Continuing exploration by Randgold Resources Ltd at Loulo in Mali has increased the resource by 2.5 million ounces to more than 7 million oz. Announcing its results for the September quarter, the London and Nasdaq-listed gold miner said deep drilling at the Yalea deposit- designed to determine the open pit project's underground potential - had delineated high-grade ore and identified below-surface ore shoots. Remodelling of the ore body had increased the Yalea resource estimate to 4.98 million oz and the Loulo resource, excluding satellites, to 7.34 million oz. A further drilling phase is currently under way to produce an underground mine design and planning study for a bankable feasibility document Meanwhile, work on the open-pit mine has continued through the rainy season and Loulo remains on track to produce its first gold next year as scheduled.
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