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Tue 16 Oct 2007, 12:46 GDF - Gold Reef Resorts - Dealing In Securities By
GDF
 GDF                                                                             
GDF - Gold Reef Resorts - Dealing In Securities By Directors And                
                        Company Secretary                                       
Gold Reef Resorts Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number : 1989/002108/06)                                          
Share code : GDF     ISIN : ZAE000028338                                        
("Gold Reef")                                                                   
DEALING IN SECURITIES BY DIRECTORS AND COMPANY SECRETARY                        
In terms of paragraph 3.63 - 3.65 of the Listings Requirements of the JSE       
Limited, the following information, relating to the dealing in securities by    
directors and company secretary, is disclosed:                                  
Executive director            S B Joffe                                         
Company of which a director   Gold Reef                                         
Transaction date              15 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          500 000                                           
Strike Price                  R15.35                                            
Value of transaction          R7 675 000                                        
Number of securities          500 000                                           
Strike Price                  R14.39                                            
Value of transaction          R7 195 000                                        
Nature of transaction         Exercise of share options in terms of Clause 17.3 
                             of the Gold Reef Share Scheme in anticipation of   
the proposed scheme of arrangement or general      
                             offer, as the case may be                          
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Executive director            S B Joffe                                         
Company of which a director   Gold Reef                                         
Transaction date              14 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          250 000                                           
Strike Price                  nil                                               
Value of transaction          nil                                               
Nature of transaction         Acceleration of the vesting periods of the staff  
award shares and waiver of performance criteria in 
                             anticipation of the proposed scheme of arrangement 
                             or general offer, as the case may be               
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Executive director            J S Friedman                                      
Company of which a director   Gold Reef                                         
Transaction date              15 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          170 000                                           
Strike Price                  R15.35                                            
Value of transaction          R2 609 500                                        
Number of securities          300 000                                           
Strike Price                  R14.39                                            
Value of transaction          R4 317 000                                        
Nature of transaction         Exercise of share options in terms of Clause 17.3 
of the Gold Reef Share Scheme in anticipation of   
                             the proposed scheme of arrangement or general      
                             offer, as the case may be                          
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Executive director            J S Friedman                                      
Company of which a director   Gold Reef                                         
Transaction date              14 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          50 000                                            
Strike Price                  nil                                               
Value of transaction          nil                                               
Nature of transaction         Acceleration of the vesting periods of the staff  
                             award shares and waiver of performance criteria in 
                             anticipation of the proposed scheme of arrangement 
                             or general offer, as the case may be               
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Executive director            C Neuberger                                       
Company of which a director   Gold Reef                                         
Transaction date              15 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          170 000                                           
Strike Price                  R15.35                                            
Value of transaction          R2 609 500                                        
Number of securities          300 000                                           
Strike Price                  R14.39                                            
Value of transaction          R4 317 000                                        
Nature of transaction         Exercise of share options in terms of Clause 17.3 
                             of the Gold Reef Share Scheme in anticipation of   
                             the proposed scheme of arrangement or general      
                             offer, as the case may be                          
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Executive director            C Neuberger                                       
Company of which a director   Gold Reef                                         
Transaction date              14 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          50 000                                            
Strike Price                  nil                                               
Value of transaction          nil                                               
Nature of transaction         Acceleration of the vesting periods of the staff  
                             award shares and waiver of performance criteria in 
                             anticipation of the proposed scheme of arrangement 
or general offer, as the case may be               
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
Company secretary             C Paul                                            
Transaction date              15 October 2007                                   
Class of securities           Ordinary shares                                   
Number of securities          75 000                                            
Strike Price                  R14.39                                            
Value of transaction          R1 079 250                                        
Nature of transaction         Exercise of share options in terms of Clause 17.3 
                             of the Gold Reef Share Scheme in anticipation of   
                             the proposed scheme of arrangement or general      
offer, as the case may be                          
Extent of interest            Direct beneficial                                 
Clearance to deal             Yes                                               
The exercise of the options and acceleration of the staff award shares are      
subject to the resolutive condition that should the scheme of arrangement not   
become operative or the general offer not be accepted, the exercise of the      
options and acceleration of the staff award shares shall cease to be of any     
force and effect and the directors and company secretary shall be restored to,  
as nearly as may be possible, the position had the above transactions not       
occurred.                                                                       
Johannesburg                                                                    
16 October 2007                                                                 
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 16/10/2007 12:46:59 Produced by the JSE SENS Department.                  
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