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Randgold Resources Ld - 3rd Quarter Results

JERSEY, CHANNEL ISLANDS--(Marketwired - Nov 7, 2013) -

TSX-GOLD RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS NASDAQ Trading Symbol: GOLD RANDGOLD SHINES IN GOLD PRICE GLOOM London, 7 November 2013 - A strong performance by its flagship Loulo-Gounkoto complex in Mali powered Randgold to an 80% quarter on quarter profit increase for the three months ended September despite a 3% drop in the average gold price received over that period. In a quarter that also saw the early commissioning at its giant Kibali project in the Democratic Republic of Congo, Randgold increased group production by 19% to 233676ounces and reduced its total cash cost per ounce by 17% to US$662/oz on the back of the production rise. Despite its capital expenditure, mainly on Kibali, peaking during the quarter, the company remained net cash positive. Kibali poured its first gold in September, well ahead of the original target date, and has since started commercial production from its open pit mine. It is expected to exceed its 30000 ounce production forecast for the fourth quarter of this year and is on track to meet its target of 550000 ounces for 2014. It is currently ramping up to full capacity on the plant's oxide circuit with the completion of the remaining plant and hydropower stations, and the commissioning of the sulphide circuit, scheduled for next year. The development of the underground mine is progressing well. Chief executive Mark Bristow said the successful start-up of Kibali represented a considerable feat of geology, metallurgy, engineering and logistics, as well as negotiation and diplomacy."The Randgold team only moved on site in January 2010 and in less than four years it has built a world-class gold mine in one of Africa's remotest regions, in the process more than doubling its reserves to 11.6million ounces and increasing its resources to 21million ounces. And while doing this, we have also completed or progressed major performance-enhancing capital projects at Loulo-Gounkoto and Tongon," he said. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/4053S_1-2013-11-6.pdf This information is provided by RNS The company news service from the London Stock Exchange END