Ashanti Goldfields Company Limited Makes Announcement

NEW YORK--(BUSINESS WIRE)--June 24, 1999--Ashanti Goldfields Company Limited has become aware that an entity calling itself "Bezira Gold Limited" in the United States of America, has circulated an offer to purchase up to 1.0 per cent of the outstanding ordinary shares of the company at a price of US$5.25 per share.

Ashanti strongly recommends that shareholders NOT tender their shares into this offer. Ashanti's shares currently trade actively on the Australian Stock Exchange, Ghana Stock Exchange, the London Stock Exchange, New York Stock Exchange, the Toronto Stock Exchange and the Zimbabwe Stock Exchange. The price offered by Bezira Gold Limited is substantially less than the current price for Ashanti shares and does not represent a fair value offer.

Ashanti has no knowledge of Bezira Gold Limited and has had no communications with any person purporting to represent Bezira Gold Limited. The offer appears to follow a pattern recently observed in relation to various other companies. In each case, the companies appear to be targeted by bids for a relatively low volume of shares at a price substantially below the published market price for such shares on recognised stock exchanges.

Investors requiring further information regarding current and recent price ranges and trading volumes for Ashanti's shares should contact their respective investment advisors or the contact details below.

Ashanti Goldfields Company Limited is an international gold mining company with operations and exploration activities across the sub-Saharan Africa and currently produces in excess of 1.5 million ounces of gold annually from 6 operating mines. Ashanti also has an ongoing project, at Geita, Tanzania, which is expected to produce 400,000 ounces of gold per annum, with first gold production anticipated to be by end of 2000.

Ashanti currently has a strong hedge book which makes it well placed in the near and medium terms to resist the recent down-turn in the gold price.