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CRD - Central Rand Gold Limited - Lodgement of court papers and Gold production

Release Date: 28/11/2011 09:00:09      Code(s): CRD
CRD - Central Rand Gold Limited - Lodgement of court papers and Gold production 
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")                                          
LODGEMENT OF COURT PAPERS AND GOLD PRODUCTION                                   
Lodgement of court papers                                                       
There continues to be no resolution to the dispute relating to alleged          
procedural breaches of the Central Rand Gold South Africa (Proprietary) Limited 
("CRGSA") Shareholders` Agreement ("Shareholders Agreement") entered into       
between Central Rand Gold Netherlands Antilles ("CRGNV") and its current Black  
Economic Empowerment ("BEE") partner, Puno Gold Investments (Proprietary)       
Limited ("Puno").                                                               
The dispute relates to the shareholder funding provisions of the Shareholders   
Agreement and the related allocation of intercompany loans which fund the budget
and work programme.                                                             
In order to suspend protracted litigation, the parties agreed in 2009 to refer  
the matter to arbitration pursuant to the dispute resolution mechanism under the
Shareholders` Agreement. However due to the inaction of Puno in bringing matters
before the Arbitration Foundation of South Africa, CRGNV and CRGSA on 25        
November 2011, filed an application with the High Court of South Africa         
("Application"), following which the papers were served on Puno by the Sheriff  
of the High Court.                                                              
This application seeks to discharge the interdict obtained on 13 May 2009       
prohibiting CRGSA and CRGNV from proceeding with an option to call for Puno`s   
entire shareholding in CRGSA, and in the alternative requests that a court order
be granted appointing an arbitrator to arbitrate on the dispute between the     
parties and furthermore stipulate the time period within which such arbitration 
needs to be conducted to completion.                                            
In the event that this application is unopposed, the hearing of the matter will 
commence on 13 December 2011.                                                   
However, in the likely event that a notice of intention to oppose the           
application be received, the matter will be set down for hearing on the opposed 
roll, in such event a court date in early 2012 will be allocated for the hearing
of the matter.                                                                  
Gold production                                                                 
The Company refers its shareholders to the Interim Management Statement released
on 18 November 2011 wherein it was stated that gold production for the year up  
to October 2011 amounted to 12,116 ounces and that the Company expects to       
produce approximately 1,000 ounces per month for the remainder of the year.     
Accordingly, the Company hereby confirms that its annual 2011 gold production is
expected to be between 14,000 and 15,000 ounces.                                
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                                                                    
28 November 2011                                                                
Johannesburg                                                                    
JSE Sponsor                                                                     
Merchantec Capital                                                              
Date: 28/11/2011 09:00:09 Supplied by www.sharenet.co.za                     
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