Jersey, Channel Islands--(Marketwire - April 2, 2008) -
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
RANDGOLD RESOURCES REPORTS SIGNIFICANT RISE IN RESERVES AND RESOURCES
London, 2 April 2008 (LSE:RRS)(Nasdaq:
GOLD) - Randgold Resources' latest
resource and reserve declaration, published today as part of its 2007 annual
report, shows a significant increase in both asset categories.
At the attributable level, measured, indicated and inferred resources rose from
12.55 million ounces at the end of 2006 to 13.5 million ounces, while proved and
probable reserves increased from 6.29 million ounces to 7.78 million ounces, net
of depletion by mining of some 400 000 ounces during the past year. The
increases are mainly attributable to continuing exploration at the company's
Loulo complex in Mali and at the Tongon project in Cote d'Ivoire, currently in
the early stages of development as a new mine.
At Loulo, the Gara underground reserve, which will host the second underground
mine at the four mine complex, was extended to the south at depth. Loulo's
total resource base rose to 11.94 million ounces and proved and probable
reserves to 7.4 million ounces.
At Tongon, the completion of 30 000 metres of diamond drilling during the year
increased the resource base to more than 4 million ounces. Of this amount,
indicated resources now form 83% of the total in-pit resource. The total
probable reserves, based on the feasibility resource, stand at 1.61 million
ounces with a further 1.17 million ounces of potentially mineable in-pit
resource. The upgrade of the majority of the resources to indicated status at
year end is expected to produce significant increases in declared reserves.
Open pit optimisations are currently underway to confirm the updated reserve and
are expected to be published with the company's first quarter results on 6 May.
Meanwhile, drilling continues to test strike and depth extensions as well as
exploring mineralised targets close to Tongon.
Chief executive Mark Bristow said the continuing expansion of the company's
reserve base provided a solid foundation for its forecast of a 50% growth in
production by 2011.
RESOURCE AND RESERVE DECLARATION at 31 December 2007 (abridged)
Tonnes (Mt) Grade (g/t) Gold (Moz) Attributable
MINE/PROJECT Category 2007 2007 2007 Gold (Moz)
MINERAL RESOURCES
Loulo 80%
Measured and Indicated 63.95 4.62 9.51 7.61
Inferred 25.90 2.92 2.43 1.95
Morila 40%
Measured and Indicated 22.95 2.19 1.62 0.65
Inferred 0.83 3.05 0.08 0.03
Tongon 76.5%
Indicated 41.96 2.37 3.20 2.45
Inferred 12.99 2.56 1.07 0.82
Total Measured and Indicated 128.86 3.46 14.32 10.70
Total Inferred 39.72 2.81 3.58 2.80
ORE RESERVES
Loulo
Proved and Probable 54.42 4.23 7.40 5.92
Morila
Proved and Probable 23.06 2.13 1.58 0.63
Tongon
Probable 21.88 2.29 1.61 1.23
Total Proved and Probable 99.36 3.31 10.59 7.78
ENQUIRIES:
Chief Executive Financial Director Investor & Media Relations
Dr Mark Bristow Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 20 7557 7730 +44 20 7557 7738
+44 779 775 2288 +44 779 614 4438 Email: randgoldresources@dpapr.com
Website: www.randgoldresources.com
DISCLAIMER: Statements made in this document with respect to Randgold
Resources' current plans, estimates, strategies and beliefs and other statements
that are not historical facts are forward-looking statements about the future
performance of Randgold Resources. These statements are based on management's
assumptions and beliefs in light of the information currently available to it.
Randgold Resources cautions you that a number of important risks and
uncertainties could cause actual results to differ materially from those
discussed in the forward-looking statements, and therefore you should not place
undue reliance on them. The potential risks and uncertainties include, among
others, risks associated with: fluctuations in the market price of gold, gold
production at Morila and Loulo, the development of Loulo and estimates of
resources, reserves and mine life. For a discussion on such risk factors refer
to the annual report on Form 20-F for the year ended 31 December 2006 which was
filed with the United States Securities and Exchange Commission (the 'SEC') on
25 June 2007. Randgold Resources sees no obligation to update information in
this release. Cautionary note to US investors; the 'SEC' permits companies, in
their filings with the 'SEC', to disclose only proven and probable ore reserves.
We use certain terms in this release, such as "resources", that the 'SEC' does
not recognise and strictly prohibits us from including in our filings with the '
SEC'. Investors are cautioned not to assume that all or any parts of our
resources will ever be converted into reserves which qualify as 'proven and
probable reserves' for the purposes of the SEC's Industry Guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange