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

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To: POLARBEAR who wrote ()	4/13/1999 6:29:00 PM
From: POLARBEAR	of 448

13/04/1999 RANDGOLD CE Dr Mark Bristow says after the completion of restructuring geared to boost production and reduce operating costs, SYAMA mine produced its first profits last quarter - the operation having milled 190 000 tons and produced just under 21 000 ounces per month. Continuing production and cost improvements reflecting the beneficial effects of the two-phase capital programme, have set the mine on track to achieve its forecast annual production of 270 000 ounces at $210/oz in calender 1999. The full benefits of the $60m production expansion and costs reduction programme should materialise in the following quarters, when the mine is expected to achieve the over 22 0000 ounces per month needed to reach its annual product target. Publisher: African Mining ______________________________________ 13/04/1999 RANDGOLD RESOURCES has decided to go ahead with the development of the MORILA gold mine in Mali after a bankable feasibility study endorsed its expectations. An independently audited study shows gold resources of 4.45m ounces and reserves of 3.33m ounces -the ore body still open with the potential of expanding the resource base. Average projected cash operating costs are US$133/oz,placing RANDGOLD in the lowest production-cost quartile of the gold mining industry. Mine construction tenders have already been invited with MORILA scheduled to be in production by January 2001, when it will become RANDGOLD RESOURCES' second operating mine - the other, SYAMA, also in Mali. MD Dr Mark Bristow says it will have a net present value of US$218.8, and an internal rate of return of 51%. It will cost between US$75m and US$111m to develop, and be funded through project finance from NM ROTHCHILD & SONS. Publisher: RANDGOLD RESOURCES ______________________________________

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