Randgold Resources

Mali South

Morila was discovered, developed and financed by Randgold. The mine was commissioned in October 2000 and, since inception to December 2011, has produced more than 6 million ounces of gold and paid more than US$2 billion to stakeholders.

The Morila mine is situated 280 kilometres south east of Bamako, the capital of Mali. The mine is a joint venture between Randgold (40%), AngloGold Ashanti (40%) and the State of Mali (20%). Randgold has been operating Morila since February 2008. Under its stewardship the mine was successfully converted from open pit mining to a stockpile treatment operation during 2009.

Morila Resources And Reserves

		Tonnes (Mt)		Grade (g/t)		Gold (Moz)		Attributable gold *** 80% (Moz)
at 31 December	Category	2011	2010	2011	2010	2011	2010	2011	2010
MINERAL RESOURCES*
Stockpile	Measured	8.12	12.55	1.24	1.39	0.32	0.56	0.13	0.22
	Inferred	44.48	1.95	0.46	0.79	0.66	0.05	0.27	0.02
MINERAL RESERVES**
Stockpile	Proven	1.44	5.86	1.71	1.68	0.08	0.32	0.03	0.13
	Probable	6.68	6.69	1.14	1.14	0.24	0.24	0.10	0.10
Total mineral reserves	Proven and probable	8.12	12.55	1.24	1.39	0.32	0.56	0.13	0.22

*	Mineral resources consist of ore stockpiles and tailings storage facility (TSF) material. Ore stockpiles resources are reported at a US$1 500/oz gold price and reported at a 0.57g/t cut-off. TSF resources are reported at a US$1 500/oz gold price and reported at a 0.19g/t cut-off. Mineral resources were generated by Mr Adama Kone, an officer of the company, under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person.

**	Stockpile mineral reserves are reported at a US$1 000/oz gold price and reported at a 0.88g/t cut-off. Stockpile mineral reserves were calculated by Mr Stephen Ndede, an officer of the company and competent person.

***	Attributable gold (Moz) refers to the quantity attributable to Randgold based on Randgold’s 40% interest in the Morila gold mine.