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 announcement released on SENS on
6 December 2012 regarding the settlement agreement entered into
with Mr. Paul Main (“Mr. Main”) and the extension of the date by
when payment of the final installment in the amount of $2 million
was to be made by Mr. Main to R&E.

Following the aforementioned announcement, shareholders are hereby
advised that R&E and Mr. Main have concluded a further addendum to
the agreement in terms of which R&E has granted a further
extension to Mr. Main for the payment of the final installment of
$2 million until 15 March 2013, such date having previously been
extended from 30 November 2012 to 31 January 2013.

In consideration for the extension granted, Mr. Main is required
to make a further extension payment to R&E   which is payable at
the same time as the final installment and in any event on or
before 15 March 2013.

Sandton
22 February 2013

Sponsor:
PSG Capital

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