<HTML>
<HEAD>
<TITLE>S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">As filed with the Securities and Exchange Commission on December&nbsp;15, 2008</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>RANDGOLD RESOURCES LIMITED</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Jersey, Channel Islands
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">LA MOTTE CHAMBERS<BR>
LA MOTTE STREET<BR>
ST. HELIER JERSEY JE1 1BJ<BR>
CHANNEL ISLANDS<BR>
(011 44) 1534 735 333<BR>
(Address, including zip code, of Registrant&#146;s principal executive offices)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">RANDGOLD RESOURCES SHARE OPTION SCHEME<BR>
AWARDS OF RESTRICTED STOCK TO NON-EXECUTIVE DIRECTORS<BR>
AWARD OF RESTRICTED STOCK TO D.M. BRISTOW<BR>
AWARD OF RESTRICTED STOCK TO G.P. SHUTTLEWORTH<BR>
RANDGOLD RESOURCES RESTRICTED SHARE SCHEME<BR>
(Full titles of the Plans)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CT CORPORATION SYSTEM<BR>
111 EIGHTH AVENUE<BR>
NEW YORK, NEW YORK 10011<BR>
(212)&nbsp;894-8940<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copy to:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">STEVEN I. SUZZAN, ESQ.<BR>
FULBRIGHT &#038; JAWORSKI L.L.P.<BR>
666 FIFTH AVENUE<BR>
NEW YORK, NEW YORK 10103<BR>
(212)&nbsp;318-3000<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>Large accelerated filer <FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>Non-accelerated filer&nbsp; <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top" nowrap>Smaller reporting Company <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>

    <TD align="center" valign="top" colspan="3" nowrap>(Do not check if a smaller reporting company)</TD>

    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 135pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="19" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Aggregate</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be Registered (4)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered (1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Per Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">631,217 shares
available for
issuance under the
Share Option Scheme
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.88 (2)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$25,804,150</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,014</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">3,025,514 shares
issuable upon
exercise of options
granted under the
Share Option Scheme
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$21.83 (3)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$66,046,970</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$2,596</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">150,000 shares
awarded to Dr.
Bristow as
restricted stock
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.88 (2)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$6,132,000</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$241</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">12,000 shares
awarded to G.P.
Shuttleworth
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.88 (2)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$490,560</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$19</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">29,162 shares
awarded to
non-executive
directors as
restricted stock
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.88 (2)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,192,142</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$47</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares, $0.05
par value per share
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">400,000 shares
available for
issuance under the
Restricted Share
Scheme
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$40.88 (2)
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$16,352,000</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$643</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Total
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">4,247,893 shares
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$116,017,822</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$4,560</TD>
    <TD nowrap valign="bottom" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="19" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement shall also cover any additional ordinary shares which become
issuable under Randgold Resources Share Option Scheme, Restricted
Share Scheme or the restricted stock awards by reason
of any stock dividend, stock split, capitalization of reserves and premiums or other similar
transaction effected without the receipt of consideration which results in an increase in the
number of the outstanding ordinary shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee on the basis of $40.88 per share (the
average of the high and low prices of Randgold Resources Limited&#146;s American Depository Shares
on the Nasdaq Global Select Market on December&nbsp;12, 2008). One American Depository Share
equals one ordinary share of Randgold Resources Limited.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee on the basis of the weighted average
exercise price of the options granted under Randgold Resources Option Share Scheme outstanding
as of the date of the filing of this registration statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>The ordinary shares may be represented by the
Registrant&#146;s American Depositary Shares, each of which
represents one ordinary share. The Registrant&#146;s ADSs issuable on
deposit of the ordinary shares registered hereby have been registered
under separate registration statement on Form&nbsp;F-6.</TD>
</TR>
</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement on Form S-8 is being filed to register additional ordinary shares
of Randgold Resources Limited for issuance under the Randgold Resources Share Option Scheme, Restricted
Share Scheme and the
restricted share awards that were granted pursuant to the shareholders&#146; approval at the annual
meetings, which shares are in addition to those previously registered on a registration statements
on Form&nbsp;S-8 (No.&nbsp;333-103222) on February&nbsp;14, 2003 and Form&nbsp;S-8 (Nos. 333-145013) on August&nbsp;1, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under cover of this registration statement on Form S-8 is a reoffer prospectus prepared in
accordance with the requirements of Part&nbsp;I of Form F-3 under the Securities Act of 1933, as amended
(the &#147;<U>Securities Act</U>&#148;), and pursuant to the General Instruction C to Form S-8. The reoffer
prospectus may be used for reoffers and resales made on a continuous or delayed basis in the future
of up to an aggregate of 305,962 ordinary shares, which may constitute &#147;control securities&#148;
and/or &#147;restricted securities,&#148; issued or to be issued to the selling shareholders listed in the
reoffer prospectus pursuant to Randgold Resources Share Option Scheme or the restricted stock
awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, &#147;us&#148;, &#147;we&#148;, &#147;our&#148;, or words of similar import, refer to
Randgold Resources Limited and its subsidiaries and affiliated companies.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information required in Part&nbsp;I of this registration statement on
Form S-8 will be sent or given to our employees who are eligible to participate in our Share Option
Scheme or restricted stock awards as specified by Rule&nbsp;428(b)(1) under the Securities Act. In
accordance with the instructions to Part&nbsp;I of Form S-8, such documents will not be filed with the
Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under the Securities
Act. These documents and the documents incorporated by reference pursuant to Item&nbsp;3 of Part&nbsp;II of
this Registration Statement, taken together, constitute the prospectus as required by Section 10(a)
of the Securities Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>REOFFER PROSPECTUS</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 6pt"><B>RANDGOLD RESOURCES LIMITED</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>305,962 Ordinary Shares</B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus relates to 305,962 shares of our ordinary shares, par value $.05 per
share, in the form of ordinary shares or American Depositary Shares,
or ADSs, that may be offered and resold from time to time by certain eligible participants and
existing selling shareholders, including (i)&nbsp;29,162 shares of our ordinary shares underlying the
restricted stock awards that were granted to our non-executive directors pursuant to our
shareholders&#146; approval at the annual meetings for the fiscal years ended December&nbsp;31, 2004, 2005,
2006 and 2007, (ii)&nbsp;150,000 shares of our ordinary shares underlying the restricted stock awards
that were granted to Dr.&nbsp;D.M. Bristow pursuant to the Contract of Employment dated October&nbsp;1, 2002,
(iii)&nbsp;40,000 shares of our ordinary shares underlying the restricted stock awards that were granted
to Dr.&nbsp;D.M. Bristow pursuant to the First Contract of Employment dated April&nbsp;28, 2008, no shares of
which are issued and outstanding, (iv)&nbsp;36,000 shares of our ordinary shares underlying the
restricted stock amounts that were granted to G.P. Shuttleworth pursuant to the Employment Contract
dated April&nbsp;28, 2007, 12,000 shares of which are fully vested, issued and outstanding, and
(v)&nbsp;50,800 shares of our ordinary shares underlying the share options that were granted to our
non-executive directors pursuant our Share Option Scheme. &nbsp;We are not offering or selling any
shares under this prospectus and will not receive any of the proceeds from the sale of the shares
offered by these selling shareholders. If, subsequent to the date of this reoffer prospectus, we
grant any share options under our Share Option Scheme or restricted stock awards pursuant to the
shareholders&#146; approval at the annual meeting to our affiliates (as defined in Rule&nbsp;405 under the
Securities Act), Instruction C of Form S-8 requires that we supplement this reoffer prospectus with
the names of such affiliates and the amounts of securities to be reoffered by them as selling
shareholders.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may sell the shares in varying amounts through public or private
transactions at prevailing market prices or at negotiated prices. Such future prices are not
currently known. &nbsp;Sales may be made through brokers or to dealers, who are expected to receive
customary commissions or discounts. We will not receive any proceeds from the sale of the shares.
The selling shareholders will bear all the sales commissions and similar expenses. Any other
expenses incurred by us in connection with this registration and offering not borne by the selling
shareholders will be borne by us.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not know when, how or if the selling shareholders intend to sell their ordinary shares
covered by this prospectus or what the price, terms or conditions of any sales will be. &nbsp;See &#147;Plan
of Distribution&#148; below. &nbsp;We understand that the Commission may, under certain circumstances
consider persons reselling any shares of our ordinary shares and dealers or brokers handling a
resale of shares of our ordinary shares and dealers and brokers handling a resale of shares of our
ordinary stock to be &#147;underwriters&#148; within the meaning of the Securities Act.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ordinary shares are not listed for trading in the United States, but are listed on the
Nasdaq Global Select Market under the symbol &#147;GOLD&#148; in connection with the listing of the American
Depositary Shares on the Nasdaq Global Select Market. &nbsp; On December&nbsp;12, 2008, the last reported
sale price for our ADSs on the Nasdaq Global Select Market
was $40.65 per share.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Neither the Commission nor any state securities commission has approved or disapproved these
securities or determined if this prospectus is truthful or complete. &nbsp; Any representation to the
contrary is a criminal offense. &nbsp;This prospectus is not an offer to sell these securities and it is
not a solicitation of an offer to buy these securities in any state where the offer or sale is not
permitted. &nbsp;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>YOU SHOULD CAREFULLY CONSIDER THE &#147;RISK FACTORS&#148; BEGINNING ON PAGE 4 OF THIS PROSPECTUS BEFORE
PURCHASING OUR COMMON SHARES.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">This prospectus is dated December&nbsp;15, 2008.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">CAPITALIZATION AND INDEBTEDNESS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">PRICE RANGE OF ORDINARY SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">MARKETS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">SELLING SHAREHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXPENSES OF THE OFFERING</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">SHARE CAPITAL</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#111">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#112">WHERE YOU CAN FIND MORE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#113">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y00768exv5w1.htm">EX-5.1: Opinion of Ogier, as to the legality of the ordinary shares.</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y00768exv23w1.htm">EX-23.1: Consent of BDO Stoy Hayward LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y00768exv23w2.htm">EX-23.2: Consent of BDO Stoy Hayward LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y00768exv23w3.htm">EX-23.3: Consent of PricewaterhouseCoopers LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y00768exv23w4.htm">EX-23.4: Consent of PricewaterhouseCoopers Inc</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should rely only on the information contained in this prospectus. We have not authorized any
other person to provide you with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. The selling shareholders will not make an
offer to sell these securities in any jurisdiction where an offer or sale is not permitted. You
should assume that the information appearing in this prospectus is accurate as of the date on the
front cover of this prospectus only, regardless of the time of delivery of this prospectus or of
any sale of our common stock. Our business, financial condition, results of operations and
prospects may have changed since that date.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary highlights selected information contained in this prospectus. This
summary does not contain all the information you should consider before investing in the
securities. Before making an investment decision, you should read the entire prospectus carefully,
including the &#147;risk factors&#148; section, and our Annual Report on Form 20-F for the year ended
December&nbsp;31, 2007, and other documents filed with the Commission that are incorporated by reference
into this prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated under the laws of Jersey, Channel Islands in August&nbsp;1995, to engage in
the exploration and development of gold deposits in Sub-Saharan Africa. Our principal executive
offices are located at La Motte Chambers, La Motte Street, St. Helier, Jersey, JEI 1BJ, Channel
Islands and our telephone number is (011 44) 1534 735-333. Our agent in the United States is CT
Corporation System, 111 Eighth Avenue, New York, New York 10011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Overview</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We engage in gold mining, exploration and related activities. Our activities are focused on
West and East Africa, some of the most promising areas for gold discovery in the world. In Mali, we
have an 80% controlling interest in the Loulo mine through Somilo SA. The Loulo mine is currently
mining from two open pits and mining has started from the first of two underground mines that are
being developed at Loulo. We also own 50% of Morila Limited, which in turn owns 80% of Morila SA,
the owner of the Morila mine in Mali. In addition, we own an effective 81% controlling interest in
the development stage Tongon project located in the neighboring country of C&#244;te d&#146;Ivoire. We also
have exploration permits and licenses covering substantial areas in Mali, C&#244;te d&#146;Ivoire, Burkina
Faso, Ghana, Senegal and Tanzania. At April&nbsp;30, 2008, we declared proven and probable reserves of
8.53&nbsp;million ounces attributable to our percentage ownership interests in Loulo, Morila, and
Tongon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy is to create value through the discovery, development and profitable exploitation
of resource opportunities, focusing on gold. We seek to discover significant gold deposits, either
from our own phased exploration programs or the acquisition of early stage to mature exploration
programs. We actively manage both our portfolio of exploration and development properties and our
risk exposure to any particular geographical area. We also routinely review opportunities to
acquire development projects and existing mining operations and companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Loulo </U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February&nbsp;2004, we announced that we would develop a new mine at Loulo in western Mali. In
2005, we commenced open pit mining operations at the Gara and Yalea pits, as well as other smaller
satellite pits. In 2007, its second year of production, the Loulo mine produced 264,467 ounces of
gold at a total cash cost of $372 per ounce. Production at the mine in 2008 is expected to be at a
similar level. We currently anticipate that mining at Loulo will continue through 2024.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We commenced development of the Yalea underground mine in August&nbsp;2006 and first ore was
accessed in April of 2008 with full production scheduled for 2009. We anticipate that we will
commence development of Loulo&#146;s second underground mine, Gara, in 2010 with first ore scheduled to
be delivered to the plant at the end of that year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The focus of exploration at Loulo is to continue to explore and discover additional orebodies
within the 372 square kilometer permit. To date, we have succeeded in identifying numerous
additional targets including two significant advanced stage targets, Faraba and Baboto, which are
subject to further exploration and drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Morila</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1996, we discovered the Morila deposit, which we financed and developed and to date has
been our major gold producing asset. Since production began in October&nbsp;2000, Morila has produced
more than 5&nbsp;million ounces of gold at a total cash cost of $177 per ounce. We estimate that
Morila&#146;s total production for 2008 will be approximately 430,000 ounces, with in pit mining ceasing
in 2009 and processing of lower grade stockpiles continuing until 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morila focuses its exploration activities on extending the existing orebody and discovering
new deposits that can be processed using the Morila plant. We continually seek to extend the life
of mine at Morila, and have targeted areas within the Morila joint venture for further drilling.
Outside of the Morila joint venture, we hold exploration permits covering 476 square kilometers in
the Morila region, where we are engaged in early stage exploration work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Tongon</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our Tongon project located in C&#244;te d&#146;Ivoire, we completed a 30,000 meter drilling program
and a feasibility study and the board gave approval for the mine development to proceed in January
2008 and construction will start at the end of 2008 with first gold production scheduled for the
fourth quarter of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exploration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have a quality portfolio of exploration projects in both West and East Africa. In 2007, we
have concentrated our exploration activities on the extension of known orebodies and on the
discovery of new orebodies both at producing mines and exploration sites. In addition, we continued
with our strategy to expand our footprint in Africa, including newly emerging countries. We are
actively exploring in six African countries with a portfolio of 189 targets on 12,154 square
kilometers of groundholding. Our business strategy of organic growth through exploration has been
validated by our discovery and development track record, including the Morila and Loulo mines and
the Tongon project.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This Offering</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ordinary Shares outstanding prior to this offering
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76,506,150 shares (1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ordinary shares issuable upon exercise of
outstanding share options and restricted shares
which may be offered pursuant to this prospectus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">305,962 shares</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use of proceeds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will not receive
any proceeds from the
sale of our ordinary
shares offered in
this prospectus. We
will receive proceeds
to the extent that
options issued by us
are exercised for
cash. We will use
the exercise
proceeds, if any, for
working capital and
general corporate
purposes.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Risk Factors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The purchase of our
ordinary shares
involves a high
degree of risk. You
should carefully
review and consider
&#147;risk factors&#148;
beginning on page 4.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nasdaq Global Select Market Symbol
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOLD</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">London Stock Exchange Symbol
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RRS</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>As of November&nbsp;30, 2008. This number does not include shares of ordinary shares issuable upon
exercise of outstanding share options or vesting of restricted stock awards.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus contains forward looking statements within the meaning of Section&nbsp;27A of
Securities Act, Section&nbsp;21E of the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange
Act</U>&#148;), and the Private Securities Litigation Reform Act of 1995, including statements regarding
our expected financial position, business and financing plans. These forward looking statements
reflect our views with respect to future events and financial performance. The words &#147;believe,&#148;
&#147;expect,&#148; &#147;plan&#148; and &#147;anticipate&#148; and similar expressions identify forward looking statements.
Although we believe that the expectations and assumptions reflected in such forward looking
statements are reasonable, the expectations and assumptions may prove to be incorrect. Important
factors that could cause actual results to differ materially from these expectations are disclosed
in this prospectus. All subsequent written and oral forward looking statements attributable to us
or individuals acting on our behalf are expressly qualified in their entirety by these cautionary
statements. We caution readers not to place undue reliance on these forward looking statements,
which speak only as of the date of this prospectus. We undertake no obligation to publicly update
or revise any forward looking statements, whether as a result of new information, future events or
otherwise, except as required by law.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the other information included in this reoffer prospectus, you should carefully
consider the following factors, which individually or in combination could have a material adverse
effect on our business, financial condition and results of operations. There may be additional
risks and uncertainties not presently known to us, or that we currently see as immaterial, which
may also harm our business. If any of the risks or uncertainties described below or any such
additional risks and uncertainties actually occur, our business, results of operations and
financial condition could be materially and adversely affected. In this case, the trading price of
our ordinary shares and American Depository Shares (the &#147;<U>ADS</U>&#148;) could decline and you might
lose all or part of your investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Our Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The profitability of our operations, and the cash flows generated by our operations, are affected
by changes in the market price for gold which in the past has fluctuated widely.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our revenues and cash flows have come from the sale of gold.
Historically, the market price for gold has fluctuated widely and has been affected by numerous
factors, over which we have no control, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the demand for gold for industrial uses and for use in jewelry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>international or regional political and economic trends;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strength of the US dollar, the currency in which gold prices generally are
quoted, and of other currencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial market expectations regarding the rate of inflation;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>interest rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>speculative activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or expected purchases and sales of gold bullion holdings by central banks or
other large gold bullion holders or dealers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hedging activities by gold producers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the production and cost levels for gold in major gold-producing nations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The volatility of gold prices is illustrated in the following table, which shows the annual
high, low and average of the afternoon London Bullion Market fixing price of gold in US dollars for
the past ten years.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Price Per Ounce ($)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="2" nowrap align="center" style="border-bottom: 1px solid #000000"><B>Year</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Average</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1996</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1997</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1998</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">1999</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2001</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2002</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">444</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:30px; text-indent:-15px">2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">695</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left"><DIV style="margin-left:0px; text-indent:-0px">2008 (through November&nbsp;30, 2008)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">877</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the current demand for, and supply of, gold affects the price of gold, but not
necessarily in the same manner as current demand and supply affect the prices of other commodities.
