Go Back Email this Link to a friend

CRD - Central Rand Gold - CRG is pleased to announce its annual results for

Release Date: 02/04/2012 10:02:08      Code(s): CRD
CRD - Central Rand Gold - CRG is pleased to announce its annual results for     
the year ended 31 December 2011.                                                
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 "CRG" or the "Company")                             
Annual Report Release                                                           
CRG is pleased to announce its annual results for the year ended 31 December    
*    Successful conventional mining trials completed supporting a financially   
    viable hybrid mining technology that could achieve a production rate of     
    35,000 to 50,000 tonnes of ore per month.                                   
*    Resolution of mining right dispute with the South African Department of    
    Mineral Resources.                                                          
*    No fatalities for the fourth consecutive year.                             
    14,856 ounces of gold produced compared to 9,321 ounces in 2010.            
*    Submersible pumps to dewater Central Basin successfully tested.            
    Cost base and infrastructure aligned with current operations.               
" Having negotiated a very challenging period in 2011 when the Company`s        
mining right was under threat, it is pleasing to be looking forward to a much   
more certain environment in 2012" - Johan Du Toit                               
For full copies of the Company`s Annual Report and Accounts, including the      
Company Profile, Directors` Report, Corporate Governance and Sustainable        
Development Report, Directors` Responsibility Statement, Company Secretarial    
Confirmation, Auditor`s Report and full Financial Statements, please refer to   
the Company`s website: www.centralrandgold.com.                                 
In addition, the notice of the 2012 annual general meeting to be held on        
Tuesday 24 April 2012 has now been released using electronic means.             
Shareholders should, therefore, download copies of the circular, notice and     
forms of proxy at www.centralrandgold.com.                                      
Shareholders are advised that the annual general meeting ("AGM") of the         
Company is to be held at the offices of Carey Olsen, Carey House, Les Banques,  
St Peter Port, Guernsey, GY1 4BZ (not at the registered office) at 11:00 (UK    
time) on 24 April 2012. Shareholders wishing to participate in the AGM in       
Guernsey via video link from London may do so at the offices of K & L Gates,    
One New Change, London, EC4M 9AF. Shareholders in South Africa wishing to       
participate in the AGM via video link from Johannesburg may do so at the        
offices of Rudolph, Bernstein & Associates, Block B, 7 Eton Road, Sandhurst,    
Johan du Toit                                +27 (0) 11 674 2304                
Patrick Malaza                               +27 (0) 11 674 2304                
Evolution Securities Limited                 +44 (0) 20 7071 4300               
Chris Sim / Neil Elliot                                                         
Merchantec Capital                           +27 (0) 11 325 6363                
Marcel Goncalves / Monique Martinez                                             
Buchanan Communications Limited              +44 (0) 20 7466 5000               
Bobby Morse / James Strong                                                      
Jenni Newman Public Relations (Proprietary) Ltd             +27 (0) 11 506      
Jenni Newman                                                                    
Chairman`s Report                                                               
I present to you the annual report of a Company that is altogether in a more    
positive space than it was this time last year.                                 
Current status                                                                  
While it has been a turbulent year, dramatic progress has been made on many of  
the significant problems that faced the Company.                                
*    The South African Government has now committed to resolving the            
    underground Acid Mine Drainage ("AMD") issues that affect the whole         
Witwatersrand Basin, and whose rising water table threatened our Mineral    
    Reserves and Resources. Engineering of this project is well under way.      
*    Ground-breaking analysis by the Company`s geologists has tamed the         
    seemingly random nature of "composite double voids" being encountered       
underground - where we not only discovered the expected void where the      
    Main Reef Leader had historically been extracted, but unexpectedly          
    discovered our target reef (the Main Reef) had also been extracted.         
*    Reconstruction of the economics and geology of the time (in particular     
the width of the middling between the reefs) has rendered these composite   
    double voids highly predictable. The frequency and the impact on reserves   
    and mine economics are now not considered material, and abortive            
    development into them can largely be avoided.                               
-    After much heartache and expense, the Company has settled on a         
         proven mining methodology:                                             
    -    Long-hole mechanised stoping from reef-drives was abandoned in         
         September 2010 as a result of the difficulties in supporting the       
    -    Long-hole stoping from footwall drives and crosscuts was abandoned     
         in June 2011 because of the dilutive effects of the long-hole          
         blasting percussion bringing down too much hanging wall waste.         
-    The Company has successfully reverted to in-stope, typical South       
         African hand-held drilling. Four months of steady-state production     
         has delivered the Company into cash-flow positive territory. This      
         operating profit could, and should, be applied to replacement          
development in 2013, but it is not enough to fund any expansion.       
    -    Safety concerns about working under vintage hanging wall have proven   
         manageable thus far, primarily because of conservative rock            
         engineering and the low percussive impact of this conventional         
Last year, the Company`s Auditors agreed with the "going concern" status of     
the Company on the basis that it had sufficient working capital to see it       
through 15 - 18 months, within which time some action to guarantee further      
whether it be capital raising, debt or corporate action, would be needed.       
This year, the "going concern" status has been agreed on the basis of a         
sustainable, cash-positive organisation, though noting that any substantial     
expansion in production would require external funding.                         
Mineral rights                                                                  
In its 2008 Mining Right Application, the Company submitted the requisite       
Social and Labour Plan ("SLP"). This SLP was based upon the 2007 founding       
vision of a one million ounce per year producer. Whatever the ultimate size of  
this Company, and there is indeed still huge potential, such large volumes of   
gold production remain a long way off.                                          
The South African Department of Mineral Resources ("DMR") periodically          
conducts compliance audits against the initial SLP. While there are many areas  
where the Company punches considerably above its current weight, it is clearly  
not in a position to meet the commitments of an operation 20 times larger than  
its current size. The Company has, without success, sought to open a dialogue   
on agreeing some sort of progressive or proportional basis for a revised SLP.   
In September 2011, the South African Minister of Mineral Resources              
("Minister"), without warning or pre-conditions, withdrew the Company`s Mining  
Rights. This action was successfully interdicted, subject to judicial review.   
The Minister then withdrew from the judicial review and the Mining Rights were  
returned unopposed.                                                             
It is expected that this turbulent process has set the scene for a more         
rational engagement with the DMR.                                               
Concept refinement                                                              
The conventional mining that is now proving successful has been undertaken      
from the development infrastucture, with its closer spacings, inherited from    
the long-hole mechanised stoping layout. This is currently being changed to     
the longer distances between raises and longer panel lengths more typical of    
conventional mining on the Witwatersrand. This requires dramatically less on-   
reef development than is currently the case and will further reduce operating   
When the Company is able to demonstrate twelve months of cash positive          
operations, which it should do by the end of 2012, we may be in a position to   
talk credibly about the valuation gap between how the Company sees itself and   
how it is currently assessed in the market.                                     
Understandably, the market has been unwilling to accord any value to the "blue  
sky" of the balance of the resource base until we are genuinely at a "concept   
proven" stage. We are getting there.                                            
The challenge                                                                   
Restoring value to our shareholders is the challenge now facing the Company.    
This can only be done by identification and delivery of a growth plan with      
attractive short-term prospects and credible long-term aspirations.             
*    At our present size, operating profits are expected to suffice to fund     
the replacement development, which must recommence in 2013, to maintain     
    current production levels, and not a lot more.                              
*    Organic growth would be a very slow process, draining the organisation of  
    cash, deferring the prospects of any returns to shareholders, and           
possibly putting Prospecting Rights and future Mineral Rights at risk on    
    a use-it-or-lose-it basis.                                                  
*    The organisation, in its current "de minimus" concept-proving stage, is    
    at the wrong end of economies of scale. For almost no increase in           
overhead costs the Consolidated  Main Reef ("CMR")operations could triple   
    production and dramatically improve the profitability. This is currently    
    planned for 2014, following a successful twelve-month operating campaign    
    at current levels, but some capital funding would be required.              
*    Approaching our long-suffering shareholders for further capital or         
    accessing the debt markets are difficult alternatives, but they will be     
    considered in depth in the coming months.                                   
*    The considerable change in our shareholder base, with a large-scale        
replacement of institutional investors by the retail market, is a dynamic   
    that is not without its potential, either in terms of capital raising, or   
    simply in terms of closing the valuation gap. The much more sanguine        
    aspirations of the Company, the change in shareholder base, and the costs   
and effort of maintaining a LSE Main Board listing combine to suggest       
    that an Alternative Investment Market ("AIM") listing may be more           
    appropriate. The Board believes that the dramatic reduction of risk over    
    the last year and the delivery of a practical ongoing production plan       
make it possible to meet the regulatory requirements of such a move.        
    Accordingly, it is the intention to approach the shareholders as soon as    
    reasonably practical to request their approval of such a move.              
