Randgold Resources Ld: Kibali takes next step to full production
24.02.2014 | Marketwired
JERSEY, CHANNEL ISLANDS--(Marketwired - Feb 24, 2014) - Randgold Resources Ld (
Randgold Resources Ltd.
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
KIBALI TAKES NEXT STEP TO FULL PRODUCTION
Miami, FL, 24 February 2014 - Commissioning of the sulphide circuit
at the Kibali gold mine in the Democratic Republic of Congo is
underway, Randgold Resources chief executive Mark Bristow announced
here today. Kibali started production from its open pit through its
oxide circuit last September and completion of the sulphide circuit
will significantly advance its development as a world class gold mining
complex.
Speaking at the BMO Global Metals and Mining Conference here, Bristow
described Kibali as a work in progress. "While the plant processes ore
from the open pit mine, the underground mine is still being developed
and has just accessed the first underground ore," he said. Randgold is
developing and operating Kibali, in which it has a 45% stake.
Bristow noted that, like all the other mines Randgold has developed,
Kibali posted a bottom-line profit in its first quarter of operation,
the three months to December. It is on track to meet its production
guidance of 550000 ounces for 2014.
While much of the gold mining industry has been left in disarray by the
downturn in the gold price, Randgold's long term growth strategy
remains intact, Bristow said."We're not worrying about how we're going to
get through 2014; we have
a robust value-focused five year plan in place, and we are looking to
build on that. It's worth noting that our models are based entirely on
our banked reserves and on a long term gold price of USD1000 per
ounce," he said."In addition to the upside associated with Kibali's main
open pit and
underground orebodies, which is still being evaluated, our exploration
team is also hunting for fresh opportunities within its vast lease
areas, and a number of exciting, if early stage, prospects have already
been identified. Elsewhere in the DRC and West Africa, we're
aggressively exploring our extensive groundholdings for new
discoveries."
RANDGOLD ENQUIRIES:
Chief Executive Financial Director Investor & Media Relations
Mark Bristow Graham Shuttleworth Kathy du Plessis
+447880711386 +441534735333 +442075577738
+447797752288 +447797711338 Email: randgold@dpapr.com
Website: www.randgoldresources.com
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 report, 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
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