Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rules 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

Dated May 4, 2017

File Number: 001-35785

SIBANYE GOLD LIMITED

(Translation of registrant’s name into English)

Libanon Business Park

1 Hospital Street (off Cedar Avenue)

Libanon, Westonaria, 1780

South Africa

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F

Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
_____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
_____

Sibanye Operating update 31 March 2017 1

Westonaria 4 May 2017: Sibanye Gold Limited ( Sibanye and/or the Group ) (JSE: SGL & NYSE: SBGL) is pleased to provide

an operating update for the quarter ended 31 March 2017. Detailed financial and operating results are provided on a six-monthly
basis.

OPERATING UPDATE

UNITED STATES DOLLARS

SOUTH AFRICAN RAND

Mar

2016

Dec

2016

Mar

2017

Unit

Mar

2017

Dec

2016

Mar

2016

KEY STATISTICS

Gold Division

360.8

382.9

330.1

Gold produced

10,266

11,908

11,221

1,182

1,212

1,215

US$/oz

Average gold price

R/kg

515,998

541,082

600,267

US$/t

Operating cost

R/t

896

833

845

160.3

166.2

73.2

US$m

Operating profit

967.0

2,304.1

2,530.6

Operating margin

895

957

1,163

US$/oz

All-in sustaining cost

R/kg

493,872

427,091

454,282

Platinum Division - attributable

134.8

168.1

Platinum produced

5,228

4,194

233.2

286.7

4E PGM

production

8,918

7,253

857

917

US$/4Eoz

Average PGM basket price

R/4Eoz

12,109

11,900

762

842

US$/4Eoz

Operating cost

R/4Eoz

11,128

10,571

8.1

18.4

US$m

Operating profit

242.9

114.4

Operating margin

Average exchange rates for the quarters ended 31 March 2017, 31 December 2016 and 31 March 2016 were R13.21/US$, R13.88/US$ and R15.79/US$, respectively.

The Platinum Division’s performance is only provided for the quarters ended 31 March 2017 and 31 December 2016, as the Aquarius group was only acquired on 12 April 2016 and the
Rustenburg operations on 1 November 2016.

Platinum Group Metals of which 4E represent platinum, palladium, rhodium and gold.

STOCK DATA FOR THE THREE MONTHS ENDED 31 MARCH 2017

JSE LIMITED – (SGL)

Number of shares in issue

Price range per ordinary share

ZAR24.01 to ZAR31.15

– at end 31 March 2017

929,004,342

Average daily volume

6,089,544

– weighted average

929,004,342

NYSE – (SBGL); ONE ADR REPRESENTS FOUR ORDINARY SHARES

Free Float

80%

Price range per ADR

US$7.45 to US$9.40

Bloomberg/Reuters

SGLS / SGLJ.J

Average daily volume

2,127,679

2 Sibanye Operating update 31 March 2017

OVERVIEW AND UPDATE FOR THE QUARTER ENDED 31 MARCH 2017 COMPARED WITH THE QUARTER

ENDED 31 MARCH 2016

Sibanye is an independent mining group domiciled in South Africa, which owns and operates a
portfolio of high-quality gold and platinum group metals (PGMs) operations and projects.

Due to significant appreciation in the ZAR/USD exchange rate during 2016, the average rand gold price of R515,998/kg for the March
2017 quarter was 14% lower than for the comparable period in 2016. The exchange rate appreciated by 16% from an average of
R15.70/US$ for the March 2016 quarter, to R13.21/US$ for the March 2017 quarter. As a result, the average operating margin for the
Gold Division declined from 38% to 18% with operating profit decreasing from R2,531 million for the March 2016 quarter to R967 million.

The positive momentum developed by the Platinum Division in 2016 has continued into 2017, with all of the operations performing strongly
and the integration process proceeding well. In line with the progress made on the realisation of synergies it is therefore pleasing that the
Platinum Division generated attributable operating profit of R243 million, with Mimosa contributing an additional R119 million to Earnings
from Associates.

SAFETY

Safety trends for the Group continued to improve, with all safety indicators better for the March 2017 quarter relative to the comparable
quarter in 2016. The Fatal Injury Frequency Rate was 67% lower at 0.05 per million hours and the Serious Injury Frequency Rate was
27% lower at 3.7 per million hours. The improved safety performance follows the implementation of a revised safety strategy which has
been rolled out in both the Gold and Platinum Divisions.

Regrettably two fatal accidents occurred in the Gold Division during the March 2017 quarter, both at the Beatrix Operation. Sibanye
Management and Board extend their sincere condolences to the families and colleagues of Mr Sphampano Machenene and Mr Mxolisi
Cekiso. Pleasingly, the Platinum Division recorded a fatality free March 2017 quarter.

GOLD DIVISION

Gold production for the March 2017 quarter of 10,266kg (330,100oz), was 9% lower than for the comparable quarter in 2016. The 955kg
(30,700oz) decrease was mainly due to the cessation of mining operations at the Cooke 4 shaft in September 2016, which previously
contributed 409kg (13,100oz) in the March 2016 quarter. Lower underground volumes at Driefontein and Cooke were supplemented,
where possible, by surface rock dump (SRD) material, albeit at lower grades. Gold in inventory at the end of December 2016 of 129kg
(4,147oz) was sold during the March 2017 quarter, resulting in sales of 10,395kg (334,200oz).

