SOURCE: Randgold Resources

March 28, 2017 04:50 ET

Randgold Resources: Randgold sustains quality of reserves & resources

JERSEY, CHANNEL ISLANDS--(Marketwired - Mar 28, 2017) - Randgold Resources (NASDAQ: GOLD) (LSE: RRS)

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


Jersey, Channel Islands, 28 March 2017 - Randgold Resources' annual resource and reserve declaration, published today as part of its annual report for 2016, shows attributable proved and probable reserves down by 1% after another record production year. Total attributable resources of 25.5 million ounces were down 8%, reflecting mining depletion and changes to the method of reporting underground resources at Kibali.

The group's reserve grade, however, increased from 3.6g/t to 3.7g/t and chief executive Mark Bristow said this showed that Randgold has been able to replenish ounces at grades above or equal to its reserve base despite the high depletion rate from mining.

"This means our current reserves have secured our business plan for at least 10 years of profitable production. In the meantime, our exploration teams continue to hunt for additional ounces to replenish these reserves as well as for our next big discovery," Bristow said.

Group general manager evaluation Rod Quick noted that Randgold continued to base its reserve calculations at a gold price of $1 000/oz which, coupled with its emphasis on quality over quantity, gave it a robust reserve profile which would enable the company to continue managing the cyclical nature of the gold market.

In Mali, Loulo's total ore reserves after depletion increased by 12% to 5.3 million ounces at 4.5g/t as further drilling and design work resulted in an increase of 520 000 ounces to the Gara ore reserves with the incorporation of Gara Far South. Infill grade control gains at Yalea resulted in a partial replacement of depletion ounces. Total mineral resources increased by 1%, net of depletion, driven by an increase of 461 000 ounces in Gara underground's inferred resources. At neighbouring Gounkoto, total ore reserves net of depletion remained above 3 million ounces year on year. This was largely due to the completion of the Gounkoto super pit feasibility study, leading to a significant gain in the open pit ore reserves and the associated reduction of the underground reserve.

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