Tolling Agreement Executed and First Ore Delivery Received Central Rand Gold Limited (Incorporated as a company with limited liability under the laws of Guernsey, Company Number 45108) (Incorporated as an external company with limited liability under the laws of South Africa, Registration number 2007/019223/10) ISIN: GG00B92NXM24 LSE share code: CRND JSE share code: CRD (“Central Rand Gold” or the “Company”) Tolling Agreement Executed and First Ore Delivery Received Further to the “Operational, Financial and Corporate Update and Board Changes” announcement dated 7 June 2016, regarding Toll Treatment and Joint Venture Opportunities, the board of directors of Central Rand Gold is pleased to provide the following update to shareholders. Joint Venture Tolling Agreement Update Central Rand Gold is pleased to announce that it has completed and executed the definitive documents which will govern the Joint Venture Tolling Agreement (“Tolling Venture”) with the third party supplier of gold bearing ore (“Ore Supplier”). In addition, the Company is pleased to announce that it has received multiple deliveries of gold bearing ore from the Ore Supplier which is presently being stockpiled on site at the Company’s metallurgical plant. The Ore Supplier will continue to deliver gold bearing ore to the Company over the coming days, before processing of the material by Central Rand Gold, commencing in late July 2016. The Company is presently conducting metallurgical testing to ensure optimum recoveries of gold are achieved from the material. Additional Joint Venture Opportunities The Company continues to advance due diligence and negotiations with additional third parties regarding a variety of joint venture alternatives. Given the commencement of the Tolling Venture, the Joint Venture Opportunities will likely require the nameplate capacity of the Company’s existing metallurgical plant to be increased. In this regard, the Company is working closely with Zhejiang Golden Machinery Plant to conduct various testwork and due diligence workstreams regarding the Joint Venture Opportunities and the potential expansion of the existing metallurgical plant. The Company expects to be in a position to update shareholders regarding the Joint Venture Opportunities in the near future. For further information, please contact: Central Rand Gold +27(0) 87 310 4400 Lola Trollip / Nathan Taylor Panmure Gordon (UK) Limited – Nominated Adviser & Broker +44 (0) 20 7886 2977 Adam James / James Greenwood Merchantec Capital – JSE Sponsor +27 (0) 11 325 6363 Monique Martinez / Marcel Goncalves 22 July 2016 Date: 22/07/2016 09:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.