Fundraising and Operational Update

Funding

As announced on 10 January 2017, the Company entered into a loan agreement with Mr Jia Bang Wang in the amount of US$1 million. The first tranche, in an amount of US$500,000, has been received by the Company. The transfer of the second tranche, in an amount of US$500,000, has been delayed due to certain exchange restrictions. However, efforts are being made to expedite the transfer process. The directors continue to monitor the Company's cash position.

Operational Update

The Company continues to work on executing the strategy of installing centrifugal concentrators. The anticipated date of commissioning thereof is still the third quarter of 2017. As previously announced, the concentrator equipment has been ordered from China, and the Company is pleased to announce that the equipment has now been manufactured. Delivery to South Africa is expected to occur in mid-June 2017.

The open pit mining which started at the beginning of last month, is continuing, and materials have been delivered to the plant for crushing, prior to processing. Third party batch toll treatment materials are also being fed to the plant.

For further information, please contact:

Central Rand Gold +27 87 310 4400

Lola Trollip

ZAI Corporate Finance Limited - Nominated Adviser +44 20 7060 2220

John Treacy / Jamie Spotswood

Brandon Hill Capital Limited - Broker +44 20 3463 5000

Alex Walker / Jonathan Evans / Wei Jiao

Merchantec Capital - JSE Sponsor +27 11325 6363

Monique Martinez / Marcel Goncalves

Johannesburg

20 April 2017

Sponsor

Merchantec Capital

The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").