Completion of Double Void Study

On 29 March 2011, Central Rand Gold announced that it was encountering what appeared to be unrecorded mining voids in areas previously believed to have been unmined.

Central Rand Gold has spent a significant amount of time and energy internally investigating these mining voids (termed Composite Double Voids) in order to fully understand the reasons behind their occurrence and to provide a means to their detection and prediction.

Central Rand Gold is pleased to announce the completion of these studies ("Internal Study") and can confirm that the incidence of Composite Double Voids appears to be limited to very specific areas and conditions, and that the general prediction of their occurrence is possible.

It appears that the development of these Composite Double Voids is limited to areas where the entire Main Reef, Middling and Main Reef Leader package is particularly high grade and in addition, has a particularly thinly developed Middling.

Using a combination of grade distribution, isopach models and historical pay limits, it is possible to isolate areas of the greatest potential for Composite Double Voids and, further, to compare the impacted areas with the remaining unaffected areas.

It is estimated that the impacted area for 0 to 450 metres below surface represents less than 5% of the total Resource base for such depth range within the Consolidated Main Reef leasehold. Furthermore only an estimated 38% of the impacted 5% is believed to represent areas of Composite Double Voids.

As the total combined impact of Composite Double Voids as determined by this Internal Study is less than 3% of the area affected, it is not deemed necessary to adjust the Main Reef Mineral Resource base. The Composite Double Void model, as described above, will be used in future mine planning and will be considered an additional modifying factor in any future Reserve computation.

The Internal Study, combined with the results of the trial conventional mining (to be completed by end September 2011), and the current engagement with Department of Water Affairs to further understand the proposed interim water solution for the Central Basin, all form part of the Central Rand Gold's strategic review in re-assessing its future prospects. This re-assessment is expected to be completed by end October 2011.

A full report of the Internal Study, as prepared by Mr Keith Matier, is available on the Company's website: www.centralrandgold.com.

NOTE:

The information in this statement relating to Mineral Resources and geology has been reviewed and approved by Mr Matier, BSc (Hons), GDE, Pr Sci Nat, who is a competent person in terms of the SAMREC and JORC codes. Mr Matier is the Geology Manager of Central Rand Gold South Africa (Proprietary) Limited and has over 17 years' experience in precious metal exploration, mineral resource management and evaluation.

For further information, please contact:

Central Rand Gold +27 (0) 11 674 2304

Johan du Toit / Patrick Malaza

Evolution Securities Limited +44 (0) 20 7071 4300

Chris Sim / Neil Elliot

Merchantec Capital +27 (0) 11 325 6363

Roger Pitt / Monique Martinez

Buchanan Communications Limited +44 (0) 20 7466 5000

Bobby Morse / James Strong

Jenni Newman Public Relations (Proprietary) Limited +27 (0) 11 506 7351

Jenni Newman

15 September, 2011

Johannesburg

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