JERSEY, CHANNEL ISLANDS--(Marketwire - March 31, 2010) - Randgold Resources Limited (
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
Randgold Resources today reported a 69% increase in its total mineral resources and a 75% rise in its attributable mineral reserves for the year to December 2009.
Chief executive Mark Bristow said this significant escalation again underlined the effectiveness of the company's key strategy of achieving organic growth through exploration success, and of creating value through the development of profitable mining projects. He cited the recent discoveries of Gounkoto and Massawa, and the rapid expansion of Kibali's resources and reserves since its acquisition late last year, as major contributors to the increased size and enhanced quality of the Randgold asset base.
Randgold's annual resource and reserve declaration published as part of its 2009 annual report today, shows that at the attributable level, measured, indicated and inferred resources rose from 16.13 million ounces to 27.33 million ounces over the year. This is mainly attributable to the delineation of new resources at Gounkoto and the acquisition of a 45% stake in Kibali. Attributable proved and probable reserves grew from 8.87 million ounces to 15.56 million ounces, largely due to the conversion of resources to reserves at Gounkoto and Massawa, an increase in ownership from 84% to 89% of the Tongon project, and the sharp rise in Kibali's reserves.
"When we acquired Kibali in October, its probable reserves stood at 5.5 million ounces. By the year end, our team had grown this to 9.3 million ounces, demonstrating our ability to add value through continued exploration," Bristow said.
"Excluding Morila, which is no longer an operating mine, the average grade of our reserves is now above 4 g/t, and Gounkoto, Massawa and Kibali are all high-grade projects. We are not only increasing the size but improving the quality of our assets. It's also worth noting that we haven't used the higher gold price to boost our reserves - they've been calculated at a conservative US$700 per ounce gold price and a higher cost profile, while the resources have been estimated at US$1 000 per ounce. This is real growth, framed within realistic parameters and a viable business plan."
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Contact Information:
ENQUIRIES:
Chief executive Dr Mark Bristow +44 788 071 1386
+44 779 775 2288
Financial director Graham Shuttleworth +44 1534 735 333
+44 779 614 4438
Investor & Media Relations Kathy du Plessis +44 20 7557 7738
Email: