Filed by AngloGold Ashanti Limited
This communication is filed pursuant to Rule 425 under The Securities Act
of 1933, as amended.
Subject Company: Golden Cycle Gold Corporation
Commission File Number: 001-09385
Date: January 14, 2008
AngloGold Ashanti Limited \ (Incorporated in the Republic of South Africa)
(Reg. No.1944/017354/06) \ ISIN Number: ZAE000043485
Corporate Affairs Department: \ 3rd Floor \ 76 Jeppe Street \ Johannesburg \ 2001 \ South Africa
Tel +27 (0)11 637 6317 \ Fax +27 (0)11 637 6399/6400 \ www.AngloGoldAshanti.com
14 January 2008
AGA18.07
ANGLOGOLD ASHANTI AGREES TO ACQUIRE 100% OF GOLDEN CYCLE GOLD CORPORATION
AngloGold Ashanti Limited (“AngloGold Ashanti”) is pleased to announce that it has agreed to acquire 100% of
Golden Cycle Gold Corporation (“GCGC”), through a merger transaction in which GCGC’s shareholders will
receive consideration consisting of AngloGold Ashanti ADSs which, as of a recent date, represented
aggregate consideration of approximately US$149 million (the “Transaction”). GCGC, which is listed and
trades on the NYSE ARCA Exchange, is a Colorado based holding company with its primary investment being its
joint venture interest in Cripple Creek & Victor Gold Mining Company (“CC&V”) located in Colorado, United States
and which is majority owned and operated by AngloGold Ashanti.
AngloGold Ashanti’s principal rationale in the Transaction is to acquire GCGC’s primary investment in
the CC&V joint venture, thereby enabling AngloGold Ashanti to own and consolidate a 100% interest
in the CC&V mine. The CC&V joint venture was created in January 1991 as a means to develop the
Cripple Creek Mining District based on the land holdings consolidated by GCGC. GCGC provided the
land holdings to the CC&V joint venture and a predecessor-in-interest to AngloGold Ashanti provided,
among other things, the capital in the form of an initial loan. When AngloGold Ashanti acquired its
majority interest in the CC&V joint venture, it also acquired the initial loan which has changed over the
years with capital infusion and repayment. Under the terms of the CC&V joint venture agreement,
AngloGold Ashanti is entitled to 100% of the net proceeds from the CC&V mine until completion of
several intermediate stages, including repayment of the initial loan, at which time GCGC becomes
entitled to, among other matters, its share of 33% of the net proceeds from the CC&V mine.
Under the Transaction, it is proposed that each share of GCGC’s common stock will be converted into the right to
receive AngloGold Ashanti ADSs on the basis of an exchange ratio of 29 AngloGold Ashanti ADSs per 100
shares of GCGC’s common stock. Based upon the closing price of AngloGold Ashanti ADSs as traded on the
NYSE on Friday, January 11, 2008 of US$49.59, this exchange ratio represents an offer price of US$14.38 per
share of the Company’s common stock and an aggregate transaction value of US$149 million, based on 10.35
million shares outstanding on a fully diluted basis. This price represents a premium of 29.1 percent over the
volume-weighted average price of the GCGC’s common stock during the thirty-day period up to and including
Friday, January 11, 2008 and a premium of 37.0 percent over the closing price of the Company’s common stock
on Friday, January 11, 2008.
It is proposed that the Transaction will be implemented as a statutory merger under Colorado law and as such is
subject to the approval of the holders of two-thirds of GCGC’s common shares at a GCGC shareholders’ meeting
convened to consider and vote on the Proposed Transaction. AngloGold Ashanti has entered into an agreement
(the “Merger Agreement”) with GCGC that regulates the implementation of the Transaction in accordance with the
above. In addition, the Merger Agreement includes certain provisions related to GCGC shareholder and board
support and recommendation, exclusivity and restrictions on GCGC’s ability to solicit counter offers to the
Transaction, as well as break fees in the event the Transaction Agreement is terminated due to certain actions.