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Free State Developmt (FSDI)

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Tuesday 11 January, 2000

Free State Developmt

Joint Cautionary Announcement

Free State Development & Investment Corporation Ltd
Randfontein Estates Limited
Randgold Resources Limited
11 January 2000

Joint cautionary announcement
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)
('Western Areas')

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

Randgold & Exploration Company Limited
(Incorporated in South Africa)
(Registration number 92/05642/06)
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')

Joint cautionary announcement

The attention of shareholders of the Companies is drawn to the announcement by
the Board of Western Areas regarding Harmony Gold Mining Company Limited's
offer to acquire the entire issued ordinary share capital of, and all the
listed options issued by, Randfontein.

In view of this announcement, shareholders of listed securities in the
Companies are advised to exercise caution in dealing in such securities.

Johannesburg
11 January 2000

Joint financial advisers to the Restructuring and to Western Areas
Chase

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

Legal advisers to the Restructuring and to Western Areas
Bowman Gilfillan Inc.
Reg. No. 98/21409/21

Independent financial adviser to Barnex, Freddev, Randfontein and Randgold
RMB Resources
A Division of Firstrand Bank Limited

Legal adviser to Randfontein
Deneys Reitz Inc.
Reg. No. 84/03385/14

Joint sponsoring brokers to CAM, JCIGL, Western Areas, Randfontein, 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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