2nd Aug 2006 18:26
Randgold Resources Ld02 August 2006 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD FORMER LOULO CONTRACTOR LIQUIDATED Pretoria, 2 August 2006 - The Pretoria High Court today granted a final orderof liquidation against MDM Ferroman (Pty) Limited ("MDM"), formerly the maincontractor for the plant at Randgold Resources' (LSE:RRS) (Nasdaq:GOLD) new mineat Loulo in Mali. The application for the order had been brought by RandgoldResources' subsidiary, Societe des Mines de Loulo ("Somilo"). In December last year Somilo took back the Loulo project from MDM on the groundsthat MDM had defaulted on the contract. The plant has since been substantiallycompleted by a Randgold Resources team. Dr Mark Bristow, chief executive of Randgold Resources and chairman of Somilowelcomed today's judgment and said the granting of the final liquidation orderopened the way for the company to proceed with additional claims against MDM foramounts owed. He said as MDM's chief creditor, Somilo would request theliquidators to convene a full enquiry into MDM's financial affairs and theconduct of its directors. 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+223 675 0122 Fax: +27 11 728 2547 Cell: +27 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. Other potential risks and uncertaintiesinclude risks associated with: fluctuations in the market price of gold, goldproduction at Morila, the development of Loulo and estimates of resources,reserves and mine life. For a discussion on such other risk factors refer tothe annual report on Form 20-F for the year ended 31 December 2005 which wasfiled with the United States Securities and Exchange Commission (the 'SEC') on29 June 2006. Randgold Resources assumes no obligation to update information inthis release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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