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Free State Developmt (FSDI)

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Friday 15 October, 1999

Free State Developmt

Fthr.Jt.CautionaryAnnouncemnt

FREE STATE DEVELOPMENT & INVESTMENT CORPORATION LIMITED
15 October 1999

Consolidated African Mines Limited 
(Incorporated in South Africa) 
(Registration number 01/00854/06) 
('CAM') 

JCI Gold Limited 
(Incorporated in South Africa) 
(Registration number 98/05215/06) 
('JCIGL') 

Western Areas Limited 
(Incorporated in South Africa) 
(Registration number 59/03209/06) 
('WAL') 

Randfontein Estates Limited 
(Incorporated in South Africa) 
(Registration number 01/00251/06) 
('REL') 

Randgold & Exploration Company Limited 
(Incorporated in South Africa) 
(Registration number 98/05642/06) 
Nasdaq Trading Symbol: RANGY 
('Randgold') 

Randgold Resources Limited 
(Incorporated in Jersey) 
(Registration number 62686) 
('RRL') 

Barnato Exploration Limited 
(Incorporated in South Africa) 
(Registration number 88/03756/06) 
('Barnex') 

Free State Development and Investment Corporation Limited 
(Incorporated in South Africa) 
(Registration number 05/16931/06) 
('Freddev') 

(collectively 'the Companies' or 'the Group') 

Further joint cautionary announcement 

Further to the cautionary announcement dated 31 August 1999, shareholders in 
the Companies and holders of options in CAM and REL, are advised that the 
approvals required for the proposed restructuring of the shareholding and 
corporate structure of the Group ('the proposed restructuring') are  still
being sought. Furthermore, recent significant changes in the gold market  have
necessitated a review of the terms of the proposed restructuring. Every 
effort is being made to ensure that the terms of the proposed restructuring
are announced as soon as possible. 

Consequently, shareholders in the Companies and holders of options in CAM and 
REL are respectively advised to continue to exercise caution in dealing in 
shares in the Companies and options in CAM and REL. 

Johannesburg 
15 October 1999 

Joint financial advisers to the proposed restructuring 

CHASE 
Standard Bank Resource Banking 
Reg. No. 62/00738/06 

Joint sponsoring brokers to CAM, JCIGL, WAL, REL, Barnex and Freddev 
BOE Securities (Pty) Ltd 
Member of the Johannesburg Stock Exchange 
Co. Reg. No. 96/15589/07 

Merrill Lynch South Africa (Pty) Ltd 
Member of the Johannesburg Stock Exchange 
Registration number 95/01805/07 

SG Frankel Pollak Securities (Pty) Ltd 
Reg. No. 96/05886/07 
(Member of the Johannesburg Stock Exchange) 

Sponsoring broker to RRL 
HSBC Investment Bank plc 
Regulated by the SFA 
Member of the London Stock Exchange 

Sponsoring broker to Randgold 
HSBC Securities (South Africa) (Pty) Limited 
Reg. No. 99/10899/07 
Member of the Johannesburg Stock  Exchange 


                                                                  

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