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CRG - Central Rand Gold Limited - 2011 Interim Report

Release Date: 26/08/2011 08:01:16      Code(s): CRD
CRG - Central Rand Gold Limited - 2011 Interim Report                           
Central Rand Gold Limited                                                       
("CRG" or the "Company" or the "Group")                                         
(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                                                          
2011 Interim Report                                                             
Central Rand Gold, the South African gold mining and exploration holding        
company, today announces its Interim Results for the six months ended 30 June   
2011. The full set of results is available on the Company`s website:            
www.centralrandgold.com                                                         
For further information, please contact:                                        
CRG                                               +27 (0) 11 674 2304           
Johan du Toit / Patrick Malaza                                                  
Evolution Securities Limited                      +44 (0) 20 7071 4300          
Chris Sim / Neil Elliot                                                         
Merchantec Capital                                +27 (0) 11 325 6363           
Roger Pitt / Monique Martinez                                                   
Buchanan Communications Limited                   +44 (0) 20 7466 5000          
Bobby Morse / Katharine Sutton / James Strong                                   
Jenni Newman Public Relations (Pty) Ltd           +27 (0) 11 772 1033           
Jenni Newman                                                                    
26 August 2011                                                                  
Johannesburg                                                                    
JSE Sponsor                                                                     
Merchantec Capital                                                              
Chief Executive Officer`s Review                                                
Salient features of this report                                                 
-    Suspension of underground mining development due to continuing Acid Mine   
    Drainage ("AMD") uncertainty and discovery of "composite voids" in the      
    initial shallow areas.                                                      
-    Surface mining to continue until the end of September 2011.                
-    Gold production up 133% to 7,189 ounces.                                   
-    Trial conventional mining exercise underway.                               
-    Draft water solution awaiting final Government approval.                   
-    The implementation of a retrenchment programme to reduce staff numbers by  
    160 in line with reduced mining activity.                                   
-    Cash and near cash resources at 30 June 2011 of US$4.8 million.            
Overview                                                                        
The first half of 2011, being the period under review, turned out to be a       
watershed period for Central Rand Gold.                                         
The continuing AMD in the Central Basin has become a major risk factor and an   
operational impediment for the Company, prompting the decision to indefinitely  
suspend underground mining operations with effect from 25 May 2011.             
As a result of the uncertainty facing the Company, the size of the workforce has
had to be substantially reduced, thus prompting the implementation of a         
retrenchment programme with effect from 15 July 2011. As a result of this       
programme, which adheres to relevant labour law policies and procedures, about  
159 staff members, of the current total head count of 218, will leave the       
Company`s employment between July and September 2011.                           
Although July 2011 was indeed a sad moment in the Company`s history to have to  
say goodbye to valuable staff members, the retrenchments were necessary in light
of the Company`s need to preserve capital while assessing its options regarding 
the future.                                                                     
During the third quarter of 2011, the Company will continue to review all       
operations and activities to accurately assess its future strategic options.    
Water                                                                           
On 29 March 2011, the Company reported that some progress and commitment had    
been made by the South African Government towards addressing the AMD situation  
(including the allocation by the National Treasury of R225 million (US$32       
million) to the Department of Water Affairs to finance a solution).             
Nevertheless, with the water table gradually rising towards the 250 metres below
surface ("mbs") level, the Board of Directors of CRG ("the Board") deemed it    
prudent to discontinue underground mine development, at least until action has  
been taken to resolve the problem. If the water is stopped at 250 mbs,          
approximately 90% of the Company`s resource base will be under water. The water 
level as at the end of July 2011 was measured at 425 mbs at South West Vertical,
rising at approximately 0.3 metres per day.                                     
On 29 March 2011, the Company also announced that the submersible pumps ordered 
by the Company at a cost of Euro3.5 million (R34.4 million or US$5.0 million)   
would be capable of pumping approximately 72 million litres of water per day,   
more than the expected water ingress of around 55 million litres per day. As    
part of a quality control plan, the two pumps were individually tested on 20    
July and 22 July 2011, respectively, in a special testing bay at the            
manufacturer`s factory in Schwabisch Gmund in Germany, to ensure conformance to 
specifications. Representatives from Central Rand Gold as well as the Trans-    
Caledon Tunnel Authority ("TCTA") (the appointed project managers by the        
Department of Water Affairs) and BKS (consultant to TCTA) were present. In the  
event that these pumps are not utilised for the intended purpose, they will be  
sold.                                                                           
The Board believes CRG has done as much as it possibly can to contribute towards
finding a workable solution to the AMD problem, and continues to participate in 
industry lobbying which has included making presentations to a parliamentary    
subcommittee in Cape Town. Additional feedback from the Department of Water     
Affairs is still being awaited.                                                 
TCTA has been tasked with project management of the AMD situation and the       
implementation of a solution that will benefit the mining industry and other    
stakeholders in the Central Basin area. At the time that this report was being  
written, TCTA had presented to the Company a draft proposal on the              
implementation of a workable and sustainable solution. However, this proposal   
still requires Governmental approval.                                           
Geology                                                                         
Resources and Reserves                                                          
During the period under review, the Company discovered that approximately 30% of
its proposed stoping area, between 120 and 180 mbs, consisted of composite      
double voids. Composite double voids represent areas where the Main Reef Leader,
middling and the Main Reef have been historically extracted as a single unit.   
A statistical analysis study on the occurrence and distribution of composite    
double voids is underway, and it appears that the prediction of both the        
location and the frequency of these areas of previous mining activity is        
possible. The existence of the composite double voids do not appear to be a     
pervasive situation and is thought only to occur where the middling is          
relatively thin and mineralised, and the gold grade of total composite package  
is sufficiently high. The impact of the composite double voids on the resource  
and reserves is expected to be localised and relatively minor.                  
Once the aforementioned study has been completed, a full analysis thereof will  
be incorporated into the Company`s Resource model and a comprehensive update of 
the Main Reef Resource base is envisaged. A future review and rework of the Main
Reef Reserves to incorporate potential conventional mining currently being      
tested, is also anticipated to take this statistical model into account.        
Mineral Reserve Summary (End June 2011)                                         
Probable Reserves                                                               
Area         Tonnes    Grade    Oz                                              
Central MR   1.94      4.1      253,000                                         
West MR      1.79      4.1      229,000                                         
Total        3.73      4.1      482,000                                         
Mineral Resource Summary (End June 2011)                                        
                        Indicated Resource     Inferred Resource                
Area                     Tonnage  Grade  Metal  Tonnage Grade  Metal            
(Mt)     (g/t)  (Moz)  (Mt)    (g/t)  (Moz)             
CMR <900m MR and MRL     10.5                   1.6                             
                                 5.47   1.84           9.51   0.48              
Crown <900m MR and MRL   5.8                    3.1                             
5.93   1.10           8.05   0.81              
V&R <900m MR and MRL     1.8                    0.2                             
                                 6.67   0.39           16.50  0.11              
CD <900m MR and MRL      2.9                    2.5                             
6.81   0.63           6.76   0.54              
SJ <900m MRL             1.5                    0.2                             
                                 8.80   0.43           8.27   0.04              
CMR Kimberley Reef <900m 2.6                    0.6                             
3.70   0.31           3.78   0.07              
CMR White Reef <900m     3.6                    3.4                             
                                 3.81   0.44           3.89   0.42              
MR and MRL > 900m and    58.5                   46.6                            
other sources                     9.69   18.22          7.27   10.89            
Total                    87.2                   58.2                            
                                 8.33   23.36          7.15   13.36             
Surface Exploration Target Summary (End June 2011)                              
Mining Area     Reef           Exploration target material                      
Central         MR&MRL         2.8-3.4 g/t     6,900 - 8,300 t                  
New Unified     MR&MRL         4.4-5.3 g/t     6,800 - 8,200 t                  
New Unified     MR&MRL         3.6-4.4 g/t     21,800 - 26,200 t                
West                                                                            
Spenser New     MR&MRL         3.6-4.3 g/t     15,900 - 19,100 t                
Slot 5 A        White          2.9-3.1 g/t     27,000 - 48,000 t                
Slot 5 B,C,D    White          1.5-1.9 g/t     17,000 - 33,000 t                
Slot 7          White          2.1-3.2 g/t     87,000 - 200,000 t               
Resources are quoted inclusive of Reserves.                                     
Note: Reserves have not yet been depleted as a result of mining operations, as  
almost all mining to date has taken place above 70 mbs, that being limited to   
surface mining which was not part of the quoted Reserve. The limited underground
mining that has taken place to date is not significant enough to warrant the    
restatement of figures. Unplanned composite double voids will be incorporated   
into future Resource and Reserve estimates once their full extent is understood.
The potential quantity and grade described by the term "Exploration Target" is  
conceptual in nature and there has been insufficient exploration to define a    
Mineral Resource. It is uncertain if further exploration will result in the     
definition of a Resource. Further exploration work, which includes trial mining 
and processing of this shallow target to establish grade and orebody continuity,
mineability, dilution and throughput characteristics, is ongoing.               
Underground mining                                                              
As a result of the AMD and the occurrence of composite double voids - and with a
view to conserving cash reserves - the Company suspended underground mining     
development operations with effect from 25 May 2011, at 205 mbs. The Company    
continued with underground long-hole stoping operations until the end of June   
2011.                                                                           
Mining production - Underground                                                 
                                                                                
