NOTICE OF ANNUAL GENERAL MEETING

The Company has posted an annual general meeting notice and circular, dated 23 March 2012, to its Shareholders. The annual general meeting will be held on Tuesday, 24 April 2012 at the offices of Carey Olsen, Carey House, Les Banques, St Peter Port, Guernsey, GY1 4BZ (not at the registered office) at 11:00 (UK time).

Shareholders wishing to participate in the annual general meeting in Guernsey via video link from London may do so at the offices of K & L Gates, One New Change, London, EC4M 9AF. Shareholders in South Africa wishing to participate in the annual general meeting via video link from Johannesburg may do so at the offices of Rudolph, Bernstein & Associates, Block B, 7 Eton Road, Sandhurst, Johannesburg.

At the AGM, the following resolutions will be put to the meeting as ordinary resolutions:

1. To receive and consider the Company's report and accounts for the financial year ended 31 December 2011;

2. To re-appoint KPMG LLP as auditors and to authorise the directors to fix their remuneration;

3. To re-elect Miklos Salamon as a director of the Company;

4. To re-elect Patrick Malaza as a director of the Company; and

5. To approve the Directors Remuneration Report for the year ended 31 December 2011.

The following resolution will be put to the meeting as an extraordinary resolution:

6. The directors be empowered to allot equity securities wholly for cash free of pre-emption provisions in the Articles:

(a) by way of rights to holders of ordinary shares; and

(b) otherwise than in (a) above up to a maximum aggregate nominal amount equal to £799,841.

The annual general meeting notice and circular is only available in the English language from the offices ofK & L Gates, One New Change, London, EC4M 9AF or at the offices of the Company at CRG Slot8,10 Spencer Road, corner Spencer and Robert Roads, Robertville, South Africa, 1710.

For further information, please contact:

Central Rand Gold +27 (0) 11 674 2304

Johan du Toit / Patrick Malaza

Investec +44 (0) 20 7597 5970

Chris Sim / Neil Elliot

Merchantec Capital +27 (0) 11 325 6363

Roger Pitt / Monique Martinez

Buchanan +44 (0) 20 7466 5000

Bobby Morse / James Strong

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

Jenni Newman

23 March 2012

Johannesburg

JSE Sponsor

Merchantec Capital