Interim Management Statement

For immediate release 19 November 2010

Central Rand Gold Limited

("CRG" or the "Company" or the "Group")

(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

Share code on LSE: CRND

Share code on JSE: CRD

Interim Management Statement

19 November 2010

Central Rand Gold ("CRG" or "the Company"), the gold mining company with assets in Southern Johannesburg, is pleased to announce the following update:

·; Total underground development for the year is 2,496m with 372 metres being reported for the month of October 2010. This development will enable the Company to commence underground stoping in January 2011.

·; The long-hole drill rig has arrived in South Africa. On site delivery is expected in mid-December 2010.

·; 6,809 ounces have been produced in the current year to date.

·; 2010 annual production target reduced to 9,000ounces - 11,000ounces, as a result of the delayed start to underground production (as per guidance given on 12 October 2010)

·; The combined surface Exploration Target material discovered in the immediate vicinity of the decline is estimated at between 36,400tonnes and 86,700tonnes with an average grade of between 4.4g/t and 4.6g/t.

Geology

Underground Drilling

During September and October an evaluation exercise was undertaken to duplicate face sampling results using an underground diamond drill. To this end a 20 metre long stretch of previously sampled reef development was drilled from the footwall tunnels immediately below the sampled reef at a depth of approximately 110m below surface. Previous face sampling of the 1581 reef development returned an average grade of 16g/t over 55 centimetres over the length of the reef development.

A conventional Kempe high torque underground diamond drill rig was used to drill 16 AX sized diamond drill holes toward the 1581 reef drive, aiming to intersect the Main Reef approximately one metre up-dip from the reef drive. Of the 16 holes drilled, four intersected Main Reef voids, one encountered poor ground conditions and the remaining 11 holes intersected thin, but high grade Main Reef as tabulated below:

The average drilled grade of 13.74g/t over 48centimetre very closely approximates the face sampled grade of 16g/t over 55centimetre for the same 20metre stretch. This suggests that both techniques can be used for grade control purposes, allowing for a degree of flexibility in areas where ground conditions preclude on reef development.

The Company is now exploring avenues of mechanising the diamond drill rig to match the underground mining and development cycle.

Surface Exploration Target Material

The combined Surface Exploration Target material identified by means of opening up of additional trenches and ongoing lithologically controlled channel sampling and subsequent fire assaying for gold from the Main Reef and Main Reef Leader conglomerates is estimated at between 36,400t and 86,700t with an average grade of between 4.4g/t and 4.6g/t and is made up as follows:

·; An additional Exploration Target was identified in the Central Pit area increasing the potential to between 11,000tonnes and 21,000tonnes at grades of between 3.2g/t and 3.8 g/t.

·; The Exploration Target potential at New Unified is estimated at between 9,500tonnes and 13,700tonnes at grades averaging between 2.9g/t and 4g/t.

·; The stripping of the first 2.5metre cut at the New Unified Extension Pit showed a considerable number of double voids (areas where both Main Reef Leader and Main Reef have been historically mined), within the previously identified high grade area. Re-sampling and re-evaluation of the remaining material within this area have returned a downgraded inventory of Exploration Target material of between 15,850tonnes and 52,000tonnes at grades averaging at around 5.3g/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 and 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 ore body continuity, mineability, dilution and throughput characteristics.

Exploration and Expansion

The Company's growth strategy initiatives remain on track and include:

·; Independent Scoping studies into the feasibility of developing CMR East are currently underway and results are expected by the end of this calendar year.

·; CRG has also commissioned initial planning and scheduling studies to investigate the economics of the City Deep and Village Main mining projects.

·; Tender processes have commenced for surface diamond drilling at the new Crown Mines site. It is expected that this drilling programme will ultimately lead to an upgraded Resource Statement and allow for the development of Crown Mines as the next major CRG operation, which will enable the Company to leverage its fixed cost base. Drilling is expected to begin late 2010/early 2011 and will run for most of 2011.

·; Studies are also underway to investigate the economic potential of subsidiary mineral assets such as the auriferous Kimberley and White Reef packages. These largely unexploited and underexplored reefs are developed over a continuous strike distance of more than 25 kilometres and remain a very substantial part of the CRG portfolio.

Mining

Key Mining Statistics

Underground Mining Operations

Pending receipt of the Long-Hole Drilling Rig (required for stoping) underground mining efforts have focused on footwall development. Monthly development has continued at a good rate, with 372 metres being achieved for the month of October 2010.

Good progress and pre-stoping preparation have meant that the targeted 45,000 ounces (annualised) production rate by year end 2013 remains on track.

The Long Hole Rig has been delivered to the Atlas Copco site in South Africa and delivery on CRG's site is expected by mid December 2010, enabling the mining operations to commence underground stoping in early 2011.

The December delivery of the Long Hole Rig has short-term production implications in that the production forecast contained in the prospectus published by the Company on 4 June 2010 (the "Prospectus") anticipated significant higher grade underground ore to be available before the end of the year. This delay in delivery of underground ore has been partially mitigated by extension of the surface exploration and surface mining to supplement gold production.

Surface Mining

Year to date 119,728 tonnes of surface ore has been mined from the following pits.

·; Central Pit - this pit has yielded 27,105 reef tonnes at a mill head grade of 4.24g/t.

·; Pit 2 (New Unified) - this open pit has yielded 57,535 reef tonnes at a mill head grade of 3.64g/t.

·; Pit 3 (New Unified extension) - this pit has yielded 4,000 reef tonnes at a mill head grade of 5.94g/t.

·; West Pit - this pit has yielded 16, 028 reef tons at a mill head grade of 4.8g/t.