Historically, gold has tended to retain its value in relative terms against basic goods in times of
inflation and monetary crisis. As a result, central banks, financial institutions, and individuals
hold large amounts of gold as a store of value, and production in any given year constitutes a very
small portion of the total potential supply of gold. Since the potential supply of gold is large
relative to mine production in any given year, normal variations in current production will not
necessarily have a significant effect on the supply of gold or its price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If gold prices should fall below and remain below our cost of production for any sustained
period we may experience losses, and if gold prices should fall below our cash costs of production
we may be forced to curtail or suspend some or all of our mining operations. In addition, we would
also have to assess the economic impact of low gold prices on our ability to recover from any
losses we may incur during that period and on our ability to maintain adequate reserves. Our total
cash cost of production per ounce of gold sold was $356 in the year ended December&nbsp;31, 2007, $296
in the year ended December&nbsp;31, 2006, and $201 in the year ended December&nbsp;31, 2005. We expect that
Morila&#146;s cash costs per ounce will rise as the life of the mine advances as a result of expected
declining grade, which will adversely affect our profitability in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the absence of any mitigating factors. The high grades expected from the underground mining
will, in the absence of any other cost increases, have a positive impact on unit costs.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our mining operations may yield less gold under actual production conditions than indicated by our
gold reserve figures, which are estimates based on a number of assumptions, including assumptions
as to mining and recovery factors, production costs and the price of gold.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ore reserve estimates contained in this Annual Report are estimates of the mill delivered
quantity and grade of gold in our deposits and stockpiles. They represent the amount of gold that
we believe can be mined, processed and sold at prices sufficient to recover our estimated total
cash costs of production, remaining investment and anticipated additional capital expenditures. Our
ore reserves are estimated based upon many factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the results of exploratory drilling and an ongoing sampling of the orebodies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>past experience with mining properties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold price; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating costs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because our ore reserve estimates are calculated based on current estimates of future
production costs and gold prices, they should not be interpreted as assurances of the economic life
of our gold deposits or the profitability of our future operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserve estimates may require revisions based on actual production experience. Further, a
sustained decline in the market price of gold may render the recovery of ore reserves containing
relatively lower grades of gold mineralization uneconomical and ultimately result in a restatement
of reserves. The failure of the reserves to meet our recovery expectations may have a materially
adverse effect on our business, financial condition and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The profitability of operations and the cash flows generated by these operations are significantly
affected by the fluctuations in the price, cost and supply of inputs.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel, power and consumables, including diesel, steel, chemical reagents, explosives and tires,
form a relatively large part of the operating costs of any mining company. The cost of these
consumables is impacted, to a greater or lesser extent, by fluctuations in the price of oil,
exchange rates and a shortage of supplies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such fluctuations have a significant impact upon the operating costs and capital expenditure
estimates and, in the absence of other economic fluctuations, could result in significant changes
in the total expenditure estimates for mining projects, new and existing, and could even render
certain projects non-viable. In addition, while our revenue is derived from the sale of gold in US
dollars, a significant portion of our input costs are incurred in currencies other than the dollar.
Accordingly, any appreciation in such other currencies could adversely affect our results of
operations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our business may be harmed if the Government of Mali fails to repay Value Added Tax, or TVA, owing
to Morila.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our mining companies operating in Mali are exonerated by their Establishment Conventions from
paying TVA for the three years following first commercial production. After that, TVA is payable
and reimbursable. TVA is only reclaimable insofar as it is expended in the production of income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A key aspect in TVA recovery is managing the completion of the Government of Mali&#146;s audit of
the taxpayer&#146;s payments, at which time the Government of Mali recognizes a liability. The
Government of Mali has completed its audit of Morila for the second and third quarters of 2007 and
the first quarter of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morila has concluded a reimbursement protocol with the Government of Mali for all TVA owing to
June&nbsp;2005 and is in negotiation to conclude a further protocol to bring this up to date. At
December&nbsp;31, 2007, the TVA owed by the Government of Mali to Morila stood at $37.8&nbsp;million, which
amount has decreased by $27.5&nbsp;million to $10.3&nbsp;million at September&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Morila is unable to recover these funds, then its results of operations and financial
position would be adversely affected, as would its ability to pay dividends to its shareholders.
Accordingly, our business, cash flows and financial condition will be adversely affected if
anticipated dividends are not paid.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our business may be harmed if the Government of Mali fails to repay fuel duties owing to Morila and
Loulo.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Up to November&nbsp;2005, Morila was responsible for paying to diesel suppliers the customs duties
which are then paid to the Government of Mali. Our operations at Morila and Loulo can claim
reimbursement of these duties from the Government of Mali on presentation of a certificate from
Soci&#233;t&#233; G&#233;n&#233;rale de Surveillance. During the third quarter 2003, the Government of Mali began to
reduce payments to all the mines in Mali due to irregularities involving certain small exploration
companies. The Government of Mali has since given full exoneration from fuel duties to the mining
industry so that fuel duties are no longer payable. However, significant amounts of previously paid
duties remain outstanding. Our share of the amounts owing to Morila was $4&nbsp;million on December&nbsp;31,
2007 and $5.6&nbsp;million on December&nbsp;31, 2006. Amounts owing to Loulo were $0.7&nbsp;million on December
31, 2007 and $4.1&nbsp;million on December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Morila is unable to recover these amounts, then its results of operations and financial
position would be adversely affected, as would its ability to pay dividends to its shareholders.
Accordingly, our business, cash flows and financial condition will be adversely affected if
anticipated dividends are not paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>We have invested in debt instruments for which the market has become substantially illiquid.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2007, we had approximately $294&nbsp;million of cash and cash equivalents. In
addition, we had approximately $49&nbsp;million of available for sale financial assets. The available
for sale financial assets consists of auction rate securities, or ARS. ARS are
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities that are structured with short-term interest rate reset dates of generally less
than 35&nbsp;days, but with contractual maturities that can be well in excess of ten years. At the end
of each reset period, which occurs every seven to thirty-five days, investors can sell or continue
to hold the securities at par. In the third quarter of fiscal year 2007, certain auction rate
securities with a cost value of $49&nbsp;million failed at an auction due to the sudden and unusual
deterioration in the global credit and capital markets, and have since experienced multiple failed
auctions. Consequently, the funds associated with these investments will not be accessible until a
successful auction occurs, a buyer is found outside of the auction process or the underlying
securities have matured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ARS investments held by the company all had AAA credit ratings from at least two rating
agencies at the time of purchase and as at December&nbsp;31, 2007. In April, 2008, and subsequent to
that date, certain ARS investments were downgraded below AAA by different ratings agencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ending September&nbsp;30, 2008, a provision of $8.84&nbsp;million was made against
these ARS, following the deterioration of the underlying credit ratings of the collateral of
certain of the ARS. As these investments have now been illiquid for twelve months and there is no
certainty that they will become liquid within the next twelve months, the assets have been
reclassified into the &#145;non-current&#146; section of the balance sheet to more accurately reflect their
nature. We believe that we have been the subject of a fraud committed by brokers working for a
large investment bank through material misrepresentations of the nature of the ARS in which we were
invested. Consequently, we have engaged legal counsel and in October&nbsp;2008 we commenced arbitration
proceedings against the bank and the brokers for their misconduct. These individuals are the
subject of criminal proceedings instigated by the U.S. government and regulatory proceedings
instigated by the SEC, which we believe reinforce our position. There can be no assurance that we
will be successful in our actions against the bank or the individual brokers, and consequently we
have not relied upon this for the determination of the provision. Continued uncertainties in the
credit and capital markets may result in additional impairment provisions, which could adversely
impact our financial condition, current asset position and reported earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>We may not be able to recover certain funds from MDM Ferroman (Pty) Limited.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August&nbsp;2004, we entered into a fixed lump sum turnkey contract for $63&nbsp;million for the
design, supply, construction and commissioning of the Loulo processing plant and infrastructure
with MDM Ferroman (Pty) Ltd, or MDM. At the end of 2005, after making advances and additional
payments to MDM totaling $26&nbsp;million in excess of the contract, we determined that MDM was unable
to perform its obligations under the MDM Contract, at which time we enforced a contractual remedy
which allowed us to act as our own general contractor and to complete the remaining work on the
Loulo project that was required under the MDM Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we are entitled to recover certain amounts from MDM, including advances of
$12.1&nbsp;million (December&nbsp;31, 2006: $12.1&nbsp;million) included in receivables. Of this latter amount, $7
million is secured by performance bonds and the remainder is secured by various personal guarantees
and other assets.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our efforts to recoup the monies owed to us, MDM was put into liquidation on
February&nbsp;1, 2006. This resulted in a South African Companies Act Section&nbsp;417 investigation into the
business and financial activities of MDM, its affiliated companies and their directors. The
investigation was completed and summons has been issued against those MDM creditors deemed as
preferential creditors. These legal proceedings are continuing with pleadings having been closed
and court dates been set in the South African courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to recover in full the $12.1&nbsp;million included in receivables is dependent on the
amounts which can be recovered from the performance bonds, personal guarantees and other assets
provided as security. Any shortfall is expected to be recovered from any free residue accruing to
the insolvent estate. The aggregate amount which will ultimately be recovered cannot presently be
determined. The financial statements do not reflect any additional provision that may be required
if the $12.1&nbsp;million cannot be recovered in full. Our results of operations may be adversely
affected if we are unable to recover the amounts advanced by us to MDM. Any part of the $12.1
million included in accounts receivable which cannot in fact be recovered will need to be charged
as an expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ultimate outcome of this claim cannot presently be determined and there is significant
uncertainty surrounding the amount that will ultimately be recovered.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We may incur losses or lose opportunities for gains as a result of our use of our derivative
instruments to protect us against low gold prices.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use derivative instruments to protect the selling price of some of our anticipated gold
production at Loulo. The intended effect of our derivative transactions is to lock in a fixed sale
price for some of our future gold production to provide some protection against a subsequent fall
in gold prices. No such protection is in place for our production at Morila.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative transactions can result in a reduction in revenue if the instrument price is less
than the market price at the time the hedged sales are recognized. Moreover, our decision to enter
into a given instrument is based upon market assumptions. If these assumptions are not met,
significant losses or lost opportunities for significant gains may result. In all, the use of these
instruments may result in significant losses which will prevent us from realizing the positive
impact of any subsequent increase in the price of gold on the portion of production covered by the
instrument.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our underground project at Loulo, developing two mines at Yalea and Gara, is subject to all of the
risks associated with underground mining.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Development of the underground mine at Yalea commenced in December&nbsp;2006 and first ore was
mined in April&nbsp;2008. These planned mines represent our entry into the business of underground
mining. In connection with the development of the underground mines, we must build the necessary
infrastructure, the costs of which are substantial. The underground mines may experience unexpected
problems and delays during their development and construction. Delays in the commencement of gold
production could occur and the development costs could be larger than expected, which could affect
our results of operations and profitability.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business of underground mining by its nature involves significant risks and hazards. In
particular, as the development commences the operation could be subject to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>rockbursts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seismic events;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>underground fires;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cave-ins or falls of ground;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discharges of gases or toxic chemicals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>flooding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accidents; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other conditions resulting from drilling, blasting and the removal of material from
an underground mine.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are at risk of experiencing any and all of these hazards. The occurrence of any of these
hazards could delay the development of the mine, production, increase cash operating costs and
result in additional financial liability for us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Our Success May Depend on Our Social and Environmental Performance.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to operate successfully in communities will likely depend on our ability to
develop, operate and close mines in a manner that is consistent with the health and safety of our
employees, the protection of the environment, and the creation of long-term economic and social
opportunities in the communities in which we operate. We seek to promote improvements in health and
safety, environmental performance and community relations. However, our ability to operate could be
adversely impacted by accidents or events detrimental (or perceived to be detrimental) to the
health and safety of our employees, the environment or the communities in which we operate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Actual cash costs of production, production results and economic returns may differ significantly
from those anticipated by our feasibility studies for new development projects, including Tongon.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It can take a number of years from initial feasibility studies until development is completed
and, during that time, the economic feasibility of production may change.&nbsp;In addition, there are a
number of uncertainties inherent in the development and construction of any new mine, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability and timing of necessary environmental and governmental permits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing and cost necessary to construct mining and processing facilities, which
can be considerable;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability and cost of skilled labor, power, water and other materials;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the accessibility of transportation and other infrastructure, particularly in remote
locations; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of funds to finance construction and development activities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our Tongon project in C&#244;te d&#146;Ivoire, our board has approved the development of the new mine
based on the strength of a feasibility study. A draft of the proposed mining convention has been
submitted to the C&#244;te d&#146;Ivoire&#146;s Ministry of Mines and Energy and we expected to sign the
convention in early 2009. Construction of the mine started at the end of 2008 with first gold
production scheduled for the fourth quarter of 2010. We cannot provide any assurance that the
project will ultimately result in a new commercial mining operation, or that a new commercial
mining operation will be successful.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We conduct mining, development and exploration activities in countries with developing economies
and are subject to the risks of political and economic instability associated with these countries.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently conduct mining, development and exploration activities in countries with
developing economies. These countries and other emerging markets in which we may conduct operations
have, from time to time, experienced economic or political instability. It is difficult to predict
the future political, social and economic direction of the countries in which we operate, and the
impact government decisions may have on our business. Any political or economic instability in the
countries in which we currently operate could have a material and adverse effect on our business
and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The countries of Mali, Senegal, Burkina Faso and C&#244;te d&#146;Ivoire have, since independence,
experienced some form of political upheaval with varying forms of changes of government taking
place. C&#244;te d&#146;Ivoire has experienced several years of political chaos, including an attempted coup
d&#146;etat. The political situation in that country is normalizing and national elections have been set
for November&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goods are supplied to our operations in Mali through Ghana, Burkina Faso and Senegal, which
routings have to date, functioned satisfactorily. Our operations at Morila have been adversely
affected by the higher transportation costs for diesel that now has to be delivered via Senegal.
Any present or future policy changes in the countries in which we operate may in some way have a
significant effect on our operations and interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mining laws of Mali, C&#244;te d&#146;Ivoire, Senegal, Burkina Faso, Ghana and Tanzania stipulate
that should an economic orebody be discovered on a property subject to an exploration permit, a
permit that allows processing operations to be undertaken must be issued to the holder. Except for
Tanzania, legislation in these countries currently provides for the relevant government to acquire
a free ownership interest, normally of at least 10%, in any mining project. For example, the Malian
government holds a 20% interest in Morila SA and Somilo SA, and cannot be diluted below 10%, as a
result of this type of legislation. The requirements of the various governments as to the foreign
ownership and control of mining companies may change in a manner which adversely affects us.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Under our joint venture agreement with AngloGold Ashanti Limited, or AngloGold Ashanti, we jointly
manage Morila Limited, and any disputes with AngloGold Ashanti over the management of Morila
Limited could adversely affect our business.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We jointly control Morila Limited with AngloGold Ashanti under a joint venture agreement.
Since February&nbsp;15, 2008, we have been responsible for the day-to-day operations of Morila, subject
to the overall management control of the Morila Limited board. Substantially all major management
decisions, including approval of a budget for Morila, must be approved by the Morila Limited board.
We and AngloGold Ashanti retain equal control over the board, with neither party holding a deciding
vote. If a dispute arises between us and AngloGold Ashanti with respect to the management of Morila
Limited and we are unable to amicably resolve the dispute, we may have to participate in
arbitration or other proceeding to resolve the dispute, which could materially and adversely affect
our business.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our results of operations are being adversely affected by increases in fuel prices, and we would be
adversely affected by disruptions in the supply of fuel.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results are significantly affected by the price and availability of fuel, which are in
turn affected by a number of factors beyond our control. Fuel prices are volatile and increased
significantly in 2007, and remain very high by historical standards. In 2007, the cost of fuel
comprised approximately 27% of our operating costs and the annual price increase of our landed fuel
was 34%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, fuel costs have been subject to wide price fluctuations based on geopolitical
factors and supply and demand. While we do not currently anticipate a significant reduction in fuel
availability, factors beyond our control make it impossible to predict the future availability of
fuel. If there are additional outbreaks of hostilities or other conflicts in oil producing areas or
elsewhere, or a reduction in refining capacity (due to weather events, for example), or
governmental limits on the production or sale of fuel, or restrictions on the transport of fuel,
there could be reductions in the supply of fuel and significant increases in the cost of fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not parties to any agreements that protect us against price increases or guarantee the
availability of fuel. Major reductions in the availability of fuel or significant increases in its
cost, or a continuation of current high prices for a significant period of time, would have a
material adverse impact on us.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The use of mining contractors at certain of our operations may expose it to delays or suspensions
in mining activities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining contractors are used at Loulo and Morila to mine and deliver ore to processing plants.
Consequently, at these mines, we do not own all of the mining equipment and may face disruption of
operations and incur costs and liabilities in the event that any of the mining contractors at these
mines has financial difficulties, or should there be a dispute in renegotiating a mining contract,
or a delay in replacing an existing contractor.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We may be required to seek funding from third parties or enter into joint development arrangements
to finance the development of our properties and the timely exploration of our mineral rights,
which funding or development arrangements may not be available on acceptable terms, or at all.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some countries, if we do not conduct any mineral exploration on our mineral holdings or
make the required payments in lieu of completing mineral exploration, these mineral holdings will
lapse and we will lose all interest that we have in these mineral rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>We may not pay dividends to shareholders in the near future.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We paid our second dividend to ordinary shareholders in March&nbsp;2008. It is our policy to pay
dividends if profits and funds are available for that purpose. Whether or not funds are available
depends on a variety of factors. We cannot guarantee that dividends will be paid in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>If we are unable to attract and retain key personnel our business may be harmed.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to bring additional mineral properties into production and explore our extensive
portfolio of mineral rights will depend, in large part, upon the skills and efforts of a small
group of management and technical personnel, including D. Mark Bristow, our Chief Executive
Officer. If we are not successful in retaining or attracting highly qualified individuals in key
management positions our business may be harmed. The loss of any of our key personnel could
adversely impact our ability to execute our business plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Our insurance coverage may prove inadequate to satisfy future claims against us.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may become subject to liabilities, including liabilities for pollution or other hazards,
against which we have not insured adequately or at all or cannot insure. Our insurance policies
contain exclusions and limitations on coverage. Our current insurance policies provide worldwide
indemnity of &#163;50&nbsp;million in relation to legal liability incurred as a result of death, injury,
disease of persons and/or loss of or damage to property. Main exclusions under this insurance
policy, which relates to our industry, include war, nuclear risks, silicosis, asbestosis or other
fibrosis of the lungs or diseases of the respiratory system with regard to employees, and gradual
pollution. In addition, our insurance policies may not continue to be available at economically
acceptable premiums. As a result, in the future our insurance coverage may not cover the extent of
claims against us.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>It may be difficult for you to affect service of process and enforce legal judgments against us or
our affiliates.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporated in Jersey, Channel Islands and a majority of our directors and senior
executives are not residents of the United States. Virtually all of our assets and the assets of
those persons are located outside the United States. As a result, it may not be possible for you to
effect service of process within the United States upon those persons or us. Furthermore, the
United States and Jersey currently do not have a treaty providing for the reciprocal recognition
and enforcement of judgments (other than arbitration awards) in civil and commercial matters.
