-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EChGe3ogxH7Fmwjjq4h03ObJO7HCneGnKU4es9jre+Abq+xsLSeUppST8MHOugax
 BWPGsxd3/mNVpZdq6z2EUg==

<SEC-DOCUMENT>0001341004-08-000905.txt : 20090126
<SEC-HEADER>0001341004-08-000905.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20080512174355
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-08-000905
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DRDGOLD LTD
		CENTRAL INDEX KEY:			0001023512
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		45 EMPIRE ROAD
		STREET 2:		PARKTOWN
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			2193
		BUSINESS PHONE:		27113817800

	MAIL ADDRESS:	
		STREET 1:		PO BOX 390
		STREET 2:		MARAISBURG
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			1700

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DURBAN ROODEPOORT DEEP LTD
		DATE OF NAME CHANGE:	19960924
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title>drdltr.htm</title>
<!-- Licensed to: Skadden-->
<!-- Document Created using EDGARizer 4.0.5.0 -->
<!-- Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved -->
</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 17pt; FONT-FAMILY: EngraversGothic BT, sans-serif; FONT-VARIANT: small-caps">Skadden,
Arps, Slate, Meagher &amp; Flom (UK) llp</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: EngraversGothic BT, sans-serif">40
BANK STREET</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: EngraversGothic BT, sans-serif">CANARY
WHARF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: EngraversGothic BT, sans-serif">LONDON
E14 5DS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 4pt; FONT-FAMILY: EngraversGothic BT, sans-serif">________</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: EngraversGothic BT, sans-serif">(020)
7519-7000</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: EngraversGothic BT, sans-serif">Fax:
(020) 7519-7070</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Eurostile-WP CY, Arial, sans-serif">www.skadden.com</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 145pt; TEXT-INDENT: 40pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">May
12, 2008</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Securities
and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Division
of Corporation Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Office
of Natural Resources</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">100
F Street, N.E. Mail Stop 7010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Washington,
D.C. 20549-7010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Attention:
H. Roger Schwall, Assistant Director</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 75pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">RE:</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DRDGOLD Limited Form
      20-F for the fiscal year ended June 30, 2007 (F</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ile No.
      0-28800)</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Dear
Mr. Schwall:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">On
behalf of DRDGOLD Limited (&#8220;DRDGOLD&#8221; or the &#8220;Company&#8221;), we are writing to
respond to the comments set forth in your letter to Mr. Jacob Hendrik Dissel,
dated April&#160;10, 2008, with respect to the Company&#8217;s Annual Report on Form
20-F for the fiscal year ended June 30, 2007 (the &#8220;2007 Form 20-F&#8221;)&#160;and the
Company&#8217;s letter to the Commission dated March 31, 2008, responding to the
comments set forth in your letter to&#160;Mr. Jacob Hendrik Dissel, dated
February 29, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Set
forth below are the responses to the Staff&#8217;s comments, which have been provided
in each case following the text of the comment in the Staff&#8217;s
letter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 100px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Comment
      1:</font></div>
            </td>
            <td width="1138">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">We understand from your
      response to engineering comment number 2 in your letter dated March 31,
      2008, that you may have changed the methodology used to determine the
      price you use to estimate your reserve quantities. Please clarify this for
      us. As part of your response, explain to us, in detail, how you determined
      the price used to estimate your reserve quantities as of June 30, 2004,
      2005, 2006 and 2007.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div style="WIDTH: 100%" align="left">
        </div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">May
12, 2008</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Page
2</font></div>
      </div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div><br>&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 101px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Response:</font></div>
            </td>
            <td width="1137">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">In
      light of significant movements in gold prices in recent years, in fiscal
      year 2006 the Company&#160;changed its method to determine the gold price
      used to estimate its ore reserves from the three-year average gold price
      to the gold price at the time of the reserve
  determination.</font></div>
            </td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      gold prices used to estimate the Company&#8217;s reserve quantities as of
      June&#160;30,&#160;2004, 2005, 2006 and 2007 were determined as
      follows:</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">June 30,
  2004</font></font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">For
      fiscal year 2004, ore reserves were determined assuming a gold price of
      approximately R90,023 per kilogram ($400 per ounce), which&#160;was based
      upon&#160;a three-year historical daily average Rand gold price,
      calculated as follows. The three-year historical daily average Rand per
      kilogram gold price was determined by calculating the daily Rand gold
      price from July 1, 2001 to June 30, 2004, which was calculated using the
      U.S. Dollar gold price per ounce multiplied by the kilogram to ounce
      conversion rate of 32.1507 multiplied by the Rand-Dollar exchange rate for
