Contents ANNUAL REPORT 2011 Chairman’s Address  2 Managing Director’s Address  3 Review of Operations Ghana, West Africa Central Ashanti Gold Project  4 Côte d’Ivoire Tengrela Gold Project  10  Occupational Health & Safety, Environmental, Community Relations  12 FINANCIAL STATEMENTS Directors’ Report  16 Auditor’s Independence Declaration  33  Corporate Governance Statement  34 Consolidated Statement of Comprehensive Income  41 Consolidated Statement of Financial Position  42 Consolidated Statement of Changes in Equity  43 Consolidated Statement of Cash Flows  44 Notes to the Consolidated Financial Statements  46 Directors’ Declaration  86 Independent Auditor’s Report  87 Mineral Concession Interests  89 Additional Shareholders Information  91 1