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Randgold Resources provides project update

Loulo exceeded its production target for the year, delivering 503,224 ounces on the back of the accelerated development of its Yalea and Gara underground mines and a ramp-up in plant throughput following the successful commissioning of a third mill. The Morila joint venture also beat its forecast with annual production of 202,513 ounces. A pit pushback project has been approved subject to certain conditions, with mining due to start in Q2 this year. This is expected to extend the life of the operation. Tongon's production slipped from 250,390 ounces in 2011 to 210,615 ounces, mainly as a result of frequent outages in the grid power supply, which caused disruptive plant stoppages and process upsets as well as lower than planned recoveries. This situation was exacerbated by a fire in the milling circuits. The plant was restored to full production by the end of January and the power and recovery problems are being addressed.