Puno Gold Investments (Proprietary) Limited ("Puno ")                           
The ongoing struggle with Central Rand Gold South Africa (Proprietary)          
Limited`s ("CRGSA") Broad-Based Black Economic Empowerment ("B-BBEE") partner,  
Puno, continues at a pedestrian pace. A court date has been set to hear our     
application to either find that our understanding of the funding mechanisms in  
the CRGSA Shareholders` Agreement is correct, or to have the Court appoint an   
arbitrator. This court application has proven necessary in order to overcome    
Puno`s frustration of the appointment of an arbitrator by the means envisioned  
in the Shareholders` Agreement.                                                 
In the meantime, Puno misses few opportunities to take its case to the "Court   
of Public Opinion" in South Africa, a one-sided process that the Company has    
elected not to publically engage in.                                            
While this Company has faced the threats of AMD, composite double voids and     
the establishment of an alternative mining methodology, it has shrunk to        
minimal levels of staff. This has necessitated across-the-board retrenchment.   
Many fine people have been retrenched, taken voluntary retrenchment packages,   
or simply moved on. This has been an unfortunate and distressing process. I     
extend the sympathies of the Board of Directors ("Board") to those who have     
been impacted and our best wishes for success in such new direction as they     
may find.                                                                       
The Board has been reduced to the statutory minimum, in sympathy and as part    
of the necessary cost savings, with the resignations of Messrs Nick Farr-Jones  
and Jerome Brauns. Their wise counsel will be missed.                           
Shareholders will appreciate that with the reduction in head-count,             
particularly in terms of independent directors, and financial and internal      
audit staff, the organisation is stretched. Despite this, the Directors are     
confident that the segregation of power and the effectiveness of internal       
control remained.                                                               
There is a separate section on Corporate Governance in the body of the report.  
Michael McMahon                                                                 
Chief Executive Officer`s Report                                                
The 2011 financial year will be remembered as a very tough year as the Company  
had to navigate its way through significant operational challenges. In March    
2011, the Company announced the commencement of a strategic review as it        
encountered and identified major business risks such as:                        
*    rising Acid Mine Drainage in the Central Basin;                            
*    the existence of composite double voids within its targeted mining areas;  
*    high levels of ore dilution due to the use of the long-hole stoping        
As a direct result, in March 2011 the Company announced the suspension of       
underground production and development, and the commencement of a strategic     
review process to determine the future prospects of the Company. This far-      
reaching step unfortunately required a staff redundancy process, which          
ultimately resulted in 116 staff members being retrenched.                      
By September 2011, the Company was able to publish a new life-of-mine and       
economic study on the western portion of the CMR property to a depth of         
approximately 450 metres below surface. This was largely due to the clarifying  
of the abovementioned business risks, coupled with the successful completion    
of a three month trial on conventional hand-held stoping.                       
Without doubt, one of the biggest disappointments of the year was the decision  
by the Minister on 26 September 2011 to cancel the Company`s New Order Mining   
Right ("Mining Right"), just as the Company was starting to gain fresh          
momentum based on the new mining methodology.                                   
On 24 October 2011, the Minister announced that her decision to cancel the      
Company`s Mining Right had been temporarily suspended, pending judicial         
review. This enabled the Company to continue with its operations. The Minister  
subsequently indicated that the South African Government ("Government") did     
not wish to pursue the judicial review and the Mining Right was officially      
restored to the Company, in a Court sanctioned agreement, on 22 December 2011.  
My report outlines the major corporate and operational activities that took     
place during the year, setting the scene for further progress in 2012, taking   
into account the uncertainties that still affect the Company and its ability    
to realise its potential and plan for the future.                               
2011 Business Risks                                                             
Acid Mine Drainage                                                              
1.   The rising water table in the Central Basin as a result of Acid Mine       
Drainage was a matter of major concern for the Company during 2011, leading to  
the suspension of underground mining development in the second quarter of the   
In July, the Company successfully tested two submersible water pumps in         
Germany, capable of pumping 1,500 kilolitres of water per hour at 43 bar pump   
pressure differential with a pump efficiency rate of 81.1%. These were          
acquired at a cost of Euro3.5 million from an international technology          
supplier, Andritz Ritz, as part of the Company`s own contribution to solving    
the water problem in the Central Basin.                                         
Throughout the year, the Company engaged with the mining industry, service      
providers and the Government, around the issue of the rising water table in     
the Central Basin.                                                              
Encouragingly, Trans-Caledon Tunnel Authority ("TCTA") was appointed by the     
Minister of Water Affairs as the implementing agent for the proposed solution   
that was presented to the Portfolio Committee on Water and Environmental        
Affairs on 7 September 2011.                                                    
This proposed solution includes:                                                
*    A commitment to hold the Environmental Critical Level ("ECL") in the       
Central Basin to 186 metres below surface. This represents an approximate   
    level of 225 metres below surface in Central Rand Gold`s mining area.       
*    The construction of a new high density sludge plant with a capacity of 84  
    million litres a day next to the South West Vertical Shaft.                 
*    Utilisation of Central Rand Gold`s two submersible water pumps to dewater  
    and maintain the Central Basin.                                             
*    The transfer of treated water via pipeline to Elsburg Spruit.              
*    Co-disposal of sludge with DRD Gold.                                       
*    The sale of grey water, where possible.                                    
The water inflow into the Central Basin over the last 12 months has been much   
slower than anticipated. The water table rose on average by 0.36 metres per     
day ("mpd") in 2011, this in comparison to a historical average of 0.5 mpd.     
Encouragingly, the 2012 year to date average rate of rise remains in line with  
the 2011 average. If this trend continues, the latest estimates are that ECL    
will only be breached during the second quarter of 2013.                        
TCTA issued a single tender for all three basins and the awarding of the        
contract is expected by the end of April 2012, with the construction of the     
plant expected to commence immediately. Commissioning is expected to take       
place in the first quarter of 2013.                                             
The Company is in the process of finalising its agreement with TCTA, on         
dewatering principles and the final contract is expected to be signed during    
the second quarter of 2012.                                                     
2.   Completion of composite double void study                                  
Following the announcement in March 2011 that the Company was encountering      
what appeared to be unrecorded mining voids in areas believed to not have       
previously been mined, a comprehensive study was undertaken to fully determine  
and understand the reason behind their occurrence, and to provide a means for   
detection and prediction of future occurrences.                                 
In mid-September 2011, the Company was able to announce that the study          
confirmed that the incidence of the composite double voids was limited to very  
specific areas and conditions, and that general prediction of their occurrence  
would be possible.                                                              
The study showed that the development of these composite double voids appeared  
to be limited to areas where the entire Main Reef, Middling and Main Reef       
Leader package had been extracted as one economic package, partly as a result   
of particularly thinly developed Middling. This is geologically predictable.    
Importantly, the study revealed that the combined impact of composite double    
voids was less than 3% of the area affected, with a resultant negligible        
impact on the Main Reef Mineral Resource base. The study also showed that in    
the impacted CMR leasehold area, less than 5% of the resource base between      
zero and 450 metres below surface, was affected. A full report on the study is  
available on the Company`s website.                                             
3.   Mine dilution                                                              
Long-hole stoping was suspended in May 2011 due to unacceptably high dilution   
from the zero grade material arising from concussion causing the immediate      
hanging wall of the Main Reef Leader to collapse onto the blasted reef. In      
some cases, dilution rates of up to 207%, were reported.                        
A trial phase of conventional hand-held stoping was undertaken in selected pre- 
development areas. This trial was carried out by Sekgwa Mining Services         
(Proprietary) Limited ("Sekgwa Mining"). The objective of this trial was to     
ascertain whether:                                                              
*    the reef coud be safely stoped using conventional means;                   
*    the methodology could effectively control dilution from the hanging wall;  
*    the methodology is commercially viable.                                    
By the end of September 2011, all three objectives had been achieved and the    
Company decided to adopt this stoping methodology for its underground           
In addition to testing the practicalities of hand-held stoping, the Company     
engaged the services of specialist mining engineering consultancy, MineQuest    
Consult (Proprietary) Limited ("MineQuest"), to develop a life-of-mine          
economic study on the western portion of the CMR property to a depth of         
approximately 450 metres below surface. MineQuest`s study was based on a        
hybrid mining style combining conventional hand-held stoping together with      
mechanised development and tramming.                                            
Significantly, MineQuest`s study concluded that a 30,000 - 40,000 ounces a      
year operation is viable, with a life-of-mine of approximately 12 years. The    
Company believes that, subject to further funding, the new conventional mining  
method is viable and repeatable across its tenement areas. There is sufficient  
mineral inventory on both CMR East and Crown West to establish two similar      
sized operations that could be brought on line in parallel with the proposed    
CMR West operation and generate a significant number of additional jobs.        
