Issue and Allotment of Ordinary Shares following partial Exercise of Conversion Rights 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”) Issue and Allotment of Ordinary Shares following partial Exercise of Conversion Rights The Company hereby announces that it has received notice of partial exercise in respect of the convertible security previously entered into with Bergen Global Opportunity Fund, LP (“Bergen”) at a conversion price of 0.7 pence, the details of which were announced to the market on 7 June 2016 pursuant to which 5,790,254 ordinary shares (the “Relevant Shares”) are to be issued. Application has therefore been made for the Relevant Shares to be admitted to trading on AIM and to the JSE Limited with admission expected to take place on 16 February 2017. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company. Following admission of the Relevant Shares, the Company's enlarged issued share capital will comprise 220,822,460 ordinary shares with voting rights. This figure of 220,822,460 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Listing Authority. For further information, please contact: Central Rand Gold +27 (0) 87 310 4400 Lola Trollip ZAI Corporate Finance Limited – Nominated Adviser +44 (0) 20 7060 2220 John Treacy / Jamie Spotswood Brandon Hill Capital Limited – Broker +44 (0) 20 3463 5000 Jonathan Evans / Wei Jiao Merchantec Capital – JSE Sponsor +27 (0) 11 325 6363 Monique Martinez / Marcel Goncalves Johannesburg 10 February 2017 The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR"). Date: 10/02/2017 12:00:00 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.