1
Paul Harbidge, Randgold Resources
New Gengold Nov 2013
The Giant Kibali gold deposit…in Northeast Democratic Republic of Congo:
evidence to support Central Africa as the new
location for the next generation of multi-million
ounce gold deposits
Major Gold Bearing Cratons of Africa…
Kibali Gold
Project
N
1000km
2
West Africa Craton…early 1990s
Syama
Prestea
Obuasi
Tarkwa
Lero
Ity
Afema
AngoviaGold mines
Birimian Basinal sediments
Birimian Belt
Proterozoic Plutonic Rocks
N
500km
West Africa Craton…today
Gold mines
Birimian Basinal sediments
Birimian Belt
Proterozoic Plutonic Rocks
Mali BurkinaFaso
IvoryCoast
Ghana
Senegal
Youga
Yatela
Sadiola
Yalea
Gara
Sabodala
MorilaSiguiri
Syama
Tongon
Kalana
Ity
Bonikro
Prestea
Chirano
Bibani
Ahafo
Akyem
Obuasi
Damang
Tarkwa
Essakane
Mana
Kalsaka
Taparko
Inata
Lefa
TabakotoMassawa
Gounkoto
Côte d’Ivoire
N
500km
3
Congo Craton…today
!
!!
!
!
!
!
!
!
Kibali21.5Moz
DRC
500km
ProterozoicArchean
Kilo Goldmines2Moz
Zani Kodo1.2Moz
Mongbwalu
2.2Moz
Twangiza
5 Moz
Major gold
occurrences
N
NE DRC…challenging infrastructure
Before, during and after the repair of the main road from Uganda into the Kibali project
4
Kibali…history
1903… First gold discovery in the territory of a local chief named Kilo
by Australian prospectors Hannan and O’Brien, working under direction of
the Government of the Independent State of Congo
1904… Beginning of gold production in north eastern DRC
1905 – 1906… Gold discovery to the northwest in the gravel beds of Moto River
1926… Organisation created by Belgian Government to operate these deposits
became la Société des Mines d’Or de Kilo-Moto
1950’s… Annual production culminates to about 9 tons of fine gold
After 1960: Gold production plummeted
1966… The name of the Société was changed to Office des Mines d’Or de Kilo-
Moto or OKIMO
Since 1990… Annual production less than 100 kg of gold. Total recorded historic output
of the region comes to 350 tons
1998… Barrick and AngloGold in JV over project area, discovery of Kibali deposit
2002… New attractive Mining Code in place, with the baking of the World Bank
2004… Moto Goldmines acquires the Kibali Project and discover main KCD
deposit and define ~20Moz
2009… Randgold Resources and Anglogold Ashanti acquire Moto Goldmines
and the Kibali Project
2012… Development of Kibali starts
2013… First gold poured on 24th September and commercial production commenced in
October
Old Gorumbwa Open pit – 1950’s
History…Moto Goldfields
5
Kibali…geology and geophysics
Magnetic Radiometric
Electromagnetic Geology
KCDN
60km
Kibali…central area aeromagnetic data
KCD Ironstone
Pakaka
Mengu HillN
5km
6
Kibali…Geological Model
KCD
3D Looking SW
Durba
9000
5000 3000
NE
NE
East
Transfer
Structure
Examples of S1 foliation being folded (F2) into
‘rods’ and younger crenulation. Develops at all
scales
Intersection lineation is parallel to the long axis
of mineralised lenses of the gold deposits
Kibali…Main KCD deposit
3000 Lode 5000 Lode
Long section9000 Lode
500m
7
Kibali…KCD deposit cross sectiongeology and structure
Kibali…KCD deposit cross sectionalteration and mineralisation
8
Kibali…KCD deposit alteration
Pervasive silicate-carbonate flooding, which predates D2 mineralization
Quartz-ankerite-siderite, plus minor sericite-albite
Several alteration events
1 mm
100 µm
XPL photomicrograph
Carb
Qtz
Back-scattered electron image (Sd =
siderite; ank = ankerite; qtz = quartz)
Sd
Ank
Qtz
Kibali…KCD deposit mineralisation
Four stages of sulphide growth, with the majority of Au linked to stage 2 pyrite
Stage 1:
pyrrhotite-
arsenopyrite
Stage 2 (>85%):
arsenian pyrite +
Au + accessory
Cu-Sb-Ni-Pb
sulphides
Stage 3: second
local generation
of pyrrhotite (As-
depleted)
Stage 4: second
local generation
of skeletal pyrite
(As-depleted)
Asp
Po-I
Po-I
Py-I
Po-II
Py-IPy-I
Py-II
Reflected light images
150 µm 150 µm
150 µm 150 µm
9
Kibali…KCD deposit mineralisation
150 µm
150 µm 200 µm
Back-scattered electron image
Reflected light image Reflected light image
Marcasite + galena Sphalerite
Ullmannite
100 µm 100 µm
50 µm
Py-I
Mrc
Gn
SpPy-I
Py-I
Um
Back-scattered electron images
Kibali…KCD deposit mineralisation
Auriferous pyrite is associated with numerous trace Cu-(As-Sb),Pb-Zn-(Sb), and Ni phases
10
Kibali…KCD gold deportment
150 µm
150 µm 100 µm
100 µm
Kibali…KCD alteration and mineralisationparagenesis
