Directorate changes

The Board of Central Rand Gold Limited announces the following Board changes:

Following completion of the Open Offer and the Redstone Capital Limited ("Redstone") funding, which has enabled the Company to make the required changes to its processing plant, Michael McMahon, Chairman of the Company since 2009, believes it is the appropriate time to step down as Chairman and as a Director of the Company, effective immediately.

The Board would like to thank Michael McMahon for his services as Chairman over the past five years and wishes him well in his future ventures.

Nathan Taylor has now been appointed as Interim Chairman of Central Rand Gold, with immediate effect.

The Company also announces the appointment of Allen Phillips as an Independent Non-Executive Director, with immediate effect. Allen has over 40 years experience in gold metallurgy both in South Africa as well as international operations (Ghana, Australia, and Venezuela). He held the position of Chief Consulting Metallurgist at JCI Limited as well as Senior Consulting Metallurgist for Gold Fields Limited. His experience has been at an operational managerial level as well as group consultant responsible for multiple operations. He has completed a number of process upgrade capital projects. During the last seven years, he has undertaken independent private consulting for a number of operations, focussing on process optimisation and trouble shooting. He has previously served on a number of boards related to the mining industry.

The Company will, over the coming months, be seeking an additional Independent Non-Executive Director that will be able to assist in the execution of the Company's longer term strategy. Until such an appointment is made, Allen Phillips has been tasked to ensure that the Board remains fully compliant in terms of the relationship agreement entered into between the Company and Redstone Capital Limited in 2013. The Board will review all positions, roles and responsibilities once the additional independent Non Executive Director is appointed.

For further information, please contact:

Central Rand Gold +27 (0) 11 674 2304

Johan du Toit / Patrick Malaza

Charles Stanley Securities Limited +44 (0) 20 7149 6478

Marc Milmo / Mark Taylor

Merchantec Capital +27 (0) 11 325 6363

Monique Martinez / Marcel Goncalves

Buchanan +44 (0) 20 7466 5000

Bobby Morse / Louise Mason

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

Proprietary Limited

Jenni Newman

There is no further information to be disclosed under Rule 17 or Schedule Two, Paragraph (g) of the AIM Rules for Companies.

Johannesburg

16 May 2014

Sponsor

Merchantec Capital