September 2009September 2009

ASX: GDOASX: GDOJSE: GDOJSE: GDOOTCQX: GLDZYOTCQX: GLDZY

Africa Investor SeriesAfrica Investor Series

2

FORWARD-LOOKING STATEMENT: This presentation includes certain “forward-looking statements” and “forward-looking information”. All statements other than statements of historical fact included in this presentation including, without limitation, statements regarding future plans and objectives of Gold One are forward-looking statements (or forward-looking information) that involve various risks, assumptions and uncertainties. There can be no assurance that such statements will prove to be accurate and actual values, results and future events could differ materially from those anticipated in such statements. Important factors could cause actual results to differ materially from Gold One’s expectations. Such factors include, among others, the actual results of exploration activities, actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of Modder East and new deposits, availability of capital required to place Gold One’s properties into production, the ability to obtain or maintain a listing in South Africa, Australia, Europe or North America, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold and other commodities, possible variations in ore grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, political risks, permits or financing or in the completion of development or construction activities, economic and financial market conditions, Gold one’s hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage. Although Gold One has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. Any forward-looking statements in this presentation speak only at the time of issue. There can be no assurance that such statements will prove to be accurate as actual values, results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gold One does not undertake to update any forward-looking statements that are included herein, or revise any changes in events, conditions or circumstances on which any such statement is based, except in accordance with applicable securities laws and stock exchange listing requirements.

COMPETENT PERSONThe information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information compiled by Piet van Straaten, B.Sc., Pr.Sci.Nat., Vice President, Geology and Exploration, Gold One, who is a Member or Fellow of the SAIMM. Piet van Straaten is a full-time employee of Gold One. Piet van Straaten has 25 years experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person for the purposes of both the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and the 'South African Code for Reporting of Mineral Resources and Mineral Reserves'. Piet van Straaten consents to the inclusion in this presentation of the matters based on information compiled by him in the form and context in which they appear. Further information on the company’s resource statement is available in the pre-listing statement of Gold One International Limited issued on 19 December 2008.

SAMREC and JORC TERMINOLOGYIn addition, this presentation uses the terms "indicated resources” and "inferred resources” as defined in accordance with the SAMREC Code (South African Code for Reporting of Mineral Resources and Mineral Reserves prepared by the South African Mineral Resource Committee) (SAMREC) under the auspices of the South African Institute of Mining and Metallurgy effective March 2000 or as amended from time to time and where indicated in accordance with the Canadian National Instrument 43-101 – Standards for Disclosure for Mineral Projects. The terms "indicated resources” and "inferred resources” are also defined in the 2004 Edition of the JORC Code (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC). [The use of these terms in this presentation is consistent with the definitions of both the SAMREC Code and the JORC Code.]  A mineral reserve (or ore reserve in the JORC Code) is the economically mineable part of a measured or indicated resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate at the time of reporting that economic extraction can be justified. A mineral reserve includes diluting materials and allows for losses that may occur when the material is mined. A proven mineral reserve (or proved ore reserve in the JORC Code) is the economically mineable part of a measured resource for which quantity, grade or quality, densities, shape and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters to support production planning and evaluation of the economic viability of the deposit. A probable mineral reserve (or probable ore reserve in the JORC Code) is the economically mineable part of an indicated mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. A mineral resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. A measured mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited exploration and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of the mineral deposits in the measured and indicated resource categories will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will be ever be upgraded to a higher category.  Under South African and Australian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except under conditions noted in the SAMREC Code and the JORC Code, respectivelyInvestors are cautioned not to assume that all or any part of an inferred resource exists or is economically or legally mineable. Exploration data is acquired by the Corporation and its consultants under strict quality assurance and quality control protocols. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Cautionary Statement

Presentation Overview

1. Corporate Overview

2. Key Assets

3. Exploration

4. Investment Rationale

3GDO first gold pour - 24 June 2009GDO first gold pour - 24 June 2009

A new ASX mid-tier gold miner with primary listings on the ASX and JSE

Gold Resource +13 million JORC/SAMREC compliant ounces, immediately behind Lihir Gold in terms of resource inventory on the ASX