Hydrothermal alteration consists of: ankerite + later siderite + quartz + sericite
Sulphide assemblages include: (1) early pyrrhotite + arsenopyrite; (2) pyrite +/- Cu phases and gold; (3) later second generation pyrrhotiteand skeletal pyrite
11
Kibali…building value through Integrated Geology and MRM
Acquired total mineral resource inventory of 22.0Moz from Moto (2009), 5.5Moz reserves
Completed mapping, re-logging of core, drilling of key oriented holes, developed geologic models, updated resource models and applied economic criteria
Inventory reduced to 18.9Moz but increased reserves to 10.9Moz (2012)
Inventory increased by 2.5Moz to 21.5Moz (Q2 /’13)
Excluding 1.1Moz low grade Kibali South (to Sokimo)
New geologic model being used to prepare new mining model and update reserves
2009 3D View Looking NW
Sessenge
Durba Chauffeur Karagba
400m
Sessenge
9000
Lode
800m Deep
5000
Lode3000
Lode
Durba
2013 3D View Looking WNW
Kibali…project resources and reserves
Measured
Measured
Indicated
Inferred
Indicated
Inferred
Meas/Ind
Inferred
2.11
4.21
74.39
21.17
67.90
30.73
148.61
51.90
2.13
2.97
2.11
2.16
5.20
3.10
3.55
2.72
0.14
0.40
5.04
1.47
11.35
3.06
16.94
4.53
Mt g/t Moz
Stockpiles
Open pit
Underground
Total Mineral Resources
Proven
Proven
Probable
Probable
Prov/Probab
3.20
3.00
39.00
44.00
89.20
2.30
2.80
2.50
5.70
4.10
0.20
0.30
3.10
8.00
11.60
Stockpiles
Open pit
Underground
Total Mineral Reserves
12
Kibali KCD deposit…potential resource addition
DDD574 – 3000 up
4m @ 0.88g/t
DDD574 – 5000 up
7m @ 3.16g/t
DDD587 – 3000 up
9.2m @ 1.09g/t
DDD532 – 5000 up
31.8m @ 3.21g/t
DDD587 – 5000 low
12.4m @ 4.54g/t
DDD587 – 5000 mid
24m @ 3.23g/t
DDD587 – 5000 up
13m @ 2.34g/t
DDD563A – 5000 low
77.2m @ 3.29g/t
DDD563A – 5000 up
27m @ 7.18g/t
DDD563A – 3000
23m @ 1.78g/t
57m @ 2.10g/t
Durba HillUS$ 1000/oz
KCD pit
DDD480
40.7m @ 5.60g/t
3000
5000
9000
500m
Kibali…integrated mine design
9000 lode
5000 lode
Shaft
BoxcutOpen pit
Mine design
Haulage level
Crusher and Pumping stations
1km
decline
13
Kibali gold mine…a world class development
Metallurgical plant
Open pit mining
UG development
Vertical shaft
headgear
Kibali commissioning schedule…
First bank of Gensets
commissioned
Start up material
through mill and CIL
Low feed rate initially
to fill CIL circuit
First gold
Sulphide circuit
commissioning
2013 2014
Oxide circuit
commissioning
PHASE 1 (2012 to 2014) US$ 1 billion
PHASE 2 (2012 to 2016) US$ 0.7 billion
Metallurgical facility, first hydropower station, thermal power station, TSF, RAP, open pit mining, infrastructure
Underground development, including twin decline and single vertical shaft system, 3 hydropower stations
14
Kibali…satellite deposits
KCD
Pakaka1.28Moz at 2.17g/t
Mengu Hill0.72Moz at 2.33g/t
Agbarabo
Megi0.29Moz at 1.84g/t
Sessengue0.64Moz at 1.56g/t
Kombokolo0.17Moz at 2.00g/t
Gorumbwa0.63Moz at 3.50g/t
Exploration target Satellite deposit with down plunge potential
Pamao
0.72Moz at 1.5g/t N
Kibali exploration team continues its hunt for new ounces…
Mofu
Trench results returned
average intersection
of 12.25m @ 7.8g/t
over 300m
Rambi
High grade rock
samples at Dri:
12g/t, 6.7g/t,
9.5g/t, 2.8g/t,
8g/t over 3.5km
associated with
ironstone
Rhino
Additional high grade
rods of mineralisation
being defined
KCD
10km
Memekazi
RC drilling defines
near surface target
18m @ 3.3g/t, 20m @ 5.9g/t
Kalimva/Ikamva
New models reprioritise
targets which locate on
major regional fold
in ironstones
N
Sayi
RC drill results
22m @ 2.3g/t
18m @ 2.6g/t
22m @ 2.9g/t
15
Kibali exploration…Mofu near mine target
Trenching returned high grade gold mineralisationat surface over 300m strike length
Weighted average intersect of trench results is 12.25m @ 7.81g/t
Drill motivation approved and underway in Q4
MOTR0013
6m @ 3.35g/t
and 12m @ 0.74g/t
MOTR0006
6m @ 6.46g/t
MOTR0012
10m @ 7.94g/t
MOTR0005
26m @ 13.50g/t
MOTR0001
11m @ 1.20g/t
MOTR0014
13.5m @ 4.43g/t
MOTR0003
7m @ 4.50g/t
50m
N
Kibali…Kalimva-Ikamva target
Historic drilling:
10.5m @ 2.18g/t
8.95m @ 8.07g/t
11.8m @ 4.5g/t
Channel sample
10m @ 2.76g/t
inc. 4m @ 4.26g/t
Magnetic data and results
Litho
13.9g/t, 4.62g/t
5.6g/t, 3.97g/t
8.01g/t, 1.31g/t
Ikamva
Historic drilling
10.5 @ 8.0g/t
9m @ 3.73g/t
4m @ 6.4g/t
16
Kilo JV…reinvesting our future returns
10km
Thrust duplication crosscut
by NE transfer structures
30km major thrust
Rotation into D2 shear
Pressure shadow
around intrusive
SE plunging
