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					            VILLAGE
           MAIN REEF
- A New Generation Precious Metals Company -




      Africa Mining Conference July 2010
 VILLAGE
MAIN REEF
                                                                                                                  Disclaimer
Statements in this presentation, other than historical facts, that address exploration activities and mining potential are “forward-looking statements and are
not statements of fact. The directors and management of Village Main Reef Gold Mining Company Limited (“the Company”) are of the belief that the
expectations expressed in such forward-looking statements are based on reasonable assumptions, expectations, estimates and projections, however
such statements should not be construed as being guarantees or warranties (whether express or implied) of future performance. There can be no
assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in
such statements. Factors that could cause developments to differ materially from those statements expressed in this presentation include, without
limitation, the results of further exploration activities, technical analysis, the lack of availability to the Company of necessary capital on acceptable terms,
general economic and business conditions, industry trends, competition, changes in government regulations, interest rate fluctuations, currency
fluctuations, changes in business strategy or development plans and other risks.

Neither the Company, its directors, its management nor any of its affiliates and shareholders represent nor guaranty that the assumptions underlying such
forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this
presentation. No obligation is assumed to update any forward-looking statements.

No person, especially those who do not have professional experience in matters relating to investments, must rely on the contents of this presentation. If
you are in any doubt as to the matters contained in this presentation you should consult an authorised person specialising in advising on investments of
the kind contained in this presentation. Nothing in this presentation constitutes a recommendation regarding any securities of the Company and this
presentation has not been reviewed or approved by either the Financial Services Board or the Johannesburg Stock Exchange.

No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of
the information presented. None of the Company, its affiliates and shareholders, not any of their directors, officers, employees and advisors nor any other
person shall have any liability whatsoever for any losses arising, directly or indirectly, from any information contained in the presentation. This
presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for or otherwise
acquire, any securities in the Company in any jurisdiction or an invitation or an inducement to engage in investment activity nor shall it or any part of it
form the basis of or be relied on in connection with any contract or commitment. Any decision to purchase shares of the Company should be made solely
on the basis of information, which has been publicly filed with the Johannesburg Stock Exchange.

This is not an offer of securities for sale in the US or to or for the account or benefit of any “US person” and securities may not be offered or sold in the US
or to a “US person” absent registration or an exemption from registration.

By accepting this presentation you acknowledge that you will be solely responsible for your own assessment of the market position of the Company and
that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s
business.

This presentation speaks as of 23 July, 2010. Neither the delivery of this presentation nor any further discussions of the Company with any of the
recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

                                                                                                                                                  Page 2
 VILLAGE
MAIN REEF
                                                Company Overview
  Village Main Reef Gold Mining Company (1934) is a precious metals company
  listed on the JSE (Bloomberg code VIL SJ)

  The company has an experienced leadership team headed by Bernard Swanepoel
  – CEO (ex Harmony) and Roy Pitchford – Chairman (ex Zimplats and Afplats)

  Significant black ownership (+60%) positions it well in South Africa

  The company’s flag ship asset is a 77% controlling interest in the Lesego Platinum
  Project with 21.3m attributable 3 PGM + Au oz which is fully funded through to
  BFS

  The Village strategy is to generate value growth through
      Developing Lesego to the feasibility stage

      Acquiring high quality precious metal assets - specifically targeting early cash flow generative
      opportunities such as mines, rock dumps and shallow resources
                                                                                                    Page 3
 VILLAGE
MAIN REEF
                                                              Corporate Structure
  Village controls and has 77%
  economic ownership of the entire                                                     Village Main Reef
  Lesego Project
                                                                         IDC
                                                                                                 72%
       On 15 June 2010 Village acquired 72%                                                                          55%
       of Lesego Platinum and 55% of Sweet                                       28%
       Sensation
                                                                                              Lesego        45%
       Through these two companies Village
       owns a 77% economic interest in the
       Lesego Project
                                                                Djondisani Bolotola*                        Sweet Sensation
       The IDC has committed R142 million
                                                                           75%
       to fund the project to BFS, for which it
                                                                                       25%
       will earn 28% in Lesego, equivalent to
                                                                                                100%                 100%
       23% of the Project
       The project contains a combined
       inferred resource of 27.8 Moz of                          Government Ground           Lesego Farms   Eerste Regt Farm
       PGM’s, of which 21.3 Moz is                                    0.63 Moz                16.72 Moz           10.42 Moz
       attributable to Village
                                                                                       Lesego Project
* Lesego has an option to acquire the remaining 75% of Government Ground from Djondisani Bolotola                     Page 4
 VILLAGE
MAIN REEF
                              Experienced Leadership
                        Bernard holds BSc (Min Eng) and BCom (Hons) degrees and started his career with Gengold in
      Bernard           1983, culminating in his appointment as general manager of Beatrix Mines in 1993. After joining
      Swanepoel         Randgold in 1995 as MD of the Harmony mine, Bernard became CEO of Harmony and grew the firm
      CEO               from a single mine to the 5th largest gold miner in the world producing 3 million ounce annually.
      BSC (Min Eng)     Bernard is a non-executive board member of Sanlam and ARM, CEO of To The Point Growth
      BCom (Hon)        Specialists and vice-president of the South African Chamber of Mines


