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Randgold Res Posted: Tue, 06 May 2008 [miningmx.com] -- London- and Nasdaq-listed gold miner Randgold Resources on Tuesday reported a material increase in the probable reserves at its Tongon project in Côte d'Ivoire, currently in the early stages of development as the company's third gold mine in West Africa. A further conversion of the increased resources recently published in the annual report - which showed an indicated resource at Tongon of 41.96Mt at 2.37g/t for 3.2 million ounces, and a further 12.99Mt at 2.56g/t for 1.07 million ounces in the inferred category - has produced a 52% increase in the probable reserves, it said. These now stand at 32.76Mt at 2.32g/t for 2.44 million ounces. The ore reserve estimate is based on US$550/oz with a cut-off grade of 1g/t. The numbers include dilution and ore loss. During the quarter, an agreement was also concluded with Randgold Resources' joint venture partner in Côte d'Ivoire, New Mining CI, to increase Randgold's interest in the joint venture to 90%.
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