Consequently, it may not be possible for you to enforce a final judgment for payment rendered
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by any federal or state court in the United States based on civil liability, whether or not
predicated solely upon United States Federal securities laws against those persons or us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to enforce any judgment rendered by any Federal or state court in the United States
in Jersey, proceedings must be initiated by way of common law action before a court of competent
jurisdiction in Jersey. The entry of an enforcement order by a court in Jersey is conditional upon
the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the court which pronounced the judgment has jurisdiction to entertain the case
according to the principles recognized by Jersey law with reference to the jurisdiction
of the foreign courts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment is final and conclusive &#151; it cannot be altered by the courts which
pronounced it;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is payable pursuant to a judgment a sum of money, not being a sum payable in
respect of tax or other charges of a like nature or in respect of a fine or other
penalty;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment has not been prescribed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the courts of the foreign country have jurisdiction in the circumstances of the
case;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the judgment was not obtained by fraud; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the recognition and enforcement of the judgment is not contrary to public policy in
Jersey, including observance of the rules of natural justice which require that
documents in the United States proceeding were properly served on the defendant and
that the defendant was given the right to be heard and represented by counsel in a free
and fair trial before an impartial tribunal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, it is doubtful whether you could bring an original action based on United States
Federal securities laws in a Jersey court.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We are subject to significant corporate regulation as a public company and failure to comply with
all applicable regulations could subject us to liability or negatively affect our share price.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a publicly traded company, we are subject to a significant body of regulation. While we
have developed and instituted a corporate compliance program based on what we believe are the
current best practices in corporate governance and continue to update this program in response to
newly implemented or changing regulatory requirements, we cannot provide assurance that we are or
will be in compliance with all potentially applicable corporate regulations. For example, we cannot
provide assurance that in the future our management will not find a material weakness in connection
with its annual review of our internal control over financial reporting pursuant to Section&nbsp;404 of
the US Sarbanes-Oxley Act of 2002. If we fail to comply with any of these regulations, we could be
subject to a range of regulatory actions, fines or other sanctions or litigation. If we must
disclose any material weakness in our internal control over financial reporting, our share price
could decline.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Our Industry</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The exploration of mineral properties is highly speculative in nature, involves substantial
expenditures, and is frequently unproductive.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration for gold is highly speculative in nature. Our future growth and profitability will
depend, in part, on our ability to identify and acquire additional mineral rights, and on the costs
and results of our continued exploration and development programs. Many exploration programs,
including some of ours, do not result in the discovery of mineralization and any mineralization
discovered may not be of sufficient quantity or quality to be profitably mined. Our mineral
exploration rights may not contain commercially exploitable reserves of gold. Uncertainties as to
the metallurgical recovery of any gold discovered may not warrant mining on the basis of available
technology. Our operations are subject to all of the operating hazards and risks normally incident
to exploring for and developing mineral properties, such as:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>encountering unusual or unexpected formations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental pollution;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>personal injury and flooding; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decrease in reserves due to a lower gold price.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we discover a viable deposit, it usually takes several years from the initial phases of
exploration until production is possible. During this time, the economic feasibility of production
may change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, we will use the evaluation work of professional geologists, geophysicists, and
engineers for estimates in determining whether to commence or continue mining. These estimates
generally rely on scientific and economic assumptions, which in some instances may not be correct,
and could result in the expenditure of substantial amounts of money on a deposit before it can be
determined whether or not the deposit contains economically recoverable mineralization. As a result
of these uncertainties, we may not successfully acquire additional mineral rights, or identify new
proven and probable reserves in sufficient quantities to justify commercial operations in any of
our properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If management determines that capitalized costs associated with any of our gold interests are
not likely to be recovered, we would recognize an impairment provision against the amounts
capitalized for that interest. All of these factors may result in losses in relation to amounts
spent which are found not to be recoverable.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Title to our mineral properties may be challenged which may prevent or severely curtail our use of
the affected properties.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title to our properties may be challenged or impugned, and title insurance is generally not
available. Each sovereign state is the sole authority able to grant mineral property rights, and
our ability to ensure that we have obtained secure title to individual mineral properties or mining
concessions may be severely constrained. Our mineral properties may be subject to prior
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unregistered agreements, transfers or claims, and title may be affected by, among other
things, undetected defects. In addition, we may be unable to operate our properties as permitted or
to enforce our rights with respect to our properties.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our ability to obtain desirable mineral exploration projects in the future may be adversely
affected by competition from other exploration companies.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conducting our exploration activities, we compete with other mining companies in connection
with the search for and acquisition of properties producing or possessing the potential to produce
gold. Existing or future competition in the mining industry could materially and adversely affect
our prospects for mineral exploration and success in the future.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Our operations are subject to extensive governmental and environmental regulations, which could
cause us to incur costs that adversely affect our results of operations.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our mining facilities and operations are subject to substantial government laws and
regulations, concerning mine safety, land use and environmental protection. We must comply with
requirements regarding exploration operations, public safety, employee health and safety, use of
explosives, air quality, water pollution, noxious odor, noise and dust controls, reclamation, solid
waste, hazardous waste and wildlife as well as laws protecting the rights of other property owners
and the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any failure on our part to be in compliance with these laws, regulations, and requirements
with respect to our properties could result in us being subject to substantial penalties, fees and
expenses, significant delays in our operations or even the complete shutdown of our operations. We
provide for estimated environmental rehabilitation costs when the related environmental disturbance
takes place. Estimates of rehabilitation costs are subject to revision as a result of future
changes in regulations and cost estimates. The costs associated with compliance with government
regulations may ultimately be material and adversely affect our results of operations and financial
condition.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>If our environmental and other governmental permits are not renewed or additional conditions are
imposed on our permits, our financial condition and results of operations may be adversely
affected.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, compliance with environmental and other government regulations requires us to
obtain permits issued by governmental agencies. Some permits require periodic renewal or review of
their conditions. We cannot predict whether we will be able to renew these permits or whether
material changes in permit conditions will be imposed. Non-renewal of a permit may cause us to
discontinue the operations requiring the permit, and the imposition of additional conditions on a
permit may cause us to incur additional compliance costs, either of which could have a material
adverse effect on our financial condition and results of operations.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Labor disruptions could have an adverse effect on our operating results and financial condition.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations in West Africa are highly unionized, and strikes are legal in the countries in
which we operate. Therefore, our operations are at risk of having work interrupted for indefinite
periods due to industrial action by employee collectives, such as strikes. Should long
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disruptions take place on our operations, the results from our operations and their financial
condition could be materially and adversely affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>AIDS poses risks to us in terms of productivity and costs.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The incidence of AIDS in Mali and C&#244;te d&#146;Ivoire, which has been forecasted to increase over
the next decade, poses risks to us in terms of potentially reduced productivity and increased
medical and insurance costs. The exact extent to which our workforce is infected is not known at
present. The prevalence of AIDS could become significant. Significant increases in the incidence of
AIDS infection and AIDS-related diseases among members of our workforce in the future could
adversely impact our operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to this Offering</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The market value of our ADSs may fluctuate due to the volatility of the securities markets.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The market value of our ADSs may fluctuate due to the volatility of the securities markets.
The securities markets in the United States and other countries have experienced significant price
and volume fluctuations. Volatility in the price of our ADSs may be caused by factors beyond our
control and may be unrelated to, or disproportionate to changes in, our results of operations. In
the past, following periods of volatility in the market price of a public company&#146;s securities,
securities class action litigation has often been instituted against that company. Litigation of
this kind could result in substantial costs and a diversion of our management&#146;s attention and
resources.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Holders of ADRs have fewer rights than shareholders and have to act through the depositary to
exercise those rights.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of ADRs do not have the same rights as shareholders and accordingly cannot exercise
rights of shareholders against us. The Bank of New York, as depositary, or the custodian, is the
registered shareholder of the deposited shares underlying the ADSs, and therefore you will
generally have to exercise your shareholder rights through The Bank of New York. In certain cases,
we may not ask The Bank of New York to ask you for instructions as to how you wish the shares
underlying the ADSs evidenced by your ADRs voted. The Bank of New York will not ask you for voting
instructions in the absence of written instructions from us to do so. In the event that we did not
so instruct The Bank of New York, you could still instruct The Bank of New York how to vote if you
otherwise learn of our upcoming shareholders&#146; meeting or vote by surrendering your ADSs,
withdrawing your underlying shares, and then voting as ordinary shareholders. Even if we ask The
Bank of New York to ask you for such instructions, it may not be possible for The Bank of New York
to obtain these instructions from you in time for The Bank of New York to vote in accordance with
such instructions. If The Bank of New York does not receive instructions from you, it may give a
proxy to vote your underlying ordinary shares or other deposited securities to our designated
representative. This means you may not be able to exercise your right to vote and there may be
nothing you can do if your underlying ordinary shares or other deposited securities are not voted
as you instructed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>In some cases, The Bank of New York may not make rights or other distributions available to ADR
holders.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we make a rights offer to holders of securities, The Bank of New York may make these rights
available to you after we instruct it to do so and provide it with evidence that it is legal to do
so. If we fail to do this and The Bank of New York determines that it is impractical to sell the
rights, it may allow these rights to lapse. In that case, you will receive no value for them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, The Bank of New York is not responsible if it decides that it is unlawful or
impractical to make a distribution available to any ADR holder and we have no obligation to take
any other action to permit a distribution. This means that you may not receive the distribution we
make on ordinary shares or any value for them if it is illegal or impractical for us to make them
available to you.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAPITALIZATION AND INDEBTEDNESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our capitalization and indebtedness as of October&nbsp;31, 2008.
This table should be read in conjunction with our consolidated financial statements for the three
years ended December&nbsp;31, 2007, 2006 and 2005 set forth in our Annual Report on Form 20-F for the
year ended December&nbsp;31, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>At December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>At October 31, 2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BALANCE SHEET AMOUNTS IN
ACCORDANCE WITH IFRS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">780,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">783,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,822</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share premium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">454,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated profit/(loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">213,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(69,391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45,241</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649,296</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the sale of the ordinary shares by the selling
shareholders to others. All sales proceeds from such sale will be received by the selling
shareholders. We will receive funds from the exercise of any options granted pursuant to our Share
Option Scheme, which funds will be used for working capital and general corporate purposes.
</DIV>
<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRICE RANGE OF ORDINARY SHARES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth, for the periods indicated, the high and low sales prices of
our ordinary shares, as reported by the London Stock Exchange, and of our ADRs, as reported by the
Nasdaq Global Select Market. Effective March&nbsp;10, 2003, we changed the ratio of ordinary shares to
ADRs from two ordinary shares per ADRs to one ordinary share per ADRs, so that each ADRs now
represents one ordinary share. In March&nbsp;2003, we changed the currency in which the price of our
ordinary shares that are traded on the London Stock Exchange are quoted. The ordinary shares are
now quoted in pound sterling and not in U.S. dollars. The ADRs continue to be quoted on the London
Stock Exchange and the Nasdaq Global Select Market in U.S. dollars.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per ADS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Financial Period Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High (&#163;)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low (&#163;)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.37</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per ADS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Financial Period Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High (&#163;)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low (&#163;)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.08</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.88</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per Ordinary Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Price Per ADS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Calendar Month</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High (&#163; )</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low (&#163;)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.28</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKETS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ordinary shares are listed on the London Stock Exchange, which currently constitutes the
principal non-United States trading market for those shares under the symbol RRS and our ADSs are
traded in the United States on the Nasdaq Global Select Market under the trading symbol GOLD, in
the form of American Depositary Receipts. Our ordinary shares are not listed for trading, but are
listed on the Nasdaq Global Select Market in connection with the listing of the ADSs on the Nasdaq
Global Market. The American Depositary Receipts are issued by The Bank of New York, as depositary.
Each American Depositary Receipt represents one ADS. Each ADS represents one of our ordinary
shares.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELLING SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ordinary shares to which this reoffer prospectus relates are being registered for reoffers
and resales by the selling shareholders, who acquired or may acquire the ordinary shares upon
exercise of share options granted pursuant to our Share Option Scheme, granted under the Restricted Share Scheme, or vesting of the restricted
stock awards granted pursuant to the shareholders&#146; approval at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth with respect to the selling shareholders based upon information
available to us as of November&nbsp;30, 2008, (i)&nbsp;the number and percentage of ordinary shares
beneficially owned before the sale of the registered ordinary shares, (ii)&nbsp;the number of ordinary
shares registered by this reoffer prospectus, and (iii)&nbsp;the number and percentage of outstanding
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ordinary shares that will be owned after the sale of the registered ordinary shares assuming
the sale of all of the registered ordinary shares. Since the selling shareholders may sell all,
some or none of their ordinary shares, no estimate can be made of the aggregate number of shares
that are to be offered by this reoffer prospectus or that will be owned for the direct or indirect
account of the selling shareholder upon completion of the offering to which this reoffer prospectus
relates. The selling shareholders may offer the ordinary shares for sale from time to time. See
&#147;Plan of Distribution.&#148; Unless otherwise indicated, the address of each named selling shareholder
is La Motte Chambers, La Motte Street, St. Helier, Jersey, JE1 1BJ, Channel Islands.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned Assuming</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned Assuming</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares Covered</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sale of All</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Sale of All</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Position with</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>by this</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ordinary Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name of Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Owned Before</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Before the</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Reoffer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Covered by this</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Covered by this</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Company</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>the Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Prospectus</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Reoffer Prospectus</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Reoffer Prospectus<SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">D. M. Bristow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">657,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">190,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(4),(9)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">G.P. Shuttleworth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(5),(10)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. H. Asher</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31,627</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(6)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">N.P. Cole Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,127</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(8)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">R. I. Israel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31,627</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(7),(11)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">P. Li&#233;tard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Executive Chairman</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6,227</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(7)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. L. Paverd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6,227</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(7)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">K. Voltaire</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,127</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top"><B>(8)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C. Coleman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;&nbsp;</TD>
    <TD><SUP style="font-size: 85%; vertical-align: text-top"><B>(12)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. Walden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Non-Executive Director</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="right">&#151;&nbsp;</TD>
    <TD><SUP style="font-size: 85%; vertical-align: text-top"><B>(13)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  style="border-bottom: 3px double #000000" align="right">305,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts shown are derived from information available to us after taking reasonable efforts to
determine the beneficial ownership of the selling shareholders listed. Beneficial ownership is
determined in accordance with the rules and regulations of the Commission. In computing the number
of shares beneficially owned by a person and the percentage ownership of that person, ordinary
shares subject to options and restricted shares held by that person that are currently convertible
or convertible within 60&nbsp;days of the date of this prospectus are deemed outstanding.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage ownership calculations are based on 76,506,150 ordinary shares outstanding as of
November&nbsp;30, 2008.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In order to reflect the maximum number of ordinary shares that may be sold pursuant to this
reoffer prospectus, the number of ordinary shares to be sold includes: (i)&nbsp;the ordinary shares
underlying the restricted stock awards that were granted and issued to the selling
shareholders; (ii)&nbsp;the ordinary shares underlying the restricted stock awards which are
currently not deemed to be issued as they are held by us as treasury shares, but which may be
issued after the date of filing of this prospectus as determined by the shareholders at the
annual meetings; (iii)&nbsp;the ordinary shares underlying the share options which are deemed to be
currently exercisable; and (iv)&nbsp;the ordinary shares underlying the share options which are
currently not deemed to be exercisable, but which may be exercisable after the date of filing
of this prospectus under the terms of our Share Option Scheme. Such ordinary shares
underlying the restricted stock awards cannot be sold by a selling shareholder unless and
until such time as the limitations on such shares lapse, and the shares underlying such
restricted stock awards have been issued to such selling shareholder. Such ordinary shares
underlying the share options cannot be sold by a selling shareholder unless and until such
time as the options become exercisable, the options have been exercised, and the shares
underlying such options have been issued to such selling shareholder.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the amount of ordinary shares that will be held by the selling shareholders after
completion of this offering based on the assumptions that (i)&nbsp;all shares registered for sale
by the registration statement of which this prospectus is part will be sold and (ii)&nbsp;that no
other ordinary shares beneficially owned by the selling shareholders are acquired or are sold
prior to completion of this offering by the selling shareholders. However, the selling
shareholders may sell all, some or none of the shares offered pursuant to this prospectus and
may sell other ordinary shares that they may own pursuant to another registration statement
under the Securities Act or sell some or all of their shares pursuant to an exemption from the
registration provisions of the Securities Act, including under Rule&nbsp;144. To our knowledge,
there are currently no agreements, arrangements or understanding with respect to the sale of
any of the shares that may be held by the selling shareholders after completion of this
offering or otherwise.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 190,000 ordinary shares underlying the restricted stock awards, of which (i)&nbsp;150,000
ordinary shares have been issued to him and (ii)&nbsp;the 40,000 restricted shares awarded on
September&nbsp;2, 2008 which award is subject to agreed performance criteria.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 36,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 12,000 shares have been issued in one installment on September&nbsp;2, 2008 and 24,000
restricted shares awarded on September&nbsp;2, 2008 which award is subject to agreed performance
criteria.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;25,400 ordinary shares underlying the share options granted pursuant to our
Share Option Scheme, all of which have become exercisable; (ii)&nbsp;2,347 ordinary shares
underlying the restricted stock awards granted in 2005, all of which have been issued to him;
(iii)&nbsp;1,753 ordinary shares underlying the restricted stock awards granted in 2006, all of
which have been issued to him; (iv)&nbsp;1,341 ordinary shares underlying the restricted stock
awards granted in 2007, of which 894 shares have been issued and 447 will be issued on January
1, 2009 and (v)&nbsp;786 ordinary shares underlying the restricted stock awards granted in 2008, of
which 262 shares have been issued and the remainder will be issued on two equal installments
on January&nbsp;1, 2009 and January&nbsp;1, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;2,347 ordinary shares underlying the restricted stock awards granted in 2005,
all of which have been issued to him; (ii)&nbsp;1,753 ordinary shares underlying the restricted
stock awards granted in 2006, all of which have been issued to him; (iii)&nbsp;1,341 ordinary
shares underlying the restricted stock awards granted in 2007, of which 894 shares have been
issued and 447 will be issued on January&nbsp;1, 2009 and (iv)&nbsp;786 ordinary shares underlying the
restricted stock awards</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>granted in 2008, of which 262 shares have been issued and the remainder will be issued on
two equal installments on January&nbsp;1, 2009 and January&nbsp;1, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (i)&nbsp;1,341 ordinary shares underlying the restricted stock awards granted in 2007, of
which 894 shares have been issued and 447 will be issued on January&nbsp;1, 2009 and (ii)&nbsp;786
ordinary shares underlying the restricted stock awards granted in 2008, of which 262 shares
have been issued and the remainder will be issued on two equal installments on January&nbsp;1, 2009
and January&nbsp;1, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 40,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 40,000 shares will be issued in one installment on August&nbsp;1, 2009, subject to agreed
performance criteria.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 24,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 24,000 shares will be issued in two installment on July&nbsp;1, 2009 and July&nbsp;1, 2010,
subject to agreed performance criteria.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 25,400 ordinary shares underlying the share options granted pursuant to our Share
Option Scheme, all of which have been exercised by him on November&nbsp;17, 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Coleman was elected to the board on November&nbsp;3, 2008 and will not benefit from this
offering. Mr.&nbsp;Coleman bought 1,400 ordinary shares on November&nbsp;26, 2008 at &#163;23.91.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Walden was elected to the board on November&nbsp;3, 2008 and will not benefit from this
offering.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders and any of their pledgees, donees, assignees or transferees may sell
any or all of the ordinary shares for value at any time or from time to time under this reoffer
prospectus in one or more transactions on Nasdaq Global Select Market, London Stock Exchange or any
stock exchange, market or trading facility on which the ordinary shares are traded, in a negotiated
transaction or in a combination of such methods of sale, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at prices otherwise negotiated. The
selling shareholders will act independently of us in making decisions with respect to the timing,
manner and size of each sale. The selling shareholders may use any one or more of the following
methods when selling shares:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Block trades in which the broker-dealer will attempt to sell the shares as agent but
may position and resell a portion of the block as principal to facilitate the
transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchases by a broker-dealer as principal and resale by the broker-dealer for its
account;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An exchange distribution in accordance with the rules of the applicable exchange;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Privately negotiated transactions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underwritten offerings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreements by the broker-dealer and the selling shareholders to sell a specified
number of such shares at a stipulated price per share;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A combination of any such methods of sale; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other method permitted by applicable law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may also sell shares under Rule&nbsp;144 under the Securities Act, or if
available, under Section&nbsp;4(1) of the Securities Act or directly to us in certain circumstances
rather than under this reoffer prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise prohibited, the selling shareholders may enter into hedging transactions with
broker-dealers or other financial institutions in connection with distributions of the shares or
otherwise. In such transactions, broker-dealers or financial institutions may engage in short sales
of the shares in the course of hedging the position they assume with the selling shareholders. The
selling shareholders may also engage in short sales, puts and calls, forward-exchange contracts,
collars and other transactions in our securities or derivatives of our securities and may sell or
deliver shares in connection with these trades. If the selling shareholders sell shares short, they
may redeliver the shares to close out such short positions. The selling shareholders may also enter
into option or other transactions with broker-dealers or financial institutions which require the
delivery to the broker-dealer or the financial institution of the shares. The broker-dealer or
financial institution may then resell or otherwise transfer such shares pursuant to this reoffer
prospectus. In addition, the selling shareholders may loan their shares to broker-dealers or
financial institutions who are counterparties to hedging transactions and the broker-dealers,
financial institutions or counterparties may sell the borrowed shares into the public market. The
selling shareholders may also pledge their shares to their brokers or financial institutions and
under the margin loan the broker or financial institution may, from time to time, offer and sell
the pledged shares. The selling shareholders have advised us that they have not entered into any
agreements, understandings or arrangements with any underwriters, broker-dealers or financial
institutions regarding the sale of their shares other than ordinary course brokerage arrangements,
nor is there an underwriter or coordinating broker acting in connection with the proposed sale of
shares by the selling shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders and any broker-dealers that participate in the distribution of the
ordinary shares may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act, and
any commissions received by them and any profit on the resale of the ordinary shares sold by them
may be deemed to be underwriting discounts and commissions under the Securities Act. All selling
and other expenses incurred by the selling shareholders will be borne by the selling shareholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that the selling shareholders will sell all or any portion of the
ordinary shares offered under this reoffer prospectus.