                        Roy is a CA(Z), FCCA and was President of The Chamber of Mines of Zimbabwe. His extensive
      Roy               mining management experience includes the CEO roles of African Minerals, Cluff Resources
      Pitchford         Zimbabwe, Delta Gold Zimbabwe, Zimbabwe Platinum Mines (Australia listed), and African Platinum
      Non-executive     Plc (UK listed). He developed and led the sales of Zimbabwe Platinum Mines and African Platinum
      Chairman          Plc for US$400 million and US$600 million respectively to Impala Platinum.
      FCCA, CA (Z)




      Phiway            With De Beers for seven years, initially as an engineer at the Venetia diamond mine. After receiving
                        a scholarship to study at Oriel College, Oxford, he worked in diamond valuation, sales and
      Mbuyazi           marketing in London. Thereafter, in his capacity as professional assistant to the managing director of
                        De Beers he participated in various group-wide projects. Phiway is director of Umbono Capital
      BSc (Elec Eng),   Partners’ mining/minerals investment business
      BA (PPE)


                        Dorian serves as the Managing Director of Lesego Platinum and as the Chief Operating Officer of
      Dorian            Village Main Reef its controlling shareholder. 17 years in the mining and exploration industry has
      Wrigley           exposed him to a full range of corporate activities (such as capital raising, corporate restructurings,
                        BEE, transactions, disposals, mergers and acquisitions) as well as operational activities (such as
      BSc (Eng), MSc    turn around strategies and the management of large scale exploration projects and feasibility
      (Eng), Pr (Eng)   studies). He is a professional engineer with a BSc(Eng) from UCT and an M.Sc(Eng) from WITS. In
                        addition he holds a graduate diploma in Utility Management from Samford University in the US. 5
                                                                                                                  Page
 VILLAGE
MAIN REEF
                        Lesego Project Overview
  Premier address on Eastern Limb of
  the Bushveld Complex near several
  other large-scale platinum mines and
  projects

  Large inferred high grade resource
      134.4m tons at an average 4E
                                         Inferred Resource    Lesego      Attributable
      resource grade of 6.43 g/ton
                                         (3PGE + Au)          Project      To Village
      27.8m oz 4E
                                         Merensky             13.6Moz       10.4Moz
      31.4m oz 6E
                                         UG2                  14.2Moz       10.9Moz
      Plus 345k tons Ni and Cu           Combined             27.8Moz       21.3Moz
                                                         - at an average grade 6.43 g/t



                                                                                  Page 6
 VILLAGE
MAIN REEF
                          Lesego Value Potential

   Value uplift through better resource confidence through infill drilling
   and scoping study
   Increase in resource ounces through additional drilling
   Independence provides partnering flexibility and opportunity
   Strong BEE company positions Village well for further consolidation
   potential and partnerships
   Excellent platform from which to build a new generation junior mining
   company



                                                                       Page 7
 VILLAGE
MAIN REEF
                                                       Lesego Project
  Located some 300km north of Johannesburg at northern end of Eastern Limb of Bushveld
  Premier address containing 2 fully formed reefs with high Ni and Cu credits
  Located near several large-scale platinum mines and projects i.e. Platmin, Anooraq, and
  Lonmin. Renewed area of focus
  Good access to infrastructure
  New Limpopo Province water project being developed – Olifants River on site




                                                      Lesego




                                                                                    Page 8
 VILLAGE
MAIN REEF
                                                                            Regional Geology
                                                  Attributable Ownership
                                                           72% to Village    • Previous interest from Anglovaal, General
                                                           25% to Village
                                                           90% to Village
                                                                               Mining, BHP Minerals, Pan Palladium, MinEx

