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Free State Developmt (FSDI)

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Wednesday 29 October, 2003

Free State Developmt

Result of Scheme Meeting


Free State Development and Investment Corporation Limited

Incorporated in the Republic of South Africa)

(Registration number 1944/016931/06)

(Share code: FRE ISIN: ZAE000002739)

('FSD')

Randgold & Exploration Company Limited

(Incorporated in the Republic of South Africa)

(Registration number 1992/005642/06)

Share code: RNG ISIN: ZAE000008819

Nasdaq trading symbol: RANGY

('Randgold & Exploration')

- RESULT OF SCHEME MEETING OF FSD SHAREHOLDERS (OTHER THAN JCI LIMITED)
('scheme members')

- COURT HEARING TO SANCTION THE SCHEME

- REMAINING SALIENT DATES

1. RESULT OF SCHEME MEETING

NewFound is authorised to announce that at the scheme meeting of scheme members
held at 10:00 on Wednesday, 29 October 2003, the scheme of arrangement proposed
by Randgold & Exploration between FSD and scheme members (`the scheme'), was
approved by 98,12% of scheme members present and entitled to vote at the scheme
meeting.

2. COURT HEARING TO SANCTION THE SCHEME

The application to the High Court of South Africa (Transvaal Provincial
Division) for an order to sanction the scheme is set down for hearing on
Tuesday, 11 November 2003.

3. REMAINING SALIENT DATES

The implementation of the scheme is subject to the Court granting an order
sanctioning the scheme, the registration of such order by the Registrar of
Companies and the approval of the Competition Commission. As the approval of
the Competition Commission will not be obtained before Thursday, 13 November
2003, the implementation of the scheme will not proceed in accordance with the
salient dates announced on 2 October 2003.

Shareholders will be advised of the outcome of the application for an order
sanctioning the scheme and registration thereof, as well as the progress in
regard to obtaining the approval of the Competition Commission and new salient
dates.

Johannesburg

29 October 2003

Corporate adviser to FSD

Newfound

Corporate law adviser to FSD

Tabacks

Sponsor to FSD

River Group

Sponsor to Randgold & Exploration

HSBC


            

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