25th Jul 2007 13:00
Randgold Resources Ld25 July 2007 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD MORILA INVESTS SUBSTANTIALLY IN HUNT FOR MORE GOLD Morila, Mali, 25 July 2007 - The Morila gold mine, a partnership betweenRandgold Resources, AngloGold Ashanti and the government of Mali, is continuingto invest substantially in exploration for further economic gold deposits withinits lease area, says Randgold Resources chief executive Mark Bristow. The partnership spent US$4.5 million on exploration in 2006 and this year hasbudgeted a further US$6.5 million for a 53 000 metre drilling programme withinMorila's 200 km(2) lease area. The aim of this exploration is to extend themine's resource base and hence its life beyond the current 2012 horizon. Bristow told journalists at a media day that Morila exemplified two of RandgoldResources' core beliefs: that true value is created through discovery anddevelopment; and that sustainable mining operations require a mutuallybeneficial relationship between mining companies and their host countries. He noted that Morila - which was discovered, financed and developed byRandgold Resources - had made an enormous contribution of some 354 billionFCFA to the Malian economy since it went into production in October 2000. "This great mine has already produced 4.4 million ounces of gold. Along withour partners, AngloGold Ashanti and the Malian Government, Randgold Resources iscommitted not only to ensuring that it continues to produce at optimal capacityfor the duration of its planned life but that its entire lease area isintensively explored to determine if any further economic gold mineralisation ispresent," he said. "Morila's success would not have been possible without the support of Mali'sgovernment and people. In fact, Randgold Resources' experience at Morila hasbeen so positive that it has encouraged us to develop another major gold mine inMali. Our Loulo mine is already producing some 250 000 ounces of gold per yearfrom two open-pit operations and we are now developing the first of twounderground mines there which will elevate the project to true world-classstatus." RANDGOLD RESOURCES ENQUIRIES:Chief Executive Officer Investor & Media RelationsDr Mark Bristow Kathy du Plessis+223 675 0122 +27 11 728 4701 +44 788 071 1386 Cell: +27 83 266 5847 +44 779 775 2288 [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 2006 which was filed with the United StatesSecurities and Exchange Commission (the 'SEC') on 25 June 2007. 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 termsin this release, such as "resources", that the 'SEC' does not recognise andstrictly prohibits us from including in our filings with the 'SEC'. Investorsare cautioned 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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