2nd Apr 2008 09:00
Randgold Resources Ld02 April 2008 RANDGOLD RESOURCES LIMITEDIncorporated in Jersey, Channel IslandsReg. No. 62686LSE Trading Symbol: RRSNasdaq Trading Symbol: GOLD RANDGOLD RESOURCES REPORTS SIGNIFICANT RISE IN RESERVES AND RESOURCES London, 2 April 2008 (LSE:RRS)(Nasdaq:GOLD) - Randgold Resources' latestresource and reserve declaration, published today as part of its 2007 annualreport, shows a significant increase in both asset categories. At the attributable level, measured, indicated and inferred resources rose from12.55 million ounces at the end of 2006 to 13.5 million ounces, while proved andprobable reserves increased from 6.29 million ounces to 7.78 million ounces, netof depletion by mining of some 400 000 ounces during the past year. Theincreases are mainly attributable to continuing exploration at the company'sLoulo complex in Mali and at the Tongon project in Cote d'Ivoire, currently inthe early stages of development as a new mine. At Loulo, the Gara underground reserve, which will host the second undergroundmine at the four mine complex, was extended to the south at depth. Loulo'stotal resource base rose to 11.94 million ounces and proved and probablereserves to 7.4 million ounces. At Tongon, the completion of 30 000 metres of diamond drilling during the yearincreased the resource base to more than 4 million ounces. Of this amount,indicated resources now form 83% of the total in-pit resource. The totalprobable reserves, based on the feasibility resource, stand at 1.61 millionounces with a further 1.17 million ounces of potentially mineable in-pitresource. The upgrade of the majority of the resources to indicated status atyear end is expected to produce significant increases in declared reserves.Open pit optimisations are currently underway to confirm the updated reserve andare expected to be published with the company's first quarter results on 6 May.Meanwhile, drilling continues to test strike and depth extensions as well asexploring mineralised targets close to Tongon. Chief executive Mark Bristow said the continuing expansion of the company'sreserve base provided a solid foundation for its forecast of a 50% growth inproduction by 2011. RESOURCE AND RESERVE DECLARATION at 31 December 2007 (abridged) Tonnes (Mt) Grade (g/t) Gold (Moz) AttributableMINE/PROJECT Category 2007 2007 2007 Gold (Moz)MINERAL RESOURCESLoulo 80% Measured and Indicated 63.95 4.62 9.51 7.61 Inferred 25.90 2.92 2.43 1.95Morila 40% Measured and Indicated 22.95 2.19 1.62 0.65 Inferred 0.83 3.05 0.08 0.03Tongon 76.5% Indicated 41.96 2.37 3.20 2.45 Inferred 12.99 2.56 1.07 0.82 Total Measured and Indicated 128.86 3.46 14.32 10.70 Total Inferred 39.72 2.81 3.58 2.80ORE RESERVESLoulo Proved and Probable 54.42 4.23 7.40 5.92Morila Proved and Probable 23.06 2.13 1.58 0.63Tongon Probable 21.88 2.29 1.61 1.23 Total Proved and Probable 99.36 3.31 10.59 7.78 ENQUIRIES:Chief Executive Financial Director Investor & Media RelationsDr Mark Bristow Graham Shuttleworth Kathy du Plessis+44 788 071 1386 +44 20 7557 7730 +44 20 7557 7738+44 779 775 2288 +44 779 614 4438 Email: [email protected]: www.randgoldresources.com DISCLAIMER: Statements made in this document with respect to RandgoldResources' current plans, estimates, strategies and beliefs and other statementsthat are not historical facts are forward-looking statements about the futureperformance of Randgold Resources. These statements are based on management'sassumptions and beliefs in light of the information currently available to it.Randgold Resources cautions you that a number of important risks anduncertainties could cause actual results to differ materially from thosediscussed in the forward-looking statements, and therefore you should not placeundue reliance on them. The potential risks and uncertainties include, amongothers, risks associated with: fluctuations in the market price of gold, goldproduction at Morila and Loulo, the development of Loulo and estimates ofresources, reserves and mine life. For a discussion on such risk factors referto the annual report on Form 20-F for the year ended 31 December 2006 which wasfiled with the United States Securities and Exchange Commission (the 'SEC') on25 June 2007. Randgold Resources sees no obligation to update information inthis release. Cautionary note to US investors; the 'SEC' permits companies, intheir filings with the 'SEC', to disclose only proven and probable ore reserves. We use certain terms in this release, such as "resources", that the 'SEC' doesnot recognise 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:
Randgold Resources