SOURCE: Randgold Resources

April 18, 2017 11:30 ET

Randgold Resources: Kibali heads for full production

JERSEY, CHANNEL ISLANDS--(Marketwired - Apr 18, 2017) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD

RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD

KIBALI HEADS FOR FULL PRODUCTION AS UNDERGROUND MINE NEARS COMPLETION AND SECOND HYDROPOWER STATION IS COMMISSIONED

Kinshasa, DRC, 18 April 2017 - The Kibali gold mine's underground operation, which will significantly increase production, is on track to start commissioning in the third quarter of this year, Randgold Resources chief executive Mark Bristow said at a media briefing here today.

The mine is forecast to deliver approximately 610 000 ounces of gold this year, up from 585 000 ounces in 2016, but annual production is scheduled to rise to around 750 000 ounces from 2018, when the underground operation will make it fully functional.

Bristow noted that Kibali ended 2016 with a creditable performance after having to contend with a range of operational challenges as well as the constraints imposed by limited open pit mining flexibility. In addition to dealing with these issues, the Kibali team succeeded in keeping the underground development on track, successfully constructing and commissioning four ultrafine grind mills in the metallurgy circuit, as well as progressing work on the mine's second new hydropower station which was commissioned in February this year. The third and last of the new hydropower stations is currently being built by an all-Congolese contracting group.

"Kibali has stayed on course to become one of the world's great gold mines despite the challenges of last year and the volatile political climate in the DRC at present," he said.

"Randgold remains committed to the DRC and is confident that its government, politicians and civil society have the will as well as the capacity to work together to secure the country's future. We therefore continue to invest in exploration here and to lead the way in developing the north eastern DRC as a major new gold mining region. Our engagement with the country and its people is also evident in our substantial investment in local economic development and community upliftment programmes. These include macro and micro agribusinesses designed not only to provide regional food security but to generate surplus produce for export."

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