CENTRAL RAND GOLDCENTRAL RAND GOLD

Roadshow Presentation

May 2010

Presentation Team

Johan Du Toit Chief Executive Officer

A Chartered accountant that held Senior Managerial

Don Harper Head of Mining

20 years’ experience in the underground base metal and

gold sectors in Australia; narrow vein ore body specialist.

Experienced operator in high speed trackless decline

development and mechanised, narrow vein, stoping mining

40 years SA mining experience. CEO and Executive Chairman of

Impala Platinum Holdings Ltd and Gencor Ltd.

Previously NED of Goldfields Ltd

Michael McMahonChairman

held Senior Managerial positions with BHP Billiton and

Standard Bank of SA, and previously Finance Director

of CRG

narrow vein, stoping mining techniques

Keith Matier Chief Geologist

17 years in the mining and exploration industry, specifically

in gold and platinum. Significant experience in

operational grade control and mineral resource management

2

Previously NED of Goldfields Ltd for 9 years

Currently NED of Murray and Roberts Holdings Ltd and Impala

Platinum Holdings Ltd

Important Notice

This Presentation (“Presentation”) is confidential and is being supplied to you for your own information. It may not directly or indirectly be reproduced further distributed to any person or published in whole or in part, for any purposes whatsoever. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction. It must not directly or indirectly be distributed to persons in the United States of America or its territories or possessions, Japan, Canada, Australia, the Republic of Ireland or any other jurisdictions where such distribution would be unlawful. Any such distribution could result in a violation of applicable securities law.

This Presentation has been prepared by Central Rand Gold Limited (the “Company”) solely in connection with updating shareholders in the Company of its progress following the announcement of its audited results and providing information to certain institutional and professional investors in the United Kingdom, South Africa and certain other European jurisdictions.

This Presentation does not constitute or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any Shares or any other securities, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied on in connection with any contract therefore.

No representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its subsidiary undertakings, Evolution Securities Limited (“Evolution”), or its subsidiary undertakings or affiliates or any of such persons’ directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this document and no responsibility or liability is accepted by the Company, any of its subsidiary undertakings, Evolution or its subsidiary undertakings or affiliates or any of such persons directors, officers or employees nor any other person for nay loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

This Presentation is exempt form the general restriction in Section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in This Presentation is exempt form the general restriction in Section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) on the grounds that it is being only addressed to and directed at persons in member sates of the European Economic Area who are “qualified investors” within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EO (“Qualified Investors”). In addition, in the United Kingdom, this document is being distributed only to, and is directed only at (i) Qualified Investors who are also investment professions within the meaning of Article 19(5) of the Order or (ii) Qualified Investors who also fall within Article 49(2)(a) to (d) of the Order, or (iii) others to whom it may otherwise lawfully be communicated call such persons together being referred to as (relevant persons”). This Presentations must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons and (ii) in any members state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available only to (i) in the United Kingdom, relevant persons and (ii) in any member stare of the European Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons.

The content of this Presentation has not been verified and has not been approved by an authorised person. Reliance on this document for the purpose of engaging in any investment activity may expose you to a significant risk of losing all of the property invested or of incurring additional liability. If you are in any doubt about this document, you should consult an appropriate independent advisor.

This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. Such forward-looking statements are based on assumptions and estimates and involve risks, uncertainties and other factors which may cause the actual results, financial condition, performance or achievements of the Company, or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, prospective investors are cautioned not to place any undue reliance on such forward-looking statements. No representation or warranty express or implied is made as to be fairness, accuracy, completeness or correctness of the Presentation or opinions contained therein and each recipient of the Presentation must make its own investigation and assessment of the matters contained therein. In particular, but without prejudice to the generally of the foregoing, no representation or warranty is given, and no responsibility of liability is accepted, as to the achievement or reasonableness of any future projections or the assumptions underlying them, forecasts estimates or statements as to loss howsoever arising from any use of, or in connection with the Presentation. No responsibility or liability whatsoever is accepted by any person for any loss howsoever arising form any use of, or in connection with the Presentation or its contents or otherwise arising in connection therewith. In issuing the Presentation, the Company does not undertake any obligation to update or to correct any inaccuracies which may become apparent in the Presentation.

For the purposes of the South African Companies Act 61 of 1973, this Presentation does not constitute an offer to the public in terms of section 146 and is exempt from the prohibition on the offer for sale to the public without a prospectus on the grounds that it does not constitute an offer capable of acceptance by any person and is purely for informational purposes.

