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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001341004-08-002098.txt : 20090126
<SEC-HEADER>0001341004-08-002098.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20080912124825
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-08-002098
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080912

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
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; 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; LINE-HEIGHT: 13.7pt; 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>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Attention:
Brad Skinner, Senior Assistant Chief Accountant</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              </td>
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      20-F for the fiscal year ended June 30, 2007 (File No.
      0-28800)</font></font></div>
              </td>
            </tr>
        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Dear Mr. </font><font style="DISPLAY: inline; COLOR: #000000">Skinner</font><font style="DISPLAY: inline; COLOR: #000000">:</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On behalf of DRDGOLD Limited (the
&#8220;</font><font style="DISPLAY: inline; COLOR: #000000">Company&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">), we are writing to respond to the
comments set forth in your letter to Mr. Jacob Hendrik Dissel, dated
</font><font style="DISPLAY: inline; COLOR: #000000">August 6</font><font style="DISPLAY: inline; COLOR: #000000">, 2008, with respect to the
Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s Annual Report on Form 20-F for the
fis</font><font style="DISPLAY: inline; COLOR: #000000">cal year ended June 30,
2007 (the &#8220;</font><font style="DISPLAY: inline; COLOR: #000000">2007 Form
20-F&#8221;</font><font style="DISPLAY: inline; COLOR: #000000">)</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">and the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s letters to the Commission dated March
31, 2008, May 12, 2008 and July 11, 2008 responding to the comments </font><font style="DISPLAY: inline; COLOR: #000000">of the Staff </font><font style="DISPLAY: inline; COLOR: #000000">set forth in your letters to</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Mr. Jacob Hendrik Dissel</font><font style="DISPLAY: inline; COLOR: #000000"> dated Februar</font><font style="DISPLAY: inline; COLOR: #000000">y 29, 2008, April 10, 2008 and June 10,
2008</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><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; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">We have
      </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">considered
      your responses to prior co</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">mments number
      1 and 2 from our letter dated April 10, 2008 and prior comments number 2
      and 3 from our letter dated June 10,
  2008.</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">It is the staff</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s position that determination of mineral
reserves should be based on a historic three-year average commodity </font><font style="DISPLAY: inline; COLOR: #000000">price.&#160;&#160;Any change from that
method to the use of a single-point price would involve a change in the method
of applying an accounting principle and would represent a change in accounting
estimate affected by a change in </font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">accounting principle.&#160;&#160;Such a
chang</font><font style="DISPLAY: inline; COLOR: #000000">e</font><font style="DISPLAY: inline; COLOR: #000000"> may only be made if the new accounting
principle is justifiable on the basis that it is preferable and would require
specific disclosure in the notes to the financial statements.&#160;&#160;See
SFAS 154, pars. 21 and 22.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">In addition, disclosure outside of the
fina</font><font style="DISPLAY: inline; COLOR: #000000">ncial statements should
address the following with respect to the change:</font></font></div>
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">The nature of
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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              <td style="WIDTH: 25pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000;" face="Symbol, serif">&#183;</font></font></div>
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">The reasons
      for the change;</font></font></div>
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            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 25pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000;" face="Symbol, serif">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">The impact on
      reported reserve quantities of the change;
  and</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 72pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
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              <td style="WIDTH: 25pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000;" face="Symbol, serif">&#183;</font></font></div>
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              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">The historical
      volatility of gold prices and how the use of a sing</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">le-point
      price, as opposed to an average price, will impact reserve quantities in
      periods of rising and falling
prices.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
              <td style="WIDTH: 96px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Response:</font></font></div>
              </td>
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                <div style="LINE-HEIGHT: 1.25" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">described</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">in </font><font style="DISPLAY: inline; COLOR: #000000">the</font><font style="DISPLAY: inline; COLOR: #000000"> letter to the Staff dated May 12,
      2008, </font><font style="DISPLAY: inline; COLOR: #000000">prior to fiscal