4.   Mining Right                                                               
On 5 August 2011, the Company received notification from the DMR that it was    
reviewing the Company`s New Order Mining Right ("Mining Right") that was        
granted in August 2008. The Company was advised that it needed to make a        
presentation - supported by accompanying documentation - essentially outlining  
why its Mining Right should not be cancelled. This presentation - with          
supporting documentation - was made to the DMR on 24 August 2011. No response   
was received from the DMR following this presentation. On 26 September 2011,    
the Company received a Section 47 notice, advising that its Mining Right had    
been cancelled due to the Company not fulfilling its Social and Labour Plan     
On 24 October 2011, the Minister announced that her decision to cancel the      
Company`s Mining Right had been temporarily suspended, pending judicial         
review. This enabled the Company to resume its normal mining activities and     
It is important to note that the Company sent a detailed letter to the          
Minister on 9 September 2011, outlining why it had only spent R18.8 million on  
its Social and Labour Plan over a two year period, compared to the R32.2        
million it had committed to spending. The letter - which was also published on  
the Company`s website - pointed out that due largely to the rising water table  
in the Central Basin, the accessible resource base had diminished to 431,000    
ounces from the 3.25 million ounces on which the original Social and Labour     
Plan was based. This had caused the Company to amend its mining strategy and    
methodology and sharply reduce its staff requirements and human resource        
development targets. It also argued that the Company`s purchase of two          
submersible water pumps, at an approximate cost of R35 million, to control the  
rising water table in the Central Basin, should be taken into consideration     
and be offset against the R14 million investment shortfall in the Social and    
Labour Plan.                                                                    
The letter comprehensively outlined the challenges the Company has faced over   
the past few years and put forward a strong argument for why the Mining Right   
should be fully restored.                                                       
On 12 December 2011, it was widely reported in the media that the DMR would     
not be opposing the Company`s High Court application to set aside the           
cancellation of the Mining Right. The Company`s Mining Right was officially     
restored in the High Court on 22 December 2011 by a Consent Order, setting      
aside the administrative decision announced by the Minister on 22 September     
2011. This was an excellent way for the Company to end the year, removing a     
major stumbling block in the way of moving forward with plans to realise the    
Company`s potential.                                                            
Exploration and geological update                                               
Resources and reserves                                                          
During February 2012, Resource evaluation studies on the Main Reef, undertaken  
by Dr Carina Lemmer (an Independent Competent Person), incorporated additional  
sampling information obtained through the current surface and underground       
mining. This exercise has allowed for the reclassification and upgrade of       
approximately 160,000 ounces contained within the area into the SAMREC          
compliant Measured Resource category.                                           
Main     Measured Resources      Indicated       Inferred Resources             
Reef CMR                          Resources                                     
Depth     Tonnes Grad  Conte  Tonne  Grad  Conte  Tonne Grad   Content          
(mbs)     (milli    e     nt      s     e     nt      s    e     (Moz)          
            on)              (mill               (mill                          
                (g/t  (Moz)   ion)  (g/t  (Moz)   ion) (g/t                     
                   )                   )                  )                     
30 - 100    0.34 3.19   0.03   1.12  3.14   0.11                                
100 -       1.13 3.69   0.13   4.61  4.18   0.62                                
450 -                          3.25  5.21   0.54                                
900 -                          2.92  6.29   0.59   0.27 6.21      0.06          
1,500 -                        2.68  7.57   0.65   0.25 7.97      0.07          
Total      1.47        0.16  14.58         2.51   0.52           0.13           
Average          3.57                5.38               7.07                    
* Totals and averages are based on additional decimal points.                   
This represents an increase in Measured and Indicated Resources of              
approximately 3%. Whilst the quantum of increase is relatively minor, the       
confidence increase between Measured Resource and Indicated is substantial.     
This confidence increase is largely due to additional verification sampling     
undertaken during the course of current operations.                             
It is worth noting that the Resource now excludes material shallower than 30    
metres (which has been reclassified as Exploration Target Material and is       
currently being exploited through open pit mining). This updated Mineral        
Resource also takes into account the Resource depletion arising from the        
Company`s underground mining activities over the past 24 months.                
The Company`s Resources in other areas remain unchanged. This upgrade only      
impacts the Main Reef in the CMR area. The tabulation below details a           
comparison of the impact of this new resource upgrade on the entire Resource    
base. Rounding from the original Resource reports has created minor             
inconsistencies with respect to grade and content.                              
Area                   February 2012 Resource Statement                     
                Measured Resource      Indicated          Inferred              
                                       Resource           Resource              
                Tonn  Grad  Conte  Tonne  Grad  Cont  Tonn  Grad  Cont          
es     e     nt      s     e   ent    es     e   ent          
                (mil  (g/t   (Oz)  (mill  (g/t  (Oz)  (mil  (g/t  (Oz)          
                lion     )          ion)     )        lion     )                
                   )                                     )                      
CMR Main      1.5   3.6   0.17   10.3   5.2  1.73   1.1  10.3  0.37          
S  Reef & Main                                                                  
h  Reef Leader                                                                  
   Crown Main                        5.8   5.7  1.09   3.1   7.9  0.79          
   Reef & Main                                                                  
Reef Leader                                                                  
   Village/                          1.8   6.6  0.39   0.2  13.6  0.10          
   Main Reef &                                                                  
Main Reef                                                                    
   City Deep                         2.9   6.8  0.61   2.4   6.9  0.54          
   Main Reef &                                                                  
Main Reef                                                                    
   Simmer and                        1.5   8.8  0.43   0.2   8.2  0.04          
   Jack Main                                                                    
Reef Leader                                                                  
   CMR                               2.6   3.7  0.31   0.6   3.7  0.07          
CMR and                           3.7   3.8  0.44   4.3   3.7  0.51          
   White Reef                                                                   
Dee Main Reef,                       58.6   9.6  18.1  45.7   7.3  10.7         
per Main Reef                                       5                 5         
tha Leader,                                                                     
n  South Reef,                                                                  
900 Pyritic                                                                     
m  Quartzites,                                                                  
bel White Reef                                                                  
   Total         1.5   3.6   0.17   87.2   8.3  23.1  57.6   7.1  13.1          
                                                   5                 7          
Area                   December 2010 Resource Statement                     
                         Indicated Resource              Inferred               
                                  Tonnes  Grad  Cont  Tonn  Grad  Cont          
(million)     e   ent    es     e   ent          
                                          (g/t  (Oz)  (mil  (g/t  (Oz)          
                                             )        lion     )                
CMR Main                         10.5   5.5  1.84   1.6   9.5  0.48          
S  Reef & Main                                                                  
h  Reef Leader                                                                  
   Crown Main                        5.8   5.9  1.10   3.1   8.0  0.81          
   Reef & Main                                                                  
Reef Leader                                                                  
   Village/                          1.8   6.7  0.39   0.2  16.5  0.11          
   Main Reef &                                                                  
Main Reef                                                                    
   City Deep                         2.9   6.8  0.63   2.5   6.8  0.54          
   Main Reef &                                                                  
Main Reef                                                                    
   Simmer and                        1.5   8.8  0.43   0.2   8.3  0.04          
   Jack Main                                                                    
Reef Leader                                                                  
   CMR                               2.6   3.7  0.31   0.6   3.8  0.07          
CMR and                           3.6   3.8  0.44   4.3   3.9  0.42          
   White Reef                                                                   
Dee Main Reef,                       58.5   9.7  18.2  46.6   7.3  10.8         
per Main Reef                                       2                 9         
tha Leader,                                                                     
n  South Reef,                                                                  
900 Pyritic                                                                     
m  Quartzites,                                                                  
bel White Reef                                                                  
   Total                            87.2   8.3  23.3  59.1   7.0  13.3          
                                                   6                 6          
* Totals are based on additional decimal points. Rounding from the original     
reports has created minor inconsistencies with respect to Grade and metal       
NOTE: The information in this statement relating to Mineral Resources and       
geology has been reviewed and approved by Mr Keith Matier, BSc (Hons), GDE,     
PrSci Nat, who is a Competent Person in terms of the SAMREC code. Mr Matier is  
the Geology Manager of Central Rand Gold South Africa (Proprietary) Limited     
("CRGSA") and has over 17 years` experience in exploration, mineral resource    
management and mineral evaluation.                                              
The decision to cease making use of the mechanised long-hole stoping mining     
technique has required that the Company`s Mineral Reserve be revisited.         
Scoping studies and trial mining using conventional hand-held mining            
techniques have been completed and appear robust and economic. The Company is   
currently in the process of updating the Mineral Reserves in line with this     
new mining methodology and an updated Reserve statement is expected to be       
completed during the first half of 2012.                                        
Surface Exploration                                                             
Exploration through systematic mechanical trenching and geological mapping and  
sampling continued throughout 2011, resulting in the identification and         
delineation of further open pit "Exploration Target" areas within the Mining    
Right. The table below details the Exploration Target Inventory as at 31        
December 2011. The Exploration Target base has been further classified on the   
basis of proximity to the gold plant, and now also includes an estimate of      
clean-up residue from the current stockpile areas and spillage areas in the     
vicinity of the decommissioned Bateman plant.                                   
                    CRG Exploration Target Summary                              
Mining Area                    Reef      Exploration Target Material            
              SLOTS 8 and 9 (Areas within 3km of Plant)                         
Central                      MR&MRL         2.2-3.1g/t    4,600-12,600 t        
New Unified                  MR&MRL         2.4-2.6g/t   10,000-26,000 t        
Spenser                      MR&MRL         3.0-3.1g/t   10,000-25,000 t        
ROM Pad Cleanup             Various         1.6-3.2g/t   20,000-50,000 t        

            SLOTS 5 and 7 (Areas more than 3km from Plant)                      
Slot 5 A                      White         2.9-3.1g/t   27,000-48,000 t        
Slot 5 B,C,D                  White         1.5-1.9g/t   17,000-33,000 t        
Slot 7                        White         2.1-3.2g/t  87,000-200,000 t        
Note: 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 is ongoing and        
includes trial mining and processing of this shallow target to establish grade  
and orebody continuity, mineability, dilution and throughput characteristics.   
