SOURCE: Randgold Resources

November 10, 2009 02:24 ET

Randgold Resources - 3rd Quarter Results

JERSEY, CHANNEL ISLANDS--(Marketwire - November 10, 2009) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD) is to fast-track its Gounkoto project after a scoping study and first resource declaration confirmed robust economics well in excess of the company's hurdle rates.

A prefeasibility study on the project, situated just 25 kilometres south of the company's flagship Loulo complex in Mali, has been scheduled for completion by the end of the first quarter of 2010. The scoping study estimated an inferred mineral resource of 2.65 million ounces at a grade of 6.3g/t, with pit optimisations at gold prices of US$650/oz and US$850/oz both showing internal rates of return in excess of 60%.

Gounkoto joins a project line-up which also includes the Tongon mine in Côte d'Ivoire, currently being built and due for first production in the fourth quarter of 2010; Massawa in Senegal, where a prefeasibility study will be completed before the end of this year; and Kibali (formerly known as Moto) in the Democratic Republic of Congo, recently acquired in partnership with AngloGold Ashanti.

Chief executive Mark Bristow said that while 2009 was, as expected, proving to be a tough operating year for the company - which is substantially expanding its flagship Loulo complex and has converted the Morila joint venture into a stockpile treatment operation - it was also producing some very significant rewards thanks to outstanding delivery from its exploration and project teams and success on the new business front.


Click on, or paste the following link into your web browser, to view the associated PDF document.

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD

Contact Information

    Chief Executive
    Dr Mark Bristow
    +44 788 071 1386
    +44 779 775 2288

    Financial Director
    Graham Shuttleworth
    +44 779 614 4438
    +44 1534 735 333

    Investor & Media Relations
    Kathy du Plessis
    +44 20 7557 7738
    Email: Email Contact