Randgold to move quickly on advancing Moto Project
16 Octubre 2009 - 1:01AM
UK Regulatory
TIDMRRS TIDMMOE
RNS Number : 8813A
Randgold Resources Ld
15 October 2009
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg.
No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
RANDGOLD TO MOVE QUICKLY ON ADVANCING MOTO PROJECT
London, 15 October 2009- Randgold Resources plans to move swiftly towards a
bankable feasibility study on the Moto gold project following the completion
today of its business combination transaction with Moto Goldmines Limited, chief
executive Mark Bristow said.
Moto shareholders earlier voted in favour of the deal in terms of which they
will exchange their Moto shares for Randgold shares or cash. Simultaneously,
AngloGold Ashanti has acquired a 50% indirect interest in Moto for cash and
Randgold and AngloGold will be jointly responsible for developing the Moto
project, which will be operated by Randgold. Moto owns a 70% stake in the Moto
Gold project.The government of the Democratic Republic of Congo, through OKIMO,
holds the remaining 30% interest in the project, which is Moto's principal
asset.
The Moto gold project is one of the largest undeveloped gold deposits in Africa.
A feasibility study completed by Moto in March 2009 envisages an open pit and
underground mining 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.
"The Moto deal essentially represents the acquisition of an opportunity to
convert a very big if technically challenging gold deposit into a profitable
mine," Bristow said. "This is in line with our growth strategy of creating
value by developing discoveries rather than paying a premium for established
operations. It marks our expansion into a new and exciting gold belt, while
retaining our African focus."
Bristow noted that the Randgold capital projects team which would be responsible
for Moto was the same one which had successfully developed the Morila and Loulo
mines in Mali and was currently building the Tongon mine in Côte d'Ivoire.
Randgold's proven ability to find, finance, develop and operate mines in Africa
would be enhanced at Moto by AngloGold's own considerable resources and
expertise, he said. The two companies already have a joint venture at Morila.
ENQUIRIES
+-------------------------+------------------------+----------------------------------+
| Chief Executive | Financial Director | Investor & Media Relations |
| Dr Mark Bristow | Graham Shuttleworth | Kathy du Plessis |
| +44 788 071 1386 | +44 1534 735 333 | +44 20 7557 7738 |
| +44 779 775 2288 | +44 779 614 4438 | Email: |
| | | randgoldresources@dpapr.com |
+-------------------------+------------------------+----------------------------------+
Website: www.randgoldresources.com
ABOUT RANDGOLD
Randgold is a gold mining and exploration company with its principal activities
focused on West and East Africa and stated proven and probable reserves of 8.82
Moz as at 31 December 2008 for Loulo, Tongon and Massawa and 30 April 2009 for
Morila. In Mali, Randgold has an 80% controlling interest in the Loulo mine,
which is currently mining from two open pits and has just commenced mining from
one underground mine whilst developing a second underground mine. In the Loulo
region, Gounkoto, on the Loulo permit, is shaping up as a significant new
discovery. Also in Mali, Randgold owns a 40% interest in the Morila joint
venture, the owner of the Morila mine, which it also operates. In Côte d'Ivoire,
Randgold owns an effective 84% controlling interest in the Tongon development
project, where it has commenced construction and expects to be in production
towards the end of 2010. In Senegal, Randgold has a new discovery, Massawa,
which is at prefeasibility stage and which it believes has multi million ounce
potential and the makings of a world-class orebody. Randgold also has
exploration permits and licenses covering substantial areas in Mali, Côte
d'Ivoire, Burkina Faso, Ghana, Senegal and Tanzania.
ABOUT MOTO
Moto Goldmines Limited is a gold exploration and development company which owns
a 70% stake in the Moto Gold project in the north-east of the Democratic
Republic of Congo and has advanced the project from exploration through to
feasibility. The project is a joint venture between L'Office des Mines d'or de
Kilo-Moto ('OKIMO') and Moto and covers an area of approximately 1 836 km² with
significant mineral resources and growth potential.
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 and Loulo, the development of Loulo and Tongon 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 2008 which was
filed with the United States Securities and Exchange Commission (the 'SEC') on
15 May 2009 and other filings made with the SEC. Randgold Resources sees 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 parts 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.
RANDGOLD QUALIFIED PERSONS
The mineral reserve estimate related to the Loulo Gold Mine was reviewed and
approved by Herbert Gerald Waldeck and Mark David Wanless of SRK Consulting
(South Africa) (Pty) Ltd ('SRK'), (each a Qualified Person under National
Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian
Securities Administrators ('NI 43-101')) and documented in the Technical Report
on the Loulo Gold Mine, Randgold Resources, Mali, dated 3 September 2009. The
mineral reserve estimate related to the Tongon project was reviewed and approved
by Mark David Wanless and Herbert Gerald Waldeck of SRK and documented in the
Technical Report on the Tongon Development Project, Ivory Coast, dated 10
September 2009. The mineral resource estimate related to the Massawa Project was
reviewed and approved by Mark David Wanless of SRK and documented in the
Technical Report on the Massawa Project, Senegal, dated 3 September 2009. The
mineral reserve estimate related to the Morila Gold Mine was reviewed and
approved by Shaun Wayne Crisp (a Qualified Person under NI 43-101) and Herbert
Gerald Waldeck of SRK and documented in the Technical Report on the Morila Gold
Mine, Randgold Resources, Mali, dated 3 September 2009. Each of these reports is
available under Moto's profile on the SEDAR website at www.sedar.com
MOTO QUALIFIED PERSONS
The mineral reserve and gold production estimates related to the Moto gold
project included in this release were reviewed and approved by Quinton de Klerk,
a director of Cube Consulting Pty Ltd, Paul Kerr, a senior consultant
(underground mining) employed by SRK Consulting Pty Ltd and Fred Kock, a lead
metallurgist of Orway Mineral Consultants (WA) Pty Ltd (each a Qualified Person
under National Instrument 43-101 - Standards of Disclosure for Mineral Projects
of the Canadian Securities Administrators ('NI 43-101')) and documented in the
Amended and Restated Technical Report, Moto Gold Project, Democratic Republic of
Congo, dated 20 April 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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