                                                                             • Dome uplift brings Merensky and UG2 to
 Lonmin Limpopo Platinum Mine
    Reserves and Resources                                                     mineable depths
          (MR+UG2):
       31Moz 3PGE+Au
          To 1,000m                                                          • Current Merensky resource defined from
                                                          Anooraq
                                                        Bokoni Mine
                                                                               1,000m to 2,000m – reef continues below
                                                   Reserves and Resources
                                                 (MR+UG2): 110 Moz 3PGE+Au
                                                         To 2,000m           • UG2 lies 200m – 300m below the Merensky

                                                                             • Gently dipping, fully developed undisturbed
 0   Kilometre    10                                                           reefs


                                                                                      Bokoni Mine


                                   Inferred


                                Phosiri Ground
                 Phosiri Dome



                                                                                                                     Page 9
 VILLAGE
MAIN REEF
                                    Exploration till 2009
 Seismic Testing                        Inferred Resource Area

                                        Seismic Lines
   Five survey lines across
                                                                       Olifants River
   23.4km                               Phosiri Dome

   Shot point spaced at every                                  LES 4           LES 1
   10m                                                         LES 3
 Resource Drilling                         Phosiri
                                          Phosiri
                                           Dome
                                          Dome                   LES 2
   37 reef intersections in total
   Five-hole programme driven by                               LES 5           Genmin
   Competent Person’s advice plus the                                           Hole

   historical Genmin hole
   Assayed for 3PGE+Au, adjusted to
                                                                                        N
   5PGE + Au using a factor

                                           0      Kilometres           5
                                                                                  Page 10
 VILLAGE                                  Project History and Planned
MAIN REEF                                                Development
  Timeline            2006        2007            2008      2009        2010 - 2012                 2013 -
                Prospecting
May 2006
                Right Awarded
                   Exploration
June 2006          programme planned
                        Seismic survey
August 2006
                        performed
                             5-Hole diamond
Oct 2006 - Dec 2007          drilling programme
                                             Resources
2008
                                             and CPR
                                                         Conclusion of IDC
2009
                                                         funding agreement
2010                                                                 Village acquisition

2010                                                                 Upgrade resources
                                                                     through further drilling
                                                                         Bankable feasibility
2012
                                                                         study
2013 -                                                                                      Development and construction
 VILLAGE
MAIN REEF
                                 Feasibility Study Programme
   The Bankable Feasibility Program will last a duration of 32 months            Village has secured a team of
   and has three milestones:                                                     experienced advisors to complete
    ●   Completion of Scoping Study                                              the Scoping Study:

    ●   Completion of Pre-feasibility Study
    ●   Completion of Bankable Feasibility Study

     BFS            2010                   2011                2012
                Completion of
July 2010
                Scoping Study

June 2011              Completion of 42,000m
                       Exploration Drilling
                                Completion of Pre-
June 2011                       feasibility Study

July 2011                           Submission of Mining
                                    Right Application

                                     Completion of a further
November 2011
                                     20,000m Exploration Drilling
July 2012                                               Completion of Bankable
                                                        Feasibility Study
 VILLAGE
MAIN REEF
                                             Total Inferred Resources
                                                 Average
                                Depth below        reef    Tonnage*   3PGE+Au   5PGE+Au    Ni    Cu     3PGE+Au       5PGE+Au
    Farm            Reef
                                  surface         width       Mt        g/t       g/t     (%)    (%)     oz (mil)      oz (mil)
                                                   (m)
100% Lesego      Merensky        1,100 – 2,000    1.47      41.06      6.08      6.63     0.20   0.13     8.03         8.75
owned farms      UG2             1,400 – 2,300    1.18      39.82      6.79      7.94     0.12   0.06     8.69         10.17
                 Merensky        1,400 – 2,000    1.47      26.56      6.08      6.63     0.20   0.13     5.19          5.66
Eerste Regt
                 UG2             1,600 – 2,300    1.18      23.91      6.79      7.94     0.12   0.06     5.22          6.10

Government       Merensky        1,700 – 2,000    1.47       1.68      6.08      6.63     0.20   0.13     0.33          0.36
Ground           UG2             2,000 – 2,300    1.18       1.38      6.79      7.94     0.12   0.06     0.30          0.35

Total attributable to the Lesego Project
                          Phosiri                           134.40     6.43      7.27     0.16   0.10    27.76         31.39

*Includes tonnage discount of 17% for geological losses


     27.76 Moz total attributable resources, 21.3 Moz
     attributable to Village
     Significant Ni and Cu credits – 345k tons
     Results confirmed by an independent Competent
     Person as well as an independent geo-statistician
                                                                                                                    Page 13
                                                  4E Resource Grade (g/ton)




