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CRD - Central Rand Gold Limited - BEE Update

Release Date: 09/04/2009 08:00:02      Code(s): CRD
CRD - Central Rand Gold Limited - BEE Update                                    
Central Rand Gold Limited                                                       
("Central Rand Gold" or "CRG")                                                  
(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: GG00B24HM601                                                              
Share code on LSE: CRND                                                         
Share code on JSE: CRD                                                          
BEE Update                                                                      
As announced on February 16, 2009, Central Rand Gold Netherlands Antilles       
("CRGNV"), the Central Rand Gold Group company directly holding shares in       
Central Rand Gold SA (Pty) Ltd ("CRGSA"), has exercised the call option granted 
to it in terms of the CRGSA Shareholders Agreement entered into on June 14, 2007
("Shareholders` Agreement") and given the requisite 90 days` notice, as provided
for under the shareholder`s agreement to acquire Puno Gold Investments (Pty)    
Ltd`s ("Puno"), CRG`s Black Economic Empowerment ("BEE") partner,  entire       
interest in CRGSA.                                                              
On April 7, 2009 Puno instituted an urgent application with the South Gauteng   
High Court, Johannesburg, to interdict CRGSA and CRGNV from proceeding with the 
exercise of the call option pending the final determination by arbitration or a 
court order of the validity and enforceability of the:                          
*    funding call by CRGNV on September 17, 2008, for Puno to make its pro rata 
    contribution to the funding of CRGSA in accordance with the Shareholders`   
    Agreement; and                                                              
*    the call option furnished by Puno in favour of CRGNV in respect of Puno`s  
shares in CRGSA including the valid exercise of such option by CRGSA.       
Both CRGSA and CRGNV are confident that the contents of the Shareholders`       
Agreement relating to the funding of CRGSA and the consequences for a failure to
find funding are valid, were validly exercised and intend to vigorously oppose  
this application.                                                               
Issued on behalf of: Central Rand Gold                                          
Date: April 9, 2009                                                             
Johan du Toit                        + 27 (0) 11 551 4000                       
Wayne Epstein                        + 27 (0) 11 551 4000                       
Evolution Securities Limited         + 44 (0) 20 7071 4300                      
Simon Edwards/Chris Sim/Neil Elliot                                             
Macquarie First South Advisers       + 27 (0) 11 583 2000                       
(Pty) Ltd                                                                       
Thato Morojele/Annerie                                                          
Britz/Melanie de Nysschen                                                       
Buchanan Communications Limited      + 44 (0) 20 7466 5000                      
Ben Willey/Bobby Morse                                                          
Date: 09/04/2009 08:00:02 Supplied by www.sharenet.co.za                     
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