      year 2006</font><font style="DISPLAY: inline; COLOR: #000000">,</font><font style="DISPLAY: inline; COLOR: #000000"> the Company used three-year
      average go</font><font style="DISPLAY: inline; COLOR: #000000">ld prices
      to determine its reserves.&#160;&#160;In light of significant movements in
      gold prices, in fiscal year 2006, then</font><font style="DISPLAY: inline; COLOR: #000000">-</font><font style="DISPLAY: inline; COLOR: #000000">current management </font><font style="DISPLAY: inline; COLOR: #000000">re-examined</font><font style="DISPLAY: inline; COLOR: #000000"> the use of three-year average
      gold prices in its reserving methodology and determined to change to using
      </font><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000">pr</font><font style="DISPLAY: inline; COLOR: #000000">evailing</font><font style="DISPLAY: inline; COLOR: #000000"> gold price<font style="FONT-SIZE: 7pt; VERTICAL-ALIGN: super; COLOR: #000000; FONT-FAMILY: times new roman">1</font></font><font style="DISPLAY: inline; COLOR: #000000"> for purposes of estimating ore
      reserves, based on management's conclusion that the </font><font style="DISPLAY: inline; COLOR: #000000">prevailing</font><font style="DISPLAY: inline; COLOR: #000000"> gold price at the time of reserve
      determination is a more appropriate measure for determining mineral
      deposits that could be economically and</font><font style="DISPLAY: inline; COLOR: #000000"> legally extracted at the time of
      the reserve determination, as required by SEC Industry Guide 7.
      </font><font style="DISPLAY: inline; COLOR: #000000">The Company uses the
      </font><font style="DISPLAY: inline; COLOR: #000000">prevailing</font><font style="DISPLAY: inline; COLOR: #000000"> price of gold in determining its
      mining plans<font style="FONT-SIZE: 7pt; VERTICAL-ALIGN: super; COLOR: #000000; FONT-FAMILY: times new roman">2</font></font><font style="DISPLAY: inline; COLOR: #000000"> and believes that the same price
      should be used for determining its reserves.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Accordingly, the Company believes
      that the </font><font style="DISPLAY: inline; COLOR: #000000">prevailing</font><font style="DISPLAY: inline; COLOR: #000000"> gold price </font><font style="DISPLAY: inline; COLOR: #000000">is </font><font style="DISPLAY: inline; COLOR: #000000">preferable to a three-year average
      price</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">for determination of its
      reserves</font><font style="DISPLAY: inline; COLOR: #000000">, and
      therefore that the change to the use of a </font><font style="DISPLAY: inline; COLOR: #000000">prevailing</font><font style="DISPLAY: inline; COLOR: #000000"> price is
      justifiable.</font></font></div>
                <div style="LINE-HEIGHT: 1.25" align="justify">&#160;</div>
                <div style="LINE-HEIGHT: 1.25" align="justify">The Company will present its
      financial statements under International Financial Reporting Standards
      (&#8220;IFRS&#8221;) in its Annual Report on Form 20-F for the fiscal year ended June
      30, 2008 (the &#8220;2008 Form 20-F&#8221;).&#160;&#160;As a result, SFAS 154 will no
      longer be applicable to the Company.&#160;&#160;Nonetheless, in response
      to the Staff&#8217;s comment, the Company plans to include disclosure
      substantially in the form set forth below in Item 5A. of the 2008 Form
      20-F under the discussion of &#8220;Ore Reserves.&#8221;:</div>
                <div style="LINE-HEIGHT: 1.25" align="justify">&#160;</div>
                <div style="LINE-HEIGHT: 1.25" align="justify">&#8220;<font style="DISPLAY: inline; COLOR: #000000">In light of significant movements
      in gold prices, in fiscal </font><font style="DISPLAY: inline; COLOR: #000000">year 2006 the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">changed the gold price used to
      estimate its ore reserves from a three-year average gold price to the
      prevailing gold price at the time of the reserve
      determination.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">T</font><font style="DISPLAY: inline; COLOR: #000000">he Company</font><font style="DISPLAY: inline; COLOR: #000000"> made this change because
      it</font><font style="DISPLAY: inline; COLOR: #000000">
      believes</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><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">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
                <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">The
      closing U.S. dollar price of gold per ounce as reported by kitco.com on
      March 31 of a fiscal year.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><a name="ref.ID0EIJAE">&#160; </a></div>
        <div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
                  <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">2</font></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      Company also uses projected future prices in determining its mining
      plans.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </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"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">2</font></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>
      </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 align="center">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top" style="LINE-HEIGHT: 13.7pt;">
                <td style="WIDTH: 96px"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td width="1142" style="LINE-HEIGHT: 1.3">
                  <div>that the prevailing<font style="DISPLAY: inline; COLOR: #000000">
      gold price at the date of reserve determination is </font>the most
      relevant <font style="DISPLAY: inline; COLOR: #000000">measure for
      determining the mineral deposits that could be economically and legally
      extracted at the time of that determination, particularly in light of the
      recent significant movements</font><font style="DISPLAY: inline; COLOR: #000000"> in gold prices.&#160;&#160;This
      change resulted in higher reserv</font><font style="DISPLAY: inline; COLOR: #000000">es as of June 30, 2006, 2007 and
      2008</font><font style="DISPLAY: inline; COLOR: #000000">. This change
      also resulted in lower depreciation and amortization charges for the