Month        Stope reef    Grade       Development reef    Grade*               
            tonnes        (g/t)       tonnes              (g/t)                 
January      3,360          1.9        2,952                1.6                 
February     3,432          2.8        9,072                1.6                 
March        10,080         2.0        6,120                1.6                 
April        9,287          2.5        3,337                1.6                 
May          4,125          3.6        1,725                1.6                 
June         9,402          1.9        773                  1.6                 
Total        39,686        2.4         23,979              1.6                  
* Development grades are based on block estimates.                              
Dilution and grade control                                                      
Dilution from delaminated hanging wall waste, resulting from the use of long-   
hole stoping, has continued to be a problem with up to two metres of barren     
quartzite diluting the targeted Main Reef ore. This has had the overall effect  
of reducing the head-grade, and in some instances to below 1.9 g/t, which has a 
significant negative impact on project economics. To address the problem, a     
surface waste sorting programme has been implemented involving both hand sorting
and the use of the Commodas Optical Sorter, in an attempt to remove dilutive    
material from the underground ore stockpiles.                                   
           Planned Mining Grade    Actual Mining Grade                          
January     2.8 g/t                 1.9 g/t                                     
February    3.4 g/t                 2.8 g/t                                     
March       3.3 g/t                 2.0 g/t                                     
April       3.5 g/t                 2.5 g/t                                     
May         6.1 g/t                 3.6 g/t                                     
June        3.5 g/t                 1.9 g/t                                     
The impact of this dilution has necessitated the suspension of long-hole stoping
as the primary mining method and it is believed that conventional mining trials,
currently being tested, will allow for better on-face grade control, selectivity
and a dramatic reduction in hanging-wall dilution.                              
Surface mining                                                                  
Importantly, in comparison to 2010, more surface tonnes have been mined at a    
slightly higher grade than expected.                                            
There has also been a slight increase in the stripping ratio as a result of     
deepening pits. At the end of June 2011, three pits were active - New Unified   
Pit, Spencer Pit and Central Pit - all of which are expected to be exhausted by 
the end of September 2011 at a planned output rate of 15,000 reef tonnes per    
month.                                                                          
Mining production - Surface                                                     
                                                                                
Month            Surface Reef tonnes   Strip ratio                              
January          14,193                                                         
8.4                                       
February         16,773                                                         
                                      11.0                                      
March            20,446                                                         
7.0                                       
April            20,305                                                         
                                      7.0                                       
May              17,098                                                         
9.0                                       
June             23,514                                                         
                                      9.0                                       
Total            112,329                                                        
8.0                                       
                                                                                