Metallurgy

Gold production achieved between 01 January 2010 and the end October 2010, is 6,809 ounces. Tonnes processed for the last three months remained relatively stable at around 23 kilotonnes per month; however improvements were made on plant availability and most significantly on recovery.

In October 2010, and following plant improvements the Bateman concentrator availability increased to 71%, above the YTD average of 60%.

The comminution upgrade initiated in October 2010 focuses primarily on the Bateman Concentrator with the objectives of increasing throughput to 45Kilotonnes per month and achieving an 83% availability while eliminating stockpiles and unwanted material handling within the plant. This upgrade is in the detail design phase with long lead procurement packages being expedited to minimise any delays. Current planning schedules the upgrade to be commissioned in May 2011. CIP plant availability has been maintained on average at 85% throughout the year.

Lower than anticipated surface oxide ore grade from the newly opened surface slots eroded upside potential in September and October 2010, however, increased plant grade assays evident in early November 2010 could increase Gold production above the 1,100 ounces per month record if sustained to end December 2010. Anticipated annual production remains above the 9,000 ounces range.

The optical ore sorter implementation has further progressed with the commencement of site infrastructure erection in October 2010.

The Commodas Optical Sorter unit is expected in South Africa mid December 2010 with on site commissioning taking place in January 2011 coinciding with the ramp up of underground production which will feed this unit.

WATER TABLE

As mentioned in previous releases the South African Government has appointed an inter-ministerial task team to review the problem of Acid Mine Drainage ("AMD") for the Greater Johannesburg Area. It is the Company's understanding that the task team submitted a report to the Department of Water Affairs, in mid October 2010. The recommendations from the report have not been made public. The Department has announced that it will present the findings to Cabinet by mid December 2010.

CRG will continue to support the interim solution, which requires the construction of a submersible pump station 400 metres below surface and the refurbishment of an existing high density sludge ("HDS") plant. CRG is not aware of any other solution that can halt and treat the rising water table level.

Currently the water level at the South Western Vertical Shaft, the area where the new pumping station will be situated, is at approximately 540 metres below surface as compared to the approximate level of 570 metres below surface in the Consolidated Main Reef area currently being mined.

Furthermore the water level is currently rising at 0.3metres per day which is on the low end of the expected rate of rise of between 0.3metres and 0.9metres per day.

FINANCIAL UPDATE

Cash and cash equivalents for the four months ended 30 October 2010 increased from US$3.9 million at 30 June 2010 to US$25.9 million as a result of the following items:

- net proceeds from recent capital raising of US$36.5 million;

- revenue from the sale of 3,461 ounces of gold processed from surface mining;

- refund of the deposit on cancellation of the order for the processing plant of US$2.3 million; and

- later than anticipated purchases of underground mining equipment.

Cash and cash equivalents were reduced by expenditure required to continue development of the mine and surface mining operations, more specifically:

- underground mine development expenditure of US$5.2 million;

- procurement of mining fleet and other equipment of US$1.4 million;

- prepayment and civil works for the optical ore sorter and submersible water pump;

- mining of nearby surface materials as an additional source of gold while the underground mining fleet is being procured; and

- payment of voluntary retrenchment packages for 46 head office and support staff, in a long term cost-cutting effort.

Set out below is an abridged cash flow for the four months to October 2010.

The Company's prospectus (issued 4 June 2010) assumed that its mining fleet would be finance through debt. To date it has been unable to secure asset finance and has utilised its own cash reserves to secure its fleet. Negotiations continue with various local finance houses, to fund its current and future fleet requirements.

BLACK ECONOMIC EMPOWERMENT

- Puno Gold Investments (Pty) Limited's ("Puno") failed to launch arbitration proceedings with the Arbitration Foundation of South Africa ("AFSA"). As such, Central Rand Gold Netherlands Antilles N.V. ("CRGNV") sought to expedite such arbitration proceedings by bringing the application to AFSA in its capacity as respondent to the proceedings.

At the pre-arbitration meeting held between Puno, Central Rand Gold SA (Pty) Limited ("CRGSA") and CRGNV the appointed arbitrator ruled that, despite being properly appointed by the Arbitration Foundation of South Africa, he was unable to hear the matter as it had been brought before him by the respondent in the case and not by the applicant.

CRGNV will now amend the plea that it lodged in the first instance and file this amended document before AFSA in the form of a statement of claim and thus bring the application to AFSA as an applicant (claiming that it is in fact entitled to exercise a call over Puno's entire shareholding and setting out the circumstances which entitle it to make this call).

- In regard to the successful opposing of the application brought by Puno to halt mining operations, the Company's cost order awarded against Puno has been taxed and the sum of ZAR300,000 (c. US$43,000) is now due and is expected to be paid to the Company by mid to late November.

NOTE

 1) The information in this statement relating to Mineral Resources and geology has been reviewed and approved by Mr. Keith Matier, BSc (Hons), GDE, Pr Sci Nat, who is a competent person in terms of the SAMREC and JORC codes.

2) Mr. Matier is Geology Manager of Central Rand Gold South Africa (Pty) Ltd and has over 17 years experience in precious metal exploration, mineral resource management and evaluation

For further information, please contact:

Johan du Toit +27 (0) 11 674 2304

Patrick Malaza +27 (0) 11 674 2304

Enquiries:

Evolution Securities Limited +44 (0) 20 7071 4300

Simon Edwards / Chris Sim / Neil Elliot

Macquarie First South Advisers (Pty) Ltd +27 (0) 11 583 7000

Annerie Britz / Melanie de Nysschen/ Yvette Labuschagne

Buchanan Communications Limited +44 (0) 20 7466 5000

Bobby Morse / Katharine Sutton / James Strong

Jenni Newman Public Relations (Pty) Ltd +27 (0) 11 772 1033

Jenni Newman