Further potential not yet tested, and additional to the Exploration Target      
schedule above, has been identified in the Slot 9 area to the immediate west    
of the current New Unified operation. Initial exploration has recently been     
initiated and, if successful, surface operations could continue substantially   
throughout 2012.                                                                
Operational update                                                              
Central Rand Gold has had a proud safety record since its inception. However,   
safety was more of a challenge in 2011 than in the past, as we suffered five    
lost-time injuries of which three came from underground operations and two      
from the metallurgical plant.                                                   
We have continued to focus on improving our safety standards and awareness      
through safety programmes, which include daily and weekly safety meetings       
across the operations and safety awareness throughout the mine. The Company     
continues to treat safety as a top priority.                                    
The following table shows overall safety statistics for 2011 (a more            
comprehensive safety overview is contained in the Sustainable Development       
section of this report):                                                        
Type of injury            2011    2010                                          
Dressing cases               7      20                                          
Lost-time injuries           5       5                                          
Incidents                   58      97                                          
Mining Operations                                                               
The following table shows key mining statistics for 2011 comparing actual       
statistics and those achieved in 2010.                                          
2011                 2010                Difference         
Activity         Metres     Grade  Metres (m)     Grade   Metres (m)     Grade  
                   (m)       g/t    Tons (t)       g/t     Tons (t)       g/t   
              Tons (t)                                                          
Decline           101.3                 858.1                (756.8)            
sinking (m)                                                                     
Waste             861.4               1,266.0                (404.6)            
Footwall          566.2                 858.9                (292.7)            
Reef               11.4       1.6       355.0       1.6      (343.6)         -  
Total (m)       1,540.3               3,338.0              (1,797.7)            
Stoping (t)      61,391       2.8       6,073       2.6       55,318      +0.2  
Reef             23,979       2.8      33,851                (9,872)            
and Reef                                                                        
Surface         203,993       3.9     155,435       3.2       48,558      +0.7  
Mining (t)                                                                      
Total Tons      289,363               195,359                 94,004            
Underground mining                                                              
As mentioned in the March 2011 announcement, the Company commenced the process  
of ceasing all underground development and production. This was motivated by    
the then unexplained observation of composite double voids and the high         
dilution rates experienced with long-hole stoping. In July 2011, the Company    
commenced with a three month trial of its conventional hand-held stoping        
methodology, which proved very successful.                                      
Conventional mining                                                             
Conventional stoping is done by means of a series of raises and down dipping    
panels. This is to allow the miners to always work from supported areas. The    
ore is pulled through the raises to the draw-points below with scraper          
winches, and loaded from the draw points into the Articulated Dump Truck        
("ADT") by means of a 14 tonne Load Haul Dump ("LHD") truck. Then the ore is    
carted to the stockpile on surface.                                             
Stope support                                                                   
Our stope support system is a combination of 180 mm to 200 mm mine-poles        
installed 1.5 metre apart on dip and strike and a line of 1.8 metre resin-      
bolts between each line, also installed at 1.5 metre apart on dip and strike.   
This has proven to be effective at the current depth of less than 200 vertical  
metres from surface to effectively hold the hanging-wall.                       
Production from conventional stoping amounted to 21,707 tonnes, for the last    
six months of the year, which was in line with the Company`s planned            
production targets. The production target for 2012 will be to increase monthly  
underground production to 12,000 tonnes per month, by the third quarter of      
2012. Current underground development has opened up approximately 270,000       
tonnes of stoping area, which has provided the mining operations with           
approximately 12 to 14 months of production without any further underground     
mine development being required.                                                
Surface mining                                                                  
Production from slot mining pits:                                               
Pit                   Tonnes      Grade                                         
New Unified          102,840       4.15                                         
Spencer               58,970       3.94                                         
Central               42,183       3.36                                         
Total                203,993       3.93                                         
Surface mining performed well during 2011 with an average in-situ (undiluted)   
grade of 3.9 grams per tonne and an average stripping ratio of 1:9 from         
January to December 2011, which was below the targeted ratio of 1:11.           
As at 31 December 2011, between 45,000 tonnes and 114,000 tonnes of material    
remained in the immediate Slot 8 surface mining area. This material has been    
trenched, mapped, sampled and assayed for gold, and is estimated to run at      
grades of between 2.2 grams per tonne and 3.0 grams per tonne. There is scope   
to increase the potential grade of this material at the expense of tonnage      
through ongoing in-pit grade control.                                           
This material will continue to be excavated, blended and processed in the       
Company`s Carbon-in-Pulp ("CIP") gold recovery plant, with a view to            
determining mined grades and recoveries, and generating income for the          
Included in this material is clean-up residue from the current ore stockpile    
and spillage areas in the vicinity of the decommissioned Bateman concentrator.  
Defined Exploration Target material lying in close proximity to the process     
plant is expected to be exhausted by the end of May 2012, and the standing      
stockpiles of surface material are likely to be fully depleted by the end of    
June 2012. Exploration is ongoing in areas close to the plant and may result    
in the discovery of additional Exploration Target material. During 2011, some   
203,993 reef tonnes were mined from various pits at Slot 8 and Slot 9. The      
stripping ratio of 1:9 was achieved against the planned stripping ratio of      
Metallurgical update                                                            
Internal ore processing                                                         
The ore processing plant saw a number of significant changes during 2011. In    
July 2011, a decision was made to turn off the Bateman concentrator plant and   
process ore exclusively through the CIP circuit. This was essentially an        
informed economic decision, where the relatively high unit operating cost for   
the Bateman was compounded by the concentrator`s relatively depressed           
recoveries, and suboptimal operational availability, brought about by heavy     
wear on the Vertical Shaft Impactor ("VSI") crusher, through crushing of        
siliceous underground ore.                                                      
Plant feedstock during the first six months of 2011 was a blend of underground  
sulphide ore (15% to 30%) and surface oxide ore (70% to 85%). A total tonnage   
of 98,578 tonnes was processed through the combined Bateman/CIP configuration   
between January and June 2011, at a built up feed grade of 2.47 g/t.            
The latter six months of 2011 saw only the softer surface oxide material being  
processed solely through the CIP circuit. Production for the period July to     
December 2011 totalled 65,157 tonnes at a built up grade of 2.26g/t. It should  
be noted that there was no production during the entire month of October 2011   
due to the Section 54 suspension of operations. As predicted, metallurgical     
recoveries improved substantially from 84% to 95%. A similar dramatic increase  
in overall availability was also observed.                                      
                   Jan to June   July to Dec          2011                      
Tonnes processed         98,578        65,157       163,735                     
internally (t)                                                                  
Built up head-             2.47          2.26          2.39                     
grade (g/t)                                                                     
Residue grade              0.39          0.11          0.28                     
Fine gold                 6,376         4,597        10,973                     
produced (oz)                                                                   
Recovery                    84%           95%           89%                     
Availability                81%           92%           86%                     
* Schedule of ore processed at the Company`s metallurgical plant.               
Outsourced ore processing                                                       
During 2011, the Company tested a number of tolling operations and scenarios    
at the neighbouring gold producer, Mintails Limited ("Mintails"). During March  
and April 2011, approximately 11,700 tonnes of dry oxide ore, at an average     
grade of 2.7g/t, was treated at Mintails` Mogale facility.                      
During July and August 2011, a further tolling trial of gold bearing residue    
tailings material, similar to that generated during the initial 2008 and 2009   
trial mining periods, was undertaken. Approximately 32,000 tonnes of this sand  
material, running at an average grade of 1.2g/t, was again trucked to the       
Mogale facility for toll processing.                                            
The decision to suspend the Bateman circuit resulted in the accrual and non-    
depletion of a substantial stockpile of underground sulphide ore. Much of this  
ore was sourced from the highly dilutive mechanised operation from the early    
part of 2011. As a means of generating additional income, a third toll trial,   
based on underground sulphide material, was initiated in September 2011. By     
the end of December 2011, approximately 21,000 tonnes of sulphide ore (mainly   
diluted long-hole stoped ore) running at an average grade of 1.9g/t, had been   
dispatched to Mintails. With the bulk of the lower grade diluted stockpiles     
now monetised, tolling focus will shift to treating the high grade ore          
currently being mined through less dilutive conventional means.                 
              Jan to June        July to December                 2011          
                     Oxide       Tailings      Sulphide                         
Dry tonnes           11,744         32,133        21,076         64,953         
Delivered              2.66           1.15          1.93           1.68         
grade (g/t)                                                                     
Fine gold             1,004          1,191         1,308          3,503         
* Schedule of tonnage processed at Mintails.                                    
The CIP plant is currently operating at full capacity, treating immediately     
available oxide ore sourced from open pits, stockpile pads and other surface    
sources. The Mintails sulphide tolling arrangement is envisaged to continue     
for as long as sulphide material excess to the existing internal milling and    
leaching capacity is mined from underground operations.                         