3

Gold Investment Case

● 32km2 mining right and 178km2 prospecting rights

● Target mining right – CMR (East & West), Langlaagte & Crown Mines

Significant ResourceSignificant Resource

● Safe, efficient mechanised mining method at first mine, CMRProven Mining MethodologyProven Mining Methodology

4

● Build from existing production at CMR

● Mining methodology to be replicated across mining areaRealistic Growth Strategy Realistic Growth Strategy

● Responsible for developing new operational plan

● Experienced Board, Operational team and Contractor (ACM)Strong multi-skilled TeamStrong multi-skilled Team

● Net $35m fund raise to achieve a positive cash generating operation

FundingFunding

CRG Tenements – World Class Mineral Assets

A C

Village &

CMR West (Current)

Main Reef Gold Distribution Plan

5

Mineral Tenure Plan CMR CrownVillage & Robinson

City

B

Geological Cross Section

Mine Asset Development Pipeline

2.9 MozIndicated and

Inferred Resource

Pre-Feasibility/BFS

3.5 MozIndicated and

Inferred Resource

Resource DefinitionResource Drilling

29 Moz Indicated and Inferred Resource

Generative/Brownfields

482 000ozProbable Reserve

Development

Village & Robinson

CMRWest

CMREast

‘In Snowden’s opinion, the Central Rand project hasthe potential to develop a number of undergroundoperations similar to that proposed for the CMRMain Reef .’Snowden CPR March 2010

Mining RightNo

production

Robinson West

City

KimberleyReef

Extensions

KimberleyReefCMRLang

-laagte

Bird ReefExtensionsWestern

Areas

WhiteReef CMR

Simmer &

Jack

Crown

Strategic Mineral Resources > 900m

Mining RightProduction

Mining Right

Conversion

6

Mining RightNo

production

Exploration

Snowden CPR March 2010

Legend

CMR Project Significantly De-risked

Snowden's the independent mining consultants completed a successful CPR reviewing the economic viability of CMR West

The review included:

● Trial Mining

– Confirmation of safe, efficient and economical mining method

– Validation of geotechnical strategy

– Confirmation of mining cost assumptions

Snowden's the independent mining consultants completed a successful CPR reviewing the economic viability of CMR West

The review included:

● Trial Mining

– Confirmation of safe, efficient and economical mining method

– Validation of geotechnical strategy

– Confirmation of mining cost assumptions– Confirmation of mining cost assumptions

– Confirmed production schedule and development rates are realistic

●Geological confidence

– Independently compiled JORC reserve

– Verification of geological & grade continuity through underground mapping and sampling

●Metallurgical Process

– Confirmation of planned metallurgical recoveries & production rates

– The implementation of an Optical sorter, to reduce dilution

– Confirmation of mining cost assumptions

– Confirmed production schedule and development rates are realistic

●Geological confidence

– Independently compiled JORC reserve

– Verification of geological & grade continuity through underground mapping and sampling

●Metallurgical Process

– Confirmation of planned metallurgical recoveries & production rates

– The implementation of an Optical sorter, to reduce dilution

7

● 482,000oz Reserve

● 45,000oz Au pa by 2013 production rate

● 482,000oz Reserve

● 45,000oz Au pa by 2013 production rate

Mechanised Mining Methodology

Reef Drive Development

Long Hole Drilling

Loading

Hangingwall

CAF Pillars

Reef Drive Development

Long Hole Drilling

Loading

Hangingwall

CBS Pillars

8

Benefits of CBS pillars

● Effectively Increased ore recovery to 95%

● Efficient & Cost effective method of geo-technical support

Benefits of mechanised mining

● Increased Safety

● Increased development & production rates compared to conventional methods

Main Reef Leader VoidMain Reef Leader Void

CMR West Mine Plan & Geological Confidence

Decline

Decline

● Declines targeting high grade pay channels● Central Decline advanced 952m & at 155mbs● West Decline advanced 85m & at 153mbs● 271m of Reef development completed● Geological confidence developed from 3,600

historical sample points

● Declines targeting high grade pay channels● Central Decline advanced 952m & at 155mbs● West Decline advanced 85m & at 153mbs● 271m of Reef development completed● Geological confidence developed from 3,600

historical sample points

9

Portal

Reef Drives

Metallurgical Process Flow at 45,000oz pa

Development Ore Stoping OreCIP Milling,

Leaching and Refining

246,640 1.72

Waste Slab removal Optical Sorter

CIP Feed from Development CIP Feed from Stopping Ore

33,271 8.54 211,730 5.39

284,830 4.11

Waste Slab removal

Legend

Tonnes/Yr Gold Grade g/t

Feed Tonnes 245,000

Feed Grade 5.82

Ounces/Yr 45,845

Aggregate Sales Tailing Storage Aggregate Sales

Flotation and Screening

113,153 0.92

6,657 –

93,560 0.39 56,118 0.49

16,982 0

Flotation and Screening

10

Optical Sorter

Underground Production Profile – CMR West

Upside Case

11

Base Case

CMR West Identified Upside

Additional gold production

The CPR only examined gold in the Main Reef only

● Snowden further identified the potential for an additional 1.2mt (Sweepings, Vampings, Middling and high grade Main Reef Leader Pillars) at 2.5g/t exist over the LOM.

