Site visit Senegal - January 2012

RRL Senegal …
January 2012
Senegal ... Strategy and Objectives
 Complete feasibility study at Massawa deposit.
 Find additional non refractory 2Moz in a radius of 15km of
Massawa.
 Discover and/or acquire another +2Moz gold resources in
the remaining grounds in Senegal.
 Pursue every growth and value adding opportunity in the
vicinity.
 ESIA in progress.
1
Senegal permit status onto Geology
PERMIT
Kanoumba
Miko
Dalema
Tomboronkoto
Bambadji
Area (Km2)
Date of issue
Period Valid
Guaranty up to
Next renewal
621
84
301
225
315
21-may-10
15-nov-10
06-jun-08
15-nov-10
03-mar-08
3 years
3 years
3 years
3 years
3 years
21-may-19
15-nov-13
06-jun-17
15-nov-13
03-mar-14
21-may-13
Extension
06-jun-14
Extension
Extension
Yatela
!
Sadiola
Dalema - Kofi
Sabodala: 3.5Moz
Reserve: 1.4Moz
(18.3Mt @ 2.39g/t)
Limestone
QT
!
Metasediments
MALI
Oromin:3.17Moz
(M & I)(65Mt @ 1.58g/t)
Diale - Keniebandi
Clastic Metasediments
Metasediments/volcanics
Andesite
SENEGAL
Kanoumba
Mako - Saboussire
Delya
MIiko
Volcaniclastics
Gara
!
!
!
Yalea
!
Andesite
Basalt
Bambadji
Massawa
!
Segala
Tabakoto
Granitoids
Tomboronkoto
Randgold Resources
permits
MTSZ
Dalema
100 km
Gounkoto
SMSZ
Exploration model and resource triangles
Au mineralisation
Tnikoto intrusives
Ultramafique
Country Rocks
-
Interplayed structures: NS & NE
Rheological contrast
Presence of Intrusives
Dilational zones
Mineralisation
2
Massawa … geology and mineralisation
Kanoumba
Permit
Northern Zone (3500m long),
Mineralisation py-Aspy-Au
entirely hosted in sediment
Massawa
Central Zone: (885m long) mineralization is
located in volcaniclastics, in sediment as well
as in altered and deformed mafic and felsic
intrusives. Py-aspy-Au and Qz-Sb-Au stages

Massawa is structurally controlled, work to date has defined 8.5km
long min. structure although drilling is currently focused on the
northern 4.5km.

Two metallurgical domains have been identified and comprise an
early disseminated Au-bearing pyrite and arsenopyrite sulphides
overprinted by a later quartz-antimony-gold vein system.

Typical alteration includes carbonate-sericite overprinting an early
pervasive silicification.
1000m
Massawa results ... looking west
MWRC125
9.02m @ 8.35g/t
MWRC199
11.38m @ 3.42g/t
MWRC118
9.02m @ 13.39g/t
MWRC103
21.32m @ 1.68g/t
MWRC130
3.28m @ 15.64g/t
MWRC166
5.74m @ 6.21g/t
MWRC144
31.98m @ 5.75g/t
MWRC099
4.92m @ 8.4g/t
MWRC109
4.1m @ 19.13g/t
MWRC174
13.94m @ 2.26g/t
MWRC091
7.38m @ 3.03g/t
3
Massawa latest model ...
650 mV
Areas for infill or deep drilling if needed
Massawa Reserves and Resources ...
4
Massawa mineralogy early mineralisation phase
py
Aspy
Massawa main mineralisation phase: a gold-bearing arsenopyrite and pyrite system
deposited as disseminations or thin veins.
Massawa mineralogy second mineralisation stage
Quartz
Au
Stib.
Qz‐Ca
Au
Stibnite
Sph
Stib.
Au
Zi
Massawa Southern Zone second mineralisation phase: a shallow level mineralisation system of
quartz-antimony-gold bearing vein stage.
5
Massawa metallurgical results ...
From the above, pressure oxidation proved to be the most effective treatment route for the
recovery of gold from the flotation concentrate, which will require more power to run Massawa.
- Diesel: 26USc/kWh
- HFO: 17USc/kwh
- Hydro power (Sambangalou): 6USc/kWh
Metallurgical test results…

Gold Recovery during mine life is estimated at 89%.

Pressure Oxidation required to release gold, which requires high
energy input.

Carbon causes preg robbing of the NZ sulphides with recovery at
85%.

Hardness of the Ore require more energy.