Mining area      Reef tonnes           g/t                                      
New Unified Pit  61,868                4.08                                     
Central Pit      40,128                3.39                                     
Spencer          10,333                3.86                                     
Total            112,329               3.81                                     
Metallurgy                                                                      
During the period under review, the Bateman concentrator processed 37,479 tonnes
of Main Reef ore at an average feed grade of 2.05 g/t. The feed material was    
largely made up of friable surface oxides mixed with a smaller proportion of    
hard siliceous underground sulphide ore. Bateman floatation recovery for the    
period improved substantially from approximately 63%, to approximately 77%,     
generating 6,590 tonnes of concentrate running at 8.9 g/t. Bateman plant        
availability dropped from 70% to 60%, largely due to a significantly higher     
proportion of harder sulphide feed.                                             
The Carbon-in-Pulp ("CIP") plant performance also improved markedly during the  
period under review with 61,109 tonnes of surface oxide ore, running at an      
average grade of 2.74 g/t, being fed directly to the CIP plant. This was        
supplemented by the addition of the 6,590 tonnes of Bateman concentrate. Gold   
recovery improved from 86% to approximately 90% and the CIP availability        
increased from 86% to 90% during the period under review.                       
In March and April 2011, approximately 12,000 tonnes of oxide ore, at an average
grade of 2.6 g/t, was dispatched to Mintails, the neighbouring gold processing  
company, with a view to testing the economics of toll treatment of surplus ore  
in excess of current processing capacity. The exercise was profitable and       
demonstrated the economic merit of pursuing this arrangement when surplus ore   
production occurs.                                                              
In June 2011, a further toll treatment exercise was initiated to investigate the
merits of treating high grade residue tailings generated during the initial     
commissioning phase of the Gekko concentrating plant. By 30 June 2011,          
approximately 19,159 tonnes, at an average grade of 1.39 g/t, had been          
dispatched to Mintails for processing.                                          
Gold production for the first half of 2011 was 7,189 ounces, an increase of 133%
from the comparable period in 2010.                                             
Keith Matier, Head of Geology, took over responsibility for the Company`s       
metallurgical processing operations from Riccardo Tonini, who resigned from the 
Company at the end of May 2011.                                                 
Trial conventional mining                                                       
An important new development for CRG is the trialing of conventional mining     
until the end of September 2011. The mining contractor, Sekgwa Mining Services  
(Proprietary) Limited, has been engaged to undertake conventional trial mining  
in the Company`s current mining area to verify whether or not conventional hand-
held, in-stope drilling can be undertaken safely, economically and without major
dilution. Improvement of grade selectivity will also be a factor in this trial  
mining exercise.                                                                
The expectation is that the minimisation of blasting vibrations under the       
conventional mining method will reduce blasting-induced falls of ground and     
therefore minimise dilution. The other expectation is that shorter rounds of    
drilling will make mining more flexible to introduce resue mining where the     
middling is of significant enough width to be blasted separately.               
Broad-based black economic empowerment                                          
Central Rand Gold remains in dispute with its broad-based black economic        
empowerment partner, Puno Gold Investments (Proprietary) Ltd. The matter is     
currently pending the commencement of arbitration and it is hoped that a        
resolution will be reached in the near future.                                  
DMR review                                                                      
Based on its resource base, Central Rand Gold made certain Social and Labour    
Plan ("SLP") commitments in its original New Order Mining Right application.    
Between 2009 and the end of 2010, the Company invested R18 million (US$2.6      
million) in community related projects and initiatives to the benefit of        
community members.                                                              
It is anticipated that if the water table is stopped at 250 mbs, approximately  
90% of the resource base included in its mining right will be under water. This 
resource can therefore only be accessed, once a de-watering programme has       
commenced. A request has been made to the DMR to review the Company`s current   
and future SLP commitments, so that it reflects the operational reality of a    
reduced short-term resource base more closely.                                  
Financial review                                                                
Operating loss for the period under review decreased by 17% to US$14.4 million  
(30 June 2010: US$17.4 million). This decrease is mainly attributed to:         
-    Revenue from the sale of 7,189 ounces of gold (June 2010: 3,085 ounces)    
processed from shallow surface materials.                                   
-    Proceeds from the sale of the Gekko 50 tonne per hour processing plant of  
    US$5 million.                                                               
-    Provision for retrenchment of 160 support and operational staff (June 2010:
46 head count).                                                             
Net attributable loss for the period under review decreased by 14.6% to US$14.8 
million (30 June 2010: US$17.3 million) after taking into account the lower     
interest received, transactional foreign exchange losses on the back of a       
stronger Rand/US$ exchange rate and lower cash balances.                        
At the end of June 2011, the net cash position of the Company was reported at   
approximately US$4.8 million (30 June 2010: US$4 million) and at the end of July
2011 the balance amounted to US$4.0 million.                                    
Major cash flows during the period under review are set out in the abridged cash
flow below:                                                                     
                                           2011         2010                    
                                          US$`(million) US$`(million)           
Cash and cash equivalents at 1 January     14.6          15.9                   
Cash used in operations                    (11.6)        (13.7)                 
Interest received                          0.2           0.3                    
Mine property, plant and equipment         (2.4)         (7.8)                  
Proceeds from sale of assets               5.0           -                      
Security deposits - Redemption             -             0.5                    
Proceeds from share issue                  -             6.0                    
Effects of exchange rate movement on       (1.0)         2.8                    
cash balances                                                                   
Cash and cash equivalents at 30 June       4.8           4.0                    
Conclusion                                                                      
Without doubt, the second half of 2011 will be a critical period in determining 
the future of Central Rand Gold. Future prospects are dependent on how the      
Company resolves the following three major uncertainties:                       
1.   Stopping the rising water table.                                           
2.   Getting a better understanding and confirmation of the ability to predict  
the occurrence of composite double voids.                                   
3.   Confirmation of the viability of conventional mining.                      
Given resolution and progress on the above-listed uncertainties, the Company    
expects to be able to reassess its prospects by the end of October 2011. As     
reported in the 2010 Annual Report, part of this reassessment will be the       
question of further funding and the possibility of other corporate actions      
taking place. In the meantime, the Company`s remaining staff will do their      
utmost to maximise productivity from nearby surface deposits and opened         
underground stopes, testing the conventional mining option and keeping          
operations as efficient, safe and cost effective as possible.                   
Johan du Toit                                                                   
Chief Executive Officer                                                         
The information in this statement relating to Mineral Resources and geology has 
been reviewed and approved by Mr Keith Matier, BSc (Hons), G D E, Pr Sci Nat,   
who is a Competent Person in terms of the SAMREC and JORC codes. Mr Matier is   
Geology Manager of CRGSA and has over 17 years` experience in exploration,      
mineral resource management and mineral evaluation.                             
Condensed Group Statement of Financial Position as at 30 June 2011              
                                  30 June     31 December  30 June              
                                  2011        2010         2010                 
Notes   US$ `000    US$ `000     US$ `000            
                                  (Unaudited  (Audited)    (Unaudited)          
                                  )                                             
ASSETS                                                                          
NON-CURRENT ASSETS                                                              
Property, plant and        5        9,140       10,022       31,339             
equipment                                                                       
Intangible assets                 -             -            1,282              
Security deposits and             6,332         6,498        5,641              
guarantees                                                                      
Loans receivable           7        10,073      9,830        8,065              
                                  25,545        26,350       46,327             

