EXHIBIT 1
[RANDGOLD LETTERHEAD]
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N E W S R E L E A S E
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION PLEASE CALL:
- --------------------- Roger Kebble, Chairman +27 (11) 309-6036
or (cell) +27 (0) 83-444-3030
David Ashworth, Director +44 1954 251 505
RANDGOLD RE-ESTABLISHES ITSELF AS ACTIVE MINING BUSINESS,
REPORTS STRONG SURGE IN INTERIM EARNINGS
JOHANNESBURG, 12 AUGUST 2003 - Randgold & Exploration (JSE: RNG) (NASDAQ:
RANGY), which last month announced that it was restructuring itself as an
active, empowerment-based exploration, development and mining business, today
reported a 165% increase in fully diluted headline earnings for the six months
to June and said it was pursuing new growth opportunities.
Consolidated earnings per share for the period, which included an R81.8 million
profit on the sale of some of the group's shares in the London and Nasdaq listed
Randgold Resources (LSE: RRS) (NASDAQ: GOLD), were up 430% at 452 cents on a net
income of R200.6 million (six months ending June 2002: R45 million). Fully
diluted headline earnings per share rose from 101 cents to 267 cents. The
improvement in headline earnings is mainly attributable to a strong performance
by Randgold Resources' Morila mine and a higher gold price.
The sale of 1 million Randgold Resources shares, which reduced RG&E's holding in
that company to 42.9%, realised R126 million, some of which was used to repay
loans with the rest earmarked for the funding of RG&E's South African business
plans. The group's balance sheet strengthened significantly over the period,
with cash of R97 million and liabilities of R22 million at end-June.
Chairman Roger Kebble said today the group's plans included the development, in
partnership with Phikoloso Mining, of new opportunities created by the current
transformation of the South African mining industry. RG&E has issued 8.8 million
new ordinary shares (16.4% of its enlarged share capital) to Phikoloso in return
for a range of assets including shares in Anglo Platinum, Harmony and Afrikander
Lease.
"In addition to the new prospects which will be brought to us by Phikoloso,
RG&E's existing and ongoing joint venture and exploration activities will also
continue to produce organically generated growth opportunities," Kebble said.
more
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During the review period, RG&E's joint venture with Rio Tinto, which is
exploring an area of 730 000 hectares in the Northern Province, progressed well,
with some interesting new targets being identified. The platinum group metals
joint venture with Pan Palladium in the northern limb of the Bushveld has
started drilling, and drilling is also scheduled to commence at the joint
venture with Eurasia Mining over the Doornbosch property in the eastern limb of
the Bushveld as soon as a prospecting permit has been issued.
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Issued on behalf of Randgold & Exploration Company Limited
Contact: Randgold Investor & Media relations
[DU PLESSIS Kathy du Plessis
ASSOCIATES LOGO] +27 (11) 728-4701 / +27 (0) 83 266-5847
randgold@dpapr.com
www.randgold.co.za
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DISCLAIMER:
Statements made in this release with respect to Randgold &
Exploration's current plans, estimates, strategies and beliefs and other
statements that are not historical facts are forward-looking statements about
the future performance of Randgold & Exploration. These statements are based on
management's assumptions and beliefs in light of the information currently
available to it. Randgold & Exploration cautions you that a number of important
risks and uncertainties could cause actual results to differ materially from
those discussed in the forward-looking statements, and therefore you should not
place undue reliance on them. Randgold & Exploration assumes no obligation to
update information in this release.