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RANDGOLD RESOURCES LIMITED: 3rd Quarter Results

JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 11/07/12 --


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

RANDGOLD HOLDS COURSE IN CHALLENGING QUARTER

Substantial progress at the Kibali gold
mine development project and Randgold's flagship Loulo complex was
offset by grid power supply problems at the Tongon mine and lower
grades processed at Gounkoto, as Randgold Resources' third quarter
results held steady but did not match its record second quarter
performance.

Q3 profit of US$121.3 million was down 15% on the prior quarter,
primarily on the back of lower sales, but in line with the
corresponding quarter in 2011. Production was 204475ounces of gold
against Q2's 210534ounces and 182362ounces in Q3 of 2011, while the
total cash cost per ounce was US$737 (Q2: US$703/Q3 2011: US$747).
Ounces sold dropped by 10% quarter on quarter, affected by the timing
of gold shipments at quarter end being disrupted by the annual stock
take at the refinery.

Highlight of the quarter was the strong improvement at Loulo, which
increased production by 78% and reduced total cash cost per ounce by
8%. Tonnes mined and processed were mostly from Loulo's two
underground mines, Yalea and Gara, which are now beginning to deliver
their full potential. Both mines also achieved a steady rise in
stoping and development rates.

Relative to Loulo's improved delivery, Gounkoto's contribution to the
complex's results was down as forecast, however grades processed were
lower than planned due to less ore being mined and more medium grade
stockpiled material being fed to make up for increased plant
throughput. Meanwhile, a geotechnical review has confirmed the
potential for an underground mine at Gounkoto, where an underground
resource of more than 1millionounces at a grade in excess of 5g/t has
been identified. Infill drilling for a prefeasibility study, due for
completion early in 2013, is underway.

Kibali's development remained on track for first gold production by the
end of 2013. All key contracts have now been agreed and the mine's
costing schedule has been finalised. While open pit mining has already
started, the plant foundations are being readied to receive the two
giant mills currently being trucked to the site from the port of
Mombasa. The site clearing programme is also on schedule, with more
than 1000families already resettled in the new model village of
Kokiza.

Tongon suffered from frequent outages in its national grid power
supply, which continued to impact negatively on plant availability and
recovery and hence on production and costs. Since the mine was
connected to the grid last December, the erratic power supply has cost
it some 50000ounces in lost production. While below plan, production
of 56381ounces was in line with that of the prior quarter. Steps
being taken to stabilise the power supply include the installation of a
new capacitor bank and five additional generator sets, as well as a
reconfiguration of the power house feeder arrangement.

In Senegal, Massawa is one of the largest undeveloped orebodies in
Africa at 3millionounces. Exploration continues to find additional
ounces as well as to improve Randgold's understanding of this complex
deposit. Pilot plant testwork to determine the project's optimal
operational parameters is scheduled for next year. Randgold is
currently in discussion with the Senegalese government about the
possibility of securing a hydropower supply.

Chief executive Mark Bristow described the third-quarter results as a
mixed bag, but with the good far outweighing the bad. "The challenges
we faced are to be expected when you develop and run mines in remote
parts of Africa and, as our record shows, we're more than capable of
managing them. They should not cloud the real achievements of the
quarter, particularly the fine performance by Loulo's underground mines
and the rapid progress we continue to make at Kibali. Production and
costs for the final quarter are forecast to again show significant
improvements" he said.


RANDGOLD RESOURCES ENQUIRIES:

Chief Executive  Financial Director   Investor & Media Relations
Mark Bristow     Graham Shuttleworth  Kathy du Plessis
+447880711386    +441534735333        +442075577738
+447797752288    +447797711338        Email: randgoldresources@dpapr.com

Website: www.randgoldresources.com


-----------------------------------------------------------------------

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                    This information is provided by RNS
          The company news service from the London Stock Exchange

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