      year</font><font style="DISPLAY: inline; COLOR: #000000">s</font><font style="DISPLAY: inline; COLOR: #000000"> ended June 30, 2007 </font><font style="DISPLAY: inline; COLOR: #000000">and 2008 </font><font style="DISPLAY: inline; COLOR: #000000">because of the increase in
      reserves. </font>The Company would have incurred incremental depreciation
      and amortization charges of $[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]<font style="FONT-SIZE: 7pt; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman">3</font>
      in 2007 had it used the three-year historical average gold price for
      reserve determination as of the end of fiscal year 2006, and would have
      incurred incremental depreciation and amortization charges of $[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]<font size="1" style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">3</font> in 2008 had
      it used the three year historical average gold price for reserve
      determination as of the end of fiscal year 2007.&#160;&#160;The change in
      the gold price determination methodology for estimation of reserves had no
      impact on depreciation and amortization charges for fiscal year 2006 as
      such charges were based on the ore reserves estimate at the end of fiscal
      year 2005, which was calculated using the historical three-year average
      gold price.&#8221;</div>
                  <div>&#160;</div>
                  <div>Additionally, as noted in the letter to the Staff dated July 11,
      2008, the Company plans to include disclosure substantially similar to the
      following under Item 4B. &#8220;Business Overview, Ore Reserves&#8221; and include a
      reference to this discussion in Item 5A. of the 2008 Form 20-F under the
      discussion of &#8220;Ore Reserves.&#8221;</div>
                  <div>&#160;</div>
                  <div>&#8220;<font style="DISPLAY: inline; COLOR: #000000">In light of
      significant movements in gold </font><font style="DISPLAY: inline; COLOR: #000000">prices, in fiscal year 2006 the
      Company</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">changed the gold price used to
      estimate its ore reserves from a three-year average gold price to the
      prevailing gold price at the time of the reserve
      determination.&#160;&#160;T</font><font style="DISPLAY: inline; COLOR: #000000">he Company believes </font><font style="DISPLAY: inline; COLOR: #000000">that the prevailing gold
      pric</font><font style="DISPLAY: inline; COLOR: #000000">e at the date of
      reserve determination is </font>the most relevant <font style="DISPLAY: inline; COLOR: #000000">measure for determining the
      mineral deposits that could be economically and legally extracted at the
      time of that determination</font>.</div>
                  <div>&#160;</div>
                  <div>The measurement and classification of our proven and probable ore
      reserves are sensitive to the fluctuation of the gold price. If we had
      used different gold prices than the prevailing prices on March 31, 2008,
      2007 and 2006 to determine reserves as of June 30, 2008, 2007 and 2006,
      respectively, we would have had significantly different reserves as of
      those dates. Using the same methodology and assumptions as were used to
      estimate our Ore Reserves but with different gold prices, our attributable
      gold reserves as of June 30, 2008, 2007 and 2006 would be as
    follows:</div>
                </td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">&#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"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3</font></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>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br>&#160;</div>
      <div align="left">
        <table cellpadding="1" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-TOP: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Year
      Ending June 30, 2008<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">4</font></font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Business
      Plan at Prevailing Price (March 31, 2008)</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Below Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Above Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Three-year
      Average Price</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: gray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: gray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: gray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: gray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: gray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font size="1" style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">[<font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">&#9679;</font>]</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div align="left">
        <table cellpadding="1" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-TOP: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Year
      Ending June 30, 2007</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Business
      Plan at Prevailing Price (March 31, 2007)</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Below Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Above Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Three-year
      Average Price</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R154,437</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R169,881</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R
      115,314</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$660</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$726</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$553</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.3</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">6.8</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.9</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div align="left">
        <table cellpadding="1" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="12%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Year
      Ending June 30, 2006</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Business
