Analyst Visit MORILA GOLD MINE

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• Analyst Visit MORILA GOLD MINE
• 18 February 2004
• Glen Koropchuk
• General Manager

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Disclaimer
Except for the historical information contained
herein, there are matters discussed in this
presentation that are forward-looking statements.
Such statements are only predictions and actual
events or results may differ materially. For a
discussion of important factors including, but
not limited to development of the Company's
business, the economic outlook in the gold mining
industry, expectations regarding gold prices and
production, and other factors, which could cause
actual results to differ materially from such
forward-looking statements, refer to the
Company's annual report on the Form 20-F for the
year ended 31 December 2002, which was filed with
the Securities and Exchange Commission on 7 April
2003. All figures from 2004 onwards are forecast
figures.
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Contents

• Introduction to Morila
• Health Safety
• Geology
• Mining
• Metallurgy
• Exploration
• Human Resources
• Environment
• Community Development
• Finance Administration

INTRODUCTION
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Regional Geography
INTRODUCTION
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Shareholders
INTRODUCTION
Partnership Government of Mali, Randgold
Resources AngloGold Operated by AngloGold
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Management Team
Glen Koropchuk General Manager Guy Riopel -
Administration Finance Peet van Schalkwyk
Metallurgy Carl Baker-Duly Mining Claude Poulin
Geology Samba Touré Environment  Community
Development Nouhoum Diakité HR Réjean
Prevereault Health and Safety Dr Fanie Jute
Medical Services
INTRODUCTION
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Infrastructure

• Morila is a fully self-contained mining operation
  with the following main infrastructure
• Electrical Power generation distribution
• Water reticulation from the Bagoe river for
  process plant human consumption
• Accommodation and mess facilities
• Airstrip road network
• Telecommunications via satellite
• Radio network

INTRODUCTION
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Infrastructure

• Water
• Pumped from the Bagoe river, 28 km away.
• Average quantity 359,500 m3/month
• Power Plant
• Installed Capacity is 29 MW. Current average
  demand is 16.5 MW at 100 availability
• Average Power Load 14.4 MW/month
• Average Diesel Consumption (Power Plant)
• 89,500 litres/day or 10 litres/tonne
• Electronic Fuel Management

INTRODUCTION
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Infrastructure

• Pit, Stockpiles, Dumps
• Contractor Workshops
• Gold Plant
• Tailings Storage Facility
• Main offices
• Workshops
• Stores
• Power Plant
• Camp village
• Airstrip
• Sanso houses

INTRODUCTION
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Operational Overview

• Mineral Resources 31/12/03 3.8 million Au oz
• Ore Reserves 31/12/03 3.1 million Au oz
• Estimated Treatment Life 2011
• Open Pit Operation 2009
• Total Cash Costs Approximately US190/oz over
  remaining LOM
• Plant Head Grade Approximately 4.5 g/t over
  remaining LOM
• Plant Design Throughput 3.12 million t/annum
• Plant Throughput Upgrade 4.2 million t/annum
  (2004)
• Process recovery 96 for oxide 91 for
  sulphide
• Capital Investment US 102 million 4
  million/annum
• Employees 1,160 including 701 contractors
• 92.5 are Malian Nationals

INTRODUCTION
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Construction Capital
INTRODUCTION
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Health Safety

• Safety Initiatives 2003
• Appointment of dedicated Safety Manager
• Improved Safety Management System/documentation
• Implementing of emergency procedure drills

HEALTH SAFETY

• Improved communications
• Improved awareness campaign
• More visible management presence on shop floor
• Improved vehicle and access control
• Cultural diversity program
• Behaviour Based Safety Programme
• Morila reduced the LTIFR by 41 compared to 2002

