SOURCE: Randgold Resources Ld

July 07, 2008 06:44 ET

Randgold - Long-term commitment to development

JERSEY, CHANNEL ISLANDS--(Marketwire - July 7, 2008) -

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


Johannesburg, 7 July 2008 -  The current boom in commodity prices
presents African countries with a unique opportunity to build their
economies and create lasting value for their people, Randgold Resources
chief executive Mark Bristow told the Society of Economic Geologists'
conference here today."While Africa is rich in mineral wealth it is poor in
every other way,
and this poverty is the main obstacle to the development of its
resources and the stimulation of economic growth. The metals price boom
provides the continent with the means to kickstart its economies, much
as South Africa used its gold to build a broad economic base years ago.
Conditions for prosperity have never been better. But this opportunity
can also be squandered if the temptation to cash in immediately
triumphs over a long-term commitment to development," he said."What is
needed now is for African governments, as custodians of these
resources, and the mining industry, as their developers, to combine
forces in an effort to establish a lasting economic benefit for all the

Bristow said an analysis of fiscal and mineral rights regimes
throughout Africa showed that almost half of all mining profits went to
governments in the form of taxes, royalties and dividends."Profitable
mining operations generate enough value to benefit all
stakeholders, contrary to what the anti-mining lobby and some
unscrupulous politicians would have the world believe," he said.

For that benefit to materialise fully, however, government and industry
would have to form a partnership in which each accepted and met certain
obligations. Government had a responsibility to maintain a fiscal and
regulatory regime that was conducive to mining, to play a part in
infrastructural development and, above all, to share the wealth created
by mining equitably with all its people. Mining for its part had to
make a long-term commitment to its host country, reinvest for
sustainability and help the country's people to realise their hopes of
a better life.

Bristow said geologists were involved in every link of the resources
chain and therefore had a particular development responsibility. This
included the duty to focus on the development of realistic business
models, viable feasibility studies and, ultimately, profitable
businesses and to discourage the creation of exaggerated expectations
around projects that were marginal at best. As the advance guard of the
mining companies, geologists also established the initial relationships
and set the tone for the partnerships that would follow. By playing
this considerable part properly, they could help ensure that Africa
seized the opportunity presented by the commodity boom and used it


Chief Executive  Financial Director  Investor & Media Relations
Dr Mark Bristow  Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 779 614 4438    +44 20 7557 7738
+223 675 0122    +44 1534 735 333    Email:


DISCLAIMER: Statements made in this document with respect to Randgold
Resources' current plans, estimates, strategies and beliefs and other
statements that are not historical facts are forward-looking statements
about the future performance of Randgold Resources.  These statements
are based on management's assumptions and beliefs in light of the
information currently available to it.  Randgold Resources cautions you
that a number of important risks and uncertainties could cause actual
results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place undue
reliance on them.  The potential risks and uncertainties include, among
others, risks associated with: fluctuations in the market price of
gold, gold production at Morila and Loulo, the development of Loulo and
estimates of resources, reserves and mine life.  For a discussion on
such risk factors refer to the annual report on Form 20-F for the year
ended 31 December 2007 which was filed with the United States
Securities and Exchange Commission (the 'SEC') on 25 June 2008.
Randgold Resources sees no obligation to update information in this
release.  Cautionary note 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 this release, such as"resources",
that the 'SEC' does not 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 our resources will
ever be converted into reserves which qualify as 'proven and probable
reserves' for the purposes of the SEC's Industry Guide number 7.

                    This information is provided by RNS
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