About CC&V Gold Mining Company

A Joint Venture

Manager

Golden Cycle Gold Corporation

Cresson Project History

Cripple Creek Mining District History

A Joint Venture in Gold Mining

Cripple Creek & Victor Gold Mining Company (CC&V) is a joint venture between AngloGold Ashanti (Colorado) Corp. and Golden Cycle Corporation. AngloGold Ashanti is the majority owner (67%) of the joint venture and manages the CC&V operations. CC&V has been conducting gold mining and precious metal extraction operations in this Cripple Creek Mining District (District) since 1976.

The District has a rich and colorful mining history. More than 23 million troy ounces of gold, along with silver, have been recovered from the District since 1890. Most of the land on which CC&V now operates has been underground mined in the past for its high grade veins.

This mine operates around the clock and on every day of the year. The Cresson Project’s employees selected a two-shift type of operation where the mining operations, mine maintenance, processing (“beneficiation”), and laboratory departments operate on two 12-hour shifts. Four crews in each department are required to provide coverage throughout the year. Over 300 employees combine to provide “seamless” operations.

Employment information

Employees of CC&V live throughout the region, with 63% in Teller County, 22% living in Fremont County to the south, 8% living in El Paso County to the east, and 2% in Park County and other locations. The average annual salary and benefit package is over $63,000. An economic analysis completed in 2003 estimates that total direct and induced employment in Teller County resulting from the operation equals 780 jobs with earnings of $30,547,000.

Gold Production, Resources and Reserves

The annual gold production rate from the Cresson Project varies somewhat with about 329,000 troy ounces produced in 2005. Permits have been obtained that allow placement of about 300 million tons of ore on the valley leach facility.

Startup for the Cresson Project’s gold production was February 1995. The annual production from 1995 to 2004 is depicted in the following table In May of 2004, CC&V reached 2,000,000 ounces of gold produced!

Year	Ore Mined (Tons)	Gold Produced (Troy ounces)
1995	8,004,378	76,587
1996	9,675,819	174,600
1997	10,087,924	228,164
1998	10,930,000	230,300
1999	11,265,000	231,000
2000	11,300,000	248,000
2001	11,500,000	214, 010
2002	15,612,175	224,988
2003	17,104,176	283,866
2004	20,342,286	329,030
2005	20,070,829	329,625

PO Box 191, Victor, CO 80860 719-689-4022 info@ccvgoldmining.com

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