Randgold Resources Ld
29 March 2005
Randgold Resources Limited
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
RANDGOLD RESOURCES FORECASTS STRONG GROWTH FOR 2005
London, 29 March 2005 (LSE:RRS)(NASDAQ:GOLD) - London and Nasdaq listed gold
miner Randgold Resources has forecast strong organic growth in 2005 with its new
mine at Loulo scheduled to go into production and the hunt continuing for
further substantial deposits in six African countries.
In the company's annual report for 2004, published today, chief executive Dr
Mark Bristow said production from its Morila joint venture was expected to
exceed 600 000 ounces this year at a cost of US$200/oz while Loulo, due to pour
its first gold in July, was slated to contribute 100 000 ounces at US$230/oz.
'Our priority for 2005 is to bring the Loulo mine into production as planned.
At the same time, we are continuing to expand the resource there through deep
drilling, and we are progressing the economic study to the point where we can
make a thoroughly informed decision about the development of an underground
operation to extend the open-pit mine currently being completed,' Bristow said.
The report notes that the Loulo resource is already at the 8 million ounce mark
and is continuing to expand.
'We will keep up the pressure at Morila to ensure that the recent recovery is
sustained and that the mine meets its production targets. And in our
well-entrenched positions in Africa's major gold belts, we will continue the
hunt for plus 2 million ounce deposits.'
Bristow said the company underpins its growth through its proven organic growth
strategy but at the same time remains alert to deals that could add to
'The best way to create value is through discovery, as our record shows. The
key component of our growth strategy is therefore an aggressive exploration
programme, designed to discover profitable ounces and build a well-balanced
portfolio,' he said.
'Over the past year we again delivered on our promise to expand our country
exposure and project portfolio throughout the major gold belts of east and west
Africa. We now have a groundholding of 8 700km(2) and 115 targets in six
countries, in five of which exploration and drilling programmes are currently
under way. Aside from the work being done at and around Morila and Loulo in
Mali, we are active in Tanzania, Senegal, Burkina Faso and Ghana.'
The company also has an advanced project at Tongon in the Cote d'Ivoire, which
has been on hold since the outbreak of civil unrest in that country. Bristow
noted that the Tongon feasibility study was currently being updated in
anticipation of a return to stability.
Also in the annual report, chairman Philippe Lietard noted that the company had
cash resources of almost US$80 million and was securely positioned to fund its
exploration programmes and the equity portion of the Loulo development, as well
as to pursue corporate opportunities.
'In fact, one of the defining characteristics of Randgold Resources is its
capacity to continue investing substantially in its future growth,' he said.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive - Dr Mark Bristow +44 779 775 2288
Financial Director - Roger Williams +44 791 709 8939
Investor & Media Relations - Kathy du Plessis +27 11 728 4701, Cell: +27 (0) 83
The Randgold Resources 2004 Annual Report and 10 Year Review are now available
and have been mailed to shareholders. An electronic copy of the report can be
downloaded from the company website www.randgoldresources.com. If you wish to
receive a printed copy, please send your details to Kathy du Plessis at
firstname.lastname@example.org or by fax to +27 11 728 2547.
DISCLAIMER: Statements made in this document with respect to Randgold Resources'
current plans, estimates, strategies and beliefs and other statements that are
not historical facts are forwardlooking statements about the future performance
of Randgold Resources. These statements are based on management's assumptions
and beliefs in light of the information currently available to it. Randgold
Resources cautions you that a number of important risks and uncertainties could
cause actual results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place undue reliance on
them. The potential risks and uncertainties include, among others, risks
associated with: fluctuations in the market price of gold, gold production at
Morila, the development of Loulo and estimates of resources, reserves and mine
life. For a discussion on such risk factors, refer to the annual report on Form
20-F for the year ended 31 December 2003, which was filed with the United States
Securities and Exchange Commission (the 'SEC') on 30 June 2004. Randgold
Resources assumes no obligation to update information in this release.
Cautionary Note to US Investors: The SEC permits companies, in their filings
with the SEC, to disclose only proven and probable ore reserves. We use certain
terms in this release, such as 'resources', that the SEC does not recognise and
strictly prohibits us from including in our filings with the SEC. Investors are
cautioned not to assume that all or any part of our resources will ever be
converted into reserves which qualify as 'proven and probable reserves' for the
purposes of the SEC's industry guide number 7.
This information is provided by RNS
The company news service from the London Stock Exchange