The June 2002 pre-feasibility study on Tongon has also

been reviewed with new parameters reflecting current

market conditions.

Potentially mineable material of 13.05 million tonnes

at a grade of 3.54 grams per tonne for only the

southern zone, assuming dilution of 15% and ore

loss of 2%.

Strip ratio of 4.38:1 and cost of US$1.51 per tonne

mined over the life of mine.

Recoveries of 97.4% for oxides and 82.1% for

sulphides.

Production rates of 240 000 tonnes per month

in oxides and 200 000 tonnes per month in

sulphides.

Life of mine unit cost of approximately US$22 per

tonne milled and US$260 per ounce cash cost.

Total life of mine capital costs of US$111 million.

Gold price of US$400 per ounce flat.

Côte d’Ivoire royalty of 3% on gold sales.

Five year tax holiday.

This assessment takes into account the increases in

diesel, steel and transportation costs affecting mining

projects worldwide. On the basis of this preliminary

economic assessment, the project continues to meet

the company’s hurdle rates for further investment.

A 27 000 metre drilling programme to close the interhole

spacing to a 50 metre x 50 metre grid has been designed.

This will allow the completion of a final feasibility

study and production decision within two years of

the recommencement of exploration and feasibility

activities.

TONGON

Attribu

RESOURCES

2005

2004

2005

2004

2005

2004

table

Mt

Mt

g/t

g/t

Mozs

Mozs

(75%)

Inferred

35.96     34.00        2.68        2.60        3.11        2.89        2.33

Randgold Resources    Annual Report 2005 23