50NT Hsbc Bk. 25

RNS Number:4377X
Hereward Ventures PLC
19 June 2002

19 June 2002




                             Hereward Ventures plc

                   Share subscription by Gold Fields Limited

                                      and

                        Joint Venture Agreement Proposal


Hereward Ventures plc ("Hereward" or "the Company") announces the issue of
4,921,018 new ordinary shares of 1p each in Hereward at a subscription price of
7p to Orogen Holding ( BVI ) Limited ("Orogen") , a wholly owned subsidiary of
Gold Fields Limited ("Gold Fields"), pursuant to a Subscription Agreement
entered into on 18 June 2002 ("the Completion Date") between the Company and
Orogen.

This issue has raised approximately £350,000 for the Company of which 80% will
be used to fund exploration expenditures covered by the Rosino and Gornoseltsi
Permit areas in Bulgaria. The balance will be available for working capital
purposes. Following this issue Orogen will hold 6.05% of the enlarged share
capital of the Company.

The Subscription Agreement also includes the grant to Orogen of the sole and
exclusive right to establish a Joint Venture with a member of the Hereward Group
in relation to the funding and development of the Bulgarian Permit areas ("Joint
Venture properties") for a period of four months from the Completion Date. The
Joint Venture properties consist of the Rosino, Gornoseltsi and Dikanyite
Permits.

Under the terms of the Joint Venture agreement Orogen can earn a 51% interest in
the Joint Venture properties, and in subsequent new areas applied for by
Hereward by incurring US$ 2,500,000 on exploration expenditure over a three year
period. In addition Orogen can earn a further 19% interest by the expenditure of
US$10 million in completing one bankable feasibility study in respect of the
Joint Venture properties.

Gold Fields is one of the world's largest unhedged gold producers with operating
mines in South Africa, Ghana and Australia. Attributable gold production is
approximately 4.5 million ounces per year, with reserves in excess of 150
million ounces. Gold Fields is listed on the Johannesburg (GFI), New York (GFI),
London, Paris and Swiss stock exchanges.

The directors of Hereward are delighted with the confidence shown by Gold Fields
in the Company's Bulgarian operations and management.

For more information please contact:

David Bramhill                                     Leesa Peters / Cindy Dennis
Hereward Ventures plc                              Capital PR
+ 44 (0) 117 957 3666                              + 44 (0) 20 7618 7889
+ 44 (0) 780 154 0358                              + 44 (0) 781 215 9885

Laurie Beevers/ David Youngman                     John Robertson / Robert Lo
W. H. Ireland Limited                              Nabarro Wells & Co. Limited
+ 44 (0) 161 832 2174                              + 44 (0) 20 7710 7400



                      This information is provided by RNS
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