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Tue 20 Jan 2004, 16:18 TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Gold Reef Casino Resorts Limited - Trading Update And Cautionary Announcement   
Gold Reef Casino Resorts Limited                                                
Incorporated in the Republic of South Africa                                    
(Registration number 1989/002108/06)                                            
Share code : GDF     ISIN : ZAE000028338                                        
("Gold Reef")                                                                   
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT                                      
Gold Reef shareholders are advised that headline earnings for the year ended 31 
December 2003, will be materially higher than that of the previous comparative  
period as a result of the decrease in interest rates during the reporting period
which has had a positive effect on revenues and borrowing costs.                
Further details of the above will be provided when Gold Reef"s results for the  
year ended 31 December 2003 are published.                                      
As the headline earnings for the year ended 31 December 2003 have not been      
reviewed and reported on by Gold Reef"s auditors, shareholders are advised to   
exercise caution when dealing in Gold Reef"s shares until the aforementioned    
year-end results are published.                                                 
Johannesburg                                                                    
20 January 2004                                                                 
Sponsor                                                                         
Nedbank Corporate                                                               
Date: 20/01/2004 04:04:03 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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