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GDF
 GDF                                                                             
Gold Reef Resorts Limited - Cautionary Announcement                             
GOLD REEF RESORTS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1989/002108/06)                                            
(Share code: GDF   ISIN: ZAE000028338)                                          
("Gold Reef")                                                                   
Cautionary Announcement                                                         
Shareholders are advised that Gold Reef has entered into discussions which, if  
successfully concluded, may have an effect on the price of Gold Reef`s          
securities. Accordingly, shareholders are advised to exercise caution when      
dealing in Gold Reef`s securities until a further announcement is made.         
Johannesburg                                                                    
27 December 2006                                                                
Sponsor                                                                         
Nedbank Capital                                                                 
Date: 27/12/2006 16:23:18 Produced by the JSE SENS Department.

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