RANDGOLD & EXPLORATION COMPANY LTD - Update on settlement agreement with Paul Main

Update on settlement agreement with Paul Main

Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share code: RNG
ISIN: ZAE000008819
("R&E" or "the Company")

UPDATE ON SETTLEMENT AGREEMENT WITH PAUL MAIN

Shareholders are referred to the announcements released on SENS on
23 May 2012 and 06 July 2012 respectively regarding the settlement
agreement entered into with Mr. Paul Main.

Following the aforementioned announcements, shareholders are
hereby advised that R&E and Mr. Paul Main have subsequently
concluded a further agreement in terms of which R&E has granted a
further extension to Mr. Paul Main for the payment of the final
outstanding installment of $2 million until the end of November
2012.

The extension is granted subject to the condition that Mr. Paul
Main will compensate R&E for the delay in paying such installment
to R&E.

Sandton
19 September 2012

Sponsor:
PSG Capital Proprietary Limited

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