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CRD - Central Rand Gold - BEE Update

Release Date: 14/05/2009 14:50:02      Code(s): CRD
CRD - Central Rand Gold - 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                                                                      
On February 16, 2009, Central Rand Gold Netherlands Antilles ("CRGNV"), Central 
Rand Gold`s wholly owned subsidiary company which directly holds 74% of the     
shares in Central Rand Gold SA (Pty) Ltd ("CRGSA"), exercised the call option   
granted to it in terms of the CRGSA Shareholders Agreement and gave the         
requisite 90 days` notice to Puno Gold Investments (Pty) Ltd ("Puno"), CRG`s    
Black Economic Empowerment partner to acquire its entire interest in CRGSA. This
was owing to Puno`s inability to provide funding as required in CRGSA`s         
Shareholder Agreement.                                                          
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 CRGSA;                                                 
-    the call option furnished by Puno in favour of CRGNV in respect of Puno`s  
    shares in CRGSA.                                                            
On May 13, 2009, CRGNV and Puno consensually agreed to refer the disputation    
over the call to an arbitration process. CRGNV is the claimant in these         
proceedings. CRG and Puno have agreed a timetable for the arbitration and the   
final outcome will be made an order of the court and will be binding. By        
agreeing to go through the arbitration process, there will be no further        
opportunity to approach the South African courts on the substantive issues      
between the parties and a final resolution will be obtained more quickly than   
via the ordinary court process.                                                 
CRG is still fully compliant with the current legislation relating to Black     
Economic Empowerment and has continuously kept South Africa`s Department of     
Minerals and Energy abreast with all developments in this regard. CRG is firmly 
committed to the principles of Broad Based Black Economic Empowerment.          
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 (Pty)  + 27 (0) 11 583 2000                      
Thato Morojele/Annerie Britz/Melanie                                            
de Nysschen                                                                     
Buchanan Communications Limited       + 44 (0) 20 7466 5000                     
Ben Willey/Bobby Morse                                                          
Jenni Newman Public Relations (Pty)   +27 (0) 11 772 1033                       
Jenni Newman/Megann Outram/Lerato                                               
Date: 14/05/2009 14:50:01 Supplied by www.sharenet.co.za                     
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