Profile: Randgold Resources Limited (GOLD.O)

Randgold Resources Ltd., incorporated in August 1995, is engaged in gold mining, exploration and related activities. The Company’s activities are focused on West and East Africa. In Mali, it has an 80% controlling interest in the Loulo mine through Societe des Mines de Loulo S.A. (Somilo). The Loulo mine is mining from two open pits and one underground mine, and is developing a further underground mine. The Company also owns 50% of Morila Limited, which in turn owns 80% of Morila SA, the owner of the Morila mine in Mali. In addition, it owns an effective 84% controlling interest in the development-stage Tongon project located in Cote d’Ivoire. The Company owns an effective 83% controlling interest in the Massawa project in Senegal, where it completed a scoping study in March 2009, and has commenced a pre-feasibility study. It also has exploration permits and licenses covering substantial areas in Mali, Cote d’Ivoire, Burkina Faso, Ghana, Senegal and Tanzania. As of April 30, 2009, the Company declared proven and probable reserves of 8.87 million ounces attributable to its percentage ownership interests in Loulo, Morila and Tongon. In October 2009, Randgold Resources Limited and AngloGold Ashanti Limited, through their indirect jointly owned subsidiary, 0858065 BC Ltd., acquired Moto Goldmines Limited.

The Company is exploring in six African countries with a portfolio of 177 targets on 12,126 square kilometers of ground holding. As of December 31, 2008, total reserves amounted to 109.46 million tons at an average grade of 3.27 grams/ton, for 11.51 million ounces of gold, of which 8.87 million ounces are attributable to the Company.

Loulo Mine

The Loulo mine is controlled by a Malian company, Somilo, which is owned 80% by the Company and 20% by the Malian Government. The mine is located within the Kedougou-Kenieba inlier of Birimian rocks, which hosts several gold deposits, including Gara and Yalea on the Loulo lease, as well as Sadiola and Yatela in Mali and the Senegalese deposits of Sabodala and Massawa. An underground mine is being developed at Yalea to access the deeper high-grade ore. During the year ended December 31, 2008, gold production was 258,095 ounces.

The focus of exploration at Loulo is to continue to explore and discover additional ore bodies within the 372-square kilometer permit. As of December 31, 2008, the Company had identified numerous additional targets, including one significant advanced stage target, Gounkoto, which are subject to further exploration and drilling. During the year ended December 31, 2008, a total of 3,861 meters of development was completed and 107,805 tons of ore at a grade of 4.42 grams/ton was mined from the initial stopes below P125 pit. The Yalea declines have been advanced to a distance of 1,150 meters from surface and a vertical depth of 180 meters. During 2008, work continued on the positioning of the Gara portal, with sterilization and geotechnical drilling being completed.

Morila Mine

The Morila mine is owned by Morila, which in turn is owned 80% by Morila Limited and 20% by the state of Mali. Morila Limited is jointly owned by the Company and AngloGold Ashanti Limited and the mine is controlled by a 50:50 joint venture management committee. Responsibility for the day-to-day operations was transferred from AngloGold Ashanti to the Company with effect from February 15, 2008. During 2008, the mine produced 425,828 ounces. Mining operations were carried out under contract by Somadex, a subsidiary of DTP Terrassement, the mining arm of the French construction company, Bouygues.

Morila focuses its exploration activities on extending the existing ore body and discovering new deposits that can be processed using the Morila plant. Outside of the Morila joint venture, the Company holds exploration permits covering 382 square kilometers in the Morila region, where it is engaged in early stage exploration work.

Tongon Project

The Tongon project is located within the Nielle exploration permit in the north of Cote d’Ivoire, 55 kilometers south of the border with Mali. The Company holds an effective 84% interest in the project. The Cote d’Ivoire state holds a carried interest of 10% with the option to acquire a further 10% participatory right at market rates. New Mining CI (NMCI), by virtue of a joint venture agreement with the Company, holds a 6% interest. The Tongon deposits are located within the Lower Proterozoic Senoufo Belt, which is a 200 kilometers long, volcanisedimentary belt of greenschist-grade metamorphism bounded on either side by variably tectonized granitoid gneiss terranes.

Mineralization at Tongon is defined in two zones. In the Northern Zone, the major part of the mineralization is located within volcaniclastic rocks, which have been intruded by granodiorite and diorite intrusives and is bounded by sheared footwall and hangingwall shale units. The mineralized zone varies in thickness from 3 meters to 35 meters, and averages 25 meters in zones of dilation. The mineralization is associated with increased silicification, sulfidation and fine brecciation. The Southern Zone is more complex, with mineralization controlled by multiple north-east trending, north-west dipping shears that occur adjacent to a granodiorite intrusive body. Mineralization extends for two kilometers along strike and consists of a number of individual lodes. Host rocks include a package of volcaniclastics and intermittent carbonaceous shale units. Alteration is similar to the Northern Zone, being located adjacent to shears and within the predominantly brittle deformed ore zones. Sulfide mineralization includes arsenopyrite, pyrrhotite and pyrite. Reserve estimation is based on the results of 275 drill holes (252 diamond drill holes and 23 reverse circulation (RC) drill holes) for a total of 52,686 meters. Fifty-eight additional trenches have been excavated for a total of 8,608 meters. Mining at Tongon will be by open pit. At its Tongon project, the Company has initiated a 433-hole, 39,099-meter advanced grade control program over the planned pits of the southern and northern zones. Construction has commenced.

Massawa Project

At its Massawa project located in Senegal, the Company has completed a 5,000-meter drilling program as part of the scoping study that was completed in March 2009. The results of the study have demonstrated that the project is economic and it has commenced a further 35,000 meter drilling program as part of a prefeasibility study.