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Malaria Incidence

HEALTH SAFETY
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West African Mines
GEOLOGY
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Morila 3D Ore Body Pit 1 Pit 2
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Morila 3D Ore Body December 2003 Actual Pits
Actual Pit 2 Area
Actual Pit 3 Area
Actual Pit 4 Area
Actual Pit 1 Area
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Morila 3D Ore Body Final Pit Design
Vertical Sulphide Ore
Horizontal Sulphide Ore
Oxide Ore
GEOLOGY
Final Pit Design
Transitional Ore
Eastern Margin
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Morila 3D Ore Body Final Pit Design
GEOLOGY
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Long Section Remaining ResourceView Looking
West
Resource Outline
Current Pit Limit
Final Pit Design
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Production History 2004 Mining Plan
MINING
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Annual Production Grade Profile 2004-2008
MINING
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Challenges 2004
Jan
MINING
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Challenges 2004
Feb
MINING
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Challenges 2004
Mar
MINING
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Challenges 2004
MINING
Apr
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Challenges 2004
MINING
May
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Challenges 2004
MINING
Jun
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Challenges 2004
Jul
MINING
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Challenges 2004
Aug
MINING
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Challenges 2004
Sep
MINING
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Challenges 2004
MINING
Oct
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Challenges 2004
MINING
Nov
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Challenges 2004
MINING
Dec
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Key Mining Equipment

• Drills (Ingersoll Rand/Atlas Copco) 9
• Excavators (180-220t Cat/Liebherr) 4
• Utility Excavator (80t Cat) 1
• Front End Loader (74t Cat) 1
• Haul Trucks (63t-90t payload Cat) 21
• Graders (25t Cat) 2
• Water Tankers (53t payload Cat) 2
• Track Dozers (35-65t Cat) 5
• Wheel Dozer (46t Cat) 1
• Tyre Handler (Cat) 1

MINING
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Mineral Resource Statement 31 December 2003
102003 Resource at 1.0 g/t cut off
MINING
Note Rounding of figures may result in
computational discrepancies
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Ore Reserves Parameters
MINING
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Metallurgical Process Flow
The process plant is a conventional CIL process
with an up-front gravity section to extract the
free gold. The plant has a current throughput of
260,000 tonnes per month (3.12 million tonnes per
annum).
Oxide Gravity Gold 25.4
Oxide CIL Gold 95.2
Oxide overall Gold 96.1
Oxide Ore
Carbon in Leach
Tailings Dam
SAG Ball Milling
METALLURGY
Crushing
Sulphide Ore
Sulphide CIL Gold 88.0
Sulphide Gravity Gold 37.4
Sulphide overall Gold 91.3
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Metallurgical Performance
The plant was commissioned in October 2000.
9,416,377 tonnes were processed up to 31
December 2003, producing 2,622,860 oz of gold.
METALLURGY
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Metallurgical Performance
METALLURGY
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Plant Expansion

• Increase resource utilisation
• Assist in the treatment of the TSF Mineral
  Resource
• Increase current revenues
• Treatable volume of low grade ore and marginal
  material increases towards end of LOM (fixed
  costs spread over greater volume)
• Increase to 350,000 tonnes per month
• Additional 4 Leach/CIL Tanks
• Secondary Crushing Circuit
• Cyanide Wash Thickener
• Financial impacts
• Total US 8.9 million (Turn-key Project)
• Using US 350/oz in Constant Gold Price Model
• Cash Flow increase is US 31 million
• Improvement in NPV
• Not very sensitive to gold

METALLURGY
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Exploration Philosophy

• Dual Focus
• Strategic
• Develop the deep extensions to Morila ore body
  for extraction beyond current LOM
• Find a new Morila Mine lease generative study
• Tactical
• Locate near surface high grade mineralisation for
  inclusion in the mine plan as soon as possible

EXPLORATION
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Strategic Targets Pit Area
EXPLORATION
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Exploration Tactical Focus

• Domba
• 2,000 m RC infill drilling program
• Bla
• Heel Toe RAB (follow up required)
• Domba East
• 200 x 200m RAB (follow up required)
• Bla South
• 400 x 100m soils, Complete
• San East
• Infill soils to 200 x 100m, Complete

EXPLORATION
Morila
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Exploration Generative Study Target Ranking

