December 15th, 2015

Randgold Resources announces 2nd Quarter Results

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


London, 2 August 2007 - The continuing increase in gold production at Randgold Resources' Loulo mine in Mali, together with the rolling out of hedges, boosted the company's gold sales revenue for the June quarter to US$66.2 million - up on the March quarter (US$63 million) and the comparable quarter in 2006 (US$63.4 million) - in spite of a lower contribution from its Morila joint venture.

Profit from mining of US$28.2 million was marginally up on the previous quarter but once-off costs related to the restructuring of the Loulo project finance facility, increased exploration expenses at the Tongon project, now at final feasibility stage, and non-cash hedge restructuring charges impacted the bottom line. Net profit was US$6.8 million against the previous quarter's US$12.7 million and Q2 2006's US$14.6 million.

Total cash costs rose to US$361 per ounce (Q1: US$321; Q2 2006: US$270) reflecting the weaker dollar, higher oil prices, lower production at Morila and the unscheduled utilisation of stockpiled ore at Loulo, necessitated by equipment breakdowns, which resulted in the reversing of previously deferred costs.

The company said production and net profit were expected to increase in the second half of the year when higher-grade ore will be accessed at Morila. In Q2 Loulo achieved record production of 70 660 ounces (Q1: 67 908oz; Q2 2006: 51 233oz) as a result of steady throughput at slightly higher grade and recovery rates. Mining tonnages were lower than planned owing to prolonged breakdowns of the mining contractor's excavators, requiring mill feed to be supplemented by stockpiled ore.

The CIL expansion project was completed and commissioned during the quarter, which should ensure sustained recovery rates. Work on the tailings thickener and clarifier project, due for completion by the end of this year, continued on schedule.

Meanwhile, development of the twin underground declines for the Yalea underground mine reached a distance of 400 metres from surface at a vertical depth of 75 metres. Yalea is scheduled to deliver its first ore from underground to the plant during the last quarter of this year. At Gara, the second underground mine due to be developed at Loulo, further drilling has outlined an additional inferred resource of 400 000 ounces at 4.9g/t. Following further infill drilling, the mine's design will be extended to exploit this additional ore, which represents an 18% increase in Gara's underground resource.

As anticipated, production at Morila was down to 86 832 ounces (Q1: 103 224oz; Q2 2006: 135 387oz) as a consequence of lower grade and recoveries. Mine management are confident that they will meet the planned production scheduled for the second half of the year and are pursuing strategies to make up the production shortfall incurred during the first half of the year.

At the Tongon project in the Cote d'Ivoire, the feasibility study drilling programme made good progress. The study is scheduled to be at bankable level by the end of next year and, if all goes according to plan, Tongon will pour its first gold two years later. The feasibility study includes a re-scoping study in the third quarter of this year which will review the capacity of the planned processing facility in the light of the promising results received to date from the ongoing drilling programme.

On the exploration front, the company had 10 drill rigs operating in five countries - Mali, Cote d'Ivoire, Senegal, Burkina Faso and Tanzania.

Chief executive Mark Bristow said the challenges of the past quarter had been dealt with effectively and, on balance, the company was satisfied with the results that had been achieved.

"Loulo is doing exceptionally well and production at Morila is scheduled to get back on track in the latter half of the year. The Yalea underground development is making rapid progress and Tongon is increasingly shaping up as our third new mine. Meanwhile the quality of the results we're getting from our exploration programmes continues to underline the value of our sustained and substantial investment in organic growth," Bristow said.

"The conversion of the Loulo project finance into a US$60 million corporate revolving credit facility involved an upfront cost but has significant benefits: a lower interest rate, saving in political risk insurance, flexibility in terms of using the funds and dealing with the hedge book, and longer-dated availability."

Chief Executive
Dr Mark Bristow
+44 779 775 2288
+44 788 071 1386

Financial Director
Graham Shuttleworth
+44 20 7557 7730
+44 779 614 4438

Investor & Media Relations
Kathy du Plessis
+44 20 7557 7738




* Loulo achieves record gold production

* Loulo increases underground resources by 18% at Gara

* Continued good drill results at Tongon enhance Randgold Resources' next development project

* New corporate facility reduces costs and increases financial flexibility

* Bambadji joint venture enlarges Randgold Resources' exploration footprint adjacent to Loulo infrastructure

* Exploration results from Senegal, Burkina Faso and Ghana reward ongoing investment in organic growth

Randgold Resources Limited had 68.9 million shares in issue as at 30 June 2007

US$000                Unaudited     Unaudited     Unaudited
                        quarter       quarter       quarter
                          ended         ended         ended
                         30 Jun        31 Mar        30 Jun
                           2007          2007          2006
Gold sales#              66 220        63 065        63 441
Total cash costs*        38 029        35 007        28 448
Profit from mining       28 191        28 058        34 993
Exploration and           8 594         6 521         6 938
Profit before            10 034        16 225        21 486
income tax
Net profit                6 848        12 748        14 573
Net profit                5 764        11 418        13 754
attributable to
Net cash generated       14 663        13 567        21 418
from operations
Cash and cash           137 313       139 407       151 531
Attributable            105 393       109 198       105 388
Group total cash            361           321           270
costs per ounce*+
Group cash                  321           284           231
operating costs
per ounce*+ (US$)

US$000                      Unaudited       Unaudited
                             6 months        6 months
                                ended           ended
                               30 Jun          30 Jun
                                 2007            2006
Gold sales#                   129 285         130 682
Total cash costs*              73 036          61 911
Profit from mining             56 249          68 771
Exploration and                15 115          14 625
corporate expenditure
Profit before income           26 259          39 908
Net profit                     19 596          27 340
Net profit                     17 182          25 299
attributable to
equity shareholders
Net cash generated             28 230          43 947
from operations
Cash and cash                 137 313         151 531
Attributable                  214 591         224 377
production+ (ounces)
Group total cash                  340             276
costs per ounce*+
Group cash operating              302             238
costs per ounce*+

# Gold sales does not include the non-cash profit/(loss) on the roll forward of hedges.

* Refer to explanation of non-GAAP measures provided.

+ Randgold Resources consolidates 100% of Loulo and 40% of Morila.

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