.png)
Morila invests substantially in hunt for more gold
The Morila gold mine, a partnership between Randgold Resources, AngloGold....
The Morila gold mine, a partnership between Randgold Resources, AngloGold Ashanti and the Malian government, is continuing to invest substantially in exploration for further economic gold deposits within its lease area, according to Randgold Resources Chief Executive, Mark Bristow.Randgold Resources said the partnership had spent US$4.5m on exploration in 2006 and has budgeted a further US$6.5m this year for a 53,000m drilling program within Morila’s 200sqkm lease area. The company said the aim of this exploration is to extend the mine’s resource base and life beyond the current 2012 horizon.Mr Bristow said Morila exemplified two of Randgold Resources’ core beliefs: that true value is created through discovery and development and that sustainable mining operations require a mutually beneficial relationship between mining companies and their host countries.He said that Morila, which was discovered, financed and developed by Randgold, had made an enormous contribution to the Malian economy since it went into production in October 2000.“This great mine has already produced 4.4 million ounces of gold. Along with our partners, AngloGold Ashanti and the Malian Government, Randgold Resources is committed not only to ensuring that it continues to produce at optimal capacity for the duration of its planned life, but that its entire lease area is intensively explored to determine if any further economic gold mineralisation is present,” Mr Bristow said.Mr Bristow said Morila’s success would not have been possible without the support of Mali’s government and people. “Randgold Resources’ experience at Morila has been so positive that it has encouraged us to develop another major gold mine in