Thursday, 29th March 2007 (2198 views)

Forming part of Randgold Resources' annual report is the updated version of the firm's reserve and resource announcement which shows an increase.

Mark Bristow, Randgold's chief executive, stated that these results, particularly from the Loulo project, highlight the potential for "growth in this project".

A million ounces have been added by the firm across its operations and leading the way was the Loulo project, Mali, which had its resources upped from 9.93 million ounces to 11.35 million ounces. Reserves also rose to 6.8 million ounces from the previous total of 5.59 million ounces.

The mining company declared that one of the main reasons contributing to the resource and reserve rise at Loulo had specifically been the Gara deposit.

Mr Bristow said: "Loulo was originally conceived as an open-pit operation with a relatively short life but through continued exploration we have already built it into a truly world class project with a production profile that extends beyond 15 years."

Gara will undergo underground development work beginning in 2009, the company went on to announce.

 

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