CURRENT ASSETS                                                                  
Security deposits and             3,630         4,069        185                
guarantees                                                                      
Prepayments and other               5,752       6,626        4,446              
receivables                                                                     
Inventories                8        1,087       207          1,205              
Cash and cash equivalents         4,803         14,624       3,945              
Non-current assets held-   6        595         4,074        8,780              
for-sale                                                                        
                                  15,867        29,600       18,561             
                                                                                
TOTAL ASSETS                      41,412        55,950       64,888             
                                                                                
EQUITY                                                                          
Attributable to equity                                                          
holders of the parent                                                           
Share capital              9        25,604      25,604       5,424              
Share premium              9        213,377     213,377      197,017            
Share-based compensation            28,262      27,925       28,296             
reserve                                                                         
Treasury shares                     (6)         (6)          (6)                
Foreign currency                  (26,690)      (26,955)     (31,645)           
translation reserve                                                             
Accumulated losses                (225,708)     (210,897)    (156,174)          
                                  14,839        29,048       42,912             
Non-controlling interest          -             -            -                  
TOTAL EQUITY                      14,839        29,048       42,912             

LIABILITIES                                                                     
NON-CURRENT LIABILITIES                                                         
Environmental              10     6,291         6,474        1,460              
rehabilitation and other                                                        
provisions                                                                      
Loan payable                        10,073      9,830        8,065              
Operating lease liability         -             4            -                  
Borrowings                          -         -              1                  
                                  16,364        16,308       9,526              
                                                                                
CURRENT LIABILITIES                                                             
Trade and other payables            7,596       8,884        8,155              
Environmental              10     851           -            2,805              
rehabilitation and other                                                        
provisions                                                                      
Taxation payable                    1,756       1,704        1,461              
Operating lease liability           6           -            4                  
Borrowings                          -           6            25                 
                                  10,209       10,594        12,450             

TOTAL LIABILITES                  26,573        26,902       21,976             
                                                                                
TOTAL EQUITY AND                  41,412        55,950       64,888             
LIABILITIES                                                                     
                                                                                
Condensed Group Income Statement for the six months ended 30 June 2011          
                                                                                
Six months    12 months     Six months           
                               ended         ended         ended                
                               30 June       31 December   30 June              
                               2011          2010          2010                 
US$ `000      US$ `000      US$ `000            
                         Note  (Unaudited)   (Audited)     (Unaudited)          
                         s                                                      
                                                                                
Other income and gains   11    10,950        11,657        3,934                
Employee benefits                (6,509)       (10,875)      (5,546)            
expense                                                                         
Directors` emoluments    12      (537)         (1,237)       (534)              
Depreciation and               (1,816)         (2,524)       (1,445)            
amortisation                                                                    
Inventory write-down             (17)          (263)         (420)              
Reversal of                    489           (44,455)      -                    
impairment/(impairment)                                                         
of assets                                                                       
Operating lease expense          (313)         (1,045)       (310)              
Surface mining costs     13    (12,945)      (17,099)      -                    
Operational expenses           (955)         (718)         -                    
Exploration expenditure          -             -             (9,079)            
Other expenses                   (2,743)       (6,554)       (3,971)            
Operating loss                 (14,396)        (73,113)      (17,371)           
Interest receivable              784           1,512         772                
Finance costs                    (527)         (1,015)       (500)              
Foreign exchange                 (672)         1,384         367                
transaction                                                                     
(losses)/gains                                                                  
Loss before income tax         (14,811)        (71,232)      (16,732)           
Income tax expense       14      -             (840)         (617)              
Loss for the period            (14,811)        (72,072)      (17,349)           

Loss is attributable                                                            
to:                                                                             
Non-controlling                  -             -             -                  
interest                                                                        
Equity holders of the          (14,811)        (72,072)      (17,349)           
parent                                                                          
                               (14,811)        (72,072)      (17,349)           

Shares in issue                1,599,682,99  1,599,682,990 271,611,610          
                               0                                                
Weighted average number        1,599,682,99  1,599,682,990 268,746,797          
of ordinary shares in          0                                                
issue                                                                           
Fully diluted weighted         1,599,682,99  1,599,682,990 268,746,797          
average number of              0                                                
ordinary shares in                                                              
issue                                                                           
Basic loss per share           (0.93)          (4.51)        (6.46)             
(cents)                                                                         
Headline loss per share        (0.99)          (1.83)        (5.46)             
(cents)                                                                         
Diluted loss per share         (0.93)          (4.51)        (6.46)             
(cents)                                                                         
Diluted headline loss          (0.99)          (1.83)        (5.46)             
per share (cents)                                                               
                                                                                
Reconciliation between                                                          
loss attributable to                                                            
the equity holders of                                                           
the Group and the                                                               
headline loss                                                                   
attributable to the                                                             
equity holders of the                                                           
Group:                                                                          
Loss attributable to           (14,811)        (72,072)      (17,349)           
equity holders of the                                                           
Group                                                                           
Provision for                    -             -             616                
restructuring                                                                   
Loss on measurement of           -             5,559         2,159              
non-current assets held                                                         
for sale to fair value,                                                         
less costs to sell                                                              
(Profit)/loss on                 (458)         24            (98)               
disposal of property,                                                           
plant and equipment                                                             
(Reversal)/loss on             (489)         37,214        -                    
measurement of assets                                                           
to recoverable amount                                                           
Headline loss                  (15,758)        (29,275)      (14,672)           
attributable to equity                                                          
holders of the Group                                                            
                                                                                
Condensed Group Statement of Comprehensive Income for the six months            
ended 30 June 2011                                                              

                                 Six months    12 months    Six months          
                                 ended         ended        ended               
                                 30 June       31 December  30 June             
2011          2010         2010                
                                  US$ `000      US$ `000     US$ `000           
                                 (Unaudited)   (Audited)    (Unaudited          
                                                            )                   

