SOURCE: Randgold Resources Ld

November 10, 2009 02:00 ET

Randgold Resources - 3rd Quarter Results

JERSEY, CHANNEL ISLANDS--(Marketwire - November 10, 2009) -

Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD


London, 10 November 2009 - Randgold Resources is to fast-track its
Gounkoto project after a scoping study and first resource declaration
confirmed robust economics well in excess of the company's hurdle rates.

A prefeasibility study on the project, situated just 25 kilometres
south of the company's flagship Loulo complex in Mali, has been
scheduled for completion by the end of the first quarter of 2010. The
scoping study estimated an inferred mineral resource of 2.65 million
ounces at a grade of 6.3g/t, with pit optimisations at gold prices of
USD650/oz and USD850/oz both showing internal rates of return in excess
of 60%.

Gounkoto joins a project line-up which also includes the Tongon mine in
Cote d'Ivoire, currently being built and due for first production in
the fourth quarter of 2010; Massawa in Senegal, where a prefeasibility
study will be completed before the end of this year; and Kibali
(formerly known as Moto) in the Democratic Republic of Congo, recently
acquired in partnership with AngloGold Ashanti.

Chief executive Mark Bristow said that while 2009 was, as expected,
proving to be a tough operating year for the company - which is
substantially expanding its flagship Loulo complex and has converted
the Morila joint venture into a stockpile treatment operation - it was
also producing some very significant rewards thanks to outstanding
delivery from its exploration and project teams and success on the new
business front.

The company today reported gold sales of USD103.5 million for the third
quarter, in line with the figure for the second quarter and up 32% on
the corresponding period for 2008. However, with total cash costs
rising 17% to USD68.2 million, profit for the quarter was USD13.6
million against the previous quarter's USD18.9 million and a loss of
USD684 000 for the corresponding period in 2008. Costs for the quarter
were impacted by higher open pit and underground mining costs at Loulo
and by Morila's full transition from mining to stockpile processing.

Loulo produced 86 940 ounces of gold at a total cash cost of USD591/oz
(Q2: 87 261 ounces at USD483/oz). The cost increase was mainly
attributable to the mobilisation of a second mining contractor and the
mining of additional lower-grade volumes from the open pit as a result
of the slower than expected ramp-up in tonnage from the Yalea
underground operation. During the quarter Loulo produced its millionth
ounce of gold.

Water control and ventilation issues hampered the development and
operating performance of Loulo's Yalea underground mine but remedial
steps have been taken to correct this. During the quarter, work started
on the boxcut for Gara, which will be Loulo's second underground mine.

In its first full quarter as a pure stockpile processor, Morila
produced 79 963 ounces of gold at a total cash cost of USD525/oz (Q2:
86 061 ounces at USD463/oz). The operation is maintaining its drive to
contain costs and to ensure that it remains a strong cash generator
until its closure, currently scheduled for 2013. The mine also
continues to work on a feasibility study to establish a sustainable
agribusiness for the local community.

In Cote d'Ivoire, the development of the Tongon mine is ahead of
schedule. During the quarter the government's interministerial
commission approved the mining licence, clearing the way for the
formalisation of the mining convention.

Since the end of the quarter, Randgold and AngloGold Ashanti have
completed their acquisition of Moto Goldmines. They have since
announced an agreement to purchase an additional 20% stake in the Moto
project from the Congolese parastatal OKIMO. Following this, the two
companies will together own 90% of the project. The transaction is
subject to certain closing conditions, including the approval of
Randgold's shareholders.

Also since the quarter-end, Randgold has announced that it has sold its
interest in the Kiaka project in Burkina Faso to Volta Resources for
CANUSD4 million in cash and 20 million common shares in Volta. It will
retain an interest in the upside of the project through its equity
holding in Volta.


Chief Executive  Financial Director  Investor & Media Relations
Dr Mark Bristow  Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 779 614 4438    +44 20 7557 7738
+44 779 775 2288 +44 1534 735 333    Email:




*  Gounkoto scoping study confirms robust project economics
*  Massawa prefeasibility study and resource update on track for
   completion in Q4
*  Business combination with Moto completed after quarter end
*  Strong market support for successful equity placement and Moto
*  Higher mining costs and stockpile adjustments impact on total cash
*  Delivery of long lead items ahead of schedule at Tongon
*  Loulo reaches 1 million oz production mark
*  Agreed sale of Kiaka with upside retained through equity

Randgold Resources Limited ("Randgold") had 82.9 million shares in
issue as at 30 September 2009

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