Ashanti Goldfields Company Announces Purchase of Shares

Business Wire, Dec 24, 1998

NEW YORK--(BUSINESS WIRE)--Dec. 24, 1998--Ashanti Goldfields Company Limited announces that it has acquired through market purchases ordinary shares or securities representing ordinary shares ("Shares") as shown below: -0-

Date                 Number       Price Paid    Shares Purchased
Purchased           Purchased                       To Date

23 December 1998     73,340          4.49           3,336,506

The Shares were purchased on the Zimbabwe Stock Exchange for Z$175 which at an exchange rate of Z$39:US$ equates to a price of US$4.49. This compares to the closing mid-market price of US$8.80 quoted on the London Stock Exchange on 23 December 1998. Ashanti's Shares on the Zimbabwe Stock Exchange trade at a discount to other markets due to the fact that these shares cannot be transferred from the Zimbabwe branch register.

The Shares which have been acquired will not be cancelled but will be held as treasury shares for possible re-issue at the Board's discretion.