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CRD - Central Rand Gold Limited - Suspension of decision to cancel mining

Release Date: 24/10/2011 14:40:22      Code(s): CRD
CRD - Central Rand Gold Limited - Suspension of decision to cancel mining       
right/Re-Commencement of Central Rand Gold`s mining operations                  
Central Rand Gold Limited                                                       
(Incorporated as a company with limited liability under the laws of             
Guernsey,                                                                       
Company Number 45108)                                                           
(Incorporated as an external company with limited liability under the laws of   
South Africa,                                                                   
Registration number 2007/0192231/10)                                            
ISIN: GG00B24HM601                                                              
LSE share code: CRND    JSE share code: CRD                                     
("Central Rand Gold" or the "Company")                                          
SUSPENSION OF DECISION TO CANCEL MINING RIGHT                                   
RE-COMMENCEMENT OF CENTRAL RAND GOLD`S MINING OPERATIONS                        
The Minister of Mineral Resources of the Republic of South Africa ("the         
Minister") has consented to the temporary suspension of her decision to         
cancel the mining right granted to Ferreira Estate and Investment Company       
Limited ("FEIC"), the registered holder of Central Rand Gold`s mining right     
under departmental reference number GP30/5/1/1/2/140MR ("Mining Right").        
The suspension of the Minister`s decision to cancel the Mining Right, which     
is welcomed by the management and staff of Central Rand Gold, is effective      
immediately and is enforced in terms of the order of court ("the Order")        
granted by the North Gauteng High Court, Pretoria ("High Court") on 24          
October 2011. A copy of the Order is available for download from the            
Company`s website: www.centralrandgold.com ("website").                         
The effect of the Order means that mining operations can immediately be         
resumed as an interim arrangement while Central Rand Gold, on behalf FEIC,      
pursues final relief in the High Court to review and set aside the Minister`s   
decision to cancel the Mining Right pursuant to a notice delivered to FEIC on   
22 September 2011. These review proceedings have already been instituted        
against the Minister and her departmental corespondents, as advised in the      
announcement dated 13 October 2011.                                             
The Minister and her co-respondents have given notice of their intention to     
oppose the review application, which must take its course in terms of part B    
of the Notice of Motion, which is also available for download from the          
Company`s website.                                                              
FEIC is currently awaiting the record of proceedings before the Minister        
("record") which resulted in her decision to cancel the Mining Right,           
together with such reasons therefore. The aforesaid record and reasons, which   
the Minister is required by law or may desire to give, must be dispatched       
within 15 court days of the above Order.                                        
After receipt of the record, FEIC will have an opportunity to supplement its    
founding papers. Thereafter, the Minister and her co-respondents will become    
obliged to deliver their answering affidavits within 10 court days after        
receipt of these amended founding papers.                                       
Further updates regarding the status of the litigation will be announced upon   
each material milestone leading up to a hearing date and the final outcome of   
the proceedings.                                                                
For further information, please contact:                                        
Central Rand Gold                                      +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                                               +44 (0) 20 7466 5000     
Bobby Morse / James Strong                                                      
Jenni Newman Public Relations (Proprietary) Limited    +27 (0) 11 506 7351      
Jenni Newman                                                                    
24 October 2011                                                                 
Johannesburg                                                                    
JSE Sponsor                                                                     
Merchantec Capital                                                              
Date: 24/10/2011 14:40:22 Supplied by www.sharenet.co.za                     
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