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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)
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
Operational and Organisational Review
The Board of directors of Central Rand Gold hereby notifies its shareholders that Finance Director, Patrick Malaza, has resigned from the Company, to pursue other business interests. Patrick will leave the Company at the end of July 2014.
Patrick's resignation enables the Company to reallocate duties within the finance team. This will provide an opportunity for emerging talent within the finance team to assume more responsibility and also contribute to the future success of the Company. Further, the reallocation of duties will result in a significant reduction in remuneration costs.
Johan du Toit, Chief Executive Officer of the Company commented: "I would like to thank Patrick for his invaluable contribution over the last five years, which included some very trying and tough times. I wish him all the best for his future business endeavours. With any change, new opportunities arise and I believe that our existing employees have the capability to take up these new and additional roles and responsibilities."
Operational and Organisation Review
With the successful commissioning of the new mill 3 ("Mill 3") completed in May, the Company has embarked on an efficiency review of the entire operations. The purpose of the review is to identify efficiency improvement opportunities which it is hoped will have a streamlining effect across the organisation.
Commenting on the efficiency review was Nathan Taylor "It is important that we as a Company are constantly reviewing how we conduct our business. We need to ensure that we are always striving to improve and operate more efficiently. The commissioning of Mill 3 on time and within budget was exceptional and has established a new benchmark for how we must approach all areas of the business. We look forward to updating shareholders further as new operational efficiencies are identified and executed."
For further information, please contact:
Central Rand Gold +27 (0) 11 674 2304
Johan du Toit / Nathan Taylor
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
Jenni Newman Public Relations +27 (0) 11 506 7351
6 June 2014
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