anticline
Jog in NE
corridor
30km NW dextral
shear
D1,D2
intersection
Legend
Geology
Amphibolite
Banded iron formation
Biotite granite
Dolerite
Gneiss
Granite
K rich sediments
Mafic volcanic
Metasediments
Quartz feldspar porphyry
Volcanosediments
Geological interpretation of Isiro Belt
Preliminary target
areas
Geological interpretation of Ngayu Belt
ISIRO BELT
NGAYU BELT
50km
N
Conclusions…
DRC: Attractive destination
Congo Craton under explored
Kibali is a truly world class deposit
Significant demonstrable upside
Randgold well positioned for future growth
17
Disclaimer…
Competent persons:
COMPETENT PERSONS: Yalea and Gara mineral resources from Loulo were calculated by Mr Abdoulaye Ngom, an officer of the company, under the
supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. Loulo 3 and Baboto mineral resources from Loulo were
calculated by Mr Ivan Doku, an independent consultant, and reviewed by Mr Jonathan Kleynhans, an officer of the company and competent person.
Faraba mineral resources from Gounkoto were calculated by Mr Jonathan Kleynhans, an officer of the company and competent person. Tongon mineral
resources were calculated by Mr Mamadou Ly and Mr Babacar Diouf, both officers of the company, under the supervision of Mr Jonathan Kleynhans, an
officer of the company and competent person. Morila mineral resources were calculated by Mr Adama Kone, an officer of the company, under the
supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. Kibali mineral resources were calculated by Mr Ernest Doh, an
officer of the company and competent person. Morila open pit resources were calculated by Miss Paula Oligive, an independent consultant, under the
supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. Gounkoto mineral resources were calculated by Mr Fredrick de
Bruin, an independent consultant, under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. Mr Johan
Kleynhans and Mr Rodney Quick are members of SACNASP and both have sufficient experience in the style of mineralisation and types of deposits
under consideration and the activity which they are undertaking as competent person as defined in the 2004 addition in the ‘Australasian Code for
Reporting Exploration Results, Mineral Resources and Ore Reserves’.
The Loulo, Tongon, Morila and Gounkoto open pit mineral reserves were calculated by Mr Shaun Gillespie, an independent consultant and competent
person and member of SAIMM. Kibali open pit mineral reserves were generated by Mr Nicholas Coomson, an officer of the company and competent
person and member of AusIMM. Loulo underground reserves were calculated by Mr Mamou Toure, an officer of the company, and reviewed by Mr Mark
Odell, an independent consultant and competent person and practising professional engineer. Massawa mineral reserves remain unchanged from last
year and were calculated by Mr Onno ten Brinke, an independent consultant and competent person and member of AusIMM, and reviewed by Mr
Rodney Quick, an officer of the company and competent person. The Kibali underground mineral reserves were calculated by Mr Tim Peters of Piran
Mining and reviewed by Mr Dan Donald of Mine RP, both independent consultants and competent person and members of AusIMM. All competent
person have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as
competent person as defined in the 2004 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore
Reserves’.Cautionary note to US investors: The United States Securities and Exchange Commission (the SEC) permits mining companies, in their filings
with the SEC, to disclose only proven and probable ore reserves. Randgold uses certain terms in this report such as ‘resources’ that the SEC does not
recognise and strictly prohibits the company from including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the
company’s 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical information contained herein, the matters discussed
in this presentation 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 Resources Limited (‘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 to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: 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 Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). 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.
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