Loss for the period              (14,811)        (72,072)     (17,349)          
Other comprehensive                                                             
income:                                                                         
Exchange differences on          265             1,445        (3,245)           
translating foreign                                                             
operations                                                                      
Income tax relating to             -             -            -                 
components of other                                                             
comprehensive income                                                            
Other comprehensive              265             1,445        (3,245)           
income for the period,                                                          
net of tax                                                                      
Total comprehensive              (14,546)        (70,627)     (20,594)          
income for the period                                                           
                                                                                
Total comprehensive                                                             
income is attributable                                                          
to:                                                                             
Non-controlling interest           -             -            -                 
Equity holders of the            (14,546)        (70,627)     (20,594)          
parent                                                                          
                                 (14,546)        (70,627)     (20,594)          
                                                                                
Condensed Group Statement of Changes in Equity for the period ended 30          
June 2011                                                                       
              Attributable to equity holders of the Group                       
              Note  Ordinar  Share    Share-based Treasury  Foreign             
s     y share  premium  compensatio shares    currency            
                    capital           n reserve             translatio          
                                                            n                   
                                                            reserve             
US$      US$      US$ `000     US$       US$ `000           
                    `000     `000                 `000                          
                                                                                
Balance at 31          5,023             27,482      (2)       (28,400)         
December 2009                 191,406                                           
Total                                                                           
comprehensive                                                                   
income for                                                                      
the period                                                                      
ended 30 June                                                                   
2010                                                                            
Loss for the           -        -        -           -         -                
period                                                                          
Other                                                                           
comprehensive                                                                   
income                                                                          
Foreign                -        -        -           -         (3,245)          
currency                                                                        
adjustments                                                                     
Transactions                                                                    
with owners,                                                                    
recorded                                                                        
directly in                                                                     
equity                                                                          
Issue of                                                                        
Shares:                                                                         
Capital              401      5,611    -           -         -                  
raising                                                                         
Employee                                                                        
Share Option                                                                    
Scheme:                                                                         
Share-based            -        -        814         (4)       -                
payments:                                                                       
Employees`                                                                      
and                                                                             
Directors`                                                                      
shares                                                                          
Balance at 30          5,424             28,296      (6)       (31,645)         
June 2010                     197,017                                           
                                                                                
Balance at 31                            27,925      (6)       (26,955)         
December 2010        25,604   213,377                                           
Total                                                                           
comprehensive                                                                   
income for                                                                      
the period                                                                      
ended 30 June                                                                   
2011                                                                            
Loss for the           -        -        -           -         -                
period                                                                          
Other                                                                           
comprehensive                                                                   
income                                                                          
Foreign                -        -        -           -       265                
currency                                                                        
adjustments                                                                     
Transactions                                                                    
with owners,                                                                    
recorded                                                                        
directly in                                                                     
equity                                                                          
Employee                                                                        
Share Option                                                                    
Scheme:                                                                         
Share-based    17      -        -        337         -         -                
payments:                                                                       
Employees`                                                                      
and                                                                             
Directors`                                                                      
shares                                                                          
Balance at 30                            28,262      (6)     (26,690)           
June 2011            25,604   213,377                                           
Condensed Group Statement of Changes in Equity for the period ended 30          
June 2011 (continued)                                                           
                 Attributable to equity holders of the Group                    
                 Note  Accumulate  Total     Non-controlling Total              
s     d                     interest        equity             
                       losses                                                   
                        US$ `000    US$       US$ `000        US$ `000          
                                   `000                                         

Balance at 31                         56,684    -               56,684          
December 2009           (138,825)                                               
Total                                                                           
comprehensive                                                                   
income for the                                                                  
period ended 30                                                                 
June 2010                                                                       
Loss for the              (17,349)              -                               
period                              (17,349)                  (17,349)          
Other                                                                           
comprehensive                                                                   
income                                                                          
Foreign currency          -                     -               (3,245)         
adjustments                         (3,245)                                     
Transactions                                                                    
with owners,                                                                    
recorded                                                                        
directly in                                                                     
equity                                                                          
Issue of Shares:                                                                
Capital raising         -           6,012     -               6,012             
Employee Share                                                                  
Option Scheme:                                                                  
Share-based               -           810       -               810             
payments:                                                                       
Employees` and                                                                  
Directors`                                                                      
shares                                                                          
Balance at 30                         42,912    -               42,912          
June 2010               (156,174)                                               
                                                                                
Balance at 31                         29,048    -               29,048          
December 2010           (210,897)                                               
Total                                                                           
comprehensive                                                                   
income for the                                                                  
period ended 30                                                                 
June 2011                                                                       
Loss for the            (14,811)    (14,811)    -             (14,811)          
period                                                                          
Other                                                                           
comprehensive                                                                   
income                                                                          
Foreign currency          -         265         -             265               
adjustments                                                                     
Transactions                                                                    
with owners,                                                                    
recorded                                                                        
directly in                                                                     
equity                                                                          
Employee Share                                                                  
Option Scheme:                                                                  
Share-based       17      -           337       -               337             
payments:                                                                       
Employees` and                                                                  
Directors`                                                                      
shares                                                                          
Balance at 30           (225,708)   14,839    -               14,839            
June 2011                                                                       
Condensed Group Cash Flow Statement for the six months ended 30 June            
2011                                                                            
                                   Six months  12 months   Six months           
                                   ended       ended       ended                
30 June     31          30 June              
                                               December                         
                                   2011        2010        2010                 
                                    US$ `000    US$ `000    US$ `000            
(Unaudited) (Audited)   (Unaudited)          
                                                                                
CASH FLOWS FROM OPERATING   Notes                                               
ACTIVITIES                                                                      
Loss before tax                    (14,811)      (71,232)    (16,732)           
Adjusted for:                                                                   
Depreciation and                   1,816         2,524       1,445              
amortisation                                                                    
Bad debts written off              -           11          -                    
Employment benefit                   336         443         265                
expenditure (share-based                                                        
payments)                                                                       
(Profit)/loss on disposal            (458)       24          (98)               
and scrapping of property,                                                      
plant and equipment                                                             
Impairment of inventory              17         578          420                
(Reversal of                         (489)       44,455      2,202              
impairment)/impairment of                                                       
assets                                                                          
Net loss/(gain) on foreign           672         (1,384)     (367)              
exchange                                                                        
Increase/(decrease) in               3           (47)        (48)               
operating lease liability                                                       
Sundry income                        (16)        (36)        (6)                
Interest received                    (784)       (1,512)     (772)              
Finance costs                        527         1,015       500                
Changes in working capital                                                      
Decrease/(increase) in               873         (1,354)     (826)              
prepayments and other                                                           
receivables                                                                     
(Increase)/decrease in               (880)       1,367       (2,185)            
inventory                                                                       
(Decrease)/increase in               (1,288)     1,264       535                
trade and other payables                                                        
Increase in provisions             668           3,461       1,963              
Cash flows used in                 (13,814)      (20,423)    (13,704)           
operations                                                                      
Interest received                    258         513         283                
Finance costs                        (1)         (16)        (12)               
Sundry income                        -           -           6                  
Net cash used in operating         (13,557)      (19,926)    (13,427)           
activities                                                                      
                                                                                
