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Gold Reef - 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" or "the company")                                                  
CAUTIONARY ANNOUNCEMENT                                                         
Shareholders are advised that Gold Reef has entered into negotiations, which if 
successfully concluded may have a material effect on the price of the company"s 
shares. Accordingly, shareholders are advised to exercise caution when dealing  
with the company"s shares until a further announcement is made.                 
Johannesburg                                                                    
14 December 2005                                                                
Investment Bank and Sponsor                                                     
Nedbank Capital                                                                 
Date: 14/12/2005 02:54:07 PM Produced by the JSE SENS Department                
                                                                                
                                                                                

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