15th May 2006 14:22
Randgold Resources Ld15 May 2006 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD RANDGOLD RESOURCES STRENGTHENS BOARD New York, 15 May 2006 (LSE:RRS)(Nasdaq:GOLD) - London and Nasdaq listed goldminer Randgold Resources today announced the appointment of two eminentinternational business leaders, Norborne P Cole, Jr and Karl Voltaire, asnon-executive directors. Mr Cole, who is based in San Antonio, Texas, spent more than 30 years with theCoca-Cola Company, starting as a field representative and advancing to chiefexecutive of Coca-Cola Amatil, the second-largest Coca-Cola bottler in theworld. Dr Voltaire, a French national, is a mineral resources engineer with aPhD in finance from the University of Chicago. From 1981 to 2003 he wasemployed by the World Bank and the International Finance Corporation, whereamong other things he oversaw the development of a number of major miningprojects throughout Africa. Chairman Philippe Lietard said the new directors were exceptionally qualified tobroaden the board's international dimensions and enhance its capacity to dealwith an increasingly complex legal and commercial environment. "We believe in investing in our future growth, not just through the expansion ofour physical assets but also of our intellectual base. Mr Cole and Dr Voltairejoin us as we prepare for our next growth phase and will, we believe, addconsiderable impetus to our efforts," he said. Meanwhile chief executive Dr Mark Bristow, speaking at the New York Hard AssetsInvestment Conference today, noted that since its establishment 10 years agoRandgold Resources had discovered more than 18 million ounces of gold, developedtwo world-class gold mines at Morila and Loulo in Mali, and built up one of themost prospective project portfolios in Africa. In addition, it had initiatedthe development of an underground mine at Loulo to complement the existingopen-pit operation and was in the process of resuming work on theprefeasibility-stage Tongon project in Cote d'Ivoire. "The gold price will go up and down and so will the gold companies' shareprices. Ultimately, however, I believe Randgold Resources' success issustainable into the long-term because it is the product of our unwaveringcommitment to investing in our future," he said. "Between 2000 and 2005 we made profits of more than US$200 million, much ofwhich has been reinvested in growth opportunities. Our latest balance sheetshows total assets of US$471 million, representing the capital that has beeninvested in the development of Morila and Loulo. The Loulo underground projectwill cost a further US$100 million over the next five years and the Tongonproject has an estimated life-of-mine capital of US$111 million. Since ourestablishment we have spent US$140 million on exploration over a period whenindustry expenditure on this critically important function virtually dried up.And we have contributed more than US$1 billion to the economies of the countriesin which we operate, forging productive partnerships with their governments andpeople, and creating an environment in which Randgold Resources can continue tocreate value in the future as it has in the past." RANDGOLD RESOURCES ENQUIRIES: Chief Executive Financial Director Investor & Media RelationsDr Mark Bristow Roger Williams Kathy du Plessis+44 779 775 2288 +44 791 709 8939 +27 11 728 4701 +27 82 800 4293 +27 83 308 9989 Fax: +27 11 728 2547 +223 675 0122 +223 675 0109 Cell: +27 (0) 83 266 5847 Email: [email protected] 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 arenot historical facts are forward-looking statements about the future performanceof Randgold Resources. These statements are based on management's assumptionsand beliefs in light of the information currently available to it. RandgoldResources cautions you that a number of important risks and uncertainties couldcause actual results to differ materially from those discussed in theforward-looking statements, and therefore you should not place undue reliance onthem. The 2005 annual report notes that the financial statements do not reflectany provisions or other adjustments that might arise from the claims and legalprocess initiated by Loulo against MDM and a purported counterclaim by MDM.Other potential risks and uncertainties include risks associated with:fluctuations in the market price of gold, gold production at Morila, thedevelopment of Loulo and estimates of resources, reserves and mine life. For adiscussion on such other risk factors refer to the annual report on Form 20-Ffor the year ended 31 December 2004 which was filed in amended form with theUnited States Securities and Exchange Commission (the 'SEC') on 27 October 2005.Randgold Resources assumes no obligation to update information in this release.Cautionary note to US investors: the 'SEC' permits companies, in their filingswith the 'SEC', to disclose only proven and probable ore reserves. We usecertain terms in this release, such as "resources", that the 'SEC' does notrecognise and strictly prohibits us from including in our filings with the 'SEC'. Investors are cautioned not to assume that all or any parts of ourresources will ever be converted into reserves which qualify as 'proven andprobable 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 ExchangeRelated Shares:
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