Contact Information: RANDGOLD RESOURCES ENQUIRIES Chief Executive Dr Mark Bristow +44 788 071 1386 +1 307 699 3564 Financial Director Graham Shuttleworth +44 1534 735 333 +44 779 614 4438 Financial Adviser to Randgold ARBUTHNOT SECURITIES John Prior/Ed Gay +44 20 7012 2100 Investor & Media Relations Kathy du Plessis +44 20 7557 7738 RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS Nasdaq Trading Symbol: GOLD
Randgold Resources Signs Letter of Intent to Sell Interest in Kiaka Gold Project
| Source: Randgold Resources
LONDON--(Marketwire - September 8, 2009) - Randgold Resources (LSE : RRS ) (NASDAQ : GOLD ) has
signed a letter of intent with Volta Resources Inc ("Volta") (TSX : VTR ) to
sell its entire interest in the Kiaka gold project in Burkina Faso to Volta
for an aggregate cash consideration of CAN$4 million and an aggregate share
consideration of 20 million common shares in Volta, to be paid and issued
over a period of 24 months following the closing of the disposal.
The Toronto-based and TSX-listed Volta is a mineral exploration company
with a strong focus on gold properties in West Africa, where it has active
programmes in Burkina Faso, Ghana and Mali.
Randgold chief executive Mark Bristow said that with the expansion of its
existing Loulo complex, construction of its new mine at Tongon and its
advanced Massawa and Gounkoto projects, the company already had a full
development pipeline.
"While Kiaka has considerable potential, it does not currently fit Randgold
Resources' development profile and is better suited to Volta, which has a
strong team and a good track record in the region," he said.
Bristow noted that following the completion of the transaction, Randgold
Resources would be a significant shareholder in Volta and would therefore
retain its involvement with Burkina Faso and the Kiaka project.
Closing of the agreement is subject to the completion of a definitive
agreement within 30 days from the execution of the letter of intent, during
which period Volta will carry out its final due diligence. The transaction
will also be conditional upon the approval of Volta shareholders, receipt
of third party consents and regulatory approvals, including the approval of
the Toronto Stock Exchange.
Website: www.randgoldresources.com
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associated PDF document.
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