Information  X 
Enter a valid email address

Randgold Resources (RRS)

  Print      Mail a friend       Annual reports

Thursday 21 April, 2005

Randgold Resources

Loulo resource base boosted

Randgold Resources Ld
21 April 2005


Randgold Resources Limited

Incorporated in Jersey, Channel Islands

Reg. No. 62686

LSE Trading Symbol: RRS

Nasdaq Trading Symbol: GOLD


DEEP DRILLING AT LOULO BOOSTS RESOURCE BASE


Zurich, Thursday 21 April 2005  -  London and Nasdaq listed gold miner Randgold
Resources said today its attributable resource base had grown by more than 20%
from less than 8 million ounces at the end of 2003 to 10.02 million ounces a
year later.


Addressing the European Gold Forum in Zurich, Randgold Resources CEO Dr Mark
Bristow said the main contributor to the increase at the company's Loulo project
in Mali had been deep drilling of the Yalea orebody where total measured,
indicated and inferred resources now stood at 5.2 million ounces for that ore
body alone. Total resources for the project, when Loulo 0 is included, are now a
robust 8 million ounces. The ongoing drilling forms part of a study, currently
being completed by SRK Consulting, on the development of  underground operations
on both orebodies to boost the Loulo open-cast mine which was scheduled to start
producing gold in July this year, he said.


At the company's Morila joint venture, also in Mali, drilling of the MSZ
extension to the main orebody has resulted in the partial replacement of the
resources depleted by the mining operation during the year.  More drilling is
planned to convert the additional resources to the reserve category.


Overall, the company's attributable reserves increased slightly to 2.51 million
ounces, mainly on the back of an increase in the Loulo reserve from 1.42 million
ounces to 1.85 million ounces.  Significantly, the higher-confidence
proved-reserve category makes up 66% of attributable proved and probable
reserves.


'The substantial resource growth at Yalea has vindicated the company's high
expectations of the Loulo project and we are still bullish on the prospects of
finding more in this region,' said Bristow.


'The orebody has passed the 5 million ounce mark and is still growing,
construction of the open-cast mine is on schedule and the latest drilling
results confirm the potential for the development of long-life underground mines
to exploit the extensions of the Yalea and Loulo 0 pits.  Meanwhile, we are also
expanding our footprint in other prospective areas to further increase our
resource base through organic growth,' he said.


ABRIDGED ANNUAL RESOURCE AND RESERVE DECLARATION
(at 31 December 2004)


Category                             Tonnes         Grade         Gold           Attributable
                                     (Mt)           (g/t)         (Mozs)         Gold (Mozs)

Mineral Resources

Morila
Measured and Indicated               29.28          3.20          3.01           1.20
Inferred                             4.47           3.79          0.54           .22

Sub-total                            33.75          3.28          3.55           1.42
Measured, Indicated and Inferred

Loulo
Measured and Indicated               23.34          3.95          4.21           3.37
Inferred                             26.31          4.53          3.83           3.06

Sub-total                            59.48          4.20          8.04           6.43
Measured, Indicated and Inferred

Tongon

Sub-total                            34.00          2.65          2.89           2.17
Inferred

Total Resources
Measured and Indicated               52.62          4.27          7.22           4.57
Inferred                             64.79          3.49          7.27           5.45
Measured, Indicated and Inferred     117.41         3.84          14.49          10.02

Ore Reserves

Morila                               25.79          3.11          2.58           1.03
Proved and Probable

Loulo                                15.18          3.78          1.85           1.48
Proved and Probable

Total Ore Reserves                   40.97          3.36          4.42           2.51
Proved and Probable


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) 83 266 5847
randgoldresources@dpapr.com


Website: www.randgoldresources.com


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 forward looking 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