WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Notes: 1)  Reserve estimated by Coffey Mining using a pit design based on a US$950/oz gold price optimisation. 2)  All Measured and Indicated Mineral Resources in pit designs designated as Probable Ore Reserves,  Inferred Mineral Resources considered as waste.  3)  A mining dilution of 5% was applied at a grade of 0.0g/t. In addition, a mining ore loss of 3% was assumed. 4)  The Probable Ore Reserve as estimated in the DFS was estimated at a 0.55g/t gold cut-off. 10 Review of Operations TENGRELA GOLD PROJECT  (“TGP”), CÔTE D’IVOIRE Project Permitting Exploration Definitive Feasibility Study Project Engineering Table 2: Sissingue Mineral Reserves  Proved Reserves Probable Reserves Proved & Probable Reserves  Ore Gold Gold Ore Gold Gold Ore Gold Gold Ore Type Mt  g/t  ‘000 oz  Mt  g/t  ‘000 oz  Mt  g/t  ‘000 oz Oxide/Transition - - - 3.4 2.1 224 3.4 2.1 224 Primary - - - 6.3 2.1 433 6.3 2.1 433 Total - - - 9.7 2.1 657 9.7 2.1 657 •  The application of high grade  cuts (grade capping) to the  assays reduced the reported  Mineral Resource grade above  a 1g/t gold cut-off by 32%. •  Inferred: 7.2 Mt at 1.2g/t  for 274,200 ozs of gold  •  Measured and Indicated: 15.2 Mt at 1.9g/t for  914,550 ozs of gold  •  Mineral Resource at 0.5g/t  gold cut-off: •  C1 Cash costs in the first two  years of US$421/oz, with mine  life average cash costs of  US$505/ oz; •  Estimated production of  340,000oz (3.5Mt at 3.3g/t) of  gold in first two years of a six  year mine life; •  Initial Probable Ore Reserve  of 657,000oz of gold (Refer to  Table 2 below for details); •  Inferred: 3.4 Mt at 1.7g/t  for 184,500 ozs of gold •  Measured and Indicated: 9.8 Mt at 2.5g/t for  782,670 ozs of gold •  Mineral Resource at 1g/t gold  cut-off: •  Start-up capital cost of US$115  million paid back in 14 months  at US$1,100/oz gold price. •  EBITDA of US$221M for first  two years of production at  US$1,100/oz gold price;  Mining Convention, orders for long  lead items of plant may be placed  once engineering is completed. Following extensive resource  definition drilling by up to 4 drill rigs  on the Tengrela East tenements,  updated Mineral Resource  estimates for the Sissingue deposit  which is part of the TGP were  published in July 2010 with the  following results: Following the completion of the  positive DFS, engagement with  regulatory authorities to apply  for the permits needed for the  development of a gold mining and  processing operation in Côte d’Ivoire  was initiated. This process was  suspended temporarily in late 2010  / early 2011 due to the disputed  Presidential election results but has  since resumed. Formal negotiations  of the terms of a Mining Convention  are expected to take place in the  second half of 2011. The 885sq km TGP area is located  in the north of Côte d’Ivoire,  immediately adjacent to the  border with Mali, along the same  structural/stratigraphic corridor  within the Syama-Boundiali  greenstone belt. The project  lies approximately 150km south- southeast of the Morila gold mine  (7Moz) in Mali and 65km west  northwest of Randgold’s Tongon  deposit (4.3Moz) in Côte d’Ivoire. During the year, a Definitive  Feasibility Study (“DFS”) on the  TGP’s Sissingue deposit was  completed. Results of the study  were published in November 2010  and included the following: Invitations to tender for design and  engineering associated with the  TGP were issued to a number of  engineering firms and a contract  is expected to be awarded by the  end of 2011 enabling detailed  design of the processing facility  and related infrastructure to  be undertaken. Subject to the  progress of negotiations on the 