GDF - Gold Reef Resorts Limited - Competition tribunal approval received in the

GDF - Gold Reef Resorts Limited - Competition tribunal approval received in the 
proposed merger of Gold Reef and Tsogo Sun Holdings (Proprietary) Limited       
Gold Reef Resorts Limited                                                       
(Incorporated in the Republic of South Africa)                                  
Registration number 1989/002108/06                                              
Share Code: GDF                                                                 
ISIN: ZAE000028338                                                              
("Gold Reef")                                                                   
COMPETITION TRIBUNAL APPROVAL RECEIVED IN THE PROPOSED MERGER OF GOLD REEF AND  
TSOGO SUN HOLDINGS (PROPRIETARY) LIMITED ("TSOGO")                              
Gold Reef shareholders are referred to the announcements published by Gold Reef 
on the Securities Exchange News Service of the JSE Limited on 18 February 2010, 
1 April 2010, 26 April 2010, 6 May 2010, 4 October 2010, 15 November 2010, 3    
December 2010, 13 December 2010 and 19 January 2011 and as well as the circular 
dated 3 April 2010 (the "Circular") detailing the terms of the proposed merger  
of the respective Tsogo and Gold Reef gaming and hotel businesses through the   
acquisition by Gold Reef of the entire issued share capital of Tsogo from Tsogo 
Investment Holding Company (Proprietary) Limited ("TIH") and SABSA Holdings     
(Proprietary) Limited ("SABSA") in exchange for the issue of shares in Gold Reef
to each of TIH and SABSA (the "Proposed Merger").                               
Shareholders are advised that on 11 February 2011, the Competition Tribunal,    
established in terms of the Competition Act No.89 of 1998, as amended, granted  
unconditional approval in relation to the Proposed Merger.                      
Further announcements will be made to Gold Reef shareholders in due course in   
relation to the remaining conditions precedent in the Exchange Agreement, as    
defined in the Circular, and to outline the proposed implementation process to  
effect the Proposed Merger.                                                     
Johannesburg                                                                    
11 February 2011                                                                
Financial adviser and sponsor                                                   
Deutsche Securities (SA) (Proprietary) Limited                                  
Legal adviser                                                                   
Edward Nathan Sonnenbergs Inc                                                   
Date: 11/02/2011 16:00:01 Supplied by www.sharenet.co.za                     
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