OPERATIONAL UPDATE

Central Rand Gold today provides an update on significant events that occurred during the first four months of 2013, expanding on detail provided in the Annual Report for 2012.

Mining Operations

Total mine production for the quarter was 54,613 tonnes, of which 40% was from opencast mining. Underground mining continued to focus on developing and opening up new mining stopes through off-reef development. The mining operations have been successfully developed through the Western dyke, which has provided Central Rand Gold with a significant new mining front within our CMR West mining area.

Mine Call Factor

The Mine Call Factor ("MCF") has showed steady improvement through the first quarter of 2013 with batch test work of underground sulphide ore averaging 67% for the year to date with a high in March of 71%. The medium-term target remains to achieve a MCF of above 75%.

Production results

The challenges of erratic milling availability surrounding the Bateman Mill continued throughout January and February, requiring several gearbox replacements and major modifications to the mill drive train. These modifications appeared to bear fruit in March with production stabilising at 15,645 dry tonnes, arising from a solid 85% plant availability. In April however, a further two weeks were lost on the Bateman Mill due again to further gearbox failures. The Bateman Mill was brought back online on 13 April 2013 with larger improved gearboxes and a strengthened drive train and has operated well since.

Since the January planned shutdown, the CIL Mill availability has been consistently above the target of 80%.

Toll treatment of ore was stepped up during the first quarter of 2013 to alleviate the impact of the lower than anticipated internal production.

Potential Restructuring

The disappointing first quarter results brought about by on-going poor plant availability on the part of the Bateman Mill, coupled with lower grades, required a re-assessment of the Company's business structure and plan.

The current low grades were largely expected as mining progressed through a known low grade area of the mine. The issues surrounding the Bateman Mill are a source of concern and thus the Company has embarked on remedial steps to assure continuous steady state production.

The Company is currently in talks with an external toll processing company with a view to exploring the possibility of toll treating the majority of the Company's mine production at commercial rates more closely aligned to the existing internal cost of production. The option to outsource gold production provides operating cost protection; access to additional metallurgical production capacity as well as ensuring a more stable production profile.

Due to the aforementioned factors, on 8 April 2013 the Company commenced discussions with its employees and other affected parties, with regards to potential redundancies, in terms of Section 189 of the Labour Relations Act 66 of 1995. The process will be completed by 8 June 2013, where after the new agreed upon organisational structure will be implemented.

For further information, please contact:

Central Rand Gold +27 (0) 87 310 4400

Johan du Toit / Patrick Malaza

Charles Stanley Securities Limited +44 (0) 20 7149 6478

Marc Milmo / Mark Taylor

Merchantec Capital +27 (0) 11 325 6363

Monique Martinez / Marcel Goncalves

Buchanan +44 (0) 20 7466 5000

Bobby Morse / Louise Mason

www.buchanan.uk.com

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

Proprietary Limited

Jenni Newman

Johannesburg

29 April 2013

Sponsor

Merchantec Capital