RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
("Randgold" or the "company")
RANDGOLD RESOURCES EXPANDS ON ITS MOTO DEAL
Kinshasa, Democratic Republic of Congo, 2 November 2009 - Following
the completion of the Moto Goldmines acquisition, Randgold Resources
will move quickly to fill in the gaps in the feasibility study on the
Moto gold project - now renamed Kibali - and to bring the mine into
production as soon as possible.
Chief executive Mark Bristow said the company planned to announce a
definitive timeline for the development of the project by January 2010,
when it will have completed its update of the geological model. It will
then start optimising the feasibility study, and re-estimate reserves
and resources in the light of the updated geological model.
Randgold and its joint venture partner AngloGold Ashanti announced on
31 October that they had entered into a definitive agreement with the
Congolese parastatal company OKIMO to purchase an additional 20% stake
in the project for USD113.6 million. Following this transaction they
will each hold 45% of the project, with OKIMO retaining 10%."Our
negotiations with the government regarding the acquisition of Moto
and then the purchase of an additional stake in Kibali have been
inclusive and productive, and in the process we've developed a good
working relationship with OKIMO and the regulatory authorities. With
all the negotiations now successfully concluded, we can get on with the
job of building the mine," Bristow said.
He noted that the Randgold capital projects team which would be
responsible for Kibali was the same one which had successfully
built the Morila and Loulo mines in Mali and was currently developing
the Tongon mine in Cote d'Ivoire.
Kibali is one of the largest undeveloped gold deposits in Africa. The
feasibility study completed by Moto in March this year envisages an
open pit and underground operation with probable mineral reserves of
5.5 million ounces, which is planned to produce some 2.4 million ounces
of gold in its first five years of production. Kibali
also has indicated mineral resources of 11.3 million ounces and
inferred mineral resources of 11.2 million ounces.
RANDGOLD RESOURCES ENQUIRIES
Dr Mark Bristow Graham Shuttleworth Kathy du Plessis
Chief Executive Financial Investor & Media Relations
Tel:+44 788 071 1386 Director Tel: +44 20 7557 7738
Tel:+44 779 775 2288 Tel: +44 779 614 4438 email:
Tel: +44 1534 735 333 randgoldresources@dpapr.com
Website: www.randgoldresources.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements within
the meaning of Section 27A of the US Securities Act of 1933 and Section
21E of the US Securities Exchange Act of 1934, and applicable Canadian
securities legislation. Forward-looking statements include, but are not
limited to, statements with respect to the future price of gold, the
estimation of mineral reserves and resources, the realisation of
mineral reserve estimates, the timing and amount of estimated future
production, costs of production, reserve determination and reserve
conversion rates. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"will","plans", "expects" or "does not expect", "is expected",
"budget","scheduled", "estimates", "forecasts", "intends", "anticipates"
or"does not anticipate", or "believes", or variations of such words and
phrases or state that certain actions, events or results "may","could",
"would", "might" or "will be taken", "occur" or "be achieved".
Assumptions upon which such forward looking statements are based are in
turn based on factors and events that are not within the control of
Randgold and there is no assurance they will prove to be correct.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Randgold (including
the Kibali) to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to: risks
related to the integration of Randgold and Moto, risks related to
mining operations, including political risks and instability and risks
related to international operations, actual results of current
exploration activities, conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, as well as those
factors discussed in the section entitled "Risk Factors" in Randgold's
annual report on Form 20-F for the year ended 31 December 2008 which
was filed with the US Securities and Exchange Commission (the "SEC") on
15 May 2009, in the section entitled "Risk Factors" in Randgold's
prospectus published on 12 October 2009 in relation to the
consideration shares issued to former Moto shareholders and the risk
factors contained in the Moto management information circular dated 10
September 2009 which was filed and is available under Moto's profile on
the SEDAR website at www.sedar.com Although Randgold has attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities
laws.
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.
KIBALI QUALIFIED PERSONS
The mineral reserve, mineral resource and gold production estimates
related to Kibali included in this release were reviewed and approved
by Quinton de Klerk, a Director of Cube Consulting Pty Ltd ("Cube"),
Patrick (Rick) Adams, a Director of Cube, Terje (Ted) Hansen,
a Director of Cube, Paul Kerr, a Senior Consultant (Underground Mining)
employed by SRK Consulting Pty Ltd and Fred Kock, a Lead
Metallurgist of Orway Mineral Consultants (WA) Pty Ltd (each a
Qualified Person under National Instrument 43-101 - Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators) and documented in the Amended and Restated Technical
Report, Moto Gold Project, Democratic Republic of Congo, dated 20 April
2009. This report is available under Moto's profile on the SEDAR
website at www.sedar.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com