</DIV>
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SHARE CAPITAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ordinary Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized share capital is $5,000,000 divided into 100,000,000 ordinary shares of $0.05
each, of which 76,506,150 were issued as of November&nbsp;30, 2008 and 23,493,850 were available for
issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the annual general meeting held on April&nbsp;26, 2004, shareholders approved a resolution which
authorized a share split which amended our authorized share capital from $4,000,000 divided into
40,000,000 ordinary shares of $0.10 each to $4,000,000 divided into 80,000,000 ordinary shares of
$0.05 each. None of our shares have any redemption rights. Following the share split, each
shareholder held the same percentage interest in us, however, the trading price of each share was
adjusted to reflect the share split. ADR holders were affected the same way as the holders of
ordinary shares and the ADR ratio remains one ADR to one ordinary share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restricted Stock Awards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 2005, each of our non-executive directors was awarded restricted shares in the aggregate
amount of $30,000 to be translated into a number of restricted shares. These restricted shares
were awarded pursuant to the approval of shareholders at the annual meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The restricted shares are issued in equal installments over a three year period, beginning on
the date of the grant and, thereafter, in the beginning of each year following the grant date.
Issuance of these shares would accelerate on the following conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Termination other than resignation or dismissal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Voluntary retirement after the age of 65 with a minimum of three years service as a
director; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Change in control of the company.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;11, 2005, the first restricted share award was allocated to each of the non-executive
directors. The price of the restricted stock calculation was the Nasdaq Global Select Market
closing price on May&nbsp;10, 2005, which was $12.78. The first tranche of 783 shares were issued
directly to each non-executive director on the date of the grant, the second tranche of 782 shares
was issued on February&nbsp;13, 2006 and the final balance was issued on January&nbsp;3, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;13, 2006, the second restricted share award was allocated to each of the
non-executive directors. The price of the restricted stock calculation was the Nasdaq Global Select
Market closing price on February&nbsp;10, 2006, which was $17.11. The first tranche of 584 shares were
issued directly to each non-executive director on the date of the grant, the second tranche of 584
shares was issued on January&nbsp;3, 2007 and the balance will be issued on January&nbsp;1, 2008 subject to
agreed conditions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;3, 2007, the third restricted share award was allocated to each of the
non-executive directors for the purpose of acquiring restricted stock. The price of the restricted
stock calculation was the Nasdaq Global Select Market closing price on January&nbsp;3, 2007, which was
$22.37. The first tranche of 447 shares were issued directly to each non-executive director on the
date of the grant and the second and third tranches will be issued on January&nbsp;1, 2008 and January
1, 2009, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;2, 2008, the fourth restricted share award was allocated to each of the
non-executive directors for the purpose of acquiring restricted stock. The price of the restricted
stock calculation was the Nasdaq Global Select Market closing price on January&nbsp;2, 2008, which was
$38.15. The first tranche of 262 shares were issued directly to each non-executive director on the
date of the grant and the second and third tranches will be issued on January&nbsp;1, 2009 and January
1, 2010, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In terms of the service contract entered into with Dr.&nbsp;D.M.&nbsp;Bristow, the board on the
recommendation of the remuneration committee on May&nbsp;11, 2005 awarded Dr.&nbsp;D.M. Bristow restricted
stock amounting to 150,000 shares. The award was subject to agreed performance criteria set for the
2004 financial year. Since Dr.&nbsp;D.M.&nbsp;Bristow has met these criteria, all the shares have been
issued in his name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Share Option Scheme</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1996, we have operated a share option scheme under which senior management, including
executive and non-executive directors, may be offered options to purchase our ordinary shares. The
aggregate number of shares available for issuance under our Share Option Scheme may not exceed 15%
of our issued share capital. Awards to executive directors are determined by the remuneration
committee and are designed to motivate directors to achieve our strategic objectives. Share options
are not subject to any performance criteria for individual directors. Any options provided to an
individual employee (which includes executive and non-executive directors) as defined by the rules
of the scheme, are subject to an upper limit of two per cent of our issued ordinary share capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of any new share options is determined as the closing price of the share on
the trading day preceding that on which the person was granted the option. Under the rules of our
Share Option Scheme, all option holders, including the executive and non-executive directors, were
granted additional options to subscribe for shares in the open offer which was concluded in
November&nbsp;1998. These additional options are exercisable at the open offer price and otherwise on
the same terms as the initial grant. The number of additional options to be granted to each option
holder was calculated by dividing the number of open offer shares taken up by the issued share
capital multiplied by the number of options held shares reflected are still options prior to the
open offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Share Option Scheme provides for the early exercise of all options in the event of an
acquisition of a number of shares that would require an offer to be made to all of our other
shareholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unexercised share options outstanding at November&nbsp;15, 2008 and held by executive and
non-executive directors were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Options to Purchase Ordinary Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Expiration Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Exercise Prices ($)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Executive Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Non-Executive
Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B.H. Asher</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">25,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1/28/11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.65</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restricted Share Scheme</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;28, 2008, shareholders approved the creation of a Restricted Share Scheme for
executive directors. The aggregate number of shares available for issuance under the Restricted
Share Scheme may not exceed 5% of our issued share capital. The award of shares under the
Restricted Share Scheme are subject to the attainment of performance criteria agreed between the
Remuneration Committee of the board and the individual executive director on an annual basis.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by us with the Commission and are hereby incorporated
by reference in this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our annual report on Form 20-F, for the fiscal year ended December&nbsp;31, 2007,
filed with the Commission on June&nbsp;24, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our ordinary shares and American Depositary Shares contained
in Item&nbsp;1 of our registration statement on Form 8-A dated June&nbsp;27, 2002, and any
subsequent amendment or report filed for the purpose of updating this description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by us with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, and certain reports
on Form 6-K furnished by us before the termination of this offering, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents. Any statement contained in a document, all or a portion of which is
incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein (or in any other subsequently filed document which also is or is deemed to be incorporated
by reference herein) modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
</DIV>
<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will furnish to each person, including any beneficial owner, to whom a prospectus for this
offering is delivered, a copy of any or all of the information that has been incorporated by
reference in this prospectus, but not delivered with this prospectus. You may request a copy of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">these documents, including exhibits, at no cost, by writing or telephoning us at the following
address:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Randgold Resources Limited<BR>
La Motte Chambers<BR>
La Motte Street<BR>
St. Heller Jersey JE1 1BJ<BR>
Channel Islands<BR>
(011 44) 1534 735 333<BR>
Attention: David Haddon, Corporate Secretary
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual reports on form 20-F and periodic reports on Form 6-K with the Commission. You
may read and copy any information filed wit the Commission at the Commission&#146;s Public Reference
Room at 450 Fifth Street, N.W., Washington, D.C. 20549. State that the public may obtain
information on the operation of the Public Reference Room by calling the Commission at
11-800-SEC-0330.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Commission filings are also available to the public from the Commission&#146;s website at
<u>www.sec.gov</u>. The Commission website contains reports, proxy and information statements and other
information regarding registrants that make electronic filings with the Commission using its EDGAR
system. We are required to file annual reports on Form 20-F and subject reports on Form 6-K and
other information with the Commission through the EDGAR system. The information contained in the
Commission website is not a part of this prospectus.
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION<BR>
FOR SECURITIES ACT LIABILITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to directors, officers or persons controlling our company, we have been informed that in the
opinion of the Commission such indemnification is against public policy as expressed in the Act and
is therefore unenforceable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by us with the Commission and are hereby incorporated
by reference in this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Randgold&#146;s annual report on Form 20-F, for the fiscal year ended December&nbsp;31,
2007, filed with the Commission on June&nbsp;24, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our reports of foreign private issuer on Form 6-K furnished to the Commission
on July&nbsp;7, 2008, September&nbsp;5, 2008, October&nbsp;20, 2008, October&nbsp;23, 2008, October&nbsp;29,
2008, November&nbsp;18, 2008 and December&nbsp;4, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of our ordinary shares and American Depositary Shares contained
in Item&nbsp;1 of our registration statement on Form 8-A dated June&nbsp;27, 2002, and any
subsequent amendment or report filed for the purpose of updating this description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by us with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or
which de-registers all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date of filing of such
documents. Any statement contained in a document, all or a portion of which is incorporated or
deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement contained herein (or in any
other subsequently filed document which also is or is deemed to be incorporated by reference
herein) modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the Companies (Jersey) Law 1991 (the &#147;1991 Law&#148;), our Articles of
Association allow us to indemnify, out of our assets, our Directors, alternate Directors, Secretary
or other officers against all costs, charges, losses, damages and liabilities incurred in the
execution of discharge of duties or the exercise of powers if a judgment is granted in such
person&#146;s favor, such person is acquitted or relief is granted to such person. This indemnity
applies to any liability incurred by such person in defending any civil or criminal proceedings
relating to any act or omission committed by such person as our officer or employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the 1991 Law, our Articles of Association allow us to purchase and maintain
insurance at our expense for the benefit of any person who is or was at any time a director or
other officer or employee or auditor of ours or of any other company which is a subsidiary or
subsidiary undertaking of ours indemnifying such person against any liability which may attach
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to him or loss or expenditure which he may incur in relation to anything done or alleged to
have been done or omitted to be done as a director, officer or employee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;77 of the 1991 Law provides that a company or any of its subsidiaries or any other
person, may not indemnify any person from, or against, any liability incurred by him as a result of
being an officer of the company except where the company is indemnifying him against: (a)&nbsp;any
liabilities incurred in defending any proceedings (whether civil or criminal) (i)&nbsp;in which judgment
is given in his favor or he is acquitted, or (ii)&nbsp;which are discontinued otherwise than for some
benefit conferred by him or on his behalf or some detriment suffered by him, or (iii)&nbsp;which are
settled on terms which include such benefit or detriment and, in the opinion of a majority of the
directors of the company, he was substantially successful on the merits in his resistance to the
proceedings; or (b)&nbsp;any liability incurred otherwise than to the company if he acted in good faith
with a view to the best interests of the company; or (c)&nbsp;any liability incurred in connection with
an application made under Article&nbsp;212 of the 1991 Law in which relief is granted to him by the
court; or (d)&nbsp;any liability against which the company normally maintains insurance for persons
other than directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1991 Law permits a company to purchase and maintain insurance regarding the
indemnification of its officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain directors and officers insurance to protect our officers and directors from
specified liabilities that may arise in the course of their service to us in those capacities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a complete list of exhibits filed or incorporated by reference as a part of
this Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, dated as of July&nbsp;1, 1997, as
amended and restated as of June&nbsp;26, 2002 and further amended
and restated as of July&nbsp;10, 2002 among Randgold Resources
Limited, The Bank of New York, as Depositary, and the owners
and holders from time to time of American Depositary Receipts
issued thereunder (incorporated by reference to Exhibit&nbsp;4.2 to
the Registrant&#146;s Registration Statement on Form&nbsp;F-4
(Registration No.&nbsp;333-91166), filed with the Commission on
June&nbsp;26, 2002).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen of ADR, evidencing American Depositary Shares,
representing deposited Ordinary Shares (incorporated by
reference to Exhibit&nbsp;4.1).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Randgold Resources Share Option Scheme (incorporated by
reference to Exhibit&nbsp;10.1 of the Registrant&#146;s Registration
Statement on Form&nbsp;F-1 (Registration No.&nbsp;333-90972), filed with
the Commission on June&nbsp;21, 2002).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth Contract of Employment, dated January&nbsp;31, 2005, between
Randgold Resources Limited and Dr.&nbsp;D.M. Bristow (incorporated
by reference to Exhibit&nbsp;4.22 of the Registrant&#146;s annual report
on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2006,
filed with the Commission on June&nbsp;25, 2007).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Contract of Employment, dated April&nbsp;28, 2007, between
Randgold Resources Limited and Graham P. Shuttleworth (incorporated
by reference to Exhibit 4.37 of the Registrant&#146;s annual report
on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2007,
filed with the Commission on June&nbsp;24, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Contract, dated April&nbsp;28, 2008, between Randgold
Resources Limited and Dennis Mark Bristow (incorporated
by reference to Exhibit 4.36 of the Registrant&#146;s annual report
on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2007,
filed with the Commission on June&nbsp;24, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ogier, as to the legality of the ordinary shares.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Stoy Hayward LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Stoy Hayward LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers Inc</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in the signature pages of this
Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 9. UNDERTAKINGS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to reflect in the prospectus any facts or events arising after the effective
date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation
of Registration Fee&#148; table in the effective Registration Statement;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided, however, that if the information required to be included in a post-effective amendment by
paragraphs (a)(1)(i) and (a)(1)(ii) above is contained in periodic reports filed with or furnished
to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in this Registration Statement, paragraphs
(a)(1)(i) and (a)(1)(ii) shall not apply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;That, for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of the employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Jersey, Channel Islands, on December&nbsp;12, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">RANDGOLD RESOURCES LIMITED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ D. Mark Bristow
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">D. Mark Bristow&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints D. Mark Bristow and Graham P. Shuttleworth, or either of them, as his true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this registration statement, and any registration statement relating
to the offering hereunder pursuant to Rule&nbsp;462 under the Securities Act of 1933, as amended, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or
either of them, or their or his substitute or substitutes, pay lawfully do or cause to be done by
virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">TITLE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">DATE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ D. Mark Bristow&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
D. Mark Bristow
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer and
Director<BR>

(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;/s/ Graham P. Shuttleworth&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Graham P. Shuttleworth
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Chief
Financial Officer,
Finance Director and Director
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Tania de Welzim&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Tania de Welzim
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Group
Financial Controller<BR>

(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">SIGNATURE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">TITLE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">DATE</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Philippe Li&#233;tard&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Philippe Li&#233;tard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Chairman
of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Bernard H. Asher&nbsp;&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Bernard H. Asher
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert I. Israel&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert I. Israel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Norborne P. Cole&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Norborne P. Cole
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Aubrey L. Paverd&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Aubrey L. Paverd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Karl Voltaire&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Karl Voltaire
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christopher P. Coleman&nbsp;&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Christopher P. Coleman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Jon Walden
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jon Walden
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December&nbsp;12, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Authorized Representative in the<BR>
United States

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert I. Israel&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert I. Israel
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">December&nbsp;12, 2008&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBIT INDEX</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Sequential Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ogier, as to the legality
of the ordinary shares.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Stoy Hayward LLP.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Stoy Hayward LLP.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers Inc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "y00768sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 248519}]
{"company-data": {"conformed-name": "RANDGOLD RESOURCES LTD", "cik": "0001175580", "assigned-sic": "1040", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-156150", "film-number": "081250687"}, "business-address": {"phone": "011-44-1534-735-333"}, "mail-address": {"street1": "LAMOTTE CHAMBERS. LAMOTTE STREET", "street2": "ST. HELIER, JERSEY JE1 1BJ,", "city": "CHANNEL ISLANDS", "state": "X0", "zip": "00000"}}
S-8
Table of Contents
As filed with the Securities and Exchange Commission on December 15, 2008
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
RANDGOLD RESOURCES LIMITED
(Exact name of Registrant as specified in its charter)
Jersey, Channel Islands
None
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
LA MOTTE CHAMBERS
LA MOTTE STREET
ST. HELIER JERSEY JE1 1BJ
CHANNEL ISLANDS
(011 44) 1534 735 333
(Address, including zip code, of Registrant's principal executive offices)
RANDGOLD RESOURCES SHARE OPTION SCHEME
AWARDS OF RESTRICTED STOCK TO NON-EXECUTIVE DIRECTORS
AWARD OF RESTRICTED STOCK TO D.M. BRISTOW
AWARD OF RESTRICTED STOCK TO G.P. SHUTTLEWORTH
RANDGOLD RESOURCES RESTRICTED SHARE SCHEME
(Full titles of the Plans)
CT CORPORATION SYSTEM
111 EIGHTH AVENUE
NEW YORK, NEW YORK 10011
(212) 894-8940
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copy to:
STEVEN I. SUZZAN, ESQ.
FULBRIGHT & JAWORSKI L.L.P.