                                      0
                                          1
                                              2
                                                     3
                                                           4
                                                                      5
                                                                                    6
                                                                                                        7
                                                                                                                           8
                  Ak
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                                                               3.96
                     ar
                       ik
                            an
          No                     a
            rt




                                                                          5.01
                                                                                                                                                                       VILLAGE


              ha
                 m
                           UG
                                                                                                                                                                      MAIN REEF

    Ru
       st                     2
         en




                                                                            5.19
                bu
                   rg
                          UG
                            2
               Un                                                                  5.56
                  io
                     n
  Am                      UG
    an                           2
            de
              lb
                                                                                   5.58



                   ul
                      t   UG
                                 2
                                                                                    5.65




                 Kr
                      oo
                        nd
                                                                                                                 1.47m @




                                 al
                                                                                          5.91




                 Le
                    se
                       go
                                 M
                                                                                            6.08




           UM
     Phosiri ni
                          on
          Ru                     M
               st
                                                                                                 6.28




                 en
                      bu
                         rg
                                 M
                                                                                                                           1.18m @




            Le
                                                                                                   6.47




               se
                  go
                                                                                                                                     Comparative 4E Resource Grades




                           UG
                              2
               No
                                                                                                        6.79




                 rt
                   ha
                      m
                M
     Im
Phosiri UG2
                                                                                                          6.83




        pa
           la
              UG
                 2
                                                                                                          6.88




                 Im
                   pa
                      l     a
          Am                     M
            an
                                                                                                             7.07




                 de
                   lb
                          ul
                             t   M
                                                                                                                  7.33




Page 14
                                                                                                                                                                      Western Limb Grades at Eastern
                                                                                                                                                                                        Limb Widths
 VILLAGE                                          …and an attractive metal basket
MAIN REEF                                               compared to neighbours
                    7                                       Eastern Limb 4E Merensky Grades
                                                                                                                                       $233             $231
                    6                                                                                   $216           $200
  Grade g/ton




                                                                      $178              $180
                    5
                    4                                $149
                           $108        $121
                    3
                    2
                    1

                    0
                          Modikwa    Two Rivers     Limpopo         Ga-Phasha     Eastern Limb Twickenham             Marula           Bokoni         Lesego
                                                                                                                                                       Lesego      Excludes
                                                                                        Avg
                                                                                                                                                                   Ni and Cu
                8                                              Eastern Limb 4E UG2 Grades                                                                           Credits
                                                                                                    $227              $234            $249             $255
                7
 Grade g/ton




                                                    $202             $209            $214
                6
                5                     $173
                          $159
                4
                3
                2
                1
                0

                        Two Rivers   Limpopo      Twickenham        Modikwa       Eastern Limb     Ga-Phasha         Bokoni          Lesego
                                                                                                                                     Lesego            Marula
                                                                                        Avg
  $ Number - 4E basket revenue per ton @ Spot 23/07/2010                                                       Lesego Mer Prill: Pt 57% Pd 33% Rh 3% Au 7%
                                                                             Pt    Pd         Rh   Au
  Sources: Company Reports, Barker’s Platinum Map of South Africa                                              Lesego UG2 Prill: Pt 48% Pd 42% Rh 8% Au 2%      Page 15
 VILLAGE High Grades and Widths result in
MAIN REEF    a Low Operating Cost per oz
                                                                 2009 Cost Curve with Lesego estimate
                14 000



                12 000
 ZAR / PGM oz




                10 000



                 8 000



                 6 000



                 4 000



                 2 000



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                Source: Rene Hochreiter (Allan Hochreiter (Pty) Ltd)
                Note: Lesego based on Northam cash operating cost or R1,063/t                                        Page 16
 VILLAGE                                                        SA PGE Production - Surging
MAIN REEF                                                                    Below 1000m
Lesego’s shafts are planned at depths that fall within this new industry norm….
                                                                                                                                             Deep Shafts                                                                                                                       m
                                  PGE Production sub 1000m
             5                                                                                                                                                                                                                                                                 0




                                                                                                                     Union Richard #




                                                                                                                                                                         Union Spud#
                                                                                                Marikana




                                                                                                                                       Amandelbult 1#




                                                                                                                                                                                                                                        Amandelbult 3#
                                                                                                                                                                                                 Impala 16#


                                                                                                                                                                                                                           Impala 17#
                                                                                                                                                                                       Akanani
                                                                                                                                                        Amandelbult 2#
                                                                                                           Leeukop
                                                                                 Impala 14#