• Inputs
• Morila Geological Model
• Geophysical Interpretation, Geochemical
  Contouring
• Geological Interpretation (completed)
• Ranked Structural Features
• Outputs
• Technical Review Document
• List of Targets ranked by their likeness to
  Morila/likelihood of large scale mineralisation
• Exploration Programme for 2004 and beyond
• Exploration potential
• 200km2 lease area
• From grassroots geological activities to advanced
  computer-based methods
• Combining structure, RAB Geochem and EM contours
• Targeting additional ounces with US1.5 million
  programme (provisional US1.0 million)

EXPLORATION
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Human Resources

• Training Development
• Safety, Management, Environmental, Technical
• 2004 Budget US 352,035
• Maintain Peaceful IR Climate
• Localisation programme
• 47 to 33 expatriates in 4 years
• Union Capacity Building
• Cultural diversity

HUMAN RESOURCES
Twenty Malian apprentices started training in Feb
2001 Final phase will be completed in April 2004
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Environment

• Morila SA developed an Environmental Policy
  Objectives which adheres to
• All applicable legal requirements defined by the
  Malian authorities regarding the Environmental
  Protection associated with mining activities
• The Randgold and AngloGold Corporate
  Environmental Mission Statements and Policies
• The World Bank Environment, Health and Safety
  Guidelines for Mining and Milling Open Pit
  (August 11, 1995)
• Surface Water
• Waste Rock Dump and ROM pad are bunded and during
  the wet season the run-off water is contained
• The contained water is sampled and tested for
  heavy metals and other contaminants

ENVIRONMENT
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EnvironmentGroundwater

• 63 Boreholes have been installed around the TSF,
  the Return Water Dam and the ROM pad to monitor
  the ground water aquifers these are routinely
  sampled
• Ambient air dust monitoring
• Fall-out dust
• Open Pit
• Aggregate crusher
• TSF
• Stock Piles/Waste Dump
• Respirable dust
• Run-of-crusher cone area
• Aggregate crusher
• Belt transfer points

ENVIRONMENT
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Objectives

• Sustainable development
• Agriculture
• Health
• Education
• Environment
• Build lasting relationships,
• Community partnerships (NGOs and local
  government representatives)
• Committees Task Forces
• Community Development Task Group
• Community Development Technical Committee
• Local Community Development Committee
• An Association to direct and manage long-term
  sustainable projects is in the process of being
  established.

COMMUNITY DEVELOPMENT
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Community Development Investment to date
COMMUNITY DEVELOPMENT
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Community DevelopmentHealth Care

• Refurbishment of Sanso Health Care Centre
• Medical Equipment, Medicine and Solar Panels for
  Domba Health Care Centre
• Installation of 25 water wells in 4 villages
• Malaria control programme
• HIV/AIDS awareness programme

COMMUNITY DEVELOPMENT
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Community DevelopmentEducation

• 18 equipped classrooms and 4 latrines have been
  installed in 4 villages.
• Ten teachers are fully paid for by Morila SA
• Schools are provided with stationery annually
• Outreach English classes in Sanso School

COMMUNITY DEVELOPMENT
New Classrooms at Sanso
New School at Morila
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Community Development Other Projects

• Bridges (Morila, Fadia and Sanso)
• Roads (Morila)
• Mosques (Sanso and Domba)
• Solar Panels (Maternity Clinic, Mosque)
• Agricultural feasibility studies
• Rice farming
• Market gardens
• Revenue-generating activities
• Cereal grinding machines for Womens Associations
  in Sanso, Domba, Morila Fingola at a cost of
  US7,821
• Cereal bank established in Sanso for the four
  neighboring villages at a cost of approximately
  US17,000

Mosque
COMMUNITY DEVELOPMENT
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Finance Administration
FINANCE
NOTE Profit refers to Net Profit
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Finance Administration
FINANCE
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• Analyst Visit MORILA GOLD MINE
• 18 February 2004
• THANK YOU