GDF - Gold Reef Resorts Limited - Gold Reef Board Management Changes

GDF - Gold Reef Resorts Limited - Gold Reef Board Management Changes            
Gold Reef Resorts Limited                                                       
Incorporated in the Republic of South Africa                                    
(Registration number 1989/002108/06)                                            
Share code: GDF                                                                 
ISIN: ZAE000028338                                                              
("Gold Reef" or "the company")                                                  
Gold Reef Board Management Changes                                              
Gold Reef announces that Jabu Mabuza, Chief Executive Officer, has announced his
intention to retire from his executive responsibilities at the company with     
effect from 30 September 2011 in order to manage his growing personal           
investments. Jabu has played a pivotal role in the Tsogo Sun Group from its     
inception at the launch of the modern gaming industry in South Africa through to
the conclusion of the recent merger of Tsogo Sun Holdings (Proprietary) Limited 
and Gold Reef, culminating in the formation of the pre-eminent Gaming and Hotel 
Group in South Africa, over a period of some 16 years. Jabu has agreed to remain
on the board of Gold Reef and will assume the position of Deputy Chairman, where
he can continue to provide advice and support to the company. In addition Jabu  
will continue to represent the company`s interest at the World Travel and       
Tourism Council and the Casino Association of South Africa.  Jabu remains as    
Chairman of South African Tourism.                                              
John Copelyn, Gold Reef Chairman commented:                                     
"Jabu has played an irreplaceable role in bringing the company and the gaming   
industry as a whole to its current position, both as Managing Director of Tsogo 
Sun Gaming for more than a decade and Chief Executive Officer of the Tsogo Sun  
Group over the last five years, culminating in the merger with Gold Reef and the
listing of the Tsogo assets via the Gold Reef vehicle. I am delighted that Jabu 
has agreed to retain his association with the company and look forward to his   
continued contribution in his new role."                                        
Graham Mackay, SABMiller plc Chief Executive Officer commented:                 
"Jabu has been a star in the SAB stable. Having joined SAB in 1992 as Group     
Advancement Manager, he transferred to the then Southern Sun Holdings, as a     
founding member of the team to create Tsogo Sun, which has subsequently gone    
from strength to strength under his guidance to become the leading Gaming and   
Hotel company in the country and a major participant in the industry in global  
terms. We wish Jabu all success with his future endeavours and are pleased that 
he has agreed to continue to support the company as it grows from the new base  
created by the merger with Gold Reef."                                          
Jabu will be succeeded by Marcel von Aulock the current Chief Financial Officer 
of the company. Marcel has been with the Group for over 12 years, serving       
initially as the Group Financial Manager. He was promoted to Group Strategic    
Planning Director in 2004 and assumed his current position in 2009. Marcel has  
worked closely with Jabu over the last 10 years as the company pursued its      
growth strategy. An announcement regarding a new appointment to the position of 
Chief Financial Officer will be made in due course.                             
Jabu Mabuza commented:                                                          
"It gives me great pleasure to be able to hand over the executive responsibility
of the company to Marcel with whom I have shared many hours dreaming, planning  
and pursuing ways to unlock the incredible potential within the Tsogo Group over
the last decade. I am sure the company will continue to grow from strength to   
strength under his stewardship."                                                
Johannesburg                                                                    
10 May 2011                                                                     
Sponsor                                                                         
Deutsche Securities (SA) (Proprietary) Limited                                  
Communications advisors                                                         
Brunswick                                                                       
Tel: +27 11 502 7300                                                            
Byron Kennedy (Director)                                                        
Tel: +27 82 453 2066                                                            
Date: 10/05/2011 17:01:01 Supplied by www.sharenet.co.za                     
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