      each day. The&#160;three-year historical average U.S.&#160;Dollar gold
      price was determined by using the closing U.S. Dollar price of gold per
      ounce per day reported by &#8220;Kitco.com&#8221; over the period from July 1, 2001 to
      June&#160;30,&#160;2004. The average exchange rate of ZAR7.00=$1.00 used
      to determine the Rand gold price per kilogram was the average daily
      Rand-Dollar exchange rate&#160;as reported by &#8220;Oanda.com&#8221; over the period
      from July&#160;1,&#160;2001 to June&#160;30,&#160;2004.</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">June 30,
  2005</font></font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">For
      fiscal year 2005, ore reserves were determined assuming a gold price of
      approximately R88,960 per kilogram ($381 per ounce), which was based upon
      a three-year historical daily average Rand gold price, calculated as
      follows. The three-year historical average Rand per kilogram gold
      price&#160;was determined by calculating the daily Rand gold price from
      July&#160;1,&#160;2002 to June&#160;30,&#160;2005,&#160;which was
      calculated using the U.S. Dollar gold price per ounce multiplied by the
      kilogram to ounce conversion rate of 32.1507 multiplied by the Rand-Dollar
      exchange rate for each day. The&#160;three-year historical average U.S.
      Dollar gold price was determined by using the closing U.S. Dollar price of
      gold per ounce per day reported by &#8220;Kitco.com&#8221; over the period from
      July&#160;1,&#160;2002 to June&#160;30,&#160;2005. The average exchange
      rate of ZAR7.26=$1.00 used to determine the Rand gold price per kilogram
      was the Rand-Dollar exchange rate as reported by &#8220;Oanda.com&#8221; over the
      period from July&#160;1,&#160;2002 to
June&#160;30,&#160;2005.</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">June 30,
  2006</font></font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 101px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td width="1137"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">For
      fiscal year 2006, ore reserves were determined assuming a gold price of
      R117,055 per kilogram ($582 per ounce). This gold price was determined by
      using the U.S. Dollar price of gold per ounce as reported by &#8220;Kitco.com&#8221;
      on March 31, 2006 multiplied by the kilogram to ounce conversion rate of
      32.1507 and the Rand-Dollar exchange rate of ZAR6.2557=$1.00 as reported
      by &#8220;Oanda.com&#8221; on March 31, 2006.</font></td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">May
12, 2008</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Page
3</font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">
      <div>&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">June 30,
  2007</font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">For
      fiscal year 2007, ore reserves were determined assuming a gold price of
      R154,437 per kilogram ($660 per ounce). This gold price was determined by
      using the U.S. Dollar price of gold per ounce as reported by &#8220;Kitco.com&#8221;
      on March 30, 2007 multiplied by the kilogram to ounce conversion rate of
      32.1507&#160;and the Rand Dollar exchange rate of ZAR7.2781=$1.00 as
      reported by &#8220;Oanda.com&#8221;&#160;on March 31, 2007.</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Comment
      2:</font></div>
              </td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">To the extent you did
      change</font><font style="DISPLAY: inline; FONT-STYLE: italic"> the
      methodology used to determine the price you use to estimate reserve
      quantities, please provide the following:</font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;</font></font></font></font></td>
              <td width="88%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Explain
      to us why you have made the change;</font></font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;</font></font></font></font></td>
              <td width="88%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Tell
      us whether you believe that the revised methodology would be appropriate
      if gold prices were moving downwards rather than
      upwards;</font></font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;</font></font></font></font></td>
              <td width="88%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Tell
      us what type of change you consider this to be under the guidance of SFAS
      No. 154;</font></font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;</font></font></font></font></td>
              <td width="88%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Quantify
      for us the impact of this change on your reported reserve quantities and
      your financial statements; and,</font></font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="3%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1">&#160;<font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;</font></font></font></font></td>
              <td width="88%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Tell
      us where you disclosed this change and its impact in the footnotes to your
      financial statements and Management&#8217;s Discussion and Analysis of Financial
      Condition and Results of Operations.</font></font></font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Response:</font></font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Prior
      to fiscal year 2006, the Company used three-year average gold prices to
      determine its reserves. The decision to use a three-year average had been
      made by members of management who are no longer with the Company. In light
      of significant movements in gold prices in recent years, in fiscal year
      2006, then current management reexamined the use of three-year average
      gold prices in its reserving methodology and determined to change to using
      prevailing gold prices for purposes of estimating ore reserves, based on
      management&#8217;s conclusion that the prevailing gold price at the time of
      reserve determination is a more appropriate measure for determining
