JERSEY, CHANNEL ISLANDS--(Marketwired - Oct 22, 2016) - Exploration by Randgold Resources (LSE: RRS) (NASDAQ: GOLD), which
owns and operates the Tongon gold mine in Côte d'Ivoire, continues to highlight exciting possibilities for further investment in
the country, chief executive Mark Bristow said here today.
He was speaking at a Randgold-sponsored golf day, attended by pupils from the country's recently established youth golf
academy, a joint initiative between the company and the Ivorian sport promotion business Team STL. The aim of the academy is
to provide talented but underprivileged children with a first-rate academic education combined with their training as
golfers.
Bristow said the academy was a further example of Randgold's long term engagement with Côte d'Ivoire and its commitment to
develop its human capital as well as its natural resources for the benefit of all stakeholders.
"We're building a solid portfolio of targets here and we're still adding new exploration permits. We've always believed
in the prospectivity of Côte d'Ivoire and we are becoming increasingly confident that it will deliver our next world-class
discovery. Our Boundiali permit in particular hosts some very exciting prospects. We are also busy with near-mine
exploration designed to extend Tongon's life by developing satellite deposits and converting the resource potential below the
existing pits," he said.
In the meantime, he said, Tongon's performance was continuing to improve across the board and management was still targeting
the revised annual guidance for the year after a difficult first half which had been impacted by a long mill breakdown.
"The final phase of the extensive crusher expansion and mill circuit upgrade project has been completed and is paying off in
terms of a significant step-up in operational efficiency," he said.
Constructive engagement with the CIE power utility, facilitated by the government, had improved the stability of the grid
electricity supply, he said. In addition, Tongon was investing in the expansion of its generated power facilities by the
installation of six new generators which would boost its capacity to 24MW, enough to operate the whole process plant on generated
power if necessary.
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and Section 21E of the US Securities Exchange Act of 1934, and applicable Canadian securities legislation. Forward-looking
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risks and instability and risks related to international operations, actual results of current exploration activities,
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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.