Results of Open Offer

Central Rand Gold Limited

(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: GG00B92NXM24

LSE share code: CRND JSE share code: CRD

("Central Rand Gold" or the "Company")

Results of Open Offer

Central Rand Gold is pleased to announce that it has received valid applications from Qualifying Shareholders in respect of 7,396,783 Open Offer Shares, representing approximately 38.53 per cent. of the Open Offer Shares available pursuant to the Open Offer.

 11,799,282 Open Offer Shares not applied for by Qualifying Shareholders under the Open Offer will be taken up by Placees under the terms of the Placing and the Subscription. 19,196,065 new Ordinary Shares have therefore been allotted and issued by the Company raising gross proceeds of £1.69 million.

Application has been made for 19,196,065 new Ordinary Shares to be admitted to trading on AIM and on AltX. It is expected that trading in the 19,196,065 new Ordinary Shares will become effective on AIM at 8.00 a.m. on 20 January 2014 and will become effective on AltX at 9.00 a.m. (South African time) on 20 January 2014. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company. Following Admission, the total issued share capital of the Company will be 51,189,508 Ordinary Shares.

Pursuant to the terms of the Option Agreement dated 2 August 2013, Redstone Capital will have a period of 60 days from 20 January 2014 to subscribe for up to 32,605,167 new Ordinary Shares at a price of 8.78 pence per Ordinary Share. The Directors believe that Redstone Capital intends to subscribe for 32,605,167 new Ordinary Shares under the terms of the Option Agreement.

Johan du Toit, Chief Executive Officer, commented: "I would like to thank our existing shareholders for their continued support demonstrated by their contribution to this Open Offer, We are making good progress with the previously announced improvements to our operations and continue to strive towards increasing value to our new and existing shareholders".

Capitalised terms used in this announcement have the same meanings given to them in the document published by the Company on 6 December 2013.

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 6000

Marc Milmo / Mark Taylor

Merchantec Capital +27 (0) 11 325 6363

Marcel Goncalves / Monique Martinez

Buchanan +44 (0) 20 7466 5000

Bobby Morse/Louise Mason

www.buchanan.uk.com 

Jenni Newman Public Relations Proprietary Limited +27 (0) 11 506 735

Jenni Newman

16 January 2014

Charles Stanley Securities, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser and broker to Central Rand Gold for the purpose of the AIM Rules in connection with the Placing, Subscription and Open Offer and, as such, its responsibilities are owed solely to the London Stock Exchange and are not owed to the Company or to any Director or to any other person or entity. Charles Stanley Securities will not be responsible to any person other than the Company for providing the protections afforded to clients of Charles Stanley Securities or for providing advice to any other person in connection with the Placing, Subscription and Open Offer or any other matter referred to herein. Charles Stanley Securities has not authorised the contents of, or any part of, this announcement, and no liability whatsoever is accepted by Charles Stanley Securities for the accuracy of any information or opinions contained in this announcement or for the omission of any material information.

This announcement does not constitute, or form part of the Placing, Subscription and Open Offer or any invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall this announcement or any part of it, or the fact of its distribution, form the basis of, or be relied on, in connection with or act as any inducement to enter into any contract or commitment whatsoever with respect to the Placing, Subscription and Open Offer or otherwise.