juno complex, and anumber of other deposits on the Damang mine tenement. Mineralisation is orogenic hydrothermal in style and typically hosted within sediments and lesser mafic units. A component ofconglomerate hosted palaeoplacer mineralisation is also present.

The Damang Project incorporates the combined inventory potential of the Huni-Damang-Juno deposits. Historically these deposits, which form a contiguous zone of mineralisation, have beenexplored and mined as separate deposits. Consolidation and expansion has been limited by (i) the location of the Eastern TSF (ETSF) and geotechnical wall angles, and (ii) systematicnegative bias in the reporting of Indicated and Inferred grade and tonnes located below the current pit shells, as evidenced by historic positive tonnage reconciliations observed after mining.

In order to overcome historical limitations and to develop a “blue sky” basis for a concept study, the following steps were taken: (i) an Extensional mineralisation model was developed whichextrapolated mineralisation based on historical grade control data to a maximum of 280m below the $1,150poz June 2010 resource pit shells, and based on the measured resources andactual mining results from 8 x 5m spaced grade control data; (ii) the location of the ETSF was eliminated as a constraint in the Whittle pit optimizations (i.e., a portion of the ETSF would bemined and relocated to a new TSF facility); (iii) Owner Mining projected costs were assumed for a range of new plant processing options up to 12Mtpa.

The conceptual model was optimised using current mining costs generating a potential single large open pit of over 3.5km strike and hosting between 4 to 6Moz. Two drilling phases firstproved the Extensional Concept (~25,000m diamond core and RC drilling) and then in-filled the potential open-pit inventory to a 80m x 40m spacing nominally adequate for reporting ofIndicated resources (38,000m diamond core and RC drilling). Both drill phases confirmed the extent and style of mineralisation below the existing pit and within conceptual expansion pits isessentially similar to existing mined ores. Modelling is now ongoing aiming to finalise a resource estimate to be used for ongoing studies and evaluation.

An Exploration Target model of >4 Moz based on a conceptual tonnage of 70 to 100 Mt at a grade of 1.5 to 1.7 g/t Au with mineralisation extending beyond the limits of known and conceptualpit shells. Drilling demonstrates continuity of mineralisation to depths of over 350m below current pit floors consistent in style and tenor of current mined ores. Ongoing studies will incorporatethe existing Damang Reserves hosted in the additional satellite deposits (Amoanda, Rex, Tomento, etc) which combine with the Superpit Target for a total potential Damang Mining Inventoryof 5Moz.

The potential quantity and grade of this Exploration Target is conceptual in nature and is expressed in 100% equity terms. At this point there has been insufficient exploration to define aMineral Resource for this entire quantity and it is uncertain if further exploration will result in the determination of a Mineral Resource.

35

Far Southeast Exploration Target Statement

Far Southeast Au-Cu Project, Philippines – Exploration Target Statement

The Far Southeast Project (FSE) is an advanced exploration program being conducted by Far Southeast Gold Resources Inc. to investigate and evaluate Au-Cu mineralisation associatedwith the world class, concealed FSE porphyry system in the Mankayan district. The district is located in the central Cordillera of Northern Luzon, 250km north of Manila, Philippines, and israted as exceptional on a global basis for both its gold and copper endowment and abundance of quality deposits. In September 2010 Gold Fields entered an option agreement with LepantoConsolidated Mining Company and Liberty Express Assets to acquire a 60% interest in FSE over a three staged payment scheme amounting to US$340m by March 2012.

FSE is located within an existing mining camp and is in close proximity to two other mines (Enargite and Victoria) historically operated by Lepanto, of which Victoria is in current production.FSE has ready access to established infrastructure, including roads, tailings facilities, power and water, and an established mining community. There is no current declared Mineral Resourcefor FSE, although drilling completed over a number of years indicates the presence of a large, concealed gold-copper mineralised porphyry system. Approximately 118 historic diamond drillholes, dating back to the 1980 discovery hole and totalling almost 52,000 metres of drill core, had been drilled on the project. Of this drilling a total of 88 drill holes intersected a mineralisedzone with approximate dimensions of 900 metres east-west by 900 metres north-south by 900 metres vertical. While grades are variable, the following historic drill intersections are consideredtypical of the mineralized zone: 691m at 2.5g/t Au, 0.9% Cu; 906.8m at 1.5g/t Au, 0.5% Cu; 613.1m at 0.8g/t Au, 0.8% Cu; 733.9m at 0.7g/t Au, 0.4% Cu; and 517.4m at 0.6g/t Au, 0.4% Cu.

Gold Fields has conducted a major underground drilling program since early 2011 aiming to characterise the magnitude, extent, and controls of gold and copper mineralization at FSE, andvalidating the grade, alteration and lithological models which Gold Fields constructed in 2010 from historic drill data. Eight electric-powered diamond drill rigs are drilling underground from the700 level of the existing Lepanto mine. The rigs are drilling fan-shaped patterns of angled holes targeting the mineralization of the FSE porphyry. An initial 30 holes (36,000m) were drilled forProof-of-Concept and Exploration purposes to scope the scale of the FSE mineralised system. Geological logging and assay results returned to date have validated the Gold Fields 2010models. In addition the assay results indicate that lower grade mineralization extends well beyond limits of the original grade envelope, suggesting that significant Au-Cu mineralization is moreextensive than modelled and remains open in all directions The mineralisation has been identified over a depth range of more than 1000 m and a strike extent of more than 1000 m andextensive than modelled and remains open in all directions. The mineralisation has been identified over a depth range of more than 1000 m and a strike extent of more than 1000 m, andremains open in these directions.

Planned drilling aiming to define the mineralisation to a level suitable for resource estimation will total 80,000 to 95,000m in 65 to 80 holes to be completed by H1 2013. This drilling is targetingan Exploration Target of 800 to 1000 Mt at 0.6 to 0.9 g/t Au and 0.4 to 0.6% Cu for 45 to 55 Moz Aueq (assuming US$1,500/oz Au and $3.74/lb Cu). This material is targeted between the+350m to 200m AMSL+350m to -200m AMSL.

The potential quantity and grade of this Exploration Target is conceptual in nature and is expressed in 100% equity terms. At this point there has been insufficient exploration to define aMineral Resource for this entire quantity and it is uncertain if further exploration will result in the determination of a Mineral Resource.

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