Mark Bristow, CEO, Randgold Resources
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Randgold's hot new prospects
Brendan Ryan
Posted: Thu, 24 Apr 2008

[miningmx.com] -- RANDGOLD Resources' Loulo mine in Mali could become the hub for the development of an entire new goldfield stretching into neighbouring Senegal according to CEO Mark Bristow.

Speaking at a press conference in the Mali capital - Bamako - on Tuesday, Bristow described this region – called the Kenieba Inlier – as “one of Africa’s most exciting, emerging goldfields.”

He added, “because of our interest in this area we have built a landholding of 14,000km2 around Loulo. Some 100kms to the west, across the border in Senegal, we control a further 7,000km2 which includes the recently discovered and very exiting Massawa target.

“The substantial base we have established at Loulo gives us the ideal base for significant brownfield expansion in this region.”

Bristow’s comments follow on from his earlier statements made in the Randgold Resources annual report for 2007 published at the beginning of April.

In his review he commented, “Massawa, which we discovered last year, along with Tiasso in Cote d’Ivoire are rapidly emerging as the frontrunners among the advanced prospects.

“Results from the recently completed 2,500 metre infill RAB drilling programme at Massawa are at least as good as those produced by Yalea and Tongon at a similar stage.

“In fact, all the ingredients which typically indicate a major deposit are in place: high grades, structure, alteration and variations in rock types.

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“We have always believed in the prospectivity of the Kedougu-Kenieba inlier which hosts Massawa and we persevered with our exploration there even though the early results were not that promising.

“The fact that our continuing work has now delivered a very exciting target reconfirms that exploration success requires not only skill but also tenacity. The next step is a +7,000 metre diamond drilling programme which should give us a very clear understanding of the mineralisation,” Bristow commented.

Bristow told the Bamako briefing that exploration work at Loulo during 2007 had increased its gold reserves from 6.8Moz to 7.4Moz net of depletion by mining operations.

The Yalea underground mine being developed at Loulo is expected to establish its first mining faces during the current June quarter and will hit full production during 2009.

A second underground mine at Loulo, called Gara, is now at the final planning stage and should be in production by 2010.

Bristow said the two new mines will boost Loulo’s total gold output from the current 250,000oz/year to 400,000oz in 2010.

Total gold production from Randgold level-pegged during 2007 at an attributable 444,573oz compared with 448,242oz in 2006.

Bristow said that, with Loulo stepping up its output, Randgold’s total attributable production should reach 600,000oz in 2011.