CASH FLOWS FROM INVESTING                                                       
ACTIVITIES                                                                      
Purchases of property,      5      (2,128)       (20,595)    (8,263)            
plant and equipment                                                             
Proceeds from disposal of   6      5,043         471         445                
property, plant and                                                             
equipment                                                                       
Net cash from/(used) in            2,915         (20,124)    (7,818)            
investing activities                                                            

CASH FLOWS FROM FINANCING                                                       
ACTIVITIES                                                                      
Repayments of borrowings             (6)         (33)        (13)               
Decrease/(increase) in             605           (4,251)     490                
security deposits                                                               
Net proceeds from issue of  9      -             42,552      5,985              
share capital                                                                   
Net cash from/(used in)            599           38,268      6,462              
financing activities                                                            
                                                                                
Net decrease in cash and           (10,043)      (1,782)     (14,783)           
cash equivalents                                                                
Cash and cash equivalents            14,624      15,899      15,899             
at 1 January                                                                    
Effects of exchange rate           222           507         2,829              
movement on cash balances                                                       
Cash and cash equivalents          4,803         14,624      3,945              
at end of period                                                                
Notes to the Condensed Interim Group Financial Statements                       
1. Basis of preparation                                                         
These condensed consolidated interim financial statements for the six months    
ended 30 June 2011 have been prepared in accordance with the accounting policies
set out in the 2010 Annual Report (except as stated below), which comply with   
International Financial Reporting Standards ("IFRS"), as adopted by the European
Union ("EU") in accordance with EU laws (IA`s regulation EC 1606/2002), and also
in accordance with IAS 34, `Interim Financial Reporting` as adopted by the EU.  
The interim results for the six months ended 30 June 2011 are unaudited. They do
not include all of the information required for full annual financial statements
and should be read in conjunction with the consolidated financial statements of 
the Group as at and for the year ended 31 December 2010, which have been        
prepared in accordance with IFRS as adopted by the EU. The financial information
set out in this document in respect of the year ended 31 December 2010 does not 
constitute the Group`s statutory accounts for the year ended 31 December 2010.  
Going concern                                                                   
The Directors have prepared the financial statements on the going concern basis 
having considered the current operations, the current funding position and the  
projected funding requirements of the business for at least 12 months from the  
date of approval of the financial statements as detailed below.                 
Current operations                                                              
The Company is facing two significant challenges: the rising water table in the 
Central Rand Basin and unexpected delays with the underground mine development. 
On 29 March 2011 the Company announced the results of its operational and       
strategic review which considered these two challenges and led to the           
announcement of the suspension of underground mining operations.                
Rising water table                                                              
The water table in the Central Rand Basin is rising. It is imperative that the  
water table is 250 meters below surface for the mine to retain access to its    
Reserves and Resources and hence be able to reach full commercial production.   
The Directors believe that the South African Government will inevitably need to 
step in to resolve this to prevent AMD reaching the surface. The discussions    
held by the Company with the Government to date and the public commitment made  
by the Government to                                                            
resolving this issue give the Directors confidence that a suitable solution will
be found, although no deadline has been set.                                    
Delays in underground mine development                                          
In addition, the Company has encountered difficulties in the underground mine   
development. A greater than anticipated level of stopes have been found to have 
"double voids", ie, not only has the original Main Reef Leader been extracted   
but also the Main Reef. This was not indicated on the historical mining plans.  
The effect of these double voids has been to increase significantly the cost of 
development per tonne of accessible ore and to reduce revenue compared with the 
Company`s projections. Having encountered these voids, standard mining practice 
would be to go deeper. However, as a result of the rising water table referred  
to above, this is not an option available to the Company.                       
The Company has also faced lower than anticipated Mine Call Factors due to a    
considerable proportion of vintage hanging wall (over and above the planned for 
"middling") diluting the mined ore. The empty tonnes associated with this       
dilution severely impact the cost per ounce of gold produced.                   
As a result of these challenges, underground mine development was suspended with
effect from 25 May 2011. The focus for the remainder of 2011 will be to continue
to investigate viable mining methods to avoid the dilution problem while mining 
out ore from currently available stopes and processing all available underground
ore and surface materials. The underground operations will then be temporarily  
stopped following extraction of ore from the immediately available stopes. The  
Company has already commenced a process of reducing staff levels to reflect the 
lower level of activity.                                                        
The Directors reviewed the carrying values of the Company`s assets at 30 June   
2011 and believe that there is no further impairment required beyond what was   
provided for at 31 December 2010.                                               
Current and projected funding requirements                                      
At 30 June 2011, the Company had cash of US$4.8 million. At the 31 July 2011 the
Company had a cash balance of US$4.0 million.                                   
As reported in annual report 2010, the Directors have prepared cash flow        
projections for the next 18 months (from the date of these financial statements)
that reflect the decision of the Directors to place underground operations on to
a care and maintenance basis, to continue to process the available ore from     
developed stopes or on surface and to run the company with a significantly      
reduced cost base to reflect these lower activity levels. These projections show
that the Group has sufficient funding for at least the next 12 months from the  
date of approval of the financial statements and hence the Directors have       
prepared the financial statements on a going concern basis. However, the        
available cash is projected to run out in July 2012.                            
The risks inherent in any early-stage mining operation will continue to apply to
the Group. In particular, the cash flow projections prepared by the Directors   
are critically dependent on three key assumptions: the gold grade of the ore;   
the mining production; and the metallurgical recovery and production rate. If   
any one of these key assumptions is not achieved, then this will result in the  
need for additional funding at an earlier date.                                 
Strategic options                                                               
As outlined by the Company in its operational and strategic review announced on 
29 March 2011 and CEO`s report, the focus for the next few months will be to    
seek further clarification on the Government`s position on the rising water     
table regarding the engineering plans, costing and timing; to continue to       
investigate viable mining methods; to continue to mine out the currently        
available stopes.                                                               
The Directors expect to be able to reassess the prospects of the Company by the 
end of October 2011.The Directors believe that the Reserves and Resources       
statement is not undermined by the double voids as these are not believed to    
exist at lower levels, and so assuming the above uncertainties can be           
