JERSEY, CHANNEL ISLANDS--(Marketwired - Jun 28, 2017) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD)
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
NASDAQ Trading Symbol: GOLD
RANDGOLD SCHEDULES MASSAWA PROJECT FOR FEASIBILITY FINALISATION
Dakar, Senegal, 28 June 2017 - The feasibility study on Randgold Resources' Massawa
gold project in Senegal is scheduled for completion by the middle of next year, when a final decision on its development will be
made, chief executive Mark Bristow said here today.
Speaking at a media briefing to mark the start of the annual three week review of Randgold's exploration projects in Senegal,
Mali, Côte d'Ivoire and the DRC, Bristow said the company's recent discovery of the nearby Sofia deposit, which has been
incorporated in the project, had significantly increased Massawa's viability, as its low-cost, high-recovery ore would enhance
the overall economics.
"As things stand today, Massawa has a mineable reserve of 2.6 million ounces and the project has an internal rate of return of
18% at a gold price of $1 000 per ounce, which is a little short of our investment criteria of a 3 million ounce reserve and a
20% IRR (internal rate of return). The detailed drilling required for the feasibility study as well as our continuing exploration
of extensions to and satellites around the known orebodies should get the project across the line," he said.
"In that case, Massawa will become the sixth mine Randgold has developed and our first in Senegal. It will also be the first
of the three new projects we plan to deliver over the next five years."
Bristow pointed to Massawa as a further example of Randgold's long-term planning and perseverance. The company started
exploring in Senegal in 1995, the year Randgold was established, discovered Massawa in 2004 and then spent a long time getting to
grips with the geological and metallurgical complexities of the orebody and has spent $85 million to date evaluating and
advancing its Senegal portfolio. While developing Loulo, Tongon, Gounkoto and Kibali, Randgold kept the work on Massawa going as
well, and the project finally moved to centre stage with the discovery of Sofia in 2016.
"We are also looking beyond Massawa with our sights set on expanding our exploration portfolio and continuing our search for
additional discoveries and development opportunities in Senegal."
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.