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CRD - Central Rand Gold Limited Appoints New CEO

Release Date: 05/12/2008 11:00:01      Code(s): CRD
CRD - Central Rand Gold Limited Appoints New CEO                                
Central Rand Gold Limited ("CRG" or the "Company")                              
(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 2007/0192231/10)                              
ISIN: GG00B24HM601                                                              
Share code on LSE: CRND                                                         
Share code on JSE: CRD                                                          
CENTRAL RAND GOLD LIMITED APPOINTS NEW CEO                                      
Johan du Toit to lead CRG through next stage of development; Greg James to      
remain as non-executive director of operating company                           
Johannesburg, December 5, 2008....Johan du Toit, currently the company`s        
Financial Director, has been appointed Chief Executive Officer of Central Rand  
Gold Limited ("CRG" or "the Company") with effect from today, succeeding Greg   
James, CEO since October 2006. This appointment was made by the Company at its  
board meeting in Dubai today.                                                   
Greg James will remain a non-executive director of CRG South Africa Ltd, CRG`s  
operating company, and maintain a strong involvement in the Company`s           
relationships with community groups and other stakeholders.                     
Johan du Toit, a chartered accountant, held senior management positions at BHP- 
Billiton and the Standard Bank group before joining CRG in mid 2008. He headed  
up the South African and European Financial Shared Services for BHP-Billiton,   
where he gained considerable insight into managing large scale processes and    
mining operations, before joining CRG. His role also included delivering all    
aspects of financial management and reporting.                                  
Commenting on CRG`s change in leadership, chairman Alastair Walton said Johan du
Toit`s appointment fitted the Company`s strategy of progressing to commercial   
gold mining in 2009 and then moving towards achieving its production and        
financial goals over the coming years.                                          
"Greg and I started our CRG journey together in July 2006 with the vision of    
bringing gold mining back to the Central Rand Goldfield. Over the past two and a
half years, Greg has put his all into the Company and the communities in which  
it operates," he said.                                                          
"As part of an agreed succession plan, Greg and the Board worked with           
international executive search firm Heidrick & Struggles to find a suitable     
candidate to take the Company to the next level. In addition, the Board         
considered internal candidates with the result that Johan du Toit was selected  
as the strongest and most appropriate person for the position."                 
Johan du Toit recently accompanied Greg James on an international investment    
road-show and is familiar with the Company`s investor base. An announcement on a
new Financial Director will be made in due course.                              
Paying tribute to Greg James` contribution to CRG, Alastair Walton said he had  
managed the Company through its vital start-up period which included: raising   
more than 100 million  pounds sterling in conjunction with the Company listing  
on the London and Johannesburg stock exchanges in November 2007; the application
for and granting of its initial New Order Mining Right; building strong         
relationships with communities and the Department of Minerals and Energy;       
commencing trial mining; and achieving the company`s first gold pour.           
"He has seen the Company grow from around 10 people to a staff of 250 and has   
realised the vision that we shared together. Yesterday, Greg and I had the      
privilege and pleasure of witnessing the Company`s first gold production. This  
could not be a greater testimony to Greg`s effectiveness as CEO over the last   
two years. Furthermore, Greg has built a strong culture of tolerance and respect
within the Company which will be his enduring legacy."                          
"The Board is delighted that he will be maintaining a strong interest in and    
involvement with the Company and its communities. The Board is also pleased to  
have found someone as experienced and as appropriate as Johan to succeed Greg   
and lead the Company through its next stage of development. "                   
For further information please contact:                                         
Central Rand Gold                       +27(0) 11 551 4000                      
Alastair Walton                                                                 
Buchanan Communications Limited         +44 (0) 20 7466 5000                    
Bobby Morse / Ben Willey                                                        
Evolution Securities Limited            +44 (0) 20 7071 4300                    
Simon Edwards / Chris Sim / Neil Elliot                                         
Jenni Newman Public Relations (Pty) Ltd +27 (0) 11 772 1022 / +27 (0) 82 8828888
Jenni Newman / Megann Outram                                                    
Macquarie First South Advisers (Pty) Ltd +27 (0) 11 583 2000                    
Thato Morojele / Annerie Britz                                                  
Date: 05/12/2008 11:00:01 Supplied by www.sharenet.co.za                     
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