Gold production                                                                 
In 2011 it was pleasing to report that the Company increased gold output to     
14,856 ounces from 9,321 ounces of gold during 2010.                            
Financial update                                                                
The loss for the 2011 financial year was reduced by 78.0% to US$16.1 million    
(1.01 cents loss per share) against the prior year`s loss of US$72.1 million    
(4.51 cents loss per share). This reduced loss is largely attributed to the     
following factors:                                                              
Increased gold sales                                                            
There was a 58.7% higher gold sales volume at 14,793 ounces (2010: 9,321        
ounces) predominantly from surface pits with better grades, improved plant      
availability, higher plant recovery and a stronger average realised Rand        
equivalent gold price. Gold production capacity was also augmented through      
toll treatment of excess mine production at Mintails.                           
Increased sundry income                                                         
This is mainly due to profit on the sale of the Gekko concentration plant, a    
redundant drill rig, miscellaneous fixed assets and surplus waste rock sales.   
Reduced operating costs                                                         
Surface mining                                                                  
Surface mining cash operating costs reduced by 26.0% to an average of US$1,115  
per ounce (2010: US$1,519 per ounce) due to the discovery of additional         
surface materials with better strip ratios, better grades, resized employee     
headcount, metallurgical process optimisation, and renegotiated material and    
service contract rates.                                                         
Underground mining, head office and mine support                                
As was reported in the 2010 Annual Report and the Operational Update of 29      
March 2011, due to the uncertainty around the composite double voids, the       
rising water table and the investigation of a viable alternative mining         
method, all underground mine development and long-hole stoping was suspended    
in May 2011. This triggered uncertainty on future cash flows resulting in an    
impairment write-off of US$44.4 million in 2010. Subsequent to this, a series   
of cost cutting and turnaround programmes were initiated including the          
*    Replacement of Australian-based mechanised mining specialist, Australian   
    Contract Mining ("ACM"), with South-African based contractor, Sekgwa        
    Mining, to conduct conventional mining at much reduced costs and lower      
*    Resizing through the retrenchment of 116 direct employees, voluntary       
    resignations and freezing of vacancies, reducing total direct headcount     
    from 195 (excluding Non-executive Directors) to 92 (excluding Non-          
    executive Directors).                                                       
*    Renegotiated and reduced key material and services contract rates.         
*    Closure of the Rand Leases office and relocation of head office and mine   
    support to the mine site.                                                   
*    Process improvements to optimise and reduce material consumption e.g.      
diesel fuel and chemicals.                                                  
Cash and cash equivalents                                                       
The cash and cash equivalent balance is reported at US$5.4 million as at 31     
December 2011 (2010: US$14.6 million). The lower cash balance is a result of    
cash out flows including the investment the Company made in the testing of      
different mining methods; optimisation of processing; underground development   
up to the end of June 2011; retrenchment packages; foreign currency losses on   
translation of Rand cash balances; ore stockpile build-up; and the suspension   
of the Mining Right during October 2011. However, these were mitigated by:      
*    proceeds from the sale of the Gekko plant, mobile mine equipment and       
    waste rock;                                                                 
*    restructuring of the rehabilitation guarantee from a cash deposit          
guarantee into an insurance rehabilitation guarantee;                       
*    gold sales from surface materials;                                         
*    reduced contract rates for key material and service contracts; and         
*    recovery of overdue value-added tax ("VAT") refunds.                       
Having negotiated a very challenging period in 2011 when the Company`s Mining   
Right was under threat, it is extremely pleasing to be operating in a much      
more certain environment in 2012. The focus for the Company during 2012 will    
be to:                                                                          
*    stabilise its current mining operation based on the new mining             
    methodology, building up production to 12,000 tonnes per month by the end   
    of the year. The Company estimates that it has sufficient underground ore   
available to ensure that decline development only needs to re-commence in   
*    calculate and report a new reserve base taking into account its new        
    mining methodology. This is expected to be completed by mid-year;           
*    complete a mine scoping study for the Crown Mining Right area to evaluate  
    the financial viability of the area;                                        
*    explore opportunities with other interested stakeholders and extract       
    value from its extensive Mining Right and prospecting areas; and            
*    submit, and receive approval for, the revised Social Labour Plan and Mine  
    Work Programme from the DMR by the end of June 2012.                        
Thank you to everyone who has contributed to the Company successfully           
negotiating another challenging year. All stakeholders have played, and         
continue to play, a valuable role in Central Rand Gold`s development - this     
includes Directors, management, staff, suppliers, shareholders and community    
Johan du Toit                                                                   
Chief Executive Officer                                                         
Statements of Financial Position as at 31 December 2011                         
                                               2011       2010                  
                                               US$`000     US$`000              
NON-CURRENT ASSETS                                                              
Property, plant and equipment                    3,460      10,022              
Intangible assets                                -          -                   
Security deposits and guarantees                 273        335                 
Environmental guarantee investment               4,058      6,163               
Loans receivable                                 8,956      9,830               
                                                 16,747     26,350              
CURRENT ASSETS                                                                  
Security deposits and guarantees                 581        4,069               
Prepayments and other receivables                5,227      6,626               
Inventories                                      2,306      207                 
Cash and cash equivalents                        5,376      14,624              
Non-current assets held-for-sale                 2,584      4,074               
                                                 16,074     29,600              
TOTAL ASSETS                                     32,821     55,950              
Attributable to equity holders of the                                           
Share capital                                    25,604     25,604              
Share premium                                    213,377    213,377             
Share-based compensation reserve                 28,018     27,925              
Treasury shares                                  (6)        (6)                 
Foreign currency translation reserve                        (26,955)            
Accumulated losses                                          (210,897)           
                                                 11,679     29,048              
Non-controlling interest                       -            -                   
TOTAL EQUITY                                     11,679     29,048              

NON-CURRENT LIABILITIES                                                         
Environmental rehabilitation and other           6,038      6,474               
Loan payable                                     8,956      9,830               
Operating lease liability                        -          4                   
Borrowings                                       -          -                   
                                                 14,994     16,308              

CURRENT LIABILITIES                                                             
Trade and other payables                         4,382      8,884               
Environmental rehabilitation and other           -          -                   
Taxation payable                                 1,755      1,704               
Operating lease liability                        11         -                   
Borrowings                                       -          6                   
6,148      10,594              
TOTAL LIABILITIES                                21,142     26,902              
TOTAL EQUITY AND LIABILITIES                     32,821     55,950              
Statements of Financial Performance for the year ended 31 December 2011         
2011       2010                  
                                               US$`000    US$`000               
Other income and gains                           25,055     11,657              
Employee benefits expense                        (7,851)    (10,875)            
Directors` emoluments                            (1,078)    (1,237)             
Depreciation and amortisation                    (3,416)    (2,524)             
Inventory write-down                             (332)      (263)               
Impairment of assets                             (470)      (44,455)            
Operating lease expense                          (533)      (1,045)             
Surface mining costs                             (19,266)   (17,099)            
Operational expenses                             (2,332)    (718)               
Other expenses                                   (4,187)    (6,554)             
Operating loss                                   (14,410)   (73,113)            
Interest receivable                              1,443      1,512               
Finance costs                                    (1,072)    (1,015)             
Foreign exchange transaction                     (2,056)    1,384               
Loss before income tax                           (16,095)   (71,232)            
Income tax expense                               -          (840)               
Loss for the year                                (16,095)   (72,072)            
Loss is attributable to:                                                        
Non-controlling interest                         -          -                   
Equity holders of the parent                     (16,095)   (72,072)            
                                                 (16,095)   (72,072)            
Loss per share for loss attributable to the equity holders during the           
year (expressed in US cents per share)                                          
Basic loss per share                             (1.01)     (4.51)              
Diluted loss per share                           (1.01)     (4.51)              
Statements of Comprehensive Income for the year ended 31 December 2011          
                                               2011       2010                  
US$`000    US$`000               
Loss for the year                                           (72,072)            

Other comprehensive (loss)/income:                                              
Exchange differences on translating              (1,367)    1,445               
foreign operations                                                              
Income tax relating to components of             -          -                   
other comprehensive income                                                      
Other comprehensive (loss)/income for            (1,367)    1,445               
the period, net of tax                                                          
Total comprehensive loss for the period                     (70,627)            
Total comprehensive loss is attributable                                        
Non-controlling interest                         -          -                   
Equity holders of the parent                                (70,627)            
Statements of Changes in Equity for the year ended 31 December 2011             
Attributable to equity holders of the Parent           
Group            Ordina Share      Shar Tre  Forei  Accu  To  Non-Total         
                 ry     Premium    e-   asu  gn     mula  ta  Con Equity        
Share             Base ry   Curre  ted   l   tro               
                 Capita            d    Sha  ncy    Loss      lli               
                 l                 Comp res  Trans  es        ng                
                                   ensa      latio            Int               
tion      n                ere               
                                   Rese      Reser            st                
                                   rve       ve                                 
                 US$`00 US$`000    US$` US$  US$`0  US$`  US  US$ US$`000       
0                 000  `00  00     000   $`  `00               
                                        0                 00  0                 
Balance at                                                      -   56,684      
31 December      5,023  191,406    27,4 (2)  (28,4  (138  56                    
2009                               82        00)    ,825  ,6                    
                                                    )     84                    
e income for                                                                    
the year                                                                        
Loss for the       -      -          -    -    -          (7    -   (72,072)    
year                                                (72,  2,                    
                                                    072)  07                    
e income                                                                        
Foreign            -      -          -    -           -         -   1,445       
currency                                     1,445        1,                    
adjustments                                               44                    
