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Fri 27 Aug 2004, 12:54 Dealing In Securities By Directors
Gold Reef Casino Resorts Limited - Dealing In Securities By Directors           
Gold Reef Casino Resorts Limited                                                
Incorporated in the Republic of South Africa                                    
(Registration number 1989/002108/06)                                            
(`GRCR`)                                                                        
Share code : GDF     ISIN : ZAE000028338                                        
DEALING IN SECURITIES BY DIRECTORS                                              
In terms of paragraph 3.63 - 3.74 of the JSE Securities Exchange South Africa   
Listings Requirements, the following information, relating to the dealing in    
securities by directors, is disclosed:                                          
Executive director                      JS Friedman                             
Director of                             GRCR                                    
Transaction date                        25 August 2004                          
Strike Price                            R7.68 per share                         
Number of securities                    250 000                                 
Value of transaction                    R1 920 000                              
Share Class                             Ordinary shares                         
Nature of transaction                   Grant, acceptance and exercise of share 
                                        options                                 
Extent of interest                      Direct beneficial                       
Vesting period                          A third of the options vest on the      
                                        second anniversary of the grant date.   
                                        Another third, the next year and the    
remaining third, the following year.    
Executive director                      S Joffe                                 
Director of                             GRCR                                    
Transaction date                        25 August 2004                          
Strike Price                            R7.68 per share                         
Number of securities                    500 000                                 
Value of transaction                    R3 840 000                              
Share Class                             Ordinary shares                         
Nature of transaction                   Grant, acceptance and exercise of share 
                                        options                                 
Extent of interest                      Direct beneficial                       
Vesting period                          A third of the options vest on the      
second anniversary of the grant date.   
                                        Another third, the next year and the    
                                        remaining third, the following year.    
Executive director                      C Neuberger                             
Director of                             GRCR                                    
Transaction date                        25 August 2004                          
Strike Price                            R7.68 per share                         
Number of securities                    250 000                                 
Value of transaction                    R1 920 000                              
Share Class                             Ordinary shares                         
Nature of transaction              Grant, acceptance and exercise of share      
                                   options                                      
Extent of interest                 Direct beneficial                            
Vesting period                     A third of the options vest on the second    
                                   anniversary of the grant date. Another third,
                                   the next year and the remaining third, the   
following year.                              
Johannesburg                                                                    
27 August 2004                                                                  
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 27/08/2004 12:49:34 PM                   
Produced by the JSE SENS Department                                             
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