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Gold/Mining/Energy : RANDGOLD and EXPLORATION (RANGY)

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To: John Hunt who wrote (231)	1/29/1999 10:16:00 AM
From: POLARBEAR	Read Replies (2) of 448

RESTRUCTURED SYAMA POSTS FIRST PROFIT AS PRODUCTION, COSTS CONTINUE TO IMPROVE London, 29 January - Randgold Resources' Syama gold mine in Mali posted a cash profit of US$734 000 in the December quarter, with continuing production and cost improvements reflecting the beneficial effects of the recently completed capital programme. Gold produced was 47 077 oz (September: 41 242) and cash operating cost was $259/oz ($276/oz). In the last month of the quarter, production of 20 873 oz and cash operating costs of $224/oz were achieved. During December, cash from operations more than offset capital expenditure and finance costs for the month. Capex for the quarter was $5.5 million. Chief executive Dr Mark Bristow said the mine was on track to achieve its forecast of annual production of 270 000 ounces at $210/oz in calendar 1999, when the full benefits of Syama's $60 million production expansion and cost reduction programme would materialise. The successful completion of the programme was marked last week by an official reopening ceremony at the mine. Meanwhile, latest drilling results at the company's Morila project in Mali have doubled estimates of the deposit size. Measured and indicated resources now stand at 3.2 million ounces, and preliminary pit modelling has indicated that most of this can be promoted to the proven and probable category. The ore body is still open and additional diamond drilling is planned. A full bankable feasibility study on Morila is due in March this year. "Subject to the various regulatory approvals and acceptable financing arrangements we plan to start building the Morila mine during the June quarter of this year. Our current planning is to start gold production in the first quarter of 2001," Bristow said.

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