satisfactorily resolved, the Directors expect to seek new capital to restart the
operations (which would require further due diligence and quantification). If   
insufficient progress is made to resolve the material uncertainties facing the  
Company and without further funding being available by or around the end of     
October 2011, the Directors are likely to have to cease trading.                
Conclusion                                                                      
The continued uncertainty around the resolution of the rising water table and   
the continued difficulty in finding a viable mining method, together with the   
need for additional fund raising if the water table and viable mining method    
issues are satisfactorily resolved, are material uncertainties that may cast    
significant doubt on the Company`s ability to continue as a going concern and   
they may therefore be unable to realise their assets and discharge their        
abilities in the normal course of business.                                     
The financial statements are prepared on the basis of accounting policies       
applicable to a going concern.This basis presumes that funds will be available  
to finance future operations and that the realisation of assets and settlement  
of liabilities will occur in the ordinary course of business.                   
2. Accounting policies                                                          
Except as described below, the accounting policies applied by the Group in these
condensed consolidated interim financial statements are the same as those       
applied by the Group in its consolidated financial statements as at and for the 
year ended 31 December 2010, as described in those consolidated financial       
statements.                                                                     
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.                                
The following new standards and amendments to standards are mandatory for the   
first time for the financial year beginning 1 January 2011.                     
IFRS 3: Business Combinations.                                                  
From 1 January 2011, the Group has applied IFRS 3 in accounting for business    
combinations. The amendment lists the transition requirements for contingent    
consideration from a business combination that occurred before 1 July 2010. The 
amendment also describes the measurement of non-controlling interests and also  
discusses un-replaced and voluntarily replaced share-based payment awards.      
IFRS 7: Financial Instruments: Disclosures.                                     
From 1 January 2011, the Group has applied IFRS 7 in accounting for financial   
instrument disclosures. The amendments add an explicit statement that           
qualitative disclosure should be made in the contact of the quantitative        
disclosures to better enable users to evaluate an entity`s exposure to risks    
arising from financial instruments. In addition, existing disclosure            
requirements were amended and removed.                                          
IAS 1: Presentation of Financial Statements.                                    
From 1 January 2011, the Group has applied IAS 1 in accounting for presentation 
of financial statements. The amendments clarify that disaggregation of changes  
in each component of equity arising from transactions recognised in other       
comprehensive income is also required to be presented, but may be presented     
either in the statement of changes in equity or in the notes.                   
IAS 24: Related-party Disclosure.                                               
From 1 January 2011, the Group has applied IAS 24 in accounting for related-    
party disclosures. The revised standard amends the definition of a related-     
party.                                                                          
IAS 34: Interim Financial Reporting.                                            
From 1 January 2011, the Group has applied IAS 34 in accounting for interim     
financial reporting. The amendments add examples to the list of events or       
transactions that require disclosure under IAS 34 and remove references to      
materiality in IAS 34 that describe other minimum disclosures.                  
The following new standards and amendments to standards and interpretations have
been issued, but are not effective for the financial year beginning 1 January   
2011 and have not been early adopted:                                           
IFRS 7: Financial Instruments: Disclosures - Transfers of Financial Assets      
IFRS 9: Financial Instruments: Classification and Measurement                   
IFRS 10: Consolidated Financial Statements                                      
IFRS 12: Disclosure of Interests in Other Entities                              
IFRS 13: Fair Value Measurement                                                 
IAS 1: Presentation of Financial Statements                                     
IAS 12: Income Taxes                                                            
IAS 19: Employee Benefits                                                       
IAS 27: Consolidated and Separate Financial Statements                          
3. Estimates                                                                    
The preparation of interim financial statements requires management to make     
judgements, estimates and assumptions that affect the application of accounting 
policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.                                 
During the six months ended 30 June 2011 management reassessed its estimates in 
respect of:                                                                     
- the carrying value of property, plant and equipment                           
- the units of production depreciation                                          
- the impairment of assets                                                      
- net realisable value of non-current assets held for sale                      
- the recoverable amount of inventory (see note 8)                              
- provisions (see note 10)                                                      
4. Financial risk management                                                    
The Group`s financial risk management objectives and policies are consistent    
with those disclosed in the consolidated annual financial statements as at and  
for the year ended 31 December 2010.                                            
Foreign currency rates                                                          
The US Dollar rates of exchange applicable to the year are as follows:          
2011            2010           2010                     
                        Six months to   Year ended 31  Six months to            
                        30 June         December       30 June                  
                        Closin  Averag  Closin  Avera  Closing  Averag          
g       e       g       ge              e               
South African Rand       0.15    0.14    0.15    0.14   0.13     0.13           
British Pound            1.60    1.62    1.55    1.55   1.51     1.53           
5. Property, plant and equipment                                                
During the six months ended 30 June 2011, the Group spent US$0 (six months ended
30 June 2010: US$215,820) to upgrade processing plants and US$0 (six months     
ended 30 June 2010: US$7,151,601) was spent on mine development. US$950,909 was 
spent on the purchase of the optical sorter and US$1,176,958 was spent on other 
items of property, plant and equipment.                                         
6. Non-current assets held-for-sale                                             
At 31 December 2010, the Group classified an item of plant and machinery, a     
Gekko 50 tonne per hour processing plant with a net realisable value of         
US$4,494,839, as held-for-sale. During the period under review, the Group       
disposed of the Gekko 50 tonne per hour for US$4,344,000, resulting in a profit 
of US$434,400. The remaining proceeds of US$699,206 of a total US$5,043,206 and 
remaining profit of US$23,482 of a total US$457,882 relates to the sale of other
items of property, plant and equipment. The proceeds will be received in        
instalments over eight months to the end of September 2011.                     
During the six months ended 30 June 2011, pieces of mining equipment were       
classified as held-for-sale. The value of the assets is now expected to be      
realised from the sale of the assets rather than the continuing use. The value  
of assets transferred to non-current assets held-for-sale is US$588,831 at 30   
June 2011. Based on management`s estimate of the fair value to be obtained from 
the sale, no impairment was required.                                           
7. Loans receivable                                                             
Puno Gold Investments (Proprietary) Limited ("Puno")                            
Since the last report for the year ended 31 December 2010 there has been no     
resolution to the dispute relating to alleged procedural breaches of the Central
Rand Gold South Africa (Proprietary) Limited ("CRGSA") Shareholders` Agreement  
between CRGSA and its current Black Economic Empowerment ("BEE") shareholder,   