Costs at the Gold Division of R4,937 million were approximately 5% higher than for the March 2016 quarter with unit costs 6% higher at
R896/t milled. All-in sustaining cost (AISC) increased by 9% from R454,282/kg to R493,862/kg mainly as a result of the decrease in gold
produced.

Kloof posted a strong performance as production increased by 1% to 3,201kg (102,900oz). A decision to mill current waste with the mined
ore to improve efficiency and reduce unit costs resulted in a 15% increase in mill throughput to 506,000t, and a corresponding 12%
decline in the average yield to 6.33g/t. An opportunity to utilise excess capacity at Ezulwini and Cooke plants with Kloof surface material
resulted in surface throughput increasing by 37%. Production declined 5% however due to the processing of lower grade feed material
at the Kloof rock dump.

At Beatrix, underground gold production increased by 1% to 2,176kg (70,000oz). This was due to an increase in volume from Beatrix 1
shaft and an increase in grade at Beatrix 4 shaft. Gold production from the surface operations decreased by 9% to 109kg (3,500oz) due
to lower volumes from SRDs which were preferentially replaced with underground ore. Surface throughput decreased by 21% to 336,000t.
The yield from the surface operations increased from 0.28g/t to 0.32g/t.

Underground production at Driefontein for the March 2017 quarter, at 3,038kg (97,700oz) was 8% lower than for the comparable period
in 2016, mainly as a result of lower production from 5 and 6 shafts. Higher grade areas at 6 shaft will only return to production in July
2017 due to a seismic event that occurred during the March 2017 quarter. Ore milled was 1% lower at 531,000t. Gold production from
surface sources decreased by 2% to 474kg (15,200oz) due to lower SRD grade and volume. Management at Driefontein has been
strengthened through the appointment of Koos Barnard as an additional VP at the Driefontein Operations. Koos has over 30 years mining
experience in the South African gold industry, nine of those with Gold Fields as well as after its unbundling, with Sibanye Gold for two
years. Prior to that Koos occupied various roles at Anglo Gold and Durban Roodepoort Deep. We are pleased to welcome Koos back to
Sibanye where we are certain his experience will be invaluable.

Underground production at Cooke of 701kg (22,500oz) was 48% lower than for the comparable period in 2016, primarily due to the
cessation of production at Cooke 4, which produced 409kg (13,100oz) for the March 2016 quarter. The Cooke 3 grout plant was
commissioned at the end of Q1 which should allow extraction of higher grade mining areas in future. Lower underground volumes were
supplemented with surface material where possible, resulting in production from surface increasing by 10% to 192kg (6,200oz) for the
quarter. The surface yields increased by 18% to 0.20g/t.

Sibanye Operating update 31 March 2017 3

The continuous operational underperformance of Beatrix 4 shaft and the Cooke underground operations is currently under review.

We are pleased to report the appointment of William Taylor as Chief Operating Officer for the Gold Division. William has extensive mining
experience in both the Gold and Platinum industries. He spent close to 17 years at Anglo American Platinum, most recently in the role of
Senior General Manager at Amandelbult and prior to that, nearly 15 years in the Gold Mining industry at, amongst others, Harmony and
Durban Roodepoort Deep.

PLATINUM DIVISION

The Platinum Division delivered attributable PGM production of 286,716oz (4E) for the March 2017 quarter in line with planned levels.
The operating cost was R11,128/4Eoz (US$842/4Eoz) resulting in an operating margin of 8% for the period. The PGM basket price for
the quarter was R12,109/4Eoz (US$917/4Eoz). The Platinum Division recorded an operating profit of R243 million (US$18 million) for the
first quarter of 2017, excluding the equity accounted attributable operating profit of R119 million (US$9 million) from Mimosa.

Despite the noted volatility in rand PGM prices during the quarter, and after taking into account the revenue contribution from base metals
and chrome, Kroondal, Platinum Mile and Rustenburg delivered attributable operating profits of R77 million, R15 million and R122 million
respectively during the quarter. This equated to a quarterly operating profit margin of 12%, 35% and 5% respectively for each operation.

Mimosa and Platinum Mile continue to deliver solid results, with Rustenburg continuing its positive turnaround and Kroondal operating to
guidance. Operating costs at Kroondal and Mimosa for the March 2017 quarter amounted to R10,430/4Eoz (US$790/4Eoz) and
R8,921/4Eoz (US$675/4Eoz), respectively. Platinum Mile operating cost of R6,470/4Eoz (US$490/4Eoz) resulted in an operating margin
of 35%.

The integration of the Rustenburg operation is progressing well. The Sibanye operating model has been implemented across the Division
and positive operating and financial performance momentum has already been noted. There has been a real 12% reduction in

Rustenburg's unit operating costs since Sibanye took control of the operation on 1 November 2016.

R400 million in synergies is anticipated to be realised by year end. The Section 189 process announced on 26 January 2017, arising from
the consolidation of Aquarius and the Rustenburg Operations into Sibanye, is ongoing.

STRATEGIC UPDATE

On 25 May 2017 Sibanye and Stillwater shareholders overwhelmingly approved the acquisition of Stillwater by Sibanye. All resolutions
at the Sibanye General Meeting of shareholders were passed by a