24th Aug 2005 10:44
Randgold Resources Ld24 August 2005 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD RANDGOLD RESOURCES IN JV WITH TANZANIAN GOVERNMENT TO DEVELOP NEW MINERALDEPOSITS Dar es Salaam, 24 August 2005 (LSE:RRS)(Nasdaq:GOLD) - London and Nasdaqlisted gold miner Randgold Resources announced today that it had signed ajoint-venture agreement with the government of Tanzania to develop new mineraldeposits in that country. Known as the Tangold agreement, it relates to a specific area of interest, theKiabakari Maji-Moto region, which covers 2 692 km(2) around the Buhemba mine butnot the mine itself. Included in the agreement are the Buhemba Southprospecting licence and the Kiabakari prospecting licence, which incorporatesthe old Kiabakari mine. The Kiabakari deposit was discovered in 1893 and whenclosed in 1966 was the third-largest gold mine in Tanzania. In terms of the Tangold agreement, Randgold Resources will fund all explorationand feasibility study costs related to the joint venture. The governmentretains a free and carried stake of 10% in the area of interest and in anyspecial purpose company which may develop a mine there. On the completion of aType IV feasibility study, the government will have a one-time right to buy anadditional 15% participating interest in the specific discovery. "The Tangold agreement marks a significant milestone in the evolution of ourTanzanian strategy and is in line with our overall strategy of developing goldopportunities in close partnership with the host country," Randgold Resourceschief executive Dr Mark Bristow said today. Randgold Resources is an international gold mining and exploration businessfocused on Africa. Its mission is to discover, develop and manage goldprojects. 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 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 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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