Issue of Equity

The Company hereby announces that it has received notice of partial exercise in respect of the convertible security previously entered into with Bergen Global Opportunity Fund, LP ("Bergen") at a conversion price of 0.8 pence, the details of which were announced to the market on 7 June 2016 pursuant to which 6,345,178 ordinary shares (the "Relevant Shares") are to be issued. Application has therefore been made for the Relevant Shares to be admitted to trading on AIM and to the JSE Limited with admission expected to take place on 7 February 2017. The Relevant Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following admission of the Relevant Shares, the Company's enlarged issued share capital will comprise 215,032,206 ordinary shares with voting rights. This figure of 215,032,206 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Listing Authority.

For further information, please contact:

Central Rand Gold +27 (0) 87 310 4400

Lola Trollip

ZAI Corporate Finance Limited - Nominated Adviser +44 (0) 20 7060 2220

John Treacy / Jamie Spotswood

Brandon Hill Capital Limited - Broker +44 (0) 20 3463 5000

Jonathan Evans / Wei Jiao

Merchantec Capital - JSE Sponsor +27 (0) 11 325 6363

Monique Martinez / Marcel Goncalves

Johannesburg

1 February 2017

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