High plant operating cost, therefore project needs cheap power.
6
Energy for Massawa...
Power requirement for life of mine
In developing Massawa, Randgold would
invest approximately USD 400m in the
project. The project contains more than
three million ounces of gold. The life of the
mine will be at least 10 years with 25 MW
average power demand for its operation.
Electricity … Sénégal National Grid
Coal Power Station plant IPP Kepco (2 x 25
MW): Production will start 2015, with the
Corean (Kepco E & C).
Global Power Plan

Power Strategy
Get cheap, reliable and effective power supply for our regional mines:
Massawa – Loulo – Gounkoto.
-

-
Move from power generation (LFO/HFO) to hydro power from national or
regional power grid.
-
Potential to supply the three mines in Senegal and Mali.
-
Seek partnerships and opportunities for global power management to
support RRL group growth through the following options:
Power supply options
OMVG : Sambangalou (128 MW).
-
OMVS: Felou hydro power (60MW) & Gouina Hydro power (140 MW)
plus Kayes Albatross 69 MW Power plant (2011).
7
Senegal…generating new targets at Massawa
Nouma
RAB targets +4km soil anomaly
N
Delya
214 425oz @ 2.48g/t
Bambaraya
342 267oz @ 2.52g/t
Samina
RAB target 12km soil anomaly
Missira
RAB targets +4km soil anomaly
Tina
300 152oz @ 1.04g/t
Sofia
1 037 530oz @ 1g/t
Massawa
(4.5km)
KB
DDH: 4m @ 23.22g/t
Saraba
RAB targets 4km soil anomaly along MTZ
Tombo
46m @ 2.15g/t
50m @ 3.09g/t
15m @ 12.84g/t
34m @ 1.95g/t
12m @ 2.11g/t
Kawsara
1 413 374oz @ 0.65g/t
Kaya - Kaldou
RAB targets 9km soil anomaly
5km
Impact at the nearest village … Tinkoto
2 Forages d’eau
Case de Santé
4 Salles de classe en construction
Moto for the Nurse
8
Massawa view
Thanks for your attention
Disclaimer…
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 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 (including Kibali) to be materially different from those expressed or implied by
such forward-looking statements, including but not limited to: risks related to the integration of Randgold and Moto, 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 the section entitled “Risk Factors” in Randgold’s annual report on Form 20-F for the year ended 31 December 2009 which
was filed with the US Securities and Exchange Commission (the “SEC”) on 31 March 2010, in the section entitled “Risk Factors” in
Randgold’s prospectus published on 30 November 2009 in relation to the indirect acquisition of 10 per cent of the issued capital of Kibali
Goldmines SPRL. 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 release, 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.
Randgold Resources reports its Mineral Resources and Ore Reserves in accordance with the JORC code and are equivalent to National
Instrument 43-101. The reporting of Ore Reserves is also in accordance with Industry Guide 7. Ore Resources consist of insitu tonnes
and grade carried out at US$1,000/oz optimisations. Ore Reserve pit and underground optimisations are carried out at a gold price of
US$700/oz. Dilution and ore loss are incorporated into the calculation of reserves. Addition of individual line items may not sum to sub
totals because of the rounding off to two decimal places. Mineral Resources are inclusive of Mineral Reserves. Loulo Mineral Resources
were calculated by Mr Chiaka Berthe an officer of the company under the supervision of Mr Rodney Quick a Qualified person and officer
of the company. Morila Mineral Resources were calculated by Mr Adama Kone an officer of the company under the supervision of Mr
Rodney Quick a Qualified person and officer of the company. The Tongon and Massawa Mineral resources were calculated by Mr
Babacar Diouf a Qualified Person and officer of the company. The Kibali Mineral resources were calculated by Mr Rick Adams an
independent Qualified person and director of Cube Consulting Pty Ltd. The Loulo Mineral reserves were calculated by Mr Samuel Baffoe,
Mr Alexander Oduro and Mr Chris Moffat, all officers of Randgold, under the supervision by Mr Onno ten Brinke a Qualified person and
officer of the company. Gounkoto,Tongon and Massawa Mineral reserves were calculated by Mr Onno ten Brinke a Qualified person and
officer of the company. The Mineral reserves of Morila were calculated by Mr Stephen Ndede a Qualified Person and officer of the
company. The Kibali open pit mineral reserves were calculated by Mr Quinton de Klerk a director of Cube Consulting Pty Ltd and
independent Qualified Person. The Kibali underground mineral reserves were calculated by Mr Paul Kerr an officer of SRK Consulting
Perth and an independent Qualified Person.
9