Investment Highlights

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Gold Reserve of 1.36 million, 5.5g/t JORC/SAMREC compliant ounces at flagship Modder East project

Modder East in production and 100% unhedged

Source: Hartleys

Attractive Gold Portfolio

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East Rand

Modder East

Sub Nigel

Free State

Bothaville

Ventersburg

Namibia

Etendeka

Mozambique

Tulo

A shallow low technical risk business model

A first class Board and management team

A pipeline of quality projects, with the Ventersburg Project to follow Modder East into production

Corporate Information

Gold One Capital Structure

Shares on issue total 804.9 million

Market Cap. (undiluted) AUD 265.5 million

Cash (current estimate) AUD ~30.7 million*

Convertible Bonds (Dec 2012 maturity)

USD 71.6 million*

Notes

•AUD:ZAR exchange rate of 6.5•600 convertible bonds convertible into 182,065,350 Gold One ordinary shares•*Up to AUD18.75 million will be applied towards early repayment of convertible bonds

Options on issue 49.9 million

Share Price AUD 0.33

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Gold One Major Shareholders

African Global Capital 19%

Trinity Asset Management 7%

Australian Register 23.6%

ADRs issued 16.7%

Top 20 61%

2009 Delivery

Become fully funded for Modder East production

Remaining A$18.4 million raised via innovative share swap and private placement in March 2009

Re-commission Sub Nigel Completed 27 January 2009 and first ore hoisted Achieve an international listing Gold One listed on ASX and JSE 18 May 2009 Commission metallurgical plant First gold was poured on 24 June 2009 using

low grade third party surface material Strengthen balance sheet A$37.5 million placement announced on 24

June 2009 and completed 26 August 2009 Gold pour from Modder East underground ore

First Modder East gold was poured on 21 July 2009 (1 quarter ahead of schedule)

Increase exploration activity Three rigs underway at Ventersburg, with two further rigs to follow in due course

Produce 20,000 ounces of gold at average cost of US$ 640/oz

On target

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1. Corporate Overview

2. Key Assets

3. Exploration

4. Investment Rationale

8GDO first gold pour - 24 June 2009GDO first gold pour - 24 June 2009

Located 30km East of Johannesburg in the world’s premier gold basin

The Witwatersrand (Wits) Basin has produced about one third of all the gold ever produced

Excellent local infrastructure, with nearby access to major commercial and industrial centres via highway

On the national electricity power grid

Access to skilled labour pool in close proximity to site

A friendly mining jurisdiction in a large, long-standing mining community

Modder East Location

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Surface Right

Black ReefShoreline

Modder East Exploration

77 drill holes to date: 16 drill holes pre 2004

2004 - 24 drill holes

2005 - 28 drill holes delineating the BPLZ target zone for mining

2006 - 9 drill holes targeted at the Kimberly UK9A and UK5 horizons

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2003 – 35 000tpm conceptual study

2004 – 60 000tpm pre-feasibility study

May 2006 – 70 000tpm feasibility

June 2007 – 100 000tpm project optimized for best NPV

June 2008 - project updated for water intersections, inflation and refined dilution and recovery factors

Modder East Optimization

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Modder East Access

Primary Access Surface Decline

Mechanised decline and footwall development

Conventional narrow reef breast stoping

Truck hoisting

Secondary Access Vertical Shaft

345m deep & 6.5m in diameter with fixed guides

Primary access for men with Koepe winder

Ventilation shaft

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Modder East Statistics

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JORC/SAMREC resource 43.81 Mt @ 2.6g/t for 3.67Moz

JORC/SAMREC reserve 7.65Mt @ 5.5g/t for 1.36Moz

Phase 1 life of mine 8 years

Ore Resource Depth Shallow at 300-500 metres below surface (well below South African average of +3,000 metres deep).