─ Additional oz adds $75m to the overall project cashflow (LOM)

─ Adds an additional 9,000oz pa delivering a potential 54,000oz pa production rate (steady state)

─ Reduces Total Cash Cost (all in) by $94 per oz

12

US$m

CMR - West 28.4

Pumping Station 4.6

Crown Mines Resource Development 2.0

Total 35.0

Investment Requirement

13

CMR West – Capital Requirements

Invested Capital – $34m

Mining:

● $3.8m underground development

● $1.6m mining surface infrastructure

● $1.4m underground Twin boom jumbo

Metallurgy:

Significant investment made so far – further capital required to reach self funding commercial production:

Capital Required – $28.4m

● $13.3m, Mine Development

● $7.4m, Mining Equipment

● $2.5m, Metallurgical Optimisation

● $5.2m, Working capital

Metallurgy:

● $6.5m, 18ktpm Carbon in Pulp (CIP) plant

● $7.9m, 30tph Bateman concentrator & Flotation circuit

● $12.5m, 20tph and 50tph Gekko concentrator and flotation circuit

14

Pumping Station

● Water table rising since water pumping stoppedOctober 2008

● Water level end April 2010 – 660mbs

● Engineering designs complete for new submersible pump station High Density Sludge Plant

● Water table to be initially maintained at 400mbs across the entire 40km strikeentire 40km strike

● Total cost $22m

● Project to commence by end June 2010

● Government and Industry have committed to fund project

● CRG has committed $4.6m project cost

● Awaiting Government’s announcement on contribution

15

Illustrative Projections of the Group

Corporate efficiency measures

– 13% support staff reduction in 2009

– 28% support staff salary reduction in 2010

– Consolidating office space, cancelling office leases and sale of existing properties

– Reduced legal fees due to the resolution ofBEE dispute in 2010

Corporate efficiency measures

– 13% support staff reduction in 2009

– 28% support staff salary reduction in 2010

– Consolidating office space, cancelling office leases and sale of existing properties

– Reduced legal fees due to the resolution ofBEE dispute in 2010

US$’m 2010 2011 2012 2013

Gold production (koz) 18 35 41 46

Revenue 18.3 35.4 45.9 52.9

Total mining costs -17.7 -25.0 -28.1 -23.4

Net cash flow from mine production 0.6 10.4 17.8 29.5

Support Costs -13.2 -9.4 -9.2 -8.3

Mining support overhead -5.2 -3.6 -3.5 -3.3

Corporate overheads -4.5 -3.0 -2.9 -2.7

Compliance / CSI costs -3.5 -2.8 -2.8 -2.3

Net cash flow from Potential to sell under-utilised plant

Upside Potential

− Cash Balance increases by US$21m by 2013

Assumptions

− Average gold price: $1,086oz

− Average R/USD exchange rate R8.6

Potential to sell under-utilised plant

Upside Potential

− Cash Balance increases by US$21m by 2013

Assumptions

− Average gold price: $1,086oz

− Average R/USD exchange rate R8.6

16

Net cash flow from operations -12.6 1.0 8.6 21.2

Capital expenditure -17.4 -11.0 -15.1 -7.1

Sundry Income -0.2 4.8 0.8 0.0

Exploration expenditure -1.4 -0.6 -0.5 -0.5

Net cash generation -31.6 -5.8 -6.2 13.6

Financing 40.8 0.0 0.0 0.0

Net cash movement 9.2 -5.8 -6.2 13.6

Opening cash position 15.9 25.1 19.3 13.1

Closing cash position 25.1 19.3 13.1 26.7

Cash Cost Analysis: CMR West Only

186

140

169

120

107

126

500

600

700

800

900

1,000

US

$/o

z

Pro

du

cti

on

Co

st

Pro

du

cti

on

Co

st

$937

$717

$811

45,000 oz 54,000 oz

582 545490

120

0

100

200

300

400

500

LOM Cost Steady State Cost Upside Potential Costs (Steady

State)

US

$/o

z

Cash Cost Capital Costs Corporate

Pro

du

cti

on

Co

st

$7

68

Pro

du

cti

on

Co

st

$6

85

Pro

du

cti

on

Co

st

$6

10

17

Cash Cost Range (all-in-cost)

US

$/o

z

Harmony 1Q10 – $1,141oz

Anglo Gold 1Q10 – $822oz

Goldfield 1Q10 – $1,147oz

Cash Cost Range

CRGUpside potential

CRGSteady state

Source: GFMS Mine Economics.

