SOURCE: Randgold Resources

April 23, 2017 12:00 ET

Randgold Resources: Randgold seeks to extend Tongon's life

JERSEY, CHANNEL ISLANDS--(Marketwired - Apr 23, 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

RANDGOLD SEEKS TO EXTEND TONGON'S LIFE WHILE BUILDING IVORIAN PORTFOLIO

Tongon, Côte d'Ivoire, 23 April 2017 - A continuing review of its Nielle permit, which hosts the Tongon gold mine, has confirmed multiple opportunities for extending the life of the operation beyond the current four-year horizon, Randgold Resources chief executive Mark Bristow said at an on-site media briefing today.

Near-mine targets with high resource potential were the prime focus of the exploration programme at Tongon, while elsewhere in Côte d'Ivoire Randgold was building a solid permit portfolio towards its next big discovery, in line with its belief that the country is one of West Africa's most prospective gold regions, he said.

"Tongon was born in the midst of a political crisis in Côte d'Ivoire and has since had to overcome many challenges, of an external as well as an operational nature. The team has persevered, however, and ended 2016 with a gold production record for the fourth quarter of the year. Building on that base, with a strong emphasis on costs as well as maximising the benefits of its plant upgrades and expansion, Tongon is on track to achieve its production guidance of 285 000 ounces of gold for 2017," he said.

Bristow noted that Randgold's engagement with Côte d'Ivoire dated back to its acquisition of the Nielle permit in 1996. The prefeasibility study on Tongon was completed in 2001 but plans to develop the mine had to be put on hold with the outbreak of civil war the following year. Randgold retained its confidence in the country's future, however, and resumed work on the project in 2007. The mine was commissioned in 2010 amidst another political upheaval.

"The past year has again been a difficult one as Côte d'Ivoire met further challenges in its nation-building process. These included a wave of strikes and protest actions which impacted negatively on civil society, the economy and the mining industry. As evidenced by our continuing investment here, however, our belief in the country and in its people's ability to work through these difficulties remains unshaken," he said.

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