Operational Update

Highlights

· Positive engagement with all MOU Parties and due diligence programs continue to advance

· Completion date for all MOU agreements reset to 12 June 2015 to ensure common timetable for all MOU Parties and completion of required due diligence by all parties

· Metallurgical plant performing well with significant improvements in both Mine Call Factor and plant availability

· Selective metallurgical plant upgrades to continue in H1 2015 with aim of further improving Mine Call Factor and plant availability

· TCTA has successfully completed phase 1 upgrade to the clarifier rakes at HDS plant

· HDS plant running at 86% nameplate capacity in March resulting in a daily pumping rate of 72 mlpd

Extension of MOU Dates

Throughout the first quarter of 2015, the Company has advanced due diligence discussions with Hiria Group Company Limited ("Hiria"), Shengbang Jiabo Consulting Company ("Shengbang"), Beijing Ankong Investment Company ("Ankong") and Huili Resources Group Ltd ("Huili") (together the "MOU Parties"). All MOU Parties remain engaged and continue to work towards due diligence completion.

As previously announced on 12 February 2015, the Company executed a MOU with Huili which had a target completion date for execution of a formal sale agreement by 12 June 2015. After consultation with all MOU Parties, the Company has decided to realign the target completion date for all MOU Parties to 12 June 2015. The purpose of the realignment of the target completion date is to ensure that all MOU Parties are working on a common timetable and have the ability to complete their required due diligence. This will enable the Company to streamline the process and ensure that Company resources are not wasted. The planned site visits scheduled for February 2015, were postponed by mutual agreement, to allow all MOU Parties further time to complete their due diligence on all information supplied via the Central Rand Gold data room. To ensure that the due diligence process is completed effectively, the Board has tasked Jason Hou, a Non-Executive Director of Central Rand Gold, to lead the due diligence process. The Board believes that with Jason being permanently based in Beijing, coupled with his proficiency in English and Mandarin, he is able to engage with all MOU Parties on a regular basis, to ensure the timeous completion of the due diligence process.

Commenting on the due diligence progress, Nathan Taylor, Interim Chairman of the Company said: "The feedback from all MOU Parties is positive at this stage. Significant attention has been focussed on examining the Company's geological information and database, resources estimation meth od , and finally Central Rand Gold's growth strategy via the CMR and Crown Competent Persons Report."

Acid Mine Drainage

The interim solution to strengthen the clarifier rakes in the HDS plant was completed at the end of February 2015. This improvement has allowed for an increase in daily pumping to approximately 72mlpd. This level of pumping was only anticipated to be achieved in June 2015 once the permanent solution had been implemented. Since the beginning of March 2015, Central Rand Gold has seen a steady decrease in the water table and a reduction of around 1.6 vertical metres has been reported to date, with the current water level at approximately 142 metres below surface. This is very encouraging as it once again proves that the Central Basin can be de-watered even during the typical 'rainy season'.

Mining Update

With the water level at approximately 142 metres below surface, underground mining remains suspended. The Company continues to focus on exploiting the open pit potential in its tenement area, during this interim phase. Open pit mining has performed in line with management's expectations in the first quarter. During the first two months of the year, 8,471 tons were mined from slot 7 and 15,974 tons were mined from slot 5. Mining at slot 5 recommenced in March 2015, having been temporarily suspended in February 2015, to allow for the existing stockpile levels to be reduced to more acceptable levels. Overall, an average mined grade of 2.01g/t was achieved with a Mine Call Factor of 84%.

Metallurgical Update

The maintenance and upgrades to the plant, following the January 2015 annual maintenance block, have been successful with availability increasing to 89% in February 2015. In February, the combined ore processing (toll inclusive) reached 19,900 tons. Due to improved metallurgical processes and recoveries, despite the feed grade being 23% lower than last year, gold production was 10% higher than last year at 1,145oz.

Toll Treatment and Outsourcing

The low grade Joint Tolling Venture is progressing well with Mintails Limited. This arrangement allows both companies to monetise low grade material within dumps on the Company's property that would otherwise be uneconomical to process. To date 5,613 tons at an average landed grade of 0.91g/t has been processed.

For further information, please contact:

Central Rand Gold +27 (0) 11 674 2304

Johan du Toit

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

Marc Milmo / Mark Taylor

Merchantec Capital +27 (0) 11 325 6363

Monique Martinez / Marcel Goncalves

Johannesburg

31 March 2015

Sponsor

Merchantec Capital