SOURCE: Randgold Resources Ld

November 02, 2011 03:07 ET

Randgold Resources 3rd Quarter Results

JERSEY, CHANNEL ISLANDS--(Marketwire - Nov 2, 2011) -

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


London, 2 November 2011 - Despite torrential rains which flooded its
flagship Loulo/Gounkoto complex in Mali during August, Randgold
Resources ('Randgold') maintained gold production and on an adjusted
basis significantly increased profit in Q3.

Comparisons with Q2 are skewed by the sale during that quarter of
31646ounces on hand at Tongon from the first quarter, when conditions
in Coted'Ivoire prevented their disposal. Excluding the sale of those
ounces, profit for Q3 was up 29% at US$122.9million. Production of
182362ounces was in line with Q2's 184711 ounces, as was total cash
costs of US$135.1million.

The Loulo/Gounkoto complex had to contend with a downpour of a once in
a hundred years severity, which flooded the pits and made the haulage
road between Gounkoto and the Loulo plant impassable. It nevertheless
increased production by 9.3% to 87070 ounces, thanks to an increased
contribution from Gounkoto as it ramped up its output. The growing
proportion of Gounkoto's higher grade and lower cost ore in the plant
feed mix also reduced total cash costs per ounce by US$21 to US$818.
The complex's profit from mining jumped by more than 50% to

The development rate of Loulo's Yalea underground mine continued to
improve. Development of the high-grade 'purple patch' has reached the
limit line of the transverse zone and the advance to the next level is
on schedule. There has been an extensive review of stoping methods and
layout, and the revised design concepts, capital schedules and mining
rates are currently being evaluated and optimised along with a series
of trade-off studies. The Gara underground development remains on
schedule and the orebody has already been exposed in preparation for
the imminent start of the stoping production build-up.

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