Operating LOM cash costs US$250/oz*, reviewed by SRK

Output 2009 – 20 000oz @ $640/oz cash costs2010 – 140 000 0z @ $300/oz cash costs2011 – 180 000oz @ $230/oz cash costs

Processing Plant 1.2mtpa conventional CIL gold plant

Construction Capital Cost Construction Capital of $108m of which 90% has been spent to date

Sustaining Capital $100/oz of production

All figures US$ and assumed exchange rate of R7.5/US$

De-Risking Start Up

Geology Simple and well understood geology

Extensive exploration & drilling

History of previous mining

Early access confirms structure and grade

Metallurgy Plant construction completed well ahead of the start of mining.

Commissioning and operator training on low grade 3rd party surface sources

Volume Delivery Creating face length through focused

mechanized on reef development

Sub Nigel training initiative

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March 2008 - New Order Mining Right granted

June 2008 - Aflease Board approves project with A$4.4m capital cost

27 January 2009 - First ore hoisted Phase One ramp-up to 6,000 oz pa with ore

being processed at nearby Modder East plant

Low operating cost of $578/oz due to little development, no pumping and no compressed air requirements

Potential for 12,000 oz pa by 2011 Significant multi-million ounce growth

potential at Sub Nigel 6

Sub Nigel Training Centre

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* Assumed exchange rate of R7.5/US$ $ R6.5/A$

Modder East Wide Reefs

Potential to do trackless mining on Blanket and Channel Facies where channels occur up to 4m wide

Accessible from existing footwall infrastructure

Wide Reefs will extend LOM

Full feasibility study being conducted by Minxcon

Very visual mineralisation which provides for simple mining

BPLZ

Blanket Facies

Black Reef Quartzite

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Ventersburg

Ventersburg Payshoot

Located on the Witwatersrand Basin in the prolific Free State region

JORC/SAMREC compliant indicated resource of 1.44 Moz @ 5.1 g/t, additional inferred resource of 1.84Moz @ 4.24 g/t, significant upside

Orebody from 465 - 850m is perfect fit to shallow mining business

Potential to become the next flagship project for Gold One

Gold Fields has a participation right up to 51% limited to V1

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Second phase drilling commenced July 2009Substantial addition to the resource base targeted for early 2010 2010 - pre-feasibility study, on-going drilling2011 - feasibility study, on-going drillingMid 2012 to 2014 - mine developmentQ4 2014 - Ventersburg production commences

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Ventersburg

f

Open

Open

f

5,000 meters

N

Payshoot

2010/11drill target

2009/10 drill target

Resource Area

1. Corporate Overview

2. Key Assets

3. Exploration

4. Investment Rationale

19GDO first gold pour - 24 June 2009GDO first gold pour - 24 June 2009

Exploration Projects

Tulo, Mozambique 100% interest in concession to a 22,000 hectares prospecting area in

Northern Mozambique, with both alluvial and open cast possibilities Primary exploration drilling to commence in Q2 2010

Etendeka, Namibia Control of an Exclusive Prospecting Licence over an area of 65,000

hectares in the Outjo district of north-western Namibia Potential for iron-oxide-copper-gold mineralisation Phase 2 drilling & pre- feasibility study to be completed by

December 2009

New Kleinfontein and Turnbridge, East Rand, South Africa Inferred resources of 549,000 ounces of gold at New Kleinfontein and

280,000 ounces at Turnbridge Properties were placed on care and maintenance in May 2003

Bothaville, Free State, South Africa Ventersburg-type target located in the Witwatersrand Basin 30 holes drilled in the area by Rand Mines between 1981 and

1983 Targeting an initial resource in the order of 2Moz 20

1. Corporate Overview

2. Key Assets

3. Exploration

4. Investment Rationale

21GDO first gold pour - 24 June 2009GDO first gold pour - 24 June 2009

Investment Rationale

22GDOM: Modder East and Sub Nigel resources onlyIgnores BEE interest

Source: Hartleys

Investment Rationale

23GDOM: Modder East and Sub Nigel resources onlyIgnores BEE interest

Source: Hartleys

Questions?Questions?

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