Media releases

CEO Wellesley-Wood announces plans to retire from DRDGOLD

Details

Published: Thursday, 02 November 2006 02:00

Chief Executive Officer Mark Wellesley-Wood used DRDGOLD’s 10th anniversary celebration of its listing on the NASDAQ market today, and of his 55th birthday, to announce his intention to retire from DRDGOLD Johannesburg, South Africa, 2 November 2006. DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY) Chief Executive Officer Mark Wellesley-Wood used DRDGOLD's 10th anniversary celebration of its listing on the NASDAQ market today, and of his 55th birthday, to announce his intention to retire from DRDGOLD.

"I have asked the Board’s Nomination Committee to begin the search for my successor", Wellesley-Wood said.

The effective date of Wellesley-Wood's retirement is not yet known. A further announcement will be made once the effective date has been determined and a successor has been appointed.

"I came to DRDGOLD and to South Africa for six months and have stayed for nearly six years. It is now time to move on."

He cited as personal and company milestones reached in the past year:

• the creation of the “new” 78.72% DRDGOLD-held Emperor Mines Limited, a separately listed Australian company, with a new management team;
• the completion of DRDGOLD’s BEE transaction with KhumoGold SPV Limited in respect of its South African operations; and
• DRDGOLD’s redemption on 12 November of its $66 million Senior Convertible Note.

"I am also especially pleased with progress at our South African gold operations, which now have the opportunity to achieve sustainable growth", he said.

Queries:

South Africa
Investor and Media Relations
Ilja Graulich, DRDGOLD
+27 11 219 8707(office)
+27 83 604 0820 (mobile)

James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)

North America
Investor and Media Relations
Barbara Cano, Breakstone Group International
+1 646 452 2334 (office)

United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James's Corporate Services
+44 20 7499 3916 (office)
+44 779 863 4398 (mobile)

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DRDGOLD is a medium-sized, unhedged gold producer with investments in South Africa and Australasia. Incontrovertibly bullish about its product, the company has recently concluded extensive refocusing of its gold interests.

In South Africa, the company has an 85% interest in DRDGOLD South African Operations (Pty) Limited (DRDGOLD SA), while in Australasia, it has a 78.72% interest in Emperor Mines Limited.

In the 2006 financial year, DRDGOLD SA contributed 60% or 315 976 ounces - of total attributable gold production of 527 401 ounces, and Emperor 211 425 ounces. At 30 June 2006, DRDGOLD's total attributable resource base was 47.6 million ounces and its total attributable reserves were 8.8 million ounces.

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Disclaimer:

Many factors could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a continuing strengthening of the rand against the dollar, regulatory developments adverse to DRDGOLD or difficulties in maintaining necessary licences or other governmental approvals, changes in DRDGOLD's competitive position, changes in business strategy, any major disruption in production at key facilities or adverse changes in foreign exchange rates and various other factors.

These risks include, without limitation, those described in the section entitled "Risk Factors" included in our annual report for the fiscal year ended 30 June 2005, which we filed with the United States Securities and Exchange Commission on 15 December 2005 on Form 20-F. You should not place undue reliance on these forward-looking statements, which speak only as of the date thereof. We do not undertake any obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date of this report or to the occurrence of unanticipated events.