      mineral deposits that could be economically and legally extracted at the
      time of the reserve determination, as required by SEC Industry Guide
      7<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.id0ektae">1</a></font>. In the future, management plans to
      continue using prevailing gold prices for purposes of determining
      reserves.</font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">As
      noted above, the Company believes that the prevailing gold price at the
      date of reserve determination is the most relevant measure&#160;for
      determining the mineral deposits that could be economically and legally
      extracted at the time of that determination, as required by SEC Industry
      Guide 7. The Company therefore believes that the prevailing price would be
      the appropriate price to determine reserves if gold prices were moving
      downwards rather than upwards.</font></td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>____________________<a name="ref.ID0EKTAE">&#160; </a>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 20pt">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      three-year average gold price for fiscal year 2005 was R88,960&#160;per
      kilogram (fiscal year 2004: R90,023&#160;per kilogram) versus a prevailing
      gold price of R86,726 per kilogram (fiscal year 2004: R86,535&#160;per
      kilogram) at the time of the reserve determination. Thus the difference
      between the two measures had not had a material impact on reserve
      determination in those years. By contrast, the three-year average gold
      price for fiscal year 2007 was R115,314 per kilogram (fiscal year 2006:
      R93,800&#160;per kilogram) versus a prevailing gold price of R154,437
      (fiscal year 2006: R117,055 per kilogram) at the time of the reserve
      determination.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">May
12, 2008</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Page
4</font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">The
      Company does not believe that the guidance of SFAS No. 154 is applicable
      in this case, as SFAS No. 154 applies to the reporting of financial
      information in accordance with U.S. GAAP, not to the change of method to
      determine the gold price used in the estimation of the Company&#8217;s ore
      reserves. The Company does not include its ore reserves on the balance
      sheet and its ore reserves are not otherwise reflected in its financial
      statements. Furthermore, the change in the estimation of the gold price is
      neither an accounting change nor the correction of an error, but rather a
      change in the estimate of the gold price that is most relevant to
      determine the mineral deposits that could be economically and legally
      extracted at the time of the reserve determination, as required by SEC
      Industry Guide 7.</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 111px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" width="91%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">As
      noted above, the Company&#8217;s ore reserves are not reflected in its financial
      statements. Therefore, the change in the Company&#8217;s method to determine the
      gold price used in the estimation of the Company&#8217;s ore reserves had no
      impact on the Company&#8217;s financial statements. As a result, the change in
      methodology is not disclosed in the footnotes to the financial statements
      or Management&#8217;s Discussion and Analysis of Financial Condition and Results
      of Operation. In fiscal years 2005 and 2004, the three-year average gold
      price and the gold price at the time of the reserve determination were
      reasonably similar and therefore had no material impact on reported
      reserves. In fiscal years 2007 and 2006, the Company disclosed in its Form
      20-F filings a sensitivity analysis showing the impact of using the gold
      price prevailing on the determination date versus the three-year
      historical average&#160;gold price<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref._DV_M47">2</a></font>. The Company does not believe that any
      further disclosure is required as it has consistently applied&#160;SEC
      Industry Guide 7.</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">_________________</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 20pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">2</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">On
      page 29 of its 2007 Form 20-F, the Company stated the following: <font style="DISPLAY: inline; FONT-STYLE: italic">The measurement and
      classification of our proven and probable ore reserves are sensitive to
      the fluctuation of the gold price. If we look at gold prices different
      from the gold price of R154,437 per kilogram ($660 per ounce) used to
      estimate our attributable Ore Reserves of 6.3 million ounces of gold as of
      June 30, 2007 per the above Imperial schedule, we would have significantly
      different reserves. Using the same methodology and assumptions as were
      used to estimate our Ore Reserves as of June 30, 2007 but with different
      gold prices that are 10% above and below the gold price of R154,437 per
      kilogram ($660 per ounce) used to estimate our attributable gold reserves
      per our above schedules, our attributable gold reserves would be as
      follows:</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="3%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="27%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Rand
      gold price per kilogram</font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R
      115,314<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, times new roman, serif">1</font></font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R138,994</font></div>
              </td>
              <td valign="top" width="20%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R154,437</font></div>
              </td>
              <td valign="top" width="18%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R169,881</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="3%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="27%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">U.S.
