4th Aug 2005 11:00
Randgold Resources Ld04 August 2005 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD UNDERGROUND DEVELOPMENT STUDY GIVES LOULO FURTHER GROWTH PROSPECTS AND CONFIRMSWORLD-CLASS STATUS London, 4 August 2005 - SRK Consulting has completed the undergrounddevelopment study on the deep extensions to the orebodies at Loulo 0 and Yaleawhich are currently being mined ahead of the commissioning of the Loulo Mine. "We are extremely happy with the results of the study," said Randgold Resourceschief executive Mark Bristow. "While we have always believed in the world-classpotential of the Loulo orebodies, this study in fact exceeds our expectations.We are seeing the start of a new long-life goldfield which should add value tothe company and the state of Mali for many years to come." General manager, exploration and evaluation, Adrian Reynolds adds: "We arelooking at starting the underground development next year as soon as we haveoptimised the open pit and underground schedules, ramping up production from thetwo underground sections over four years. This will dovetail nicely with thedeepening of the open pits and we can envisage production from the mine beyond2016. We have started staffing up and have appointed an underground manager tocommence detailed planning and selection of contractors. One of the criticaltasks now is to update the study with results obtained subsequent to the cut-offdate of the study - we are still drilling and the information keeps adding tothe value of the project." RANDGOLD RESOURCES ENQUIRIES:Chief Executive - Dr Mark Bristow +44 779 775 2288Financial Director - Roger Williams +44 791 709 8939Investor & Media Relations - Kathy du Plessis +27 11 728 4701,Cell: +27 (0) 83 266 5847, Email: [email protected]: 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 potential risks and uncertainties include, among others, risksassociated with: fluctuations in the market price of gold, gold production atMorila, the development of Loulo and estimates of resources, reserves and minelife. For a discussion on such risk factors refer to the annual report on Form20-F for the year ended 31 December 2004 which was filed with the United Statessecurities and exchange commission (The 'SEC') on 29 June 2005. RandgoldResources sees no obligation to update information in this release. Cautionarynote 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 thisrelease, such as "resources", that the SEC does not recognise and strictlyprohibits us from including in our filings with the SEC. Investors arecautioned not to assume that all or any parts of our resources will ever beconverted into reserves which qualify as 'proven and probable reserves' for thepurposes 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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