SOURCE: Randgold Resources Ld

November 09, 2010 13:46 ET

Randgold - 3rd Quarter Results Replacement

JERSEY, CHANNEL ISLANDS--(Marketwire - November 9, 2010) -


A correction has been made to the 9 months attributable production and
cash costs per ounce at Morila and Group for 2010. The tables affected
are "Summarised Financial Information" and "Morila Results" under
Operations. All other details remain unchanged.


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


GROWTH PLATFORM CONSOLIDATION CONTINUES WITH FIRST PRODUCTION FROM NEW
TONGON MINE

London, 9 November 2010 - A materially improving operational
performance from its Loulo complex in Mali lifted Randgold Resources'
third quarter results and the company said this, together with the
start of production by its new mine at Tongon in the Cote d'Ivoire, is
expected to spur a significant rise in its fourth-quarter gold
production.

Q3 results posted today show profit of US$28.2 million, more than
doubling that of the corresponding 2009 quarter but down on the
previous quarter, which benefited from a US$13 million write-back of
auction rate securities. Excluding this write-back, the third quarter
profit would have been 20% higher than that for Q2. Profit from mining
of US$42.7 million was up 21% on the corresponding 2009 quarter and 4%
on the previous quarter.

The profit from mining increase was due mainly to higher attributable
production for the quarter of 101 468 ounces (Q2: 93 880 ounces), which
was partly offset by an increase of 18% to US$73.6 million in total
cash costs, largely a reflection of stockpile adjustments at Loulo.

Successful remedial action on the Loulo plant increased its throughput
by 16% and improved recovery from 91.4% to 94.8%, enabling Loulo to
boost production from the second quarter's 70 385 ounces to 78 198
ounces. The plant is now running at or near its full design capacity
and this, together with a scheduled grade increase from the open pits
and the continued steady improvement in underground production, should
deliver further growth in ounces in the fourth quarter.

The Morila joint venture, now a stockpile treatment operation, produced
58 174 ounces, broadly in line with plan.

In the Cote d'Ivoire, the new Tongon mine poured its first bar of gold
yesterday (Monday 8 November). The mine was brought into production on
schedule in the face of significant challenges, including a
presidential election on 31 October.

On the project front, work on the Gounkoto feasibility study, due for
completion by the end of this year, has resulted in the doubling of its
mineral resources, which at the attributable level now stand at 4.61
million indicated and inferred ounces, while the attributable open pit
reserves, calculated at a US$700/oz gold price, have increased by 43%
to 1.87 million ounces. Gounkoto is close to Loulo and the plan to
develop it as part of that complex is currently being progressed.

In the Democratic Republic of Congo, work on the Kibali project also
continues to make steady progress, with the updated feasibility study
due by the year-end. In the meantime the Resettlement Action Plan, key
to the proposed early start-up of construction, is gaining pace. The
area where the community is to be resettled has been agreed with the
Resettlement Working Group, which represents all interested and
affected parties, and the land has been acquired. Model houses have
already been built.

Chief executive Mark Bristow said during the past quarter the company
had dealt effectively with a range of operational challenges while at
the same time continuing to build its new growth platform without
missing a beat."We are confident that this momentum will be maintained and,
with a big
improvement in gold production in the fourth quarter, our sights are
still firmly set on a 50% increase in our gold output next year. The
key drivers of this growth are sustaining the improvement in Loulo's
processing capability while accelerating its underground development,
getting the new Tongon mine up and running according to plan and
achieving first production from Gounkoto. Further down the road is the
development of Kibali, followed by Massawa and our other exploration
projects," he said."Against this background, we have also taken the steps
necessary to
ensure that we have the people and structures in place to cope
efficiently with all aspects of this complex and rapidly expanding
business. The challenge is to continue to grow and re-engineer the
team without in any way diluting the strong focus and entrepreneurial
spirit which have played such a big part in our success."

RANDGOLD RESOURCES ENQUIRIES:

Chief Executive  Financial Director  Investor & Media Relations
Dr Mark Bristow  Graham Shuttleworth Kathy du Plessis
+44 788 071 1386 +44 1534 735 333    +44 20 7557 7738
+44 779 775 2288 +44 779 771 1338    Email: randgoldresources@dpapr.com


Website: www.randgoldresources.com


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