      Dollar gold price per ounce</font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$553<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, times new roman, serif">1</font></font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$594</font></div>
              </td>
              <td valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$660</font></div>
              </td>
              <td valign="top" width="18%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$726</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="3%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="27%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Attributable
      Ore Reserves (million ounces)</font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.9</font></div>
              </td>
              <td valign="top" width="16%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">5.9</font></div>
              </td>
              <td valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.3</font></div>
              </td>
              <td valign="top" width="18%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.8</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 40pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">We calculated the three-year
      historical average gold price to be approximately R115,134 per kilogram
      ($553 per ounce).</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top">
                <td style="WIDTH: 18pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;
      </font></div>
                </td>
                <td>
                  <div align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(continued)</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">May
12, 2008</font></div>
        <div style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Page
5</font></div>
        <div style="WIDTH: 100%" align="left">
        </div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">****</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Please
send a copy of any additional correspondence to the undersigned at 40 Bank
Street, Canary Wharf, London E14 5DS, United Kingdom, or by facsimile to our
Washington D.C. office 202 393 5760, from where it will be directly forwarded to
me. If you would like to discuss any aspect of the Company&#8217;s response, please
call me on 011 44 207 519 7171, or in my absence James McDonald on 011 44 207
519 7183.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Sincerely,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 255pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Richard
A. Ely</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
    </div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font size="3">cc:&#160;</font></font></td>
            <td width="94%">
              <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font size="3">DRDGOLD Limited</font></font></div>
              <div>&#160;&#160;&#160;&#160;&#160; Craig Barnes</div>
              <div>&#160;&#160;&#160;&#160;&#160; Jacob Hendrik Dissel</div>
            </td>
          </tr>
          <tr>
            <td width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="94%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="3">Securities and Exchange Commission</font></font></td>
          </tr>
          <tr>
            <td width="6%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="94%">
              <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="3">&#160;&#160;&#160;&#160;&#160;&#160;Sean
Donahue</font></font></div>
              <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font size="3">&#160;&#160;&#160;&#160;&#160; George K.
    Schuler</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><a name="ref.ID0EP1AE"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(cont&#8217;d
from previous page)</font></a></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 20pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">On
page 32 of its 2006 Form 20-F, the Company stated the following: <font style="DISPLAY: inline; FONT-STYLE: italic">The measurement and classification
of our proven and probable ore reserves are sensitive to the fluctuation of the
gold price. If we look at gold prices different from the gold price of R117,055
per kilogram ($582 per ounce) used to estimate our attributable Ore Reserves of
8.8 million ounces of gold as of June 30, 2006 per the above Imperial schedule,
we would have significantly different reserves. Using the same methodology and
assumptions as were used to estimate our Ore Reserves as of June 30, 2006 but
with different gold prices that are 10% above and below the gold price of
R117,055 per kilogram ($582 per ounce) used to estimate our attributable gold
reserves per our above schedules, our attributable gold reserves would be as
follows</font>:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="2%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="18%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Rand
      gold price per kilogram</font></div>
              </td>
              <td valign="top" width="12%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R93,800<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, times new roman, serif">1</font></font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R105,300</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R117,055</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R128,700</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="2%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="18%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">U.S.
      Dollar gold price per ounce</font></div>
              </td>
              <td valign="top" width="12%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$453<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, times new roman, serif">1</font></font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$524</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$582</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$640</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="2%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="18%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Attributable
      Ore Reserves (million ounces)</font></div>
              </td>
              <td valign="top" width="12%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">7.5</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8.2</font></div>
              </td>
              <td valign="top" width="15%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8.8</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">9.5</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 40pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">We calculated the three-year
      historical average gold price to be approximately R93,800 per kilogram
      ($453 per ounce).</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div><br><br></body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