666 FIFTH AVENUE
NEW YORK, NEW YORK 10103
(212) 318-3000
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting Company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Amount
Maximum
Maximum
Title of Securities
to be
Offering Price
Aggregate
Amount of
to be Registered (4)
Registered (1)
Per Share
Offering Price
Registration Fee
Ordinary shares, $0.05
par value per share
631,217 shares
available for
issuance under the
Share Option Scheme
$40.88 (2)
$25,804,150
$1,014
Ordinary shares, $0.05
par value per share
3,025,514 shares
issuable upon
exercise of options
granted under the
Share Option Scheme
$21.83 (3)
$66,046,970
$2,596
Ordinary shares, $0.05
par value per share
150,000 shares
awarded to Dr.
Bristow as
restricted stock
$40.88 (2)
$6,132,000
$241
Ordinary shares, $0.05
par value per share
12,000 shares
awarded to G.P.
Shuttleworth
$40.88 (2)
$490,560
$19
Ordinary shares, $0.05
par value per share
29,162 shares
awarded to
non-executive
directors as
restricted stock
$40.88 (2)
$1,192,142
$47
Ordinary shares, $0.05
par value per share
400,000 shares
available for
issuance under the
Restricted Share
Scheme
$40.88 (2)
$16,352,000
$643
Total
4,247,893 shares
$116,017,822
$4,560
(1)
This Registration Statement shall also cover any additional ordinary shares which become
issuable under Randgold Resources Share Option Scheme, Restricted
Share Scheme or the restricted stock awards by reason
of any stock dividend, stock split, capitalization of reserves and premiums or other similar
transaction effected without the receipt of consideration which results in an increase in the
number of the outstanding ordinary shares.
(2)
Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee on the basis of $40.88 per share (the
average of the high and low prices of Randgold Resources Limited's American Depository Shares
on the Nasdaq Global Select Market on December 12, 2008). One American Depository Share
equals one ordinary share of Randgold Resources Limited.
(3)
Estimated in accordance with Rule 457(h) under the Securities Act of 1933, as amended, solely
for the purpose of calculating the registration fee on the basis of the weighted average
exercise price of the options granted under Randgold Resources Option Share Scheme outstanding
as of the date of the filing of this registration statement.
(4)
The ordinary shares may be represented by the
Registrant's American Depositary Shares, each of which
represents one ordinary share. The Registrant's ADSs issuable on
deposit of the ordinary shares registered hereby have been registered
under separate registration statement on Form F-6.
Table of Contents
EXPLANATORY NOTE
This registration statement on Form S-8 is being filed to register additional ordinary shares
of Randgold Resources Limited for issuance under the Randgold Resources Share Option Scheme, Restricted
Share Scheme and the
restricted share awards that were granted pursuant to the shareholders' approval at the annual
meetings, which shares are in addition to those previously registered on a registration statements
on Form S-8 (No. 333-103222) on February 14, 2003 and Form S-8 (Nos. 333-145013) on August 1, 2007.
Under cover of this registration statement on Form S-8 is a reoffer prospectus prepared in
accordance with the requirements of Part I of Form F-3 under the Securities Act of 1933, as amended
(the "
Securities Act
"), and pursuant to the General Instruction C to Form S-8. The reoffer
prospectus may be used for reoffers and resales made on a continuous or delayed basis in the future
of up to an aggregate of 305,962 ordinary shares, which may constitute "control securities"
and/or "restricted securities," issued or to be issued to the selling shareholders listed in the
reoffer prospectus pursuant to Randgold Resources Share Option Scheme or the restricted stock
awards.
Unless the context otherwise requires, "us", "we", "our", or words of similar import, refer to
Randgold Resources Limited and its subsidiaries and affiliated companies.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information required in Part I of this registration statement on
Form S-8 will be sent or given to our employees who are eligible to participate in our Share Option
Scheme or restricted stock awards as specified by Rule 428(b)(1) under the Securities Act. In
accordance with the instructions to Part I of Form S-8, such documents will not be filed with the
Securities and Exchange Commission (the "
Commission
") either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities
Act. These documents and the documents incorporated by reference pursuant to Item 3 of Part II of
this Registration Statement, taken together, constitute the prospectus as required by Section 10(a)
of the Securities Act.
Table of Contents
REOFFER PROSPECTUS
RANDGOLD RESOURCES LIMITED
305,962 Ordinary Shares
This reoffer prospectus relates to 305,962 shares of our ordinary shares, par value $.05 per
share, in the form of ordinary shares or American Depositary Shares,
or ADSs, that may be offered and resold from time to time by certain eligible participants and
existing selling shareholders, including (i) 29,162 shares of our ordinary shares underlying the
restricted stock awards that were granted to our non-executive directors pursuant to our
shareholders' approval at the annual meetings for the fiscal years ended December 31, 2004, 2005,
2006 and 2007, (ii) 150,000 shares of our ordinary shares underlying the restricted stock awards
that were granted to Dr. D.M. Bristow pursuant to the Contract of Employment dated October 1, 2002,
(iii) 40,000 shares of our ordinary shares underlying the restricted stock awards that were granted
to Dr. D.M. Bristow pursuant to the First Contract of Employment dated April 28, 2008, no shares of
which are issued and outstanding, (iv) 36,000 shares of our ordinary shares underlying the
restricted stock amounts that were granted to G.P. Shuttleworth pursuant to the Employment Contract
dated April 28, 2007, 12,000 shares of which are fully vested, issued and outstanding, and
(v) 50,800 shares of our ordinary shares underlying the share options that were granted to our
non-executive directors pursuant our Share Option Scheme.  We are not offering or selling any
shares under this prospectus and will not receive any of the proceeds from the sale of the shares
offered by these selling shareholders. If, subsequent to the date of this reoffer prospectus, we
grant any share options under our Share Option Scheme or restricted stock awards pursuant to the
shareholders' approval at the annual meeting to our affiliates (as defined in Rule 405 under the
Securities Act), Instruction C of Form S-8 requires that we supplement this reoffer prospectus with
the names of such affiliates and the amounts of securities to be reoffered by them as selling
shareholders.
The selling shareholders may sell the shares in varying amounts through public or private
transactions at prevailing market prices or at negotiated prices. Such future prices are not
currently known.  Sales may be made through brokers or to dealers, who are expected to receive
customary commissions or discounts. We will not receive any proceeds from the sale of the shares.
The selling shareholders will bear all the sales commissions and similar expenses. Any other
expenses incurred by us in connection with this registration and offering not borne by the selling
shareholders will be borne by us.
We do not know when, how or if the selling shareholders intend to sell their ordinary shares
covered by this prospectus or what the price, terms or conditions of any sales will be.  See "Plan
of Distribution" below.  We understand that the Commission may, under certain circumstances
consider persons reselling any shares of our ordinary shares and dealers or brokers handling a
resale of shares of our ordinary shares and dealers and brokers handling a resale of shares of our
ordinary stock to be "underwriters" within the meaning of the Securities Act.
Our ordinary shares are not listed for trading in the United States, but are listed on the
Nasdaq Global Select Market under the symbol "GOLD" in connection with the listing of the American
Depositary Shares on the Nasdaq Global Select Market.   On December 12, 2008, the last reported
sale price for our ADSs on the Nasdaq Global Select Market
was $40.65 per share.
Table of Contents
Neither the Commission nor any state securities commission has approved or disapproved these
securities or determined if this prospectus is truthful or complete.   Any representation to the
contrary is a criminal offense.  This prospectus is not an offer to sell these securities and it is
not a solicitation of an offer to buy these securities in any state where the offer or sale is not
permitted.
YOU SHOULD CAREFULLY CONSIDER THE "RISK FACTORS" BEGINNING ON PAGE 4 OF THIS PROSPECTUS BEFORE
PURCHASING OUR COMMON SHARES.
This prospectus is dated December 15, 2008.
TABLE OF CONTENTS
Page
PROSPECTUS SUMMARY
1
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
4
RISK FACTORS
4
CAPITALIZATION AND INDEBTEDNESS
19
USE OF PROCEEDS
19
PRICE RANGE OF ORDINARY SHARES
19
MARKETS
20
SELLING SHAREHOLDERS
21
PLAN OF DISTRIBUTION
23
EXPENSES OF THE OFFERING
24
SHARE CAPITAL
25
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
27
WHERE YOU CAN FIND MORE INFORMATION
27
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
28
EX-5.1: Opinion of Ogier, as to the legality of the ordinary shares.
EX-23.1: Consent of BDO Stoy Hayward LLP
EX-23.2: Consent of BDO Stoy Hayward LLP
EX-23.3: Consent of PricewaterhouseCoopers LLP
EX-23.4: Consent of PricewaterhouseCoopers Inc
You should rely only on the information contained in this prospectus. We have not authorized any
other person to provide you with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. The selling shareholders will not make an
offer to sell these securities in any jurisdiction where an offer or sale is not permitted. You
should assume that the information appearing in this prospectus is accurate as of the date on the
front cover of this prospectus only, regardless of the time of delivery of this prospectus or of
any sale of our common stock. Our business, financial condition, results of operations and
prospects may have changed since that date.
Table of Contents
PROSPECTUS SUMMARY
The following summary highlights selected information contained in this prospectus. This
summary does not contain all the information you should consider before investing in the
securities. Before making an investment decision, you should read the entire prospectus carefully,
including the "risk factors" section, and our Annual Report on Form 20-F for the year ended
December 31, 2007, and other documents filed with the Commission that are incorporated by reference
into this prospectus.
Business Overview
We were incorporated under the laws of Jersey, Channel Islands in August 1995, to engage in
the exploration and development of gold deposits in Sub-Saharan Africa. Our principal executive
offices are located at La Motte Chambers, La Motte Street, St. Helier, Jersey, JEI 1BJ, Channel
Islands and our telephone number is (011 44) 1534 735-333. Our agent in the United States is CT
Corporation System, 111 Eighth Avenue, New York, New York 10011.
Overview
We engage in gold mining, exploration and related activities. Our activities are focused on
West and East Africa, some of the most promising areas for gold discovery in the world. In Mali, we
have an 80% controlling interest in the Loulo mine through Somilo SA. The Loulo mine is currently
mining from two open pits and mining has started from the first of two underground mines that are
being developed at Loulo. We also own 50% of Morila Limited, which in turn owns 80% of Morila SA,
the owner of the Morila mine in Mali. In addition, we own an effective 81% controlling interest in
the development stage Tongon project located in the neighboring country of Côte d'Ivoire. We also
have exploration permits and licenses covering substantial areas in Mali, Côte d'Ivoire, Burkina
Faso, Ghana, Senegal and Tanzania. At April 30, 2008, we declared proven and probable reserves of
8.53 million ounces attributable to our percentage ownership interests in Loulo, Morila, and
Tongon.
Our strategy is to create value through the discovery, development and profitable exploitation
of resource opportunities, focusing on gold. We seek to discover significant gold deposits, either
from our own phased exploration programs or the acquisition of early stage to mature exploration
programs. We actively manage both our portfolio of exploration and development properties and our
risk exposure to any particular geographical area. We also routinely review opportunities to
acquire development projects and existing mining operations and companies.
Loulo
In February 2004, we announced that we would develop a new mine at Loulo in western Mali. In
2005, we commenced open pit mining operations at the Gara and Yalea pits, as well as other smaller
satellite pits. In 2007, its second year of production, the Loulo mine produced 264,467 ounces of
gold at a total cash cost of $372 per ounce. Production at the mine in 2008 is expected to be at a
similar level. We currently anticipate that mining at Loulo will continue through 2024.
Table of Contents
We commenced development of the Yalea underground mine in August 2006 and first ore was
accessed in April of 2008 with full production scheduled for 2009. We anticipate that we will
commence development of Loulo's second underground mine, Gara, in 2010 with first ore scheduled to
be delivered to the plant at the end of that year.
The focus of exploration at Loulo is to continue to explore and discover additional orebodies
within the 372 square kilometer permit. To date, we have succeeded in identifying numerous
additional targets including two significant advanced stage targets, Faraba and Baboto, which are
subject to further exploration and drilling.
Morila
In 1996, we discovered the Morila deposit, which we financed and developed and to date has
been our major gold producing asset. Since production began in October 2000, Morila has produced
more than 5 million ounces of gold at a total cash cost of $177 per ounce. We estimate that
Morila's total production for 2008 will be approximately 430,000 ounces, with in pit mining ceasing
in 2009 and processing of lower grade stockpiles continuing until 2013.
Morila focuses its exploration activities on extending the existing orebody and discovering
new deposits that can be processed using the Morila plant. We continually seek to extend the life
of mine at Morila, and have targeted areas within the Morila joint venture for further drilling.
Outside of the Morila joint venture, we hold exploration permits covering 476 square kilometers in
the Morila region, where we are engaged in early stage exploration work.
Tongon
At our Tongon project located in Côte d'Ivoire, we completed a 30,000 meter drilling program
and a feasibility study and the board gave approval for the mine development to proceed in January
2008 and construction will start at the end of 2008 with first gold production scheduled for the
fourth quarter of 2010.
Exploration
We have a quality portfolio of exploration projects in both West and East Africa. In 2007, we
have concentrated our exploration activities on the extension of known orebodies and on the
discovery of new orebodies both at producing mines and exploration sites. In addition, we continued
with our strategy to expand our footprint in Africa, including newly emerging countries. We are
actively exploring in six African countries with a portfolio of 189 targets on 12,154 square
kilometers of groundholding. Our business strategy of organic growth through exploration has been
validated by our discovery and development track record, including the Morila and Loulo mines and
the Tongon project.
2
Table of Contents
This Offering
Ordinary Shares outstanding prior to this offering
76,506,150 shares (1)
Ordinary shares issuable upon exercise of
outstanding share options and restricted shares
which may be offered pursuant to this prospectus
305,962 shares
Use of proceeds
We will not receive
any proceeds from the
sale of our ordinary
shares offered in
this prospectus. We
will receive proceeds
to the extent that
options issued by us
are exercised for
cash. We will use
the exercise
proceeds, if any, for
working capital and
general corporate
purposes.
Risk Factors
The purchase of our
ordinary shares
involves a high
degree of risk. You
should carefully
review and consider
"risk factors"
beginning on page 4.
Nasdaq Global Select Market Symbol
GOLD
London Stock Exchange Symbol
RRS
(1)
As of November 30, 2008. This number does not include shares of ordinary shares issuable upon
exercise of outstanding share options or vesting of restricted stock awards.
3
Table of Contents
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This prospectus contains forward looking statements within the meaning of Section 27A of
Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended (the "
Exchange
Act
"), and the Private Securities Litigation Reform Act of 1995, including statements regarding
our expected financial position, business and financing plans. These forward looking statements
reflect our views with respect to future events and financial performance. The words "believe,"
"expect," "plan" and "anticipate" and similar expressions identify forward looking statements.
Although we believe that the expectations and assumptions reflected in such forward looking
statements are reasonable, the expectations and assumptions may prove to be incorrect. Important
factors that could cause actual results to differ materially from these expectations are disclosed
in this prospectus. All subsequent written and oral forward looking statements attributable to us
or individuals acting on our behalf are expressly qualified in their entirety by these cautionary
statements. We caution readers not to place undue reliance on these forward looking statements,
which speak only as of the date of this prospectus. We undertake no obligation to publicly update
or revise any forward looking statements, whether as a result of new information, future events or
otherwise, except as required by law.
RISK FACTORS
In addition to the other information included in this reoffer prospectus, you should carefully
consider the following factors, which individually or in combination could have a material adverse
effect on our business, financial condition and results of operations. There may be additional
risks and uncertainties not presently known to us, or that we currently see as immaterial, which
may also harm our business. If any of the risks or uncertainties described below or any such
additional risks and uncertainties actually occur, our business, results of operations and
financial condition could be materially and adversely affected. In this case, the trading price of
our ordinary shares and American Depository Shares (the "
ADS
") could decline and you might
lose all or part of your investment.
Risks Relating to Our Operations
The profitability of our operations, and the cash flows generated by our operations, are affected
by changes in the market price for gold which in the past has fluctuated widely.
Substantially all of our revenues and cash flows have come from the sale of gold.
Historically, the market price for gold has fluctuated widely and has been affected by numerous
factors, over which we have no control, including:
•
the demand for gold for industrial uses and for use in jewelry;
•
international or regional political and economic trends;
•
the strength of the US dollar, the currency in which gold prices generally are
quoted, and of other currencies;
•
financial market expectations regarding the rate of inflation;
4
Table of Contents
•
interest rates;
•
speculative activities;
•
actual or expected purchases and sales of gold bullion holdings by central banks or
other large gold bullion holders or dealers;
•
hedging activities by gold producers; and
•
the production and cost levels for gold in major gold-producing nations.
The volatility of gold prices is illustrated in the following table, which shows the annual
high, low and average of the afternoon London Bullion Market fixing price of gold in US dollars for
the past ten years.
Price Per Ounce ($)
Year
High
Low
Average
1996
415
367
388
1997
367
283
331
1998
313
273
294
1999
326
253
279
2000
313
264
279
2001
293
256
271
2002
349
278
310
2003
416
320
363
2004
454
375
409
2005
537
411
444
2006
725
525
604
2007
841
608
695
2008 (through November 30, 2008)
932
825
877
In addition, the current demand for, and supply of, gold affects the price of gold, but not
necessarily in the same manner as current demand and supply affect the prices of other commodities.
Historically, gold has tended to retain its value in relative terms against basic goods in times of
inflation and monetary crisis. As a result, central banks, financial institutions, and individuals
hold large amounts of gold as a store of value, and production in any given year constitutes a very
small portion of the total potential supply of gold. Since the potential supply of gold is large
relative to mine production in any given year, normal variations in current production will not
necessarily have a significant effect on the supply of gold or its price.
If gold prices should fall below and remain below our cost of production for any sustained
period we may experience losses, and if gold prices should fall below our cash costs of production
we may be forced to curtail or suspend some or all of our mining operations. In addition, we would
also have to assess the economic impact of low gold prices on our ability to recover from any
losses we may incur during that period and on our ability to maintain adequate reserves. Our total
cash cost of production per ounce of gold sold was $356 in the year ended December 31, 2007, $296
in the year ended December 31, 2006, and $201 in the year ended December 31, 2005. We expect that
Morila's cash costs per ounce will rise as the life of the mine advances as a result of expected
declining grade, which will adversely affect our profitability in
5
Table of Contents
the absence of any mitigating factors. The high grades expected from the underground mining
will, in the absence of any other cost increases, have a positive impact on unit costs.
Our mining operations may yield less gold under actual production conditions than indicated by our
gold reserve figures, which are estimates based on a number of assumptions, including assumptions
as to mining and recovery factors, production costs and the price of gold.
The ore reserve estimates contained in this Annual Report are estimates of the mill delivered
quantity and grade of gold in our deposits and stockpiles. They represent the amount of gold that
we believe can be mined, processed and sold at prices sufficient to recover our estimated total
cash costs of production, remaining investment and anticipated additional capital expenditures. Our
ore reserves are estimated based upon many factors, including:
•
the results of exploratory drilling and an ongoing sampling of the orebodies;
•
past experience with mining properties;
•
gold price; and
•
operating costs.
Because our ore reserve estimates are calculated based on current estimates of future
production costs and gold prices, they should not be interpreted as assurances of the economic life
of our gold deposits or the profitability of our future operations.