US

$/o

z

Cumulative Production (%)

18

CMR & Crown Target Mining Areas

CMR West

Resources (<900mbs)

Indicated oz 1,070,000

Inferred oz 293,824

Crown Mines

Resources (<900mbs)

Indicated oz 1,110,000

Inferred oz 810,000

19

CMR East

Resources (<900mbs)

Indicated oz 795,840

Inferred oz 214,157

Leveraging off cost base – New CMR East Mine

Advantages

• Reduced Mine development capital by using existing portal access and existing CMRW decline. The CMRE decline has advanced 70m to the East and is currently located 45mbs

• Ability to leverage off existing surface infrastructure, workshops, power etc.

The development of the adjacent CMR East Resource has the following significant:

• Increased equipment and labour efficiency

• Reduces production risk more work areas

Reduced fixed unit costs

• Water Pumping, support services and corporate overhead costs

20

Growth Strategy

CMR West

● Immediate production

● Plant in place

● Mine plan in place

CMR East

● Feasibility study

● No drilling required

21

● No drilling required

● No surface infrastructure required

● Mill upgrade required

Crown

● Drilling to convert inferred resource to indicated

● Feasibility study required

● Implementation

Additional Assets

Long termShort Term Medium Term

Target for 2010

● Build up production profile to achieve 18koz gold production by end 2010

● Year to date gold production 2,300oz mainly from surface mining

● Reef & Decline development underway (14,600t stockpiled)

● Stope ore expected late 3rd/early 4th quarter 2010● Stope ore expected late 3rd/early 4th quarter 2010

● Commence Feasibility into CMR East ... the next mine

● Implement corporate cost savings initiatives

● Implement water table solution

● Continue process to resolve BEE dispute through arbitration

22

CRG Investment Case

● 32km2 mining right and 178km2 prospecting rights

● Target on mining right – CMR (East & West), Langlaagte & Crown Mines

Significant ResourceSignificant Resource

● Safe, efficient mechanised mining method at first mine, CMRProven Mining MethodologyProven Mining Methodology

23

● Production build up to steady state 45,000 oz pa by 2013

● Mining methodology to be replicated across mining areaRealistic Growth Strategy Realistic Growth Strategy

● Responsible for developing new operational plan

● Experienced Board, Operational team and Contractor (ACM)Strong multi-skilled TeamStrong multi-skilled Team

● Net $35m fund raise to achieve a positive cash generating operation

FundingFunding

Appendices

24

Long Hole Stoping & Split Firing

Long Hole Stoping

Pre-Split Fire Post Split Fire

25

Indicated Resources Inferred Resources

Tonnage (Mt)

Grade(g/t)

Metal(Moz)

Tonnage (Mt)

Grade(g/t)

Metal(Moz)

CMR MR & MRL <900m 10.70 5.42 1.86 1.73 9.13 0.51

Crown MR & MRL <900m 5.80 5.95 1.11 3.11 8.05 0.81

V&R MR & MRL <900m 1.80 6.70 0.39 0.20 15.55 0.10

City MR & MRL <900m 2.90 6.81 0.63 2.50 6.76 0.54

Resource Base Tabulation

City MR & MRL <900m 2.90 6.81 0.63 2.50 6.76 0.54

Simmer & Jack MRL <900m 1.50 8.80 0.43 0.20 8.20 0.04

Kimberley Reef (CMR) <900m 3.70 3.75 0.44 4.30 3.70 0.51

White Reef (CMR) <900m 2.60 3.69 0.31 0.59 3.71 0.07

MR & MRL >900m and other sources 58.50 9.68 18.22 39.49 8.51 10.81

26

April 2010 August 2009

Probable reserves 482,000 271,000

Life of mine 12 years 7 years

Head grade (g/t) 4.0 4.1

Ore loss ratio 5% 25%

Metallurgical recovery 86% 80%

Key Mining Metrics in CPR1

Cost per tonne R410 R496

Cash costs/oz US$582 US$580

Total cash cost/oz US$755 US$800

1 Signed off by Snowden’s Economics only assumes Main Reef will be mined

27

Stoping Methodology: Step by Step

Main Reef Package Reef Development fully SupportedExtract Middling &

Main Reef for CAF Slot

Install Bulkhead & Pour CAF PillarExtract Middling &

Main Reef Between CAF PillarsMain Reef Stope Extraction

Between CAF Pillars

28