RANDGOLD and EXPLORATION (RANGY) Message Board

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

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To: POLARBEAR who wrote (327)	3/25/1999 10:31:00 PM
From: Karl de Pina	of 448

POLARBEAR, The following is in answer to your question: <<As a longshot, was there any mention of what rangy's future will be?>> Please note that all this info is from the Report for the Third Quarter Ended 31 December 1998. This report is dated February 1, 1999. Exploration and Project Activities For Morila: The resource estimate has been revised to incorporate the latest drilling information and now stands at 4.25 million ounces. San Deposit Resource Measured 2.07 million ounces Indicated 1.13 million ounces Inferred 1.05 million ounces Total 4.25 million ounces For Other Exploration Activities: In line with the company's reserve driven strategy, exploration work has been further focused on priority targets located around the company's key mining and development projects at Loulo, Morila, Syama and in the northern Cote d'Ivoire. This will result in lower exploration spend over the next twelve months. General Golden Ridge Project - Tanzania: As part of the company's efforts to bring its participation in the Golden Ridge Project in Tanzania to account, a number of interested parties have conducted a due diligence of the property with a view to submitting offers to purchase. Hedging of Syama's Production: 50% of Syama's forecast production for calendar years 2000 and 2001 has been sold forward at US$311.00 per ounce. Syama has purchased call options at US$325.00 per ounce for 20% of production in those years which will allow it to participate in price movements above that level in respect of 70% of production and reduce exposure to margin calls. Syama is also building up a position for calendar year 1999 and currently has spot deferred sales of 20,000 ounces at an average price of US$300.42. Yanfolila Joint Venture: The company has reached an agreement with North Ltd covering a joint venture on the Yanfolila Permit, Southern Mail. North has undertaken to expend US$3 million over four years to earn 50% of the company's position and plans to commence with RAB and diamond drilling in the short term. That is it. All replies welcome, but any personal attacks will be ignored. Karl de Pina "Just the facts, Ma'am" - Jack Webb

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