Welcome!

.NET Authors: JP Morgenthal, Bob Gourley, Yung Chou, Adine Deford, Jim Kaskade

News Feed Item

Randgold Resources: Kibali meets its goals and more

JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 01/20/14 -- Randgold Resources (LSE: RRS) (NASDAQ: GOLD)


RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD


KIBALI MEETS ITS GOALS AND MORE


Kinshasa, DRC, 20 January 2014 - The Kibali gold mine, which last
month completed its first quarter of operation, has more than met the
objectives set for it at the time of its acquisition in September 2009,
Randgold Resources chief executive Mark Bristow said at a media
briefing here today. Randgold is developing and operating the project,
in which it has a 45% shareholding.

Randgold's clear goals from the start, Bristow noted, were to define
the orebody's full potential, redesign the existing feasibility study,
create a supply line from Doko to the Ugandan border, secure the
project area in partnership with the central and provincial
governments, resettle more than 4000 families from 14 villages in a
new model town, and start production in 2015. "There were few people
outside the Randgold management team and the DRC who believed that we
could achieve this. But in short order we produced a blueprint for a much
larger operation than originally envisaged, among other things increasing
mineral reserves to 11 million ounces of gold, accelerating the
construction programme and bringing first gold production forward to
December 2013," Bristow said."The enormous resettlement programme was
completed successfully, construction went according to plan, the
infrastructure was upgraded, open pit mining started, and with the oxide
circuit of the metallurgical plant commissioned ahead of schedule, Kibali
poured its first gold on 24 September 2013, with gold sales commencing
the following month. This would not have been possible without the
support and cooperation of the Congolese authorities and the local
community."

Kibali is still a work in progress, with shaft sinking underway at the
complex's underground mine, the first of four hydropower stations due
to be commissioned soon and the remaining sulphide circuit scheduled
for completion at the end of the first quarter of 2014. Kibali is
nevertheless expected to exceed its gold production for its first full
quarter of operation, the three months to December, and meet its
forecast of 550000 ounces for the current year. Like all the other
gold mines Randgold has developed, it should also make a net profit in
its first quarter.

Bristow said that in line with Randgold's policy of giving employment
preference to local people and other nationals of its host countries,
6,065 of the 7,660 workers on site at Kibali at the end of December 2013
were Congolese. Teams of locally recruited operators have been sent
for training at Randgold's other mines. "This world-class gold mining
complex we are developing at Kibali will make a major contribution to the
DRC's economy as well as a significant improvement in the local quality
of life. As part of our resettlement programme, for example, we have
built 14 schools, five medical centres, five markets, 29 chapels for
various religious denominations and 70 kilometres of road. The increase
in local economic activity can be measured at the nearby Durba trade
centre, where the population has grown from 10000 to 50000 people over
the past three years," Bristow said. "To ensure that Kibali's full benefit
potential is realised, however, Randgold requires the continuing
cooperation of its Congolese stakeholders and partners. Locally, for
instance, the authorities are being encouraged to build the
administrative capacity to manage the model town of Kokiza and its
infrastructure. At the national level, government is urged to take care
that its proposed revision of the Mining Code does not deter further
investment in the development of the country's mineral wealth and rather
work with us and other investors to build on what we have all worked so
hard to deliver."


ENQUIRIES:

Mark Bristow              Willem Jacobs       Kathy du Plessis
Kibali chairman &         Randgold GM         Randgold investor & media
Randgold CEO              operations          relations
+44 788 071 1386          Central & East      +44 20 7557 7738 /
                          Africa              [email protected]
                          +243 991 001222
Graham Shuttleworth       Louis Watum         Website:
Randgold Financial        GM Kibali           www.randgoldresources.com
Director                  Goldmine
+447797711338             +243 994 035 464/
                          +243 817 153 062


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the
historical information contained herein, the matters discussed in this
news release are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US
Securities Exchange Act of 1934, and applicable Canadian securities
legislation. Forward-looking statements include, but are not limited
to, statements with respect to the future price of gold, the estimation
of mineral reserves and resources, the realisation of mineral reserve
estimates, the timing and amount of estimated future production, costs
of production, reserve determination and reserve conversion rates.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as 'will', 'plans', 'expects'
or 'does not expect', 'is expected', 'budget', 'scheduled','estimates',
'forecasts', 'intends', 'anticipates' or 'does not anticipate', or
'believes', or variations of such words and phrases or state that certain
actions, events or results 'may', 'could', 'would','might' or 'will be
taken', 'occur' or 'be achieved'. Assumptions upon which such forward-
looking statements are based are in turn based on factors and events that
are not within the control of Randgold Resources Limited ('Randgold') and
there is no assurance they will prove to be correct. Forward-looking
statements are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance
or achievements of Randgold to be materially different from those expressed
or implied by such forward-looking statements, including but not limited
to: risks related to mining operations, including political risks and
instability and risks related to international operations, actual results
of current exploration activities, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined, as well
as those factors discussed in Randgold's filings with the US Securities
and Exchange Commission (the 'SEC'). Although Randgold has attempted
to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities
laws. 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.


                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.