In Mali South, a three dimensional exploration model

is being developed enabling the identification of

targets for drilling during the second quarter of 2006.

In Senegal, a portfolio of 31 targets is being

evaluated.

In Ghana and Burkina Faso, exploration has

commenced on a new portfolio of permits.

In Tanzania, an agreement has been concluded with

the government consolidating our groundholding in

the Musoma region. In the Mara district, conceptual

targets are being drill tested.

In summary, the company has a quality portfolio

of exploration projects in West and East Africa.

This reflects its business strategy of organic growth

through exploration and its primary objective of building

sustainable mining projects with significant returns.

MALI

Loulo

In addition to the resource conversion work and the

deep drilling at both the Yalea and Loulo 0 orebodies,

exploration has concentrated on the next discovery by

evaluating a quality portfolio of targets within the 372km

2

permit area.

The Faraba target is associated with a four kilometre,

north-south striking plus 100ppb soil anomaly. Follow-

up trench and RAB drilling have so far delineated

2.5 kilometres of bedrock mineralisation. This in turn

has been followed up by a first phase reconnaissance

RC drilling programme covering an 800 metre strike.

Results include: FARC004 – a broad intersection of

78 metres at 1.60g/t with 57 metres at 2.05g/t and higher

grade inclusions of 7 metres at 6.43g/t and 5 metres at

4.87g/t; FARC006 – a broad intersection of 52 metres

at 2.41g/t with 28 metres at 3.49g/t and higher grade

inclusions of 6 metres at 11.3g/t: FARC021 – 27 metres

at 4.14g/t; and FARC022 – 92 metres at 1.69g/t with

higher grade inclusions of 11 metres at 5.55g/t and

6 metres at 3.22g/t. Geologically the target is similar to

Yalea in that a north-south striking shear has developed

at the contact between argillaceous quartzite and

greywacke.

At P64, a 1.5 kilometre plus 100ppb north-northwest soil

anomaly characterises the target. A programme of

seven follow-up RC holes for 1 097 metres has so far

tested a 300 metre strike. Results include: P64RC05 –

a broad intersection of 81 metres at 1.75g/t including

4 metres at 12.60g/t and 5 metres at 6.86g/t: and

P64RC06 – a broad intersection of 71 metres at 1.67g/t

including 14 metres at 5.45g/t and 16 metres at 2.07g/t.

Mineralisation is associated with strongly disseminated

pyrite, hosted in altered greywacke (chlorite-silica-

carbonate-iron).

Sitakily

Exploration has started at Sitakily, 21 kilometres east of

Loulo. Mineralisation is associated with porphyry

dykes which have intruded the high zone of folded

metasedimentary rock. Reconnaissance diamond drilling

has started.

Randgold Resources    Annual Report 2005 25