with owners,                                                                    
directly in                                                                     
Issue of                                                                        
Capital          20,581 21,971               -      -     42      42,552        
raising                                                   ,5                    
Share Option                                                                    
Share-based        -      -                    -      -         -   439         
payments:                          443  (4)               43                    
Employees                                                 9                     
shares and                                                                      
Balance at                                                    -     29,048      
31 December      25,604 213,377    27,9 (6)  (26,9  (210  29                    
2010                               25        55)    ,897  ,0                    
                                                    )     48                    
e income for                                                                    
the year                                                                        
Loss for the       -      -          -    -    -    (16,  (1    - (16,095)      
year                                                095)  6,                    
e income                                                                        
Foreign            -      -          -    -           -   (1    -   (1,367)     
currency                                     (1,36        ,3                    
adjustments                                  7)           67                    
with owners,                                                                    
directly in                                                                     
Share Option                                                                    
Share-based        -      -        93     -    -      -   93    - 93            
shares and                                                                      
Balance at              213,377    28,0             (226  11  -   11,679        
31 December      25,604            18   (6)  (28,3  ,992  ,6                    
2011                                         22)    )     79                    
Statements of Cash Flow for the year ended 31 December 2011                     
                                                   2011     2010                
US$`00   US$`000             
CASH FLOWS FROM OPERATING ACTIVITIES                                            
Loss before tax                                                                 
                                                   (16,09   (71,232             
                                                   5)       )                   
Adjusted for :                                                                  
Depreciation and amortisation                                  2,524            
Bad debts written off                                 -        11               
Employment benefit expenditure (Share-based           93       443              
(Profit)/loss on disposal and scrapping of                     24               
property, plant and equipment                       (991)                       
Impairment of inventory                               332      578              
Impairment of assets                                  470                       
Net loss/(gain) on foreign exchange                                             
                                                   2,056    (1,384)             
Increase/(decrease) in operating lease                7        (47)             
Sundry income                                                  (36)             
Interest received                                                               
                                                   (1,443   (1,512)             
Finance costs                                                  1,015            
Changes in working capital                                                      
Decrease/(increase) in prepayments and other                                    
receivables                                         4,887    (1,354)            
(Increase)/decrease in inventory                               1,367            
(Decrease)/increase in trade and other                         1,264            
payables                                            (4,502                      
Increase in provisions                                812      3,461            
Cash flows used in operations                                                   
(12,82   (20,423             
                                                   7)       )                   
Interest received                                     395      513              
Finance costs                                         (24)     (16)             
Sundry income                                         581      -                
Net cash used in operating activities               (11,87   (19,926            
                                                   5)       )                   
                                                   (11,87   (19,926             
5)       )                   
CASH FLOWS FROM INVESTING ACTIVITIES                                            
Purchases of property, plant & equipment            (2,387   (20,595            
)        )                   
                                                   (2,387   (20,595             
                                                   )        )                   
Proceeds from disposal of property, plant &                    471              
equipment                                           4,756                       
Decrease/(increase) in security deposits            1,070    (4,251)            
Net cash used in investing activities                        (24,375            
                                                   3,439    )                   
CASH FLOWS FROM FINANCING ACTIVITIES                                            
Repayment of borrowings                               (6)      (33)             
Net proceeds from issue of share capital              -                         
Net cash from financing activities                    (6)                       
Net decrease in cash and cash equivalents           (8,442   (1,782)            
Cash and cash equivalents at 1 January                                          
                                                   14,624   15,899              
Effects of exchange rate fluctuations on cash                  507              
balances                                            (806)                       
Cash and cash equivalents at 31 December                                        
                                                   5,376    14,624              
Basis of preparation and general information                                    
1. General information                                                          
These are the non-statutory financial statements, extracted from the Group      
annual financial statements for the year ended 31 December 2011.                
Central Rand Gold Limited ("Central Rand Gold") is a Guernsey incorporated      
company and it is also registered in South Africa as an external company. One   
of its subsidiaries, Central Rand Gold (Netherland Antilles) N.V. ("CRGNV"),    
was incorporated in the Netherlands Antilles. Central Rand Gold`s operating     
subsidiary is Central Rand Gold South Africa ("CRGSA"). Central Rand Gold has   
a primary listing on the London Stock Exchange ("LSE") and a secondary listing  
on JSE Limited ("JSE").                                                         
Legally, Central Rand Gold complies with the company laws of its place of       
incorporation being Guernsey and the company laws of the place of its external  
registration being South Africa. One of its subsidiaries, CRGNV, is             
incorporated in the Netherlands Antilles, therefore the Group is also impacted  
by the company laws of the Netherlands Antilles.                                
The Group`s annual financial statements for the year ended 31 December 2011     
were approved for issue on 30 March 2012. The auditor has issued his opinion    
on the Group`s financial statements for the year ended 31 December 2011 which   
is unqualified but does contain an emphasis of matter paragraph in respect of   
the matters referred to under note 2 `Going concern` and is available for       
inspection at the Company`s registered address.                                 
Emphasis of matter - Going concern                                              
In forming our opinion on the financial statements, which is not modified, we   
have considered the adequacy of the disclosures set out in note 1.1 to the      
financial statements concerning the Group`s ability to continue as a going      
concern which depends, in particular, upon a satisfactory outcome of the        
rising water table issue, and the availability of funding, which is required    
to be able to restart mine development operations. These factors, together      
with the other matters explained in note 1.1, indicate the existence of         
material uncertainties that may cast significant doubt on the Group`s ability   
to continue as a going concern. The financial statements do not include the     
adjustments that would result if the Group was unable to continue as a going    
2. Basis of preparation                                                         
The consolidated financial statements have been prepared in accordance with     
International Financial Reporting Standards and Interpretations (collectively   
"IFRS") issued by the International Accounting Standards Board ("IASB") as      
adopted by the European Union ("EU").                                           
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                                                              
In March 2011, the Group announced the results of its operational and           
strategic review which considered the challenges facing the Group. Since then   
significant progress has been made on many of the problems facing the Group:    
- Following the cancellation of the Group`s New Order Mining Right in           
September 2011, the decision to cancel was temporarily suspended in October     
2011 and the Group`s Mining Rights were officially restored in December 2011.   
- A double void study was completed that confirmed that the incidence of        
composite double voids was limited to specific areas and conditions and that    
general prediction of their occurrence would be possible. The study also        
revealed that the combined impact of double voids would not have a material     
effect on the Main Reef Mineral Resource base.                                  
- As a result of the high dilution resulting from the collapse of the hanging   
wall of the Main Reef Leader, long-hole stoping and mechanical mining were      
suspended. Since then a proven, conventional mining method has been adopted     
with four months of steady-state, cash positive production.                     
- The Group has also scaled back its head count to minimal levels of staff to   
reflect the current levels of operation.                                        
While significant progress has been made in stabilising the operations,         
challenges remain as detailed below.                                            
Rising water table                                                              
The water table in the Central Rand Basin is rising. It is imperative that the  
water table is kept 250 metres below surface for the mine to retain access to   
its reserves and resources and hence be able to reach full sustainable          
production. A proposed solution to the Acid Mine Drainage ("AMD") problem was   
presented to the Portfolio Committee on Water and Environmental Affairs on 7    
September 2011 and Trans Caledon Tunnel Authority was appointed on that date    
as implementing agent by the Minister of Water Affairs. While the Directors     
remain confident that the South African Government will commit in time to       
prevent AMD reaching the surface, there remains uncertainty over the timing of  
the implementation of the proposed solution.                                    
If the rising water table problem is resolved, the Group will require further   
funding to develop the mine and gain access to the underground ore (see         
Current and projected funding requirements                                      
At 31 December 2011, the Group had cash of US$5.4 million. At 29 February       
2012, the Group had cash of US$5.8 million, the increase resulting from         
continued cash positive conventional mining in the first two months of 2012,    
(albeit without any underground development of the mine).                       
The Directors have prepared cash flow projections until 2020 that reflect the   
current mine plan adopted by the Directors. 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.                                  
The current mining activities are forecast to keep cash levels broadly flat     
over the next 18 months by continuing to process surface ore and mining the     
currently accessible underground ore. The current plan assumes the resolution   
of the rising water table problem and so retaining full access to the reserves  
and resources. In order to develop the mine to gain access to the underground   
ore and increase production beyond what is achievable over the next 18 months,  
further funding would be required in the last quarter of 2013. However, the     
timing of the resolution of the water table problem and the timing of           
fundraising will determine whether the Group is able to follow the current      
plan beyond the last quarter of 2013.                                           
In addition, the risk 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 key assumptions such as   
the gold price, exchange rate, mining production and the metallurgical          
recovery and production rates.                                                  
During 2011, the Group made considerable progress in resolving the issues that  
led to the strategic review in March 2011. The Directors have now stabilised    
the operations. The stabilising of the operations is an essential part to       
getting the business ready for a potential capital raise in the future and to   
achieving long-term sustainable production. Nevertheless, the Group remains     
exposed to external factors which could disrupt the business. The continued     
uncertainty around the timing of the resolution of the rising water table       
problem, together with the need for additional fund raising required by the     
current mine plan in the last quarter of 2013, are material uncertainties that  
may cast significant doubt on the Group`s ability to continue as a going        
concern and it may therefore be unable to realise its assets and discharge its  
liabilities in the normal course of business.                                   
