SOURCE: Randgold Resources Ld

May 02, 2013 02:19 ET

Randgold Resources- 1st Quarter Results and update

LONDON--(Marketwired - May 2, 2013) - Randgold Resources (LSE: RRS) (NASDAQ: GOLD)

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


London, 2 May 2013 - A planned decrease in the grade mined at
Gounkoto and a reduction in recoveries due to copper-rich ore from the
Yalea South pit pushback had a greater than expected impact on the
Loulo-Gounkoto complex's performance in the first quarter of the year,
but Randgold Resources says its growth strategy remains intact.

The company says it reacted promptly to the recent drop in the gold
price, and has reviewed all its operations and projects, with a focus
on managing cashflows. At Loulo-Gounkoto, the review has resulted in a
change in the mining plan, which reduces the expenditure on capital and
operational development of the underground mines, as well as the
build-up of lower grade stockpiles, while efficiently feeding the ore
mined to the plant. The net effect is a small reduction in grade, and
consequently the complex has reduced its anticipated production for the
year from 590 000 to 560 000 ounces. Capital expenditure and working
capital tied up in stockpiles have each been reduced by about
US$20 million.

Loulo-Gounkoto's reduced contribution and higher costs, a larger than
usual amount of gold unsold at the end of the quarter and the lower
gold price were reflected in Randgold's Q1 results, announced today.
Production of 199 013 ounces was down 7% quarter on quarter and profit
dropped by 43% to US$81.6 million.


Chief Executive     Financial Director     Investor & Media Relations
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: 



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