Media releases

Extension granted for publication of Blyvoor rescue plan

Details

Published: Wednesday, 17 August 2011 02:00

Johannesburg, South Africa. 17 August 2011. DRDGOLD Limited (DRDGOLD; JSE: DRD; NASDAQ: DROOY) has announced that its 74%-owned subsidiary, Blyvooruitzicht Gold Mining Company Limited (Blyvoor) currently involved in a business rescue process in terms of Chapter 6 of the Companies Act has been granted an extension by the Southern Gauteng High Court of South Africa (Johannesburg) until 1 November 2011 to publish a business rescue plan.

Interested parties have until 13 September 2011 to show cause why the order granting the extension should not be confirmed.

In court papers motivating for the extension, Blyvoors registered business rescue practitioner, Peter van den Steen, stated that various processes critical to finalisation of the business rescue plan were ongoing and would require additional time to conclude.

These included:

• discussions on terms with key creditors;
• wage negotiations with unions and associations;
• negotiations with neighbouring mining companies regarding asset acquisitions; and
• on-mine measures to improve labour, energy and water efficiencies.

The detailed report for the quarter and year ended 30 June 2011 will be released to the market on or about 26 August 2011.

Queries:

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

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

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 included in this document, including, among others, adverse changes or uncertainties in general economic conditions in the markets we serve, a drop in the gold price, a sustained 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 2010, which we filed with the United States Securities and Exchange Commission on 29 October 2010 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.