Nevertheless, after taking account of the Group`s funding position and its      
cash flow projections and having considered the following:                      
- the risks and uncertainties associated with these projections; and            
- the current trading position which has not provided the Directors with any    
evidence that their assumptions for the     next 18 months are not achievable.  
The Directors have a realistic expectation that the Group has adequate          
resources to continue in operational existence for at least 12 months from the  
date of approval of these financial statements. For these reasons, they         
continue to prepare the financial statements on a going concern basis. These    
financial statements do not include any adjustments that would result from the  
going concern basis of preparation being inappropriate.                         
3. Accounting policies                                                          
The accounting policies have been consistently applied to all years presented.  
(a) New and amended standards adopted by the Group                              
The Group has adopted the following new and amended IFRSs as from 1 January     
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 unreplaced 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-     
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.                  
(b) Standards, amendments and interpretations to existing standards that are    
not yet effective and have not been early adopted by the Group                  
A number of standards and amendments to existing standards have been published  
and are mandatory for the Group`s accounting periods beginning on or after 1    
January 2012 or later periods, but the Group has not early adopted them.        
IFRS 7: Financial instruments: Disclosures - transfers of financial assets      
The amendment to IFRS 7 will be adopted by Central Rand Gold for the first      
time for its financial reporting period ending 31 December 2012.                
In terms of the amendment, additional disclosure will be provided regarding     
transfers of financial assets that are:                                         
 (i)not recognised in their entirety; and                                       
 (ii) derecognised in their entirety but for which Central Rand Gold retains    
 continuing involvement.                                                        
IFRS 9: Financial instruments: Classification and measurement                   
The amendment to IFRS 9 is expected to be adopted by Central Rand Gold for the  
first time for its financial reporting period ending 31 December 2013. The      
standard will be applied retrospectively, subject to transitional provisions.   
The standard has not yet been endorsed by the EU.                               
IFRS 9 addresses the initial measurement and classification of financial        
assets and will replace the relevant sections of IAS 39. Under IFRS 9 there     
are two options in respect of classification of financial assets, namely,       
financial assets measured at amortised cost or at fair value. Financial assets  
are measured at amortised cost when the business model is to hold assets in     
order to collect contractual cash flows and when they give rise to cash flows   
that are solely payments of principal and interest on the principal             
outstanding. All other financial assets are measured at fair value.             
Additions to IFRS 9                                                             
The additions to IFRS 9 are expected to be adopted by Central Rand Gold for     
the first time for its financial reporting period ending 31 December 2015.The   
standard will be applied retrospectively, subject to transitional provisions.   
The additions to IFRS 9 have not yet been endorsed by the EU.                   
Under IFRS 9 (2010), the classification and measurement requirements of         
financial liabilities are substantially the same as per IAS 39, barring the     
following two aspects:                                                          
(i)Fair value changes for financial liabilities (other than financial           
guarantees and loan commitments) designated at fair value through profit or     
loss, attributable to the changes in the credit risk of the liability, will be  
presented in other comprehensive income. The remaining change is recognised in  
profit and loss. However, if the requirement creates or enlarges an accounting  
mismatch in profit or loss, then the whole fair value change is presented in    
profit or loss. The determination as to whether such presentation would create  
or enlarge an accounting mismatch is made on initial recognition and is not     
subsequently reassessed.                                                        
(ii) Under IFRS 9 (2010), derivative liabilities that are linked to and must    
be settled by delivery of an unquoted equity instrument whose fair value        
cannot be reliably measured, are measured at fair value.                        
IFRS 9 (2010) incorporates the guidance in IAS 39 dealing with fair value       
IFRS 10: Consolidated financial statements                                      
The amendment to IFRS 10 will be adopted by Central Rand Gold for the first     
time for its financial reporting period ending 31 December 2013.                
Retrospective application is generally required in accordance with IAS 8        
Accounting Policies, Changes in Accounting Estimates and Errors. However, an    
entity is not required to make adjustments to the accounting for its            
involvement with entities that were previously consolidated and continue to be  
consolidated, or entities that were previously unconsolidated and continue not  
to be consolidated.                                                             
IFRS 10 prescribes modified accounting on its first application in the          
following circumstances:(i) An entity consolidates an entity not previously     
(ii) An entity no longer consolidates an entity that was previously             
(iii) In relation to certain amendments to IAS 27 made in 2008 that have been   
carried forward into IFRS 10.                                                   
IFRS 12: Disclosure of interests in other entities                              
IFRS 12 will be adopted by Central Rand Gold for the first time for its         
financial reporting period ending 31 December 2013.                             
IFRS 12 requires the disclosure of information that enables users of financial  
statements to evaluate:                                                         
(i)the nature of, and risks associated with, its interests in other entities;   
(ii) the effects of those interests on its financial position, financial        
performance and cash flows.                                                     
IFRS 13: Fair value measurement                                                 
IFRS 13 will be adopted by Central Rand Gold for the first time for its         
financial reporting period ending 31 December 2013.                             
IFRS 13 seeks to increase consistency and comparability in fair value           
measurements and related disclosures through a `fair value hierarchy`. The      
hierarchy categorises the inputs used in valuation techniques into three        
levels. The hierarchy gives the highest priority to (unadjusted) quoted prices  
in active markets for identical assets or liabilities and the lowest priority   
to unobservable inputs.                                                         
IAS 1: Presentation of financial statements                                     
The amendments to IAS 1 are expected to be adopted by Central Rand Gold for     
the first time for its financial reporting period ending 31 December 2013.      
The amendments revise the way other comprehensive income is presented.          
IAS 12: Income taxes                                                            
The amendment to IAS 12 is expected to be adopted by Central Rand Gold for the  
first time for its financial reporting period ending 31 December 2012.          
The amendment provides a solution to whether an entity expects to recover the   
carrying amount of the asset through use or sale by introducing a presumption   
that recovery of the carrying amount will, normally, be through sale.           
IAS 19: Employee benefits                                                       
The amendments to IAS 12 are expected to be adopted by Central Rand Gold for    
the first time for its financial reporting period ending 31 December 2013.      
The amendments:                                                                 
(i)require recognition of changes in the net defined benefit liability (asset)  
including immediate recognition of defined benefit cost, disaggregation of      
defined benefit cost into components, recognition of remeasurements in other    
comprehensive income, plan amendments, curtailments and settlements;            
(ii) introduce enhanced disclosures about defined benefit plans;                
(iii) modify accounting for termination benefits, including distinguishing      
benefits provided in exchange for service and benefits provided in exchange     
for the termination of employment and affect the recognition and measurement    
of termination benefits; and                                                    
(iv) clarify miscellaneous issues, including the classification of employee     
benefits, current estimates of mortality rates, tax and administration costs    
and risk-sharing and conditional indexation features.                           
IAS 27: Consolidated and separate financial statements                          
IAS 27 is expected to be adopted by Central Rand Gold for the first time for    
its financial reporting period ending 31 December 2013.                         
The standard was reissued as IAS 27 Separate Financial Statements.              
Consolidation requirements previously forming part of IAS 27 (2008) have been   
revised and are now contained in IFRS 10 Consolidated Financial Statements.     
The impact on the financial statements for Central Rand Gold has not yet been   
Other amendments to standards effective on or after 1 January 2012 are not      
expected to have a material impact on the Group.                                
4. Estimates                                                                    
The preparation of the financial statements requires the Group`s management to  
make judgements, estimates and assumptions that affect the application of       
accounting policies and the reported amounts of assets and liabilities and      
disclosure of contingent assets and liabilities at the date of the financial    
statements, and the reported amounts of revenues and expenses during the        
reporting period. The determination of estimates requires the exercise of       
judgement based on various assumptions and other factors such as historical     
experience and current and expected economic conditions. Actual results may     
differ from these estimates.                                                    
5. Financial risk management                                                    
The Group`s activities expose it to a variety of financial risks: credit risk,  
liquidity risk and market risk (including currency risk, interest rate risk     
and gold price risk). The Group`s overall risk management programme focuses on  
the unpredictability of financial markets and seeks to minimise potential       
adverse effects on the Group`s financial performance. The Board monitors this   
risk management process.                                                        
Foreign Currency Rates                                                          
The US Dollar rates of exchange applicable to the year are as follows:          
Year ended 31 December     Year ended 31                      
                           2011              December 2010                      
                   Closing     Average     Closing    Average                   
South African       0.15090     0.13721     0.13482    0.12057                  
Pound Sterling      1.54710     1.54633     1.59257    1.56593                  
6. Property, plant and equipment                                                
Property, plant and equipment transferred to non-current assets classified as   
held-for-sale amounts to US$3,856,619 and relates to gold processing            
7. Environmental guarantee investment                                           
In 2011, the Company restructured from a cash environmental guarantee to an     
insurance guarantee investment. The policy was entered into on 1 May 2011       
which covers the Company for a total amount of US$5,031,573 (ZAR40,840,689) in  
the event of an environmental rehabilitation program.                           
