IGO LIMITED — Capital/Financing Update 2011

Nov 28, 2011

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AngloGold Ashanti Limited (Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06) ISIN No. ZAE000043485 – JSE share code: ANG \ CUSIP: 035128206 – NYSE share code: AU Website: www.anglogoldashanti.com

News Release

29 November 2011

TROPICANA GOLD PROJECT MINERAL RESOURCE INCREASES

The Mineral Resource estimate for the Tropicana Gold Project has increased by 1.05 million ounces to 6.41 million ounces of contained gold.

The Tropicana Gold Project, 330 kilometres east-northeast of Kalgoorlie in Western Australia, is part of the Tropicana Joint Venture, owned by AngloGold Ashanti Australia Ltd (70% and Manager) and Independence Group NL (30%).

A breakdown of the updated Mineral Resource estimate is provided in Table 1 and a comparison of the June 2011 and November 2011 estimates is provided in Table 2 .

Table 1: Tropicana Mineral Resource (100% Project) as at 28 November 2011

Classification	Tonnes (Millions)*	Gold (g/t)	Contained Au (Millions oz)
Measured	28.2	2.14	1.95
Indicated	49.4	2.04	3.25
Inferred	10.6	3.56	1.21
Total	88.3	2.26	6.41

• Rounded to the nearest decimal place .

The Open Pit Ore Reserve has not yet been updated and remains unchanged at 3.91 million ounces of contained gold as at 30 June 2011 and as announced to the market on 27 July 2011.

The growth in Mineral Resource primarily reflects additional drilling completed as part of the Havana Deeps Pre-Feasibility Study (PFS), focussed on the down plunge extents of the Havana ore body below the Havana open pit. The underground Mineral Resource has grown by 1.00 Moz Au as a result of this drilling.

The Havana Deeps PFS, which is due for completion in late 2012, will examine the trade-off between open pit and underground mining of the Havana Deeps deposit. Potential exists for a portion of the current Havana Deeps underground Mineral Resource to be mined via a large open pit cutback on the Havana pit. If this strategy is demonstrated to be economically viable and is the preferred option, there is potential for the resource to further increase.

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Table 2: Tropicana Mineral Resource Comparison (100% Project) 30 June 2011 to 28 November 2011

Mineral		Jun 30 - 11	Jun 30 - 11	Jun 30 - 11	Nov 28 -11	Nov 28 -11	Nov 28 -11	Change	Change	Change
Resource	Classification	Mt	g/t	Moz	Mt	g/t	Moz	Mt	g/t	Moz
	Measured	28.4	2.15	1.97	28.2	2.14	1.95	-0.2	-0.01	-0.02
	Indicated	43.9	1.89	2.67	44.5	1.87	2.68	0.6	-0.02	0.01
Open Pit	Inferred	1.0	3.06	0.10	1.8	2.70	0.15	0.8	-0.35	0.06
	Total	73.3	2.01	4.73	74.5	1.99	4.78	1.2	-0.01	0.05
	Measured	0.0	0.00	0.00	0.0	0.00	0.00	0.0	0.00	0.00
	Indicated	0.0	0.00	0.00	5.0	3.57	0.57	5.0	3.57	0.57
Underground	Inferred	5.3	3.65	0.63	8.8	3.73	1.06	3.5	0.08	0.43
	Total	5.3	3.65	0.63	13.8	3.67	1.63	8.5	0.02	1.00
	Measured	28.4	2.15	1.97	28.2	2.14	1.95	-0.2	-0.01	-0.02
	Indicated	43.9	1.89	2.67	49.4	2.04	3.25	5.5	0.15	0.58
Total	Inferred	6.3	3.56	0.72	10.6	3.56	1.21	4.3	0.00	0.49
	Total	78.6	2.12	5.36	88.3	2.26	6.41	9.7	0.14	1.05

Note: For the Open Pit Mineral Resource estimate, mineralisation in the Havana South, Tropicana and Boston Shaker areas was calculated within a US$1,600/ounce optimisation at a AUD:USD exchange rate of 1.14 (A$1,400/ounce). The Open Pit Mineral Resources have been estimated using the geostatistical technique of Uniform Conditioning. The Havana portion of the Open Pit Mineral Resource lies within the Bankable Feasibility Study Open Pit Design which was calculated at US$880/oz at a AUD:USD exchange rate of 0.80 (A$1,100/ounce) . The Havana Deeps estimate was calculated at US$1,600/oz (AUD:USD 1.14) (A$1,400/ounce). The Havana Deeps Underground Mineral Resource was estimated using the geostatistical technique of Direct-Block Conditional Simulation using average drill hole intercepts. The following cut-off grades were used: Open Pit: 0.3 g/t for Transported and Upper Saprolite material, 0.4 g/t for Lower Saprolite and Transitional material and 0.5 g/t for Fresh material. Underground: 2.14g/t.

ENDS

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Contacts
	Tel:			E-mail:
Alan Fine (Media)	+27 (0) 11 637- 6383	/	+27 (0) 83 250 0757	afine@anglogoldashanti.com
Andrea Maxey (Investors & Media)	+61 8 9425 4603	/	+61 400 072 199	amaxey@anglogoldashanti.com.au
Stewart Bailey (Investors)	+1 212 836 4303	/	+1 646 338 4337	sbailey@anglogoldashanti.com

Certain statements made in this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects, the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity and capital resources, and expenditure and the outcome and consequences of any litigation proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2010, which was distributed to shareholders on 29 March 2011. The company’s 2010 annual report on Form 20-F, was filed with the Securities and Exchange Commission in the United States on May 31, 2011. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

JORC Compliance:

The information in this report that relates to Mineral Resources is based on information compiled by Mark Kent, a full-time employee of AngloGold Ashanti Australia Ltd, who is a member of the AusIMM. Mark Kent has sufficient experience relative to the type and style of mineral deposit under consideration, and to the activity which has been undertaken, to qualify as a Competent Person (or Recognised Mining Professional) as defined in the 2004 Edition of the JORC Code. Mark Kent consents to the release of this resource based on the information in the form and context in which it appears.