Contact Information: RANDGOLD RESOURCES ENQUIRIES Dr Mark Bristow Chief Executive Tel: +44 788 071 1386 Tel: +44 779 775 2288 Graham Shuttleworth Financial Director Tel: +44 779 614 4438 Tel: +44 1534 735 333 Kathy du Plessis Investor & Media Relations Tel: +44 20 7557 7738 email: Website: www.randgoldresources.com 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
| Source: Randgold Resources
LONDON--(Marketwire - November 2, 2009) - (LSE : RRS ) (NASDAQ : GOLD ) 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 US$113.6 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 Côte
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.
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