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Randgold Resources Ld - Q2 results and updates

JERSEY, CHANNEL ISLANDS--(Marketwired - Aug 7, 2013) - Randgold Resources Ld ( LSE : RRS ) ( NASDAQ : GOLD )

RANDGOLD RESOURCES LIMITED Incorporated in Jersey, Channel Islands Reg. No. 62686 LSE Trading Symbol: RRS NASDAQ Trading Symbol: GOLD RANDGOLD PROJECTS SUSTAINED PROFITABILITY AT LOWER GOLD PRICE LEVELS London, 7 August 2013 - Increased production and reduced costs should enable Randgold Resources to remain profitable in the face of a decreased gold price, the company said today. Speaking at a presentation on Randgold's quarterly results, chief executive Mark Bristow noted that the company's business model had been designed to deliver returns at lower gold prices, and it had therefore not been forced to write down its reserves as these had been calculated at US$1 000/oz. Randgold had, however, reviewed all its business plans at the beginning of the year and where necessary aligned them to the drop in the gold price."Our giant Kibali project is scheduled to start gold production in October, Loulo and Gounkoto are both accessing higher grade sections in their orebodies, Tongon is continuing its turnaround and improved efficiencies across the group have already cut our total cash cost per ounce by 5% this past quarter. In addition, projects are underway across the group to increase throughput and recoveries and reduce unit costs further," he said. Randgold was therefore well placed to sustain its profitability, he said, albeit not at the levels achieved during the peak in the gold price. Reflecting the turndown, the reduction of 17% in the average gold price received during the quarter to June impacted on profit for the period, which came down from US$81.6 million in Q1 to US$54.1 million. Production of 196 207 ounces was in line with that of the previous quarter. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/1099L_1-2013-8-6.pdf RANDGOLD ENQUIRIES: 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: randgold@dpapr.com Website: www.randgoldresources.com This information is provided by RNS The company news service from the London Stock Exchange END