                                                                                                                                                                                                              Northam 1#




                                                                                                                                                                                                                                                         Northam 2#
                                                                                                                                                                                                                                                                      Lesego
                                                                                  Impala 14#
             4                                                                                                                                                                                                                                                                 500
PGM oz (m)




             3                                                                                                                                                                                                                                                                 1000
                                                                                 7.0
                                                                                               4.9 4.7
             2                                                                                                       5.8                                                                                                                                                       1500
                                                                                                                                       6.2 6.2 5.8                                                                                                                    6.4
                                                                                                                                                                                       3.9
                                                                                                                                                                                                 7.0
                                                                                                                                                                                                              6.2
             1
                                                                                                                                                                                                                                                                               2000
                                                                                 Numbers – 4E resource grade                                                                                                               7.0 6.2
                                                                                           Existing Shafts

             0                                                                                 Shafts @ BFS
                                                                                                                                                                                                                                                                               2500
                                                                                                                                                                                                                                                         6.2
                97

                99

                01

                03

                05

                07

                09

                11

                13

                15

                17
             19

             19

             20

             20

             20

             20

             20

             20

             20

             20

             20




                                                                                                  …and at attractive relative 4E grades
             Source: Various Market Commentators, Company Financial Statements                                                       Page 17
 VILLAGE
MAIN REEF
                                                           Value Upside
     Attractive transaction valuation of $2.50 (net of cash) per 4E
     resource oz offers upside relative to its peers
     Extension of resource ounces through additional drilling
     Improved resource confidence through infill drilling and scoping
     study
     Completion of the Definitive Feasibility Study which is fully funded
     Independence provides partnering flexibility and opportunity
     Strong BEE company positions Village well for further consolidation
     potential and partnerships


 Note: Village EV per oz based on share price of ZAR2.00                Page 18
 VILLAGE                                                        Valuation of $2.50 per oz Offers
MAIN REEF                                                                      Upside vs. Peers

                             $30
 US$ EV per 4E Resource oz




                             $25                                                                                                $23.86



                             $20                                                                                      $17.97


                             $15                                                                     $13.82
                                                                                           $11.78

                             $10

                                                                    $5.37
                             $5
                                            $2.50

                             $0
                                          Village                 Jubilee                  Nkwe     Wesizwe            PTM     Platmin
                                               Feasibility Underway                                  Feasibility Completed

                              Source: RBC Capital Markets, Company Reports and Presentations
                              Note: Village EV per oz based on share price of ZAR2.00                                                    Page 19
 VILLAGE
MAIN REEF
                                                                                  Value Uplift Potential
                                       Dominated by Juniors                                                   Dominated by Majors

                                 Exploration                   Pre-                  Pre-         Valuation               Capex        Production
                                                           Development            Feasibility
                                                                                    Study

                                                                                                Crossover from
                                                                                                  Project to
                                                                                                  Operations                                   Value


              Resources                                                                                                                                    Reserves
                                                                                                                      P
                                                                                                                 23




                                                                                                                                                                        Operations
                                                                                                      BFS
  Discovery




              Measured                                                                                                                                     Proven



                                                                                                      N
              Indicated                                                                          12                                                        Probable



                                                                          5
               Inferred                                                       J
                                                                                   Village
                                                                              V    today
                                                                                   ($2.5)
                                                                                                                                                    Risk


                                                               Time, Exploration and Development Spend

                                         Unit-based valuation                                                    DCF, reserve/resource &
                                         (Yardstick Method)                                                      cash flow based valuation
Source: Latest Company Reports & Sector Analysis; JSE/ASX/TSX share prices as at 12 June 2009                                                                         Page 20 20
 VILLAGE
MAIN REEF
                                              Investment Rationale

                  Value Uplift                               Village Differentiators
  •   Uplift on the flagship Lesego project           •   Large, high grade, two reef resource with
      valuation                                           strong Ni and Cu credits and a potential
  •   Extension of existing PGM resources on              mine life in excess of 30 years
      Eerste Regt                                     •   Strong basket value with a low operating
  •   Improving resource confidence through               cost per oz relative to its neighbours
      further drilling and a scoping / bankable       •   Funded to BFS
      feasibility study
                                                      •   Strong BEE credentials with lock in
  •   Independence offers numerous strategic              commitments
      advantages
                                                      •   Simple, consolidated holding
  •   Strong BEE credentials positions Village
      well for industry consolidation and             •   Experienced management team with
      partnerships                                        strong technical support to deliver on
                                                          exploration and mine development plan
  •   Attractive pipeline of near cashflow precious       objectives and acquisition of early cash
      metal opportunities                                 generative opportunities



                                                                                                Page 21

				
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