Media releases

DRDGOLD announces appointment of new CEO; DRDGOLD SA achieves 26% BEE ownership and appoints new Chairman

Details

Published: Monday, 11 December 2006 02:00

DRDGOLD Limited tday announced the appointment of the company’s current Chief Financial Officer (CFO), John Sayers, as Chief Executive Officer with effect from 1 January 2007.
Johannesburg, South Africa, 11 December 2006. DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY) today announced the appointment of the company’s current Chief Financial Officer (CFO), John Sayers, as Chief Executive Officer with effect from 1 January 2007.

DRDGOLD also announced today its approval of the exercise of the option by its Black Economic Empowerment (BEE) partner in DRDGOLD South African Operations (Pty) Limited (DRDGOLD SA), KhumoGold (SPV) Pty Limited, to increase its stake in DRDGOLD SA from 15% to 20%, and to facilitate the incorporation of a further 6% into an employee trust. DRDGOLD SA wholly owns and operates the Blyvooruitzicht and ERPM deep-level gold mining operations and the Crown surface retreatment operation. Following the exercise of its option, Khumo will have three Board seats on the DRDGOLD SA Board, the other Khumo members being Dr Paseka Ncholo (alternate Thulo Mogotsi) and Louisa Zondo.

Sayers (60) succeeds out-going CEO Mark Wellesley-Wood (55) who has been appointed Chairman of DRDGOLD SA by Khumo Bathong Holdings, on behalf of Khumo Gold. Niel Pretorius, CEO of DRDGOLD SA, will report to the board of DRDGOLD SA, and is no longer an alternate director of DRDGOLD.

Kobus Dissel (48), currently Group Financial Manager at DRDGOLD and an Alternate Director, has been appointed acting CFO to replace Sayers with effect from 1 January 2007.

Sayers joined DRDGOLD as CFO in September 2005, bringing to the company almost 40 years of financial experience. Prior to joining DRDGOLD he was Financial Director of Nampak Limited (1996-2004) and, before that, was Financial Director of Altron Limited (1989-1996).

Commenting on Sayers’ appointment, DRDGOLD Non-executive Chairman Geoffrey Campbell said: "Since joining the company, John has made a major contribution to the group’s financial management and strategy and to the development of business strategy. John’s leadership style, strategic thinking and financial experience will be great assets in his new role as CEO.”

Campbell paid tribute to outgoing CEO Mark Wellesley-Wood for his “steadfast leadership of DRDGOLD, variously as CEO and Executive Chairman, during enormously testing times in respect of corporate governance, operational difficulties and far-reaching asset restructuring in South Africa and Australasia. We will continue to benefit from his extensive mining and business expertise in his new role as Chairman of DRDGOLD SA, and commend our BEE partners in selecting him for this role”.

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)

---

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.

For more information, please visit www.drdgold.com

---

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.