Puno. The dispute surrounds the allocation of intercompany loans which fund the 
budget and work programme and the incurring of, and level of, certain costs. In 
order to avoid protracted litigation, the parties agreed to refer the matter to 
arbitration pursuant to the dispute resolution mechanism under the Shareholders`
Agreement and this arbitration process is still in process. The Group still     
believes that ultimately their position will prevail. The Board is still of the 
opinion that this will not have any material consequences in respect of the     
consolidated accounts of the Group. Notwithstanding this position, the Group    
have, pending the outcome of any dispute, allocated 100% of the additional      
intercompany loans directly from the Company to CRGSA. The additional 26% of    
intercompany debt, excluding interest, amounts to ZAR15,495,796 (US$2,243,791)  
between 1 January and 30 June 2011 and ZAR75,913,440 (US$10,416,083) between 1  
January and 31 December 2010.                                                   
The loan payable to Puno contains the same allocations referred to above.       
8. Inventory                                                                    
                                               Group                            
                                     June      December    June                 
                                     2011      2010        2010                 
US$ `000  US$ `000    US$ `000            
Consumables                             271       59        1,017               
Ore stockpiles                          715       125       158                 
Stationery and office consumables       101       23        30                  
on hand                                                                         
Total inventories                       1,087     207       1,205               
The amount of the write-down of ore stockpiles to net realisable value and      
recognised as an expense is US$16,701 (2010: US$263,451, 30 June 2010:          
US$419,995).                                                                    
9. Share capital and share premium                                              
There has been no change in share capital and share premium during the six      
months ending 30 June 2011.                                                     
10. Environmental rehabilitation and other provisions                           
Provisions consist of the following:                                            
                                               Group                            
                                     June      December    June                 
2011      2010        2010                 
                                      US$ `000  US$ `000    US$ `000            
Non-current                                                                     
Environmental rehabilitation            6,291     6,474     1,460               
Current                                                                         
Restructuring                         851       -           605                 
Environmental rehabilitation          -         -           2,200               
                                       7,142     6,474     4,265                
11. Other income and gains                                                      
                                               Group                            
                                     June      December    June                 
                                     2011      2010        2010                 
US$ `000  US$ `000    US$ `000            
Sundry income                         16        36          6                   
Revenue*                              10,476    11,645      3,830               
Profit/(loss) on sale of property,    458       (24)        98                  
plant and equipment                                                             
                                     10,950    11,657      3,934                
*The revenue relates to the sale of 7,189 (30 June 2010: 3,085) ounces of gold. 
Such revenue was previously netted off against the mine development expenses in 
exploration expenditure.                                                        
12. Directors                                                                   
During the current period, the composition of the Board changed. Two Directors  
of the Group, Mr N Farr-Jones and Mr J Brauns, resigned on 24 June 2011.        
13. Surface mining costs                                                        
Surface mining costs comprises the following items:                             
                                               Group                            
                                     June      December    June                 
2011      2010        2010                 
                                      US$ `000  US$ `000    US$ `000            
Consumables                           3,069     4,409       -                   
Utilities                             458       893         -                   
Plant hire                            4,973     7,389       -                   
Labour hire                           2,994     356         -                   
Environmental rehabilitation            354       3,497     -                   
provision                                                                       
Other                                 1,097     555         -                   
                                       12,945    17,099    -                    
14. Income taxes                                                                
Income tax expense is recognised based on management`s best estimate of the     
weighted average annual income tax rate expected for the full financial year.   
The estimated average annual tax rate used for the period under review is 0%    
(2010: 1.18%, 30 June 2010: 3.69%). The decrease is mainly due to a decrease in 
the intercompany loans from the Company to Central Rand Gold (Netherlands       
Antilles) N.V. ("CRGNV") and the disallowed interest on these loans.            
15. Commitments                                                                 
                                               Group                            
                                     June      December    June                 
2011      2010        2010                 
                                      US$ `000  US$ `000    US$ `000            
Water pump                            3,367     -           -                   
Fees payable to iProp Limited for     -         500         -                   
prospecting                                                                     
Acquisition of tangible assets        -         6,517       -                   
contracted for                                                                  
Design of optical ore sorter          -         -           26                  
Mining equipment                      -         -           1,176               
                                     3,367       7,017     1,202                
16.  Segment reporting                                                          
An operating segment is a component of an entity that engages in business       
activities from which it may earn revenues and incur expenses, whose operating  
results are regularly reviewed by the entity`s chief operating decision maker to
make decisions about resources to be allocated to the segment and assess its    
performance and for which discrete financial information is available. The      
entity`s chief operating decision maker reviews information in one operating    
segment, being the acquisition of mineral rights and data gathering in the      
Central Rand Goldfield of South Africa, therefore management has determined that
there is only one reportable segment. Accordingly, no analysis of segment       
revenue, results or net assets has been presented. No corporate or other assets 
are excluded from this segment.                                                 
17.  Share based payments                                                       
No additional shares and share options in the Company were granted during the   
six months ending 30 June 2011.                                                 
18.  Related parties                                                            
No disclosable related-party transactions occurred during the period.           
19.  Events occurring after balance sheet date                                  
On 16 August 2011 the double-room development drill rig was sold for US$490,419 
(R3,497,001).                                                                   
As part of scaling down of mine activities, approximately 83 employees were     
retrenched on 15 July 2011 at a cost of US$586,440. In total, by the end of     
October 2011 the staff head count will be reduced from 218 to about 59 at an    
estimated total cost of US$1,105,060. All these costs were recognised and       
provided for at the end of June 2011 as the retrenchment programme was approved 
by the Board and communicated to employees before the end of June 2011.         
Date: 26/08/2011 08:01:14 Supplied by www.sharenet.co.za                     
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