Securities Law & Instruments

Headnote

Issuer meets the requirements set out in OSC Staff Notice 12-703 -- issuer deemed to have ceased to be a reporting issuer.

Applicable Ontario Statutory Provisions

Securities Act, R.S.O. 1990, c. S.5, as am. s. 83.

June 7, 2004

Stikeman Elliott LLP
Dauntsey House
4B Fredericks Place,
London EC2R 8AB
England

Attention: Derek Linfield

Dear Mr Linfield:

Re:
Ashanti Goldfields Company Limited (the "Applicant") - application to cease to be a reporting issuer under the section 83 of the Securities Act (Ontario)

The Applicant has applied to the Ontario Securities Commission for an order under section 83 of the Act to be deemed to have ceased to be a reporting issuer.

As the Applicant has represented to the Commission that:

    • the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by less than 15 security holders in Ontario and less than 51 security holders in total in Canada;

    • no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;

    • the Applicant is not in default of any of its obligations under the Act as a reporting issuer; and

    • the Applicant will not be a reporting issuer or the equivalent in any jurisdiction in Canada immediately following the Director granting the relief requested.

The Director is satisfied that it would not be prejudicial to the public interest to grant the requested relief and orders that the Applicant is deemed to have ceased to be a reporting issuer.

"Charlie MacCready"