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Dear Ramin Farzanehfar
Q1 2011 earnings results
Q111
Financial results
for the quarter ended 31 March 2011
Highlights: Group results for the quarter ...

* First quarter production of 1.039Moz at a total cash cost of $706/oz.

* First quarter uranium production of 365klbs and silver production of 681koz.

* Adjusted headline earnings of $203m, or 53 US cents a share.

* Hedge removal ensures strong cash generation from operating activities of $513m.

* Continued improvement in net debt to $1.1bn; a reduction of some $200m during the quarter.

* Kopanang shows 3% production gain, despite South Africa Christmas shutdown.

* Sadiola benefits from higher tonnages and grades for 3% production increase.

* Iduapriem showing early benefits from Project ONE, higher tonnages offset lower grade.

* Cripple Creek & Victor continues turnaround, with strong production gain.

* Exploration at Hutite prospect in Egypt showing promising, high-grade intercepts.

* New ore body discovered at Sunrise Dam. Events post quarter-end ...

* Proposed BEE restructuring ensures value for all beneficiaries; incremental accounting cost of about $18m.

Please note that both the earnings presentation, which will begin at 09:30 (GMT +2), and an earnings conference call, which will begin at 15:00 (GMT +2), will be available via webcast.

Please see www.anglogoldashanti.com for further details.

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