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 R&E’s SENS announcement, dated 25
April 2013, concerning the consent order signed by Mr. Paul Main
(“Mr. Main”) on 23 April 2013 in terms of which Mr. Main agreed to
make payment to African Strategic Investment (Holdings) Ltd
(“ASI”) and R&E (“the Claimants”) of the balance of the settlement
amount of US$2 million owing to the Claimants together with
further extension payments on or before 15 July 2013.

Shareholders are hereby advised that the Claimants have received
full payment of the balance of all amounts owing by Mr. Main under
the consent order and schedule thereto (“the consent order”)read
with the settlement agreement concluded with him on 23 March 2012
(as amended from time to time)(“the settlement agreement”).

Such payments have the effect of finally settling all claims which
the Claimants contend they had against Mr. Main as at 23 April
2013, arising out of or connected with the English proceedings in
the High Court of Justice and the South African proceedings in the
Western Cape High Court (without compromising any similar claims
which the Claimants have against third parties), Mr. Main now
having discharged all of his obligations arising from the consent
order and settlement agreement.

Sandton
30 May 2013

Sponsor:
PSG Capital

Date: 30/05/2013 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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