| Mon 30 Jun 2003, 10:53 | | RANDGOLD & EXPLORATION TO BUILD MINRICO INTO NEW S |
|
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1992/005642/06)
Nasdaq trading symbol: RANGY
For further information call:
Roger Kebble on +27(11)837 0706
or mobile +27(0)83 444 3030
RANDGOLD & EXPLORATION TO BUILD MINRICO INTO NEW SOUTH AFRICAN RESOURCE BUSINESS
Johannesburg, 30 June 2003 - Using the extremely successful Randgold Resources
model, Randgold & Exploration will seek to grow its mineral rights subsidiary
Minrico into a sustainably profitable new South African exploration, development
and mining business, chairman Roger Kebble says in the annual report published
today.
As a first step, Black Economic Empowerment company Marathodi Resources is
obtaining a 26% interest in Minrico, which will then apply for selected Randgold
& Exploration mineral rights in terms of the new South African mining
legislation. Kebble said the board was considering the extension of the
Minrico empowerment initiative to the Randgold & Exploration level as part of
its continuing efforts to achieve the optimal structure for the group.
Kebble noted that Minrico had already been developed to a level where it was
able to sell its services to third parties, notably North American and
Australian juniors looking for exploration opportunities in South Africa. The
company currently has 3.56 million hectares under its management, of which 1.96
million hectares are owned by others. Some 75% of these mineral rights are
being explored for diamonds, platinum, gold and base or ferrous metals by six
different companies.
Fuelled by a powerful performance from its major investment, the London and
Nasdaq listed international gold business Randgold Resources, as well as renewed
investor interest in gold, Randgold & Exploration"s share price more than
doubled in 2002, making it one of the top counters of the year on the JSE
Securities" Exchange gold board. Over the same period, its net fair asset value
per share rose from R18.38 to R40.57, reflecting the increase in the value of
its underlying investments.
Issued on behalf of Randgold & Exploration by du Plessis Associates.
dPA contact Kathy du Plessis - Tel: +27 11 728 4701,
mobile:+27 (0) 83 266 5847 or e-mail randgold@dpapr.com
website: www.randgold.co.za
DISCLAIMER: Statements made in this release with respect to Randgold &
Exploration"s current plans, estimates, strategies and beliefs and other
statements that are not historical facts are forward-looking statements about
the future performance of Randgold & Exploration. These statements are based on
management"s assumptions and beliefs in light of the information currently
available to it. Randgold & Exploration cautions you that a number of important
risks and uncertainties could cause actual results to differ materially from
those discussed in the forward-looking statements, and therefore you should not
place undue reliance on them. The potential risks and uncertainties include,
among others, risks associated with: fluctuations in the market price of gold,
gold production at Morila, estimates of reserves and mine life and liabilities
arising from the closure of Syama. Randgold & Exploration assumes no obligation
to update information in this release.