      Plan at Prevailing Price (March 31, 2006)</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Below Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10%
      Above Prevailing Price</font></div>
              </td>
              <td align="left" valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-TOP: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Three-year
      Average Price</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R117,055</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R128,700</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">R93,800</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$582</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$640</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$453</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="12%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="top" width="20%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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>
                <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 0pt">&#160;</div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">8.8</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; 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="17%" style="BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">9.5</font></div>
              </td>
              <td valign="top" width="17%" style="BORDER-RIGHT: #808080 0.5pt solid; BORDER-LEFT: #808080 0.5pt solid; BORDER-BOTTOM: dimgray 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">7.5</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.35">_________________________</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt">
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
                <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">3</font></font></div>
                </td>
                <td>
                  <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      Company will present its financial statements under IFRS in the 2008 20-F
      and is still in the process of preparing these IFRS
    figures.</font></div>
                </td>
              </tr>
          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top" style="LINE-HEIGHT: 11.4pt;">
                  <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">4</font></font></div>
                  </td>
                  <td>
                    <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      Company is in the process of calculating reserves for fiscal year
      2008.</font></div>
                  </td>
                </tr>
            </table>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        </div>
      </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"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">4</font></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>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">As
shown in the graph below, gold prices have fluctuated significantly over the
last five years but have generally trended upward over the last three
years.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 60pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;&#160;&#160;&#160;&#160; <img src="corresp1.gif" alt=""></div>
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average gold prices have been lower than the prevailing prices used for reserve
determination as of June 30, 2006, 2007 and 2008 as a result of the upward trend
in gold prices over that period. Had we used the three-year average gold price
for reserve determination as of 30 June 2006, 2007 and 2008, we would have
reported lower reserves as of those dates, as set forth in the tables
above.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 75pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">Similarly,
when gold prices are declining, three-year average prices may be higher than
prevailing prices. In such a case, if we were to use the three-year average gold
price instead of a prevailing price for reserve determination, our reported
reserves would be higher.&#8221;</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif">***</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 75pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Please send a copy of any additional
correspondence to the undersigned at 40 Bank Street, Canary Wharf, London E14
5DS, United Kingdom, or by </font><font style="DISPLAY: inline; COLOR: #000000">facsimile to our Washington D.C. office
on 202 393 5760, from where it will be directly forwarded to me. If you would
like to discuss any aspect of the Company</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s response, please call me on 011 44 207
519 7171, or in my absence James McDonald on 011 44 20</font><font style="DISPLAY: inline; COLOR: #000000">7</font><font style="DISPLAY: inline; COLOR: #000000"> 519 7183.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              </td>
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              <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <tr>
              <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="42%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif">Richard
      A. Ely</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
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        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">5</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt"><br></div>
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      Limited</font></div>
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      Barnes</font></div>
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            </tr>
            <tr>
              <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      Hendrik Dissel</font></div>
              </td>
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            <tr>
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      and Exchange Commission</font></div>
              </td>
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      Donahue</font></div>
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      K. Schuler</font></div>
              </td>
            </tr>
        </table>
      </div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">6</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
