Issue of Equity

Further to the announcement dated 23 January 2017 wherein shareholders were advised of the appointment of Brandon Hill Capital Limited ("Brandon Hill") as the Company's broker, Central Rand Gold is pleased to announce the issuance of 936,330 ordinary shares (the "Relevant Shares") in the Company to Brandon Hill as part consideration of their fee, in accordance with the terms of their engagement letter. Application has therefore been made for the Relevant Shares to be admitted to trading on both AIM and the JSE, with admission to take place on 1 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 208,687,028 ordinary shares with voting rights. This figure of 208,687,028 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

27 January 2017

Sponsor

Merchantec Capital