8. Non-current assets held for sale                                             
At 31 December 2010, the Group classified the Gekko 50 tonne per hour           
processing plant as non-current assets held-for-sale. During the period, the    
Group disposed of the Gekko 50 tonne per hour for US$3,754,890.                 
Items of plant and machinery, being the Bateman plant, the Optical Ore Sorter,  
the Gekko 20 tonne per hour processing plant, the Sandvick jumbo and the GIA    
charger have been classified as held-for-sale during the period.                
The value of the asset is now expected to be realised from the sale of the      
asset rather than the continuing use. At year-end, the Group valued the         
Bateman plant at US$1,424,809, the Optical Ore Sorter at US$584,217, the Gekko  
20 tonne per hour plant at US$103,094, the Sandvick jumbo at US$287,307 and     
the GIA charger at US$184,800.                                                  
The value of assets transferred to non-current assets held-for-sale is          
US$3,416,520 at 31 December 2011. Based on management`s estimate of the fair    
value to be obtained from the sale, the asset held-for-sale has been impaired   
by US$939,505 to its fair value less costs to sell.                             
9. Loans receivable                                                             
9. Loans receivable                                                             
                                       2011            2010                     
                                     US$`000          US$`000                   
At 1 January                                9,830            7,818              
Interest for the year                       1,048              999              
Effect of movements in exchange           (1,922)            1,013              
At 31 December                              8,956            9,830              
Puno Loan Agreement, a further loan of ZAR39,068,963 (US$5,782,207) to Puno     
Gold Investments Proprietary Limited ("Puno").The loan bears interest at South  
African prime lending rate plus 2% and is payable as and when free cash flows   
as determined by the Board of CRGSA are available.                              
During 2007, a dispute arose between the shareholders of CRGSA in regard to     
the allocation of intercompany loans which fund the budget and work programme   
and the incurring of, and level of, certain costs by CRGSA. Subsequently, on    
16 February 2009, CRGNV, the direct holding company of CRGSA, exercised the     
call option granted to it in terms of the shareholders` agreement and gave      
Puno 90 days` notice to acquire Puno`s entire interest in CRGSA ("the call").   
During April 2009, Puno made an urgent application to the South Gauteng         
Division of the High Court of South Africa to interdict CRGNV from proceeding   
with the call pending the final determination by arbitration of the validity    
and enforceability of:                                                          
(1) the various funding calls made by CRGSA and the consequent call; and        
(2) the interpretation of the shareholder funding provisions of the             
shareholders` agreement.                                                        
The parties agreed that the matter would proceed to arbitration as sought in    
the application. Puno, in its capacity as claimant in the matter delayed and    
ultimately failed to bring the matter before the Arbitration Foundation of      
South Africa ("AFSA") and, consequently, in an effort to expedite matters,      
CRGNV and CRGSA approached AFSA as respondent requesting that an arbitrator be  
appointed and that arbitration proceedings commence. In response to this        
request during September 2010, AFSA advised the Company that it would indeed    
appoint an arbitrator and Judge Lewis Goldblatt was subsequently appointed.     
During October 2010, however, Judge Goldblatt found that the matter could not   
proceed to arbitration as the matter was not brought before him by the          
claimant in the matter ("Puno") but rather was sought to be brought by the      
respondent ("Central Rand Gold"). Following from this finding, Puno has         
indicated its intention to challenge the validity and constitutionality of the  
CRGSA shareholders` agreement despite having based various of its court         
applications thereon - including the application brought in the South Gauteng   
High Court, Johannesburg, South Africa, against CRGNV, the Company and CRGSA,   
in which it sought to interdict CRGSA from proceeding with mining operations    
pending an arbitration award or court order on the proper interpretation of     
clause 18 of the CRGSA shareholders` agreement. This ultimately failed as the   
court found that Puno had failed to make out a case for the relief sought on    
each and every ground which formed the subject of the application hearing.      
In an effort to bring this matter to finality, various alternatives are now     
being investigated, amongst them being:                                         
(i) methods in which Central Rand Gold itself can commence arbitration          
proceedings; and                                                                
(2) various other non-arbitration-based methods to conclude the dispute         
between the CRGSA shareholders.                                                 
It should be noted, however, that in the event that the matter not be           
successfully brought to arbitration or resolved by other means, CRGNV will not  
be able to introduce a new BBBEE-compliant partner who the Directors believe    
will be more beneficial for the Group as a whole.                               
Despite the above, the Directors remain confident of success and further        
believe that the return of the shares by Puno will not have any material        
consequences in respect of the consolidated accounts of the Group as the 26%    
shareholding will be held in trust pending the outcome of discussions relating  
to new BEE arrangements. Notwithstanding this position, we have, pending the    
outcome of any dispute, allocated 100% of the intercompany balances directly    
from the Company to CRGSA. This additional 26% of intercompany debt excluding   
interest amounts to ZAR15,852,103 (US$2,204,552) between 1 January and 31       
December 2011 and ZAR75,913,440 (US$10,416,083) between 1 January and 31        
December 2010, and ZAR295,947,734 (US$39,899,673) prior to 1 January 2010.      
10. Prepayments and other receivables                                           
Prepayments contains US$3,627,561 (ZAR29,444,487), which relates to the cost    
of acquiring the submersible water pumps that are required to stop the rising   
water table in the Central Basin.                                               
2011         2010                  
                                           US$`000       US$`000                
11. Inventories                                                                 
Consumables                                        339           59             
Ore stockpiles                                   1,967          125             
Stationery and office consumables on hand            -           23             
Total inventories                                2,306          207             
The amount of the write-down of ore stockpiles to net realisable value, and     
recognised as an expense is US$332,335 (2010: US$263,451).                      
12. Directorate                                                                 
During the current year, the composition of the Board of Directors changed.     
Two Directors of the Group, Mr N. Farr-Jones and Mr J. Brauns, resigned on 24   
June 2011.                                                                      
13. Commitments                                                                 
Group                                        2011       2010                    
US$`000    US$`000                     
a)   Various contractual amounts                                                
Fees payable to iProp Limited for             500        500                    
Fees payable to Sekgwa Mining               2,145          -                    
Services Proprietary Limited for                                                
underground mining services                                                     
Fees payable to Stallion Security             501        501                    
Proprietary Limited for security                                                
Fees payable to the Department of               -          2                    
Mineral Resources within one year                                               
Plant and equipment contracted for            458      6,517                    
b) Donations payable                                                            
Donations payable to Umkhonto we                -          -                    
Sizwe Military Veterans Association                                             
14. 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.                                          
15. Share-based payments                                                        
Grant of options in the Company                                                 
During the year, further share options were granted to                          
selected employees. The options granted are summarized                          
Vesting                             Strike Price  Allocation                    
6,000,000 on 8 November 2012,       Exercise      Mr S.J. du                    
6,000,000 on 8 November 2013 and    price         Toit                          
6,000,000 on 8 November 2014.       escalates in                                
                                   with the                                     
                                   One third at                                 
                                   price of                                     
                                   GBP0.01, one                                 
third at                                     
                                   GBP0.015 and                                 
                                   one third at                                 
3,800,000 on 8 November 2012,       Exercise      Mr P.                         
3,800,000 on 8 November 2013 and    price         Malaza                        
3,800,000 on 8 November 2014.       escalates in                                
with the                                     
                                   One third at                                 
price of                                     
                                   GBP0.01, one                                 
                                   third at                                     
                                   GBP0.015 and                                 
one third at                                 
10,000,000 on 8 November 2012,      Exercise      Executive                     
10,000,000 on 8 November 2013 and   price         Management                    
10,000,000 on 8 November 2014.      escalates in                                
                                   with the                                     
                                   One third at                                 
                                   price of                                     
                                   GBP0.01, one                                 
third at                                     
                                   GBP0.015 and                                 
                                   one third at                                 

16. Related parties                                                             
Except for the information disclosed in Note 15 Share-based payments above, no  
other disclosable related party transactions occurred in the period.            
17. Events occurring after balance sheet date                                   
No material changes, other than those highlighted in this report, have          
occurred in the affairs of the Group between the end of the financial year and  
the date of this report.                                                        
Issued on behalf of: Central Rand Gold Limited                                  
Date: 2 April 2012                                                              
Date: 02/04/2012 10:02:05 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
The SENS service is an information dissemination service administered by the    
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or            
implicitly, represent, warrant or in any way guarantee the truth, accuracy or   
completeness of the information published on SENS. The JSE, their officers,     
employees and agents accept no liability for (or in respect of) any direct,     
indirect, incidental or consequential loss or damage of any kind or nature,     
howsoever arising, from the use of SENS or the use of, or reliance on,          
information disseminated through SENS.                                          

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2020 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.