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Randgold Res. seeks to extend Tongon's life

24 April 2017 07:13

Randgold Resources said a continuing review of its Nielle permit, which hosts the Tongon gold mine, has confirmed multiple opportunities for extending the life of the operation beyond the current four-year horizon.

Near-mine targets with high-resource potential were the prime focus of the exploration programme at Tongon, while elsewhere in Cote d'Ivoire Randgold was building a solid permit portfolio towards its next big discovery.

This was in line with the company's belief that the country was one of West Africa's most prospective gold regions, said Randgold's CEO, Mark Bristow.

"Tongon was born in the midst of a political crisis in Cote d'Ivoire and has since had to overcome many challenges, of an external as well as an operational nature," said Bristow.

"The team has persevered, however, and ended 2016 with a gold production record for the fourth quarter of the year.

"Building on that base, with a strong emphasis on costs as well as maximising the benefits of its plant upgrades and expansion, Tongon is on track to achieve its production guidance of 285 000 ounces of gold for 2017," he said.

The CEO further noted that Randgold's engagement with Cote d'Ivoire dated back to its acquisition of the Nielle permit in 1996.

Story provided by StockMarketWire.com

Related Company: RRS

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