Reserve estimates may require revisions based on actual production experience. Further, a
sustained decline in the market price of gold may render the recovery of ore reserves containing
relatively lower grades of gold mineralization uneconomical and ultimately result in a restatement
of reserves. The failure of the reserves to meet our recovery expectations may have a materially
adverse effect on our business, financial condition and results of operations.
The profitability of operations and the cash flows generated by these operations are significantly
affected by the fluctuations in the price, cost and supply of inputs.
Fuel, power and consumables, including diesel, steel, chemical reagents, explosives and tires,
form a relatively large part of the operating costs of any mining company. The cost of these
consumables is impacted, to a greater or lesser extent, by fluctuations in the price of oil,
exchange rates and a shortage of supplies.
Such fluctuations have a significant impact upon the operating costs and capital expenditure
estimates and, in the absence of other economic fluctuations, could result in significant changes
in the total expenditure estimates for mining projects, new and existing, and could even render
certain projects non-viable. In addition, while our revenue is derived from the sale of gold in US
dollars, a significant portion of our input costs are incurred in currencies other than the dollar.
Accordingly, any appreciation in such other currencies could adversely affect our results of
operations.
6
Table of Contents
Our business may be harmed if the Government of Mali fails to repay Value Added Tax, or TVA, owing
to Morila.
Our mining companies operating in Mali are exonerated by their Establishment Conventions from
paying TVA for the three years following first commercial production. After that, TVA is payable
and reimbursable. TVA is only reclaimable insofar as it is expended in the production of income.
A key aspect in TVA recovery is managing the completion of the Government of Mali's audit of
the taxpayer's payments, at which time the Government of Mali recognizes a liability. The
Government of Mali has completed its audit of Morila for the second and third quarters of 2007 and
the first quarter of 2008.
Morila has concluded a reimbursement protocol with the Government of Mali for all TVA owing to
June 2005 and is in negotiation to conclude a further protocol to bring this up to date. At
December 31, 2007, the TVA owed by the Government of Mali to Morila stood at $37.8 million, which
amount has decreased by $27.5 million to $10.3 million at September 30, 2008.
If Morila is unable to recover these funds, then its results of operations and financial
position would be adversely affected, as would its ability to pay dividends to its shareholders.
Accordingly, our business, cash flows and financial condition will be adversely affected if
anticipated dividends are not paid.
Our business may be harmed if the Government of Mali fails to repay fuel duties owing to Morila and
Loulo.
Up to November 2005, Morila was responsible for paying to diesel suppliers the customs duties
which are then paid to the Government of Mali. Our operations at Morila and Loulo can claim
reimbursement of these duties from the Government of Mali on presentation of a certificate from
Société Générale de Surveillance. During the third quarter 2003, the Government of Mali began to
reduce payments to all the mines in Mali due to irregularities involving certain small exploration
companies. The Government of Mali has since given full exoneration from fuel duties to the mining
industry so that fuel duties are no longer payable. However, significant amounts of previously paid
duties remain outstanding. Our share of the amounts owing to Morila was $4 million on December 31,
2007 and $5.6 million on December 31, 2006. Amounts owing to Loulo were $0.7 million on December
31, 2007 and $4.1 million on December 31, 2006.
If Morila is unable to recover these amounts, then its results of operations and financial
position would be adversely affected, as would its ability to pay dividends to its shareholders.
Accordingly, our business, cash flows and financial condition will be adversely affected if
anticipated dividends are not paid.
We have invested in debt instruments for which the market has become substantially illiquid.
As of December 31, 2007, we had approximately $294 million of cash and cash equivalents. In
addition, we had approximately $49 million of available for sale financial assets. The available
for sale financial assets consists of auction rate securities, or ARS. ARS are
7
Table of Contents
securities that are structured with short-term interest rate reset dates of generally less
than 35 days, but with contractual maturities that can be well in excess of ten years. At the end
of each reset period, which occurs every seven to thirty-five days, investors can sell or continue
to hold the securities at par. In the third quarter of fiscal year 2007, certain auction rate
securities with a cost value of $49 million failed at an auction due to the sudden and unusual
deterioration in the global credit and capital markets, and have since experienced multiple failed
auctions. Consequently, the funds associated with these investments will not be accessible until a
successful auction occurs, a buyer is found outside of the auction process or the underlying
securities have matured.
The ARS investments held by the company all had AAA credit ratings from at least two rating
agencies at the time of purchase and as at December 31, 2007. In April, 2008, and subsequent to
that date, certain ARS investments were downgraded below AAA by different ratings agencies.
During the quarter ending September 30, 2008, a provision of $8.84 million was made against
these ARS, following the deterioration of the underlying credit ratings of the collateral of
certain of the ARS. As these investments have now been illiquid for twelve months and there is no
certainty that they will become liquid within the next twelve months, the assets have been
reclassified into the 'non-current' section of the balance sheet to more accurately reflect their
nature. We believe that we have been the subject of a fraud committed by brokers working for a
large investment bank through material misrepresentations of the nature of the ARS in which we were
invested. Consequently, we have engaged legal counsel and in October 2008 we commenced arbitration
proceedings against the bank and the brokers for their misconduct. These individuals are the
subject of criminal proceedings instigated by the U.S. government and regulatory proceedings
instigated by the SEC, which we believe reinforce our position. There can be no assurance that we
will be successful in our actions against the bank or the individual brokers, and consequently we
have not relied upon this for the determination of the provision. Continued uncertainties in the
credit and capital markets may result in additional impairment provisions, which could adversely
impact our financial condition, current asset position and reported earnings.
We may not be able to recover certain funds from MDM Ferroman (Pty) Limited.
In August 2004, we entered into a fixed lump sum turnkey contract for $63 million for the
design, supply, construction and commissioning of the Loulo processing plant and infrastructure
with MDM Ferroman (Pty) Ltd, or MDM. At the end of 2005, after making advances and additional
payments to MDM totaling $26 million in excess of the contract, we determined that MDM was unable
to perform its obligations under the MDM Contract, at which time we enforced a contractual remedy
which allowed us to act as our own general contractor and to complete the remaining work on the
Loulo project that was required under the MDM Contract.
We believe that we are entitled to recover certain amounts from MDM, including advances of
$12.1 million (December 31, 2006: $12.1 million) included in receivables. Of this latter amount, $7
million is secured by performance bonds and the remainder is secured by various personal guarantees
and other assets.
8
Table of Contents
As part of our efforts to recoup the monies owed to us, MDM was put into liquidation on
February 1, 2006. This resulted in a South African Companies Act Section 417 investigation into the
business and financial activities of MDM, its affiliated companies and their directors. The
investigation was completed and summons has been issued against those MDM creditors deemed as
preferential creditors. These legal proceedings are continuing with pleadings having been closed
and court dates been set in the South African courts.
Our ability to recover in full the $12.1 million included in receivables is dependent on the
amounts which can be recovered from the performance bonds, personal guarantees and other assets
provided as security. Any shortfall is expected to be recovered from any free residue accruing to
the insolvent estate. The aggregate amount which will ultimately be recovered cannot presently be
determined. The financial statements do not reflect any additional provision that may be required
if the $12.1 million cannot be recovered in full. Our results of operations may be adversely
affected if we are unable to recover the amounts advanced by us to MDM. Any part of the $12.1
million included in accounts receivable which cannot in fact be recovered will need to be charged
as an expense.
The ultimate outcome of this claim cannot presently be determined and there is significant
uncertainty surrounding the amount that will ultimately be recovered.
We may incur losses or lose opportunities for gains as a result of our use of our derivative
instruments to protect us against low gold prices.
We use derivative instruments to protect the selling price of some of our anticipated gold
production at Loulo. The intended effect of our derivative transactions is to lock in a fixed sale
price for some of our future gold production to provide some protection against a subsequent fall
in gold prices. No such protection is in place for our production at Morila.
Derivative transactions can result in a reduction in revenue if the instrument price is less
than the market price at the time the hedged sales are recognized. Moreover, our decision to enter
into a given instrument is based upon market assumptions. If these assumptions are not met,
significant losses or lost opportunities for significant gains may result. In all, the use of these
instruments may result in significant losses which will prevent us from realizing the positive
impact of any subsequent increase in the price of gold on the portion of production covered by the
instrument.
Our underground project at Loulo, developing two mines at Yalea and Gara, is subject to all of the
risks associated with underground mining.
Development of the underground mine at Yalea commenced in December 2006 and first ore was
mined in April 2008. These planned mines represent our entry into the business of underground
mining. In connection with the development of the underground mines, we must build the necessary
infrastructure, the costs of which are substantial. The underground mines may experience unexpected
problems and delays during their development and construction. Delays in the commencement of gold
production could occur and the development costs could be larger than expected, which could affect
our results of operations and profitability.
9
Table of Contents
The business of underground mining by its nature involves significant risks and hazards. In
particular, as the development commences the operation could be subject to:
•
rockbursts;
•
seismic events;
•
underground fires;
•
cave-ins or falls of ground;
•
discharges of gases or toxic chemicals;
•
flooding;
•
accidents; and
•
other conditions resulting from drilling, blasting and the removal of material from
an underground mine.
We are at risk of experiencing any and all of these hazards. The occurrence of any of these
hazards could delay the development of the mine, production, increase cash operating costs and
result in additional financial liability for us.
Our Success May Depend on Our Social and Environmental Performance.
Our ability to operate successfully in communities will likely depend on our ability to
develop, operate and close mines in a manner that is consistent with the health and safety of our
employees, the protection of the environment, and the creation of long-term economic and social
opportunities in the communities in which we operate. We seek to promote improvements in health and
safety, environmental performance and community relations. However, our ability to operate could be
adversely impacted by accidents or events detrimental (or perceived to be detrimental) to the
health and safety of our employees, the environment or the communities in which we operate.
Actual cash costs of production, production results and economic returns may differ significantly
from those anticipated by our feasibility studies for new development projects, including Tongon.
It can take a number of years from initial feasibility studies until development is completed
and, during that time, the economic feasibility of production may change. In addition, there are a
number of uncertainties inherent in the development and construction of any new mine, including:
•
the availability and timing of necessary environmental and governmental permits;
•
the timing and cost necessary to construct mining and processing facilities, which
can be considerable;
10
Table of Contents
•
the availability and cost of skilled labor, power, water and other materials;
•
the accessibility of transportation and other infrastructure, particularly in remote
locations; and
•
the availability of funds to finance construction and development activities.
At our Tongon project in Côte d'Ivoire, our board has approved the development of the new mine
based on the strength of a feasibility study. A draft of the proposed mining convention has been
submitted to the Côte d'Ivoire's Ministry of Mines and Energy and we expected to sign the
convention in early 2009. Construction of the mine started at the end of 2008 with first gold
production scheduled for the fourth quarter of 2010. We cannot provide any assurance that the
project will ultimately result in a new commercial mining operation, or that a new commercial
mining operation will be successful.
We conduct mining, development and exploration activities in countries with developing economies
and are subject to the risks of political and economic instability associated with these countries.
We currently conduct mining, development and exploration activities in countries with
developing economies. These countries and other emerging markets in which we may conduct operations
have, from time to time, experienced economic or political instability. It is difficult to predict
the future political, social and economic direction of the countries in which we operate, and the
impact government decisions may have on our business. Any political or economic instability in the
countries in which we currently operate could have a material and adverse effect on our business
and results of operations.
The countries of Mali, Senegal, Burkina Faso and Côte d'Ivoire have, since independence,
experienced some form of political upheaval with varying forms of changes of government taking
place. Côte d'Ivoire has experienced several years of political chaos, including an attempted coup
d'etat. The political situation in that country is normalizing and national elections have been set
for November 2008.
Goods are supplied to our operations in Mali through Ghana, Burkina Faso and Senegal, which
routings have to date, functioned satisfactorily. Our operations at Morila have been adversely
affected by the higher transportation costs for diesel that now has to be delivered via Senegal.
Any present or future policy changes in the countries in which we operate may in some way have a
significant effect on our operations and interests.
The mining laws of Mali, Côte d'Ivoire, Senegal, Burkina Faso, Ghana and Tanzania stipulate
that should an economic orebody be discovered on a property subject to an exploration permit, a
permit that allows processing operations to be undertaken must be issued to the holder. Except for
Tanzania, legislation in these countries currently provides for the relevant government to acquire
a free ownership interest, normally of at least 10%, in any mining project. For example, the Malian
government holds a 20% interest in Morila SA and Somilo SA, and cannot be diluted below 10%, as a
result of this type of legislation. The requirements of the various governments as to the foreign
ownership and control of mining companies may change in a manner which adversely affects us.
11
Table of Contents
Under our joint venture agreement with AngloGold Ashanti Limited, or AngloGold Ashanti, we jointly
manage Morila Limited, and any disputes with AngloGold Ashanti over the management of Morila
Limited could adversely affect our business.
We jointly control Morila Limited with AngloGold Ashanti under a joint venture agreement.
Since February 15, 2008, we have been responsible for the day-to-day operations of Morila, subject
to the overall management control of the Morila Limited board. Substantially all major management
decisions, including approval of a budget for Morila, must be approved by the Morila Limited board.
We and AngloGold Ashanti retain equal control over the board, with neither party holding a deciding
vote. If a dispute arises between us and AngloGold Ashanti with respect to the management of Morila
Limited and we are unable to amicably resolve the dispute, we may have to participate in
arbitration or other proceeding to resolve the dispute, which could materially and adversely affect
our business.
Our results of operations are being adversely affected by increases in fuel prices, and we would be
adversely affected by disruptions in the supply of fuel.
Our results are significantly affected by the price and availability of fuel, which are in
turn affected by a number of factors beyond our control. Fuel prices are volatile and increased
significantly in 2007, and remain very high by historical standards. In 2007, the cost of fuel
comprised approximately 27% of our operating costs and the annual price increase of our landed fuel
was 34%.
Historically, fuel costs have been subject to wide price fluctuations based on geopolitical
factors and supply and demand. While we do not currently anticipate a significant reduction in fuel
availability, factors beyond our control make it impossible to predict the future availability of
fuel. If there are additional outbreaks of hostilities or other conflicts in oil producing areas or
elsewhere, or a reduction in refining capacity (due to weather events, for example), or
governmental limits on the production or sale of fuel, or restrictions on the transport of fuel,
there could be reductions in the supply of fuel and significant increases in the cost of fuel.
We are not parties to any agreements that protect us against price increases or guarantee the
availability of fuel. Major reductions in the availability of fuel or significant increases in its
cost, or a continuation of current high prices for a significant period of time, would have a
material adverse impact on us.
The use of mining contractors at certain of our operations may expose it to delays or suspensions
in mining activities.
Mining contractors are used at Loulo and Morila to mine and deliver ore to processing plants.
Consequently, at these mines, we do not own all of the mining equipment and may face disruption of
operations and incur costs and liabilities in the event that any of the mining contractors at these
mines has financial difficulties, or should there be a dispute in renegotiating a mining contract,
or a delay in replacing an existing contractor.
12
Table of Contents
We may be required to seek funding from third parties or enter into joint development arrangements
to finance the development of our properties and the timely exploration of our mineral rights,
which funding or development arrangements may not be available on acceptable terms, or at all.
In some countries, if we do not conduct any mineral exploration on our mineral holdings or
make the required payments in lieu of completing mineral exploration, these mineral holdings will
lapse and we will lose all interest that we have in these mineral rights.
We may not pay dividends to shareholders in the near future.
We paid our second dividend to ordinary shareholders in March 2008. It is our policy to pay
dividends if profits and funds are available for that purpose. Whether or not funds are available
depends on a variety of factors. We cannot guarantee that dividends will be paid in the future.
If we are unable to attract and retain key personnel our business may be harmed.
Our ability to bring additional mineral properties into production and explore our extensive
portfolio of mineral rights will depend, in large part, upon the skills and efforts of a small
group of management and technical personnel, including D. Mark Bristow, our Chief Executive
Officer. If we are not successful in retaining or attracting highly qualified individuals in key
management positions our business may be harmed. The loss of any of our key personnel could
adversely impact our ability to execute our business plan.
Our insurance coverage may prove inadequate to satisfy future claims against us.
We may become subject to liabilities, including liabilities for pollution or other hazards,
against which we have not insured adequately or at all or cannot insure. Our insurance policies
contain exclusions and limitations on coverage. Our current insurance policies provide worldwide
indemnity of £50 million in relation to legal liability incurred as a result of death, injury,
disease of persons and/or loss of or damage to property. Main exclusions under this insurance
policy, which relates to our industry, include war, nuclear risks, silicosis, asbestosis or other
fibrosis of the lungs or diseases of the respiratory system with regard to employees, and gradual
pollution. In addition, our insurance policies may not continue to be available at economically
acceptable premiums. As a result, in the future our insurance coverage may not cover the extent of
claims against us.
It may be difficult for you to affect service of process and enforce legal judgments against us or
our affiliates.
We are incorporated in Jersey, Channel Islands and a majority of our directors and senior
executives are not residents of the United States. Virtually all of our assets and the assets of
those persons are located outside the United States. As a result, it may not be possible for you to
effect service of process within the United States upon those persons or us. Furthermore, the
United States and Jersey currently do not have a treaty providing for the reciprocal recognition
and enforcement of judgments (other than arbitration awards) in civil and commercial matters.
Consequently, it may not be possible for you to enforce a final judgment for payment rendered
13
Table of Contents
by any federal or state court in the United States based on civil liability, whether or not
predicated solely upon United States Federal securities laws against those persons or us.
In order to enforce any judgment rendered by any Federal or state court in the United States
in Jersey, proceedings must be initiated by way of common law action before a court of competent
jurisdiction in Jersey. The entry of an enforcement order by a court in Jersey is conditional upon
the following:
•
the court which pronounced the judgment has jurisdiction to entertain the case
according to the principles recognized by Jersey law with reference to the jurisdiction
of the foreign courts;
•
the judgment is final and conclusive — it cannot be altered by the courts which
pronounced it;
•
there is payable pursuant to a judgment a sum of money, not being a sum payable in
respect of tax or other charges of a like nature or in respect of a fine or other
penalty;
•
the judgment has not been prescribed;
•
the courts of the foreign country have jurisdiction in the circumstances of the
case;
•
the judgment was not obtained by fraud; and
•
the recognition and enforcement of the judgment is not contrary to public policy in
Jersey, including observance of the rules of natural justice which require that
documents in the United States proceeding were properly served on the defendant and
that the defendant was given the right to be heard and represented by counsel in a free
and fair trial before an impartial tribunal.
Furthermore, it is doubtful whether you could bring an original action based on United States
Federal securities laws in a Jersey court.
We are subject to significant corporate regulation as a public company and failure to comply with
all applicable regulations could subject us to liability or negatively affect our share price.
As a publicly traded company, we are subject to a significant body of regulation. While we
have developed and instituted a corporate compliance program based on what we believe are the
current best practices in corporate governance and continue to update this program in response to
newly implemented or changing regulatory requirements, we cannot provide assurance that we are or
will be in compliance with all potentially applicable corporate regulations. For example, we cannot
provide assurance that in the future our management will not find a material weakness in connection
with its annual review of our internal control over financial reporting pursuant to Section 404 of
the US Sarbanes-Oxley Act of 2002. If we fail to comply with any of these regulations, we could be
subject to a range of regulatory actions, fines or other sanctions or litigation. If we must
disclose any material weakness in our internal control over financial reporting, our share price
could decline.
14
Table of Contents
Risks Relating to Our Industry
The exploration of mineral properties is highly speculative in nature, involves substantial
expenditures, and is frequently unproductive.
Exploration for gold is highly speculative in nature. Our future growth and profitability will
depend, in part, on our ability to identify and acquire additional mineral rights, and on the costs
and results of our continued exploration and development programs. Many exploration programs,
including some of ours, do not result in the discovery of mineralization and any mineralization
discovered may not be of sufficient quantity or quality to be profitably mined. Our mineral
exploration rights may not contain commercially exploitable reserves of gold. Uncertainties as to
the metallurgical recovery of any gold discovered may not warrant mining on the basis of available
technology. Our operations are subject to all of the operating hazards and risks normally incident
to exploring for and developing mineral properties, such as:
•
encountering unusual or unexpected formations;
•
environmental pollution;
•
personal injury and flooding; and
•
decrease in reserves due to a lower gold price.
If we discover a viable deposit, it usually takes several years from the initial phases of
exploration until production is possible. During this time, the economic feasibility of production
may change.
Moreover, we will use the evaluation work of professional geologists, geophysicists, and
engineers for estimates in determining whether to commence or continue mining. These estimates
generally rely on scientific and economic assumptions, which in some instances may not be correct,
and could result in the expenditure of substantial amounts of money on a deposit before it can be
determined whether or not the deposit contains economically recoverable mineralization. As a result
of these uncertainties, we may not successfully acquire additional mineral rights, or identify new
proven and probable reserves in sufficient quantities to justify commercial operations in any of
our properties.
If management determines that capitalized costs associated with any of our gold interests are
not likely to be recovered, we would recognize an impairment provision against the amounts
capitalized for that interest. All of these factors may result in losses in relation to amounts
spent which are found not to be recoverable.
Title to our mineral properties may be challenged which may prevent or severely curtail our use of
the affected properties.
Title to our properties may be challenged or impugned, and title insurance is generally not
available. Each sovereign state is the sole authority able to grant mineral property rights, and
our ability to ensure that we have obtained secure title to individual mineral properties or mining
concessions may be severely constrained. Our mineral properties may be subject to prior
15
Table of Contents
unregistered agreements, transfers or claims, and title may be affected by, among other
things, undetected defects. In addition, we may be unable to operate our properties as permitted or
to enforce our rights with respect to our properties.
Our ability to obtain desirable mineral exploration projects in the future may be adversely
affected by competition from other exploration companies.
In conducting our exploration activities, we compete with other mining companies in connection
with the search for and acquisition of properties producing or possessing the potential to produce
gold. Existing or future competition in the mining industry could materially and adversely affect
our prospects for mineral exploration and success in the future.
Our operations are subject to extensive governmental and environmental regulations, which could
cause us to incur costs that adversely affect our results of operations.
Our mining facilities and operations are subject to substantial government laws and
regulations, concerning mine safety, land use and environmental protection. We must comply with
requirements regarding exploration operations, public safety, employee health and safety, use of
explosives, air quality, water pollution, noxious odor, noise and dust controls, reclamation, solid
waste, hazardous waste and wildlife as well as laws protecting the rights of other property owners
and the public.
Any failure on our part to be in compliance with these laws, regulations, and requirements
with respect to our properties could result in us being subject to substantial penalties, fees and
expenses, significant delays in our operations or even the complete shutdown of our operations. We
provide for estimated environmental rehabilitation costs when the related environmental disturbance
takes place. Estimates of rehabilitation costs are subject to revision as a result of future
changes in regulations and cost estimates. The costs associated with compliance with government
regulations may ultimately be material and adversely affect our results of operations and financial
condition.
If our environmental and other governmental permits are not renewed or additional conditions are
imposed on our permits, our financial condition and results of operations may be adversely
affected.
Generally, compliance with environmental and other government regulations requires us to
obtain permits issued by governmental agencies. Some permits require periodic renewal or review of
their conditions. We cannot predict whether we will be able to renew these permits or whether
material changes in permit conditions will be imposed. Non-renewal of a permit may cause us to
discontinue the operations requiring the permit, and the imposition of additional conditions on a
permit may cause us to incur additional compliance costs, either of which could have a material
adverse effect on our financial condition and results of operations.
Labor disruptions could have an adverse effect on our operating results and financial condition.
Our operations in West Africa are highly unionized, and strikes are legal in the countries in
which we operate. Therefore, our operations are at risk of having work interrupted for indefinite
periods due to industrial action by employee collectives, such as strikes. Should long
16
Table of Contents
disruptions take place on our operations, the results from our operations and their financial
condition could be materially and adversely affected.
AIDS poses risks to us in terms of productivity and costs.
The incidence of AIDS in Mali and Côte d'Ivoire, which has been forecasted to increase over
the next decade, poses risks to us in terms of potentially reduced productivity and increased
medical and insurance costs. The exact extent to which our workforce is infected is not known at
present. The prevalence of AIDS could become significant. Significant increases in the incidence of
AIDS infection and AIDS-related diseases among members of our workforce in the future could
adversely impact our operations and financial condition.
Risks Relating to this Offering
The market value of our ADSs may fluctuate due to the volatility of the securities markets.
The market value of our ADSs may fluctuate due to the volatility of the securities markets.
The securities markets in the United States and other countries have experienced significant price
and volume fluctuations. Volatility in the price of our ADSs may be caused by factors beyond our
control and may be unrelated to, or disproportionate to changes in, our results of operations. In
the past, following periods of volatility in the market price of a public company's securities,
securities class action litigation has often been instituted against that company. Litigation of
this kind could result in substantial costs and a diversion of our management's attention and
resources.
Holders of ADRs have fewer rights than shareholders and have to act through the depositary to
exercise those rights.
Holders of ADRs do not have the same rights as shareholders and accordingly cannot exercise
rights of shareholders against us. The Bank of New York, as depositary, or the custodian, is the
registered shareholder of the deposited shares underlying the ADSs, and therefore you will
generally have to exercise your shareholder rights through The Bank of New York. In certain cases,
we may not ask The Bank of New York to ask you for instructions as to how you wish the shares
underlying the ADSs evidenced by your ADRs voted. The Bank of New York will not ask you for voting
instructions in the absence of written instructions from us to do so. In the event that we did not
so instruct The Bank of New York, you could still instruct The Bank of New York how to vote if you
otherwise learn of our upcoming shareholders' meeting or vote by surrendering your ADSs,
withdrawing your underlying shares, and then voting as ordinary shareholders. Even if we ask The
Bank of New York to ask you for such instructions, it may not be possible for The Bank of New York
to obtain these instructions from you in time for The Bank of New York to vote in accordance with
such instructions. If The Bank of New York does not receive instructions from you, it may give a
proxy to vote your underlying ordinary shares or other deposited securities to our designated
representative. This means you may not be able to exercise your right to vote and there may be
nothing you can do if your underlying ordinary shares or other deposited securities are not voted
as you instructed.
17
Table of Contents
In some cases, The Bank of New York may not make rights or other distributions available to ADR
holders.
If we make a rights offer to holders of securities, The Bank of New York may make these rights
available to you after we instruct it to do so and provide it with evidence that it is legal to do
so. If we fail to do this and The Bank of New York determines that it is impractical to sell the
rights, it may allow these rights to lapse. In that case, you will receive no value for them.
Additionally, The Bank of New York is not responsible if it decides that it is unlawful or
impractical to make a distribution available to any ADR holder and we have no obligation to take
any other action to permit a distribution. This means that you may not receive the distribution we
make on ordinary shares or any value for them if it is illegal or impractical for us to make them
available to you.
18
Table of Contents
CAPITALIZATION AND INDEBTEDNESS
The following table sets forth our capitalization and indebtedness as of October 31, 2008.
This table should be read in conjunction with our consolidated financial statements for the three
years ended December 31, 2007, 2006 and 2005 set forth in our Annual Report on Form 20-F for the
year ended December 31, 2007.
At December 31, 2007
At October 31, 2008
BALANCE SHEET AMOUNTS IN
ACCORDANCE WITH IFRS
Total assets
$
780,719
$
783,765
Long-term loans
2,773
1,421
Share capital
3,809
3,822
Share premium
450,814
454,200
Accumulated profit/(loss)
213,567
236,515
Other reserves
(69,391
)
(45,241
)
Shareholders' equity
598,799
649,296
USE OF PROCEEDS
We will not receive any proceeds from the sale of the ordinary shares by the selling
shareholders to others. All sales proceeds from such sale will be received by the selling
shareholders. We will receive funds from the exercise of any options granted pursuant to our Share
Option Scheme, which funds will be used for working capital and general corporate purposes.
PRICE RANGE OF ORDINARY SHARES
The following table sets forth, for the periods indicated, the high and low sales prices of
our ordinary shares, as reported by the London Stock Exchange, and of our ADRs, as reported by the
Nasdaq Global Select Market. Effective March 10, 2003, we changed the ratio of ordinary shares to
ADRs from two ordinary shares per ADRs to one ordinary share per ADRs, so that each ADRs now
represents one ordinary share. In March 2003, we changed the currency in which the price of our
ordinary shares that are traded on the London Stock Exchange are quoted. The ordinary shares are
now quoted in pound sterling and not in U.S. dollars. The ADRs continue to be quoted on the London
Stock Exchange and the Nasdaq Global Select Market in U.S. dollars.
Price Per Ordinary Share
Price Per ADS
Financial Period Ended
High (£)
Low (£)
High ($)
Low ($)
December 31, 2007
19.50
10.53
38.86
21.04
December 31, 2006
14.08
9.09
26.32
15.88
December 31, 2005
9.67
5.31
18.69
10.13
December 31, 2004
7.82
4.29
14.26
7.77
December 31, 2003
8.33
3.10
4.26
5.07
2008
Third Quarter
27.47
18.00
54.73
32.37
19
Table of Contents
Price Per Ordinary Share
Price Per ADS
Financial Period Ended
High (£)
Low (£)
High ($)
Low ($)
Second Quarter
27.11
19.19
55.26
37.28
First Quarter
27.59
18.62
55.65
37.22
2007
Fourth Quarter
19.50
15.06
38.86
30.90
Third Quarter
16.60
10.60
33.24
21.62
Second Quarter
13.00
10.53
26.24
21.04
First Quarter
12.47
10.79
24.68
21.04
2006
Fourth Quarter
12.13
10.24
23.53
19.41
Third Quarter
13.40
10.00
24.75
19.41
Second Quarter
14.08
9.09
26.32
17.08
First Quarter
10.63
9.18
18.61
15.88
Price Per Ordinary Share
Price Per ADS
Calendar Month
High (£ )
Low (£)
High ($)
Low ($)
2008
November
25.16
17.91
38.23
26.19
October
22.65
15.57
41.60
23.45
September
24.40
18.00
46.52
32.37
August
25.40
21.79
49.64
41.71
July
27.47
22.30
54.73
45.10
June
22.84
19.19
46.41
37.28
MARKETS
Our ordinary shares are listed on the London Stock Exchange, which currently constitutes the
principal non-United States trading market for those shares under the symbol RRS and our ADSs are
traded in the United States on the Nasdaq Global Select Market under the trading symbol GOLD, in
the form of American Depositary Receipts. Our ordinary shares are not listed for trading, but are
listed on the Nasdaq Global Select Market in connection with the listing of the ADSs on the Nasdaq
Global Market. The American Depositary Receipts are issued by The Bank of New York, as depositary.
Each American Depositary Receipt represents one ADS. Each ADS represents one of our ordinary
shares.
SELLING SHAREHOLDERS
The ordinary shares to which this reoffer prospectus relates are being registered for reoffers
and resales by the selling shareholders, who acquired or may acquire the ordinary shares upon
exercise of share options granted pursuant to our Share Option Scheme, granted under the Restricted Share Scheme, or vesting of the restricted
stock awards granted pursuant to the shareholders' approval at the annual meetings.
The table below sets forth with respect to the selling shareholders based upon information
available to us as of November 30, 2008, (i) the number and percentage of ordinary shares
beneficially owned before the sale of the registered ordinary shares, (ii) the number of ordinary
shares registered by this reoffer prospectus, and (iii) the number and percentage of outstanding
20
Table of Contents
ordinary shares that will be owned after the sale of the registered ordinary shares assuming
the sale of all of the registered ordinary shares. Since the selling shareholders may sell all,
some or none of their ordinary shares, no estimate can be made of the aggregate number of shares
that are to be offered by this reoffer prospectus or that will be owned for the direct or indirect
account of the selling shareholder upon completion of the offering to which this reoffer prospectus
relates. The selling shareholders may offer the ordinary shares for sale from time to time. See
"Plan of Distribution." Unless otherwise indicated, the address of each named selling shareholder
is La Motte Chambers, La Motte Street, St. Helier, Jersey, JE1 1BJ, Channel Islands.
Percentage of
Number of
Outstanding
Ordinary Shares
Ordinary Shares
Percentage of
Ordinary
Owned Assuming
Owned Assuming
Ordinary Shares
Outstanding
Shares Covered
Sale of All
Sale of All
Position with
Beneficially
Shares Owned
by this
Ordinary Shares
Ordinary Shares
Name of Selling
the
Owned Before
Before the
Reoffer
Covered by this
Covered by this
Shareholder
Company
the Offering
Offering
(1)
Prospectus
(2)
Reoffer Prospectus
(3)
Reoffer Prospectus
(3)
D. M. Bristow
Executive Director
657,584
0.86
190,000
(4),(9)
467,584
0.61
G.P. Shuttleworth
Executive Director
12,000
0.02
36,000
(5),(10)
—
—
B. H. Asher
Non-Executive Director
48,038
0.06
31,627
(6)
16,411
0.02
N.P. Cole Jr.
Non-Executive Director
2,127
0.00
2,127
(8)
—
—
R. I. Israel
Non-Executive Director
44,093
0.06
31,627
(7),(11)
12,466
0.02
P. Liétard
Executive Chairman
31,627
0.04
6,227
(7)
25,400
0.03
A. L. Paverd
Non-Executive Director
44,093
0.06
6,227
(7)
37,866
0.05
K. Voltaire
Non-Executive Director
2,127
0.00
2,127
(8)
—
—
C. Coleman
Non-Executive Director
1,400
0.00
—
(12)
1,400
0.00
J. Walden
Non-Executive Director
—
—
—
(13)
—
—
305,962
The amounts shown are derived from information available to us after taking reasonable efforts to
determine the beneficial ownership of the selling shareholders listed. Beneficial ownership is
determined in accordance with the rules and regulations of the Commission. In computing the number
of shares beneficially owned by a person and the percentage ownership of that person, ordinary
shares subject to options and restricted shares held by that person that are currently convertible
or convertible within 60 days of the date of this prospectus are deemed outstanding.
(1)
Percentage ownership calculations are based on 76,506,150 ordinary shares outstanding as of
November 30, 2008.
21
Table of Contents
(2)
In order to reflect the maximum number of ordinary shares that may be sold pursuant to this
reoffer prospectus, the number of ordinary shares to be sold includes: (i) the ordinary shares
underlying the restricted stock awards that were granted and issued to the selling
shareholders; (ii) the ordinary shares underlying the restricted stock awards which are
currently not deemed to be issued as they are held by us as treasury shares, but which may be
issued after the date of filing of this prospectus as determined by the shareholders at the
annual meetings; (iii) the ordinary shares underlying the share options which are deemed to be
currently exercisable; and (iv) the ordinary shares underlying the share options which are
currently not deemed to be exercisable, but which may be exercisable after the date of filing
of this prospectus under the terms of our Share Option Scheme. Such ordinary shares
underlying the restricted stock awards cannot be sold by a selling shareholder unless and
until such time as the limitations on such shares lapse, and the shares underlying such
restricted stock awards have been issued to such selling shareholder. Such ordinary shares
underlying the share options cannot be sold by a selling shareholder unless and until such
time as the options become exercisable, the options have been exercised, and the shares
underlying such options have been issued to such selling shareholder.
(3)
Represents the amount of ordinary shares that will be held by the selling shareholders after
completion of this offering based on the assumptions that (i) all shares registered for sale
by the registration statement of which this prospectus is part will be sold and (ii) that no
other ordinary shares beneficially owned by the selling shareholders are acquired or are sold
prior to completion of this offering by the selling shareholders. However, the selling
shareholders may sell all, some or none of the shares offered pursuant to this prospectus and
may sell other ordinary shares that they may own pursuant to another registration statement
under the Securities Act or sell some or all of their shares pursuant to an exemption from the
registration provisions of the Securities Act, including under Rule 144. To our knowledge,
there are currently no agreements, arrangements or understanding with respect to the sale of
any of the shares that may be held by the selling shareholders after completion of this
offering or otherwise.
(4)
Includes 190,000 ordinary shares underlying the restricted stock awards, of which (i) 150,000
ordinary shares have been issued to him and (ii) the 40,000 restricted shares awarded on
September 2, 2008 which award is subject to agreed performance criteria.
(5)
Includes 36,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 12,000 shares have been issued in one installment on September 2, 2008 and 24,000
restricted shares awarded on September 2, 2008 which award is subject to agreed performance
criteria.
(6)
Includes (i) 25,400 ordinary shares underlying the share options granted pursuant to our
Share Option Scheme, all of which have become exercisable; (ii) 2,347 ordinary shares
underlying the restricted stock awards granted in 2005, all of which have been issued to him;
(iii) 1,753 ordinary shares underlying the restricted stock awards granted in 2006, all of
which have been issued to him; (iv) 1,341 ordinary shares underlying the restricted stock
awards granted in 2007, of which 894 shares have been issued and 447 will be issued on January
1, 2009 and (v) 786 ordinary shares underlying the restricted stock awards granted in 2008, of
which 262 shares have been issued and the remainder will be issued on two equal installments
on January 1, 2009 and January 1, 2010.
(7)
Includes (i) 2,347 ordinary shares underlying the restricted stock awards granted in 2005,
all of which have been issued to him; (ii) 1,753 ordinary shares underlying the restricted
stock awards granted in 2006, all of which have been issued to him; (iii) 1,341 ordinary
shares underlying the restricted stock awards granted in 2007, of which 894 shares have been
issued and 447 will be issued on January 1, 2009 and (iv) 786 ordinary shares underlying the
restricted stock awards
22
Table of Contents
granted in 2008, of which 262 shares have been issued and the remainder will be issued on
two equal installments on January 1, 2009 and January 1, 2010.
(8)
Includes (i) 1,341 ordinary shares underlying the restricted stock awards granted in 2007, of
which 894 shares have been issued and 447 will be issued on January 1, 2009 and (ii) 786
ordinary shares underlying the restricted stock awards granted in 2008, of which 262 shares
have been issued and the remainder will be issued on two equal installments on January 1, 2009
and January 1, 2010.
(9)
Includes 40,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 40,000 shares will be issued in one installment on August 1, 2009, subject to agreed
performance criteria.
(10)
Includes 24,000 ordinary shares underlying the restricted stock awards granted in 2008, of
which 24,000 shares will be issued in two installment on July 1, 2009 and July 1, 2010,
subject to agreed performance criteria.
(11)
Includes 25,400 ordinary shares underlying the share options granted pursuant to our Share
Option Scheme, all of which have been exercised by him on November 17, 2008.
(12)
Mr. Coleman was elected to the board on November 3, 2008 and will not benefit from this
offering. Mr. Coleman bought 1,400 ordinary shares on November 26, 2008 at £23.91.
(13)
Mr. Walden was elected to the board on November 3, 2008 and will not benefit from this
offering.
PLAN OF DISTRIBUTION
The selling shareholders and any of their pledgees, donees, assignees or transferees may sell
any or all of the ordinary shares for value at any time or from time to time under this reoffer
prospectus in one or more transactions on Nasdaq Global Select Market, London Stock Exchange or any
stock exchange, market or trading facility on which the ordinary shares are traded, in a negotiated
transaction or in a combination of such methods of sale, at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at prices otherwise negotiated. The
selling shareholders will act independently of us in making decisions with respect to the timing,
manner and size of each sale. The selling shareholders may use any one or more of the following
methods when selling shares:
•
Ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;
•
Block trades in which the broker-dealer will attempt to sell the shares as agent but
may position and resell a portion of the block as principal to facilitate the
transaction;
•
Purchases by a broker-dealer as principal and resale by the broker-dealer for its
account;
•
An exchange distribution in accordance with the rules of the applicable exchange;
23
Table of Contents
•
Privately negotiated transactions;
•
Underwritten offerings;
•
Short sales;
•
Agreements by the broker-dealer and the selling shareholders to sell a specified
number of such shares at a stipulated price per share;
•
A combination of any such methods of sale; or
•
Any other method permitted by applicable law.
The selling shareholders may also sell shares under Rule 144 under the Securities Act, or if
available, under Section 4(1) of the Securities Act or directly to us in certain circumstances
rather than under this reoffer prospectus.
Unless otherwise prohibited, the selling shareholders may enter into hedging transactions with
broker-dealers or other financial institutions in connection with distributions of the shares or
otherwise. In such transactions, broker-dealers or financial institutions may engage in short sales
of the shares in the course of hedging the position they assume with the selling shareholders. The
selling shareholders may also engage in short sales, puts and calls, forward-exchange contracts,
collars and other transactions in our securities or derivatives of our securities and may sell or
deliver shares in connection with these trades. If the selling shareholders sell shares short, they
may redeliver the shares to close out such short positions. The selling shareholders may also enter
into option or other transactions with broker-dealers or financial institutions which require the
delivery to the broker-dealer or the financial institution of the shares. The broker-dealer or
financial institution may then resell or otherwise transfer such shares pursuant to this reoffer
prospectus. In addition, the selling shareholders may loan their shares to broker-dealers or
financial institutions who are counterparties to hedging transactions and the broker-dealers,
financial institutions or counterparties may sell the borrowed shares into the public market. The
selling shareholders may also pledge their shares to their brokers or financial institutions and
under the margin loan the broker or financial institution may, from time to time, offer and sell
the pledged shares. The selling shareholders have advised us that they have not entered into any
agreements, understandings or arrangements with any underwriters, broker-dealers or financial
institutions regarding the sale of their shares other than ordinary course brokerage arrangements,
nor is there an underwriter or coordinating broker acting in connection with the proposed sale of
shares by the selling shareholders.
The selling shareholders and any broker-dealers that participate in the distribution of the
ordinary shares may be deemed to be "underwriters" within the meaning of the Securities Act, and
any commissions received by them and any profit on the resale of the ordinary shares sold by them
may be deemed to be underwriting discounts and commissions under the Securities Act. All selling
and other expenses incurred by the selling shareholders will be borne by the selling shareholders.
24
Table of Contents
There is no assurance that the selling shareholders will sell all or any portion of the
ordinary shares offered under this reoffer prospectus.
SHARE CAPITAL
Ordinary Shares
Our authorized share capital is $5,000,000 divided into 100,000,000 ordinary shares of $0.05
each, of which 76,506,150 were issued as of November 30, 2008 and 23,493,850 were available for
issue.
At the annual general meeting held on April 26, 2004, shareholders approved a resolution which
authorized a share split which amended our authorized share capital from $4,000,000 divided into
40,000,000 ordinary shares of $0.10 each to $4,000,000 divided into 80,000,000 ordinary shares of
$0.05 each. None of our shares have any redemption rights. Following the share split, each
shareholder held the same percentage interest in us, however, the trading price of each share was
adjusted to reflect the share split. ADR holders were affected the same way as the holders of
ordinary shares and the ADR ratio remains one ADR to one ordinary share.
Restricted Stock Awards
Since 2005, each of our non-executive directors was awarded restricted shares in the aggregate
amount of $30,000 to be translated into a number of restricted shares. These restricted shares
were awarded pursuant to the approval of shareholders at the annual meetings.
The restricted shares are issued in equal installments over a three year period, beginning on
the date of the grant and, thereafter, in the beginning of each year following the grant date.
Issuance of these shares would accelerate on the following conditions:
•
Termination other than resignation or dismissal;
•
Voluntary retirement after the age of 65 with a minimum of three years service as a
director; and
•
Change in control of the company.
On May 11, 2005, the first restricted share award was allocated to each of the non-executive
directors. The price of the restricted stock calculation was the Nasdaq Global Select Market
closing price on May 10, 2005, which was $12.78. The first tranche of 783 shares were issued
directly to each non-executive director on the date of the grant, the second tranche of 782 shares
was issued on February 13, 2006 and the final balance was issued on January 3, 2007.
On February 13, 2006, the second restricted share award was allocated to each of the
non-executive directors. The price of the restricted stock calculation was the Nasdaq Global Select
Market closing price on February 10, 2006, which was $17.11. The first tranche of 584 shares were
issued directly to each non-executive director on the date of the grant, the second tranche of 584
shares was issued on January 3, 2007 and the balance will be issued on January 1, 2008 subject to
agreed conditions.
25
Table of Contents
On January 3, 2007, the third restricted share award was allocated to each of the
non-executive directors for the purpose of acquiring restricted stock. The price of the restricted
stock calculation was the Nasdaq Global Select Market closing price on January 3, 2007, which was
$22.37. The first tranche of 447 shares were issued directly to each non-executive director on the
date of the grant and the second and third tranches will be issued on January 1, 2008 and January
1, 2009, respectively.
On January 2, 2008, the fourth restricted share award was allocated to each of the
non-executive directors for the purpose of acquiring restricted stock. The price of the restricted
stock calculation was the Nasdaq Global Select Market closing price on January 2, 2008, which was
$38.15. The first tranche of 262 shares were issued directly to each non-executive director on the
date of the grant and the second and third tranches will be issued on January 1, 2009 and January
1, 2010, respectively.
In terms of the service contract entered into with Dr. D.M. Bristow, the board on the
recommendation of the remuneration committee on May 11, 2005 awarded Dr. D.M. Bristow restricted
stock amounting to 150,000 shares. The award was subject to agreed performance criteria set for the
2004 financial year. Since Dr. D.M. Bristow has met these criteria, all the shares have been
issued in his name.
Share Option Scheme
Since 1996, we have operated a share option scheme under which senior management, including
executive and non-executive directors, may be offered options to purchase our ordinary shares. The
aggregate number of shares available for issuance under our Share Option Scheme may not exceed 15%
of our issued share capital. Awards to executive directors are determined by the remuneration
committee and are designed to motivate directors to achieve our strategic objectives. Share options
are not subject to any performance criteria for individual directors. Any options provided to an
individual employee (which includes executive and non-executive directors) as defined by the rules
of the scheme, are subject to an upper limit of two per cent of our issued ordinary share capital.
The exercise price of any new share options is determined as the closing price of the share on
the trading day preceding that on which the person was granted the option. Under the rules of our
Share Option Scheme, all option holders, including the executive and non-executive directors, were
granted additional options to subscribe for shares in the open offer which was concluded in
November 1998. These additional options are exercisable at the open offer price and otherwise on
the same terms as the initial grant. The number of additional options to be granted to each option
holder was calculated by dividing the number of open offer shares taken up by the issued share
capital multiplied by the number of options held shares reflected are still options prior to the
open offer.
Our Share Option Scheme provides for the early exercise of all options in the event of an
acquisition of a number of shares that would require an offer to be made to all of our other
shareholders.
26
Table of Contents
The unexercised share options outstanding at November 15, 2008 and held by executive and
non-executive directors were as follows:
Name
Options to Purchase Ordinary Shares
Expiration Date
Exercise Prices ($)
Executive Directors
Non-Executive
Directors
B.H. Asher
25,400
1/28/11
1.65
Restricted Share Scheme
On July 28, 2008, shareholders approved the creation of a Restricted Share Scheme for
executive directors. The aggregate number of shares available for issuance under the Restricted
Share Scheme may not exceed 5% of our issued share capital. The award of shares under the
Restricted Share Scheme are subject to the attainment of performance criteria agreed between the
Remuneration Committee of the board and the individual executive director on an annual basis.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The following documents have been filed by us with the Commission and are hereby incorporated
by reference in this Registration Statement:
1.
Our annual report on Form 20-F, for the fiscal year ended December 31, 2007,
filed with the Commission on June 24, 2008.
2.
The description of our ordinary shares and American Depositary Shares contained
in Item 1 of our registration statement on Form 8-A dated June 27, 2002, and any
subsequent amendment or report filed for the purpose of updating this description.
In addition, all documents subsequently filed by us with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, and certain reports
on Form 6-K furnished by us before the termination of this offering, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing of such documents. Any statement contained in a document, all or a portion of which is
incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or
superseded for purposes of this Registration Statement to the extent that a statement contained
herein (or in any other subsequently filed document which also is or is deemed to be incorporated
by reference herein) modifies or supersedes such statement. Any such statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this
Registration Statement.
WHERE YOU CAN FIND MORE INFORMATION
We will furnish to each person, including any beneficial owner, to whom a prospectus for this
offering is delivered, a copy of any or all of the information that has been incorporated by
reference in this prospectus, but not delivered with this prospectus. You may request a copy of
27
Table of Contents
these documents, including exhibits, at no cost, by writing or telephoning us at the following
address:
Randgold Resources Limited
La Motte Chambers
La Motte Street
St. Heller Jersey JE1 1BJ
Channel Islands
(011 44) 1534 735 333
Attention: David Haddon, Corporate Secretary
We file annual reports on form 20-F and periodic reports on Form 6-K with the Commission. You
may read and copy any information filed wit the Commission at the Commission's Public Reference
Room at 450 Fifth Street, N.W., Washington, D.C. 20549. State that the public may obtain
information on the operation of the Public Reference Room by calling the Commission at
11-800-SEC-0330.
Our Commission filings are also available to the public from the Commission's website at
www.sec.gov
. The Commission website contains reports, proxy and information statements and other
information regarding registrants that make electronic filings with the Commission using its EDGAR
system. We are required to file annual reports on Form 20-F and subject reports on Form 6-K and
other information with the Commission through the EDGAR system. The information contained in the
Commission website is not a part of this prospectus.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to directors, officers or persons controlling our company, we have been informed that in the
opinion of the Commission such indemnification is against public policy as expressed in the Act and
is therefore unenforceable.
28
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents have been filed by us with the Commission and are hereby incorporated
by reference in this Registration Statement:
3.
Randgold's annual report on Form 20-F, for the fiscal year ended December 31,
2007, filed with the Commission on June 24, 2008.
4.
Our reports of foreign private issuer on Form 6-K furnished to the Commission
on July 7, 2008, September 5, 2008, October 20, 2008, October 23, 2008, October 29,
2008, November 18, 2008 and December 4, 2008.
5.
The description of our ordinary shares and American Depositary Shares contained
in Item 1 of our registration statement on Form 8-A dated June 27, 2002, and any
subsequent amendment or report filed for the purpose of updating this description.
In addition, all documents subsequently filed by us with the Commission pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or
which de-registers all securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date of filing of such
documents. Any statement contained in a document, all or a portion of which is incorporated or
deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement contained herein (or in any
other subsequently filed document which also is or is deemed to be incorporated by reference
herein) modifies or supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Subject to the provisions of the Companies (Jersey) Law 1991 (the "1991 Law"), our Articles of
Association allow us to indemnify, out of our assets, our Directors, alternate Directors, Secretary
or other officers against all costs, charges, losses, damages and liabilities incurred in the
execution of discharge of duties or the exercise of powers if a judgment is granted in such
person's favor, such person is acquitted or relief is granted to such person. This indemnity
applies to any liability incurred by such person in defending any civil or criminal proceedings
relating to any act or omission committed by such person as our officer or employee.
Subject to the 1991 Law, our Articles of Association allow us to purchase and maintain
insurance at our expense for the benefit of any person who is or was at any time a director or
other officer or employee or auditor of ours or of any other company which is a subsidiary or
subsidiary undertaking of ours indemnifying such person against any liability which may attach
29
Table of Contents
to him or loss or expenditure which he may incur in relation to anything done or alleged to
have been done or omitted to be done as a director, officer or employee.
Article 77 of the 1991 Law provides that a company or any of its subsidiaries or any other
person, may not indemnify any person from, or against, any liability incurred by him as a result of
being an officer of the company except where the company is indemnifying him against: (a) any
liabilities incurred in defending any proceedings (whether civil or criminal) (i) in which judgment
is given in his favor or he is acquitted, or (ii) which are discontinued otherwise than for some
benefit conferred by him or on his behalf or some detriment suffered by him, or (iii) which are
settled on terms which include such benefit or detriment and, in the opinion of a majority of the
directors of the company, he was substantially successful on the merits in his resistance to the
proceedings; or (b) any liability incurred otherwise than to the company if he acted in good faith
with a view to the best interests of the company; or (c) any liability incurred in connection with
an application made under Article 212 of the 1991 Law in which relief is granted to him by the
court; or (d) any liability against which the company normally maintains insurance for persons
other than directors.
The 1991 Law permits a company to purchase and maintain insurance regarding the
indemnification of its officers.
We maintain directors and officers insurance to protect our officers and directors from
specified liabilities that may arise in the course of their service to us in those capacities.
ITEM 8. EXHIBITS.
The following is a complete list of exhibits filed or incorporated by reference as a part of
this Registration Statement:
Exhibit No.
Description
4.1
Form of Deposit Agreement, dated as of July 1, 1997, as
amended and restated as of June 26, 2002 and further amended
and restated as of July 10, 2002 among Randgold Resources
Limited, The Bank of New York, as Depositary, and the owners
and holders from time to time of American Depositary Receipts
issued thereunder (incorporated by reference to Exhibit 4.2 to
the Registrant's Registration Statement on Form F-4
(Registration No. 333-91166), filed with the Commission on
June 26, 2002).
4.2
Specimen of ADR, evidencing American Depositary Shares,
representing deposited Ordinary Shares (incorporated by
reference to Exhibit 4.1).
30
Table of Contents
Exhibit No.
Description
4.3
Randgold Resources Share Option Scheme (incorporated by
reference to Exhibit 10.1 of the Registrant's Registration
Statement on Form F-1 (Registration No. 333-90972), filed with
the Commission on June 21, 2002).
4.4
Fifth Contract of Employment, dated January 31, 2005, between
Randgold Resources Limited and Dr. D.M. Bristow (incorporated
by reference to Exhibit 4.22 of the Registrant's annual report
on Form 20-F for the fiscal year ended December 31, 2006,
filed with the Commission on June 25, 2007).
4.5
First Contract of Employment, dated April 28, 2007, between
Randgold Resources Limited and Graham P. Shuttleworth (incorporated
by reference to Exhibit 4.37 of the Registrant's annual report
on Form 20-F for the fiscal year ended December 31, 2007,
filed with the Commission on June 24, 2008).
4.6
Employment Contract, dated April 28, 2008, between Randgold
Resources Limited and Dennis Mark Bristow (incorporated
by reference to Exhibit 4.36 of the Registrant's annual report
on Form 20-F for the fiscal year ended December 31, 2007,
filed with the Commission on June 24, 2008).
5.1
Opinion of Ogier, as to the legality of the ordinary shares.
23.1
Consent of BDO Stoy Hayward LLP
23.2
Consent of BDO Stoy Hayward LLP
23.3
Consent of PricewaterhouseCoopers LLP
23.4
Consent of PricewaterhouseCoopers Inc
24.1
Power of Attorney (included in the signature pages of this
Registration Statement).
ITEM 9. UNDERTAKINGS.
The undersigned Registrant hereby undertakes:
(a) (1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)
to include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii)
to reflect in the prospectus any facts or events arising after the effective
date of the Registration Statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and
31
Table of Contents
any deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective Registration Statement;
(iii)
to include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to such
information in the Registration Statement,
provided, however, that if the information required to be included in a post-effective amendment by
paragraphs (a)(1)(i) and (a)(1)(ii) above is contained in periodic reports filed with or furnished
to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in this Registration Statement, paragraphs
(a)(1)(i) and (a)(1)(ii) shall not apply.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) That, for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of the employee benefit plan's
annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
32
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Jersey, Channel Islands, on December 12, 2008.
RANDGOLD RESOURCES LIMITED
By:
/s/ D. Mark Bristow
Name:
D. Mark Bristow
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints D. Mark Bristow and Graham P. Shuttleworth, or either of them, as his true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all amendments (including
post-effective amendments) to this registration statement, and any registration statement relating
to the offering hereunder pursuant to Rule 462 under the Securities Act of 1933, as amended, and to
file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or
either of them, or their or his substitute or substitutes, pay lawfully do or cause to be done by
virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities and on the dates indicated.
SIGNATURE
TITLE
DATE
/s/ D. Mark Bristow
D. Mark Bristow
Chief Executive Officer and
Director
(Principal Executive Officer)
December 12, 2008
/s/ Graham P. Shuttleworth
Graham P. Shuttleworth
Chief
Financial Officer,
Finance Director and Director
(Principal Financial Officer)
December 12, 2008
/s/ Tania de Welzim
Tania de Welzim
Group
Financial Controller
(Principal Accounting Officer)
December 12, 2008
33
Table of Contents
SIGNATURE
TITLE
DATE
/s/ Philippe Liétard
Philippe Liétard
Chairman
of the Board
December 12, 2008
/s/ Bernard H. Asher
Bernard H. Asher
Director
December 12, 2008
/s/ Robert I. Israel
Robert I. Israel
Director
December 12, 2008
/s/ Norborne P. Cole
Norborne P. Cole
Director
December 12, 2008
/s/ Aubrey L. Paverd
Aubrey L. Paverd
Director
December 12, 2008
/s/ Karl Voltaire
Karl Voltaire
Director
December 12, 2008
/s/ Christopher P. Coleman
Christopher P. Coleman
Director
December 12, 2008
/s/ Jon Walden
Jon Walden
Director
December 12, 2008
Authorized Representative in the
United States
By:
/s/ Robert I. Israel
Robert I. Israel
December 12, 2008
34
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description
Sequential Page No.
5.1
Opinion of Ogier, as to the legality
of the ordinary shares.
23.1
Consent of BDO Stoy Hayward LLP.
23.2
Consent of BDO Stoy Hayward LLP.
23.3
Consent of PricewaterhouseCoopers LLP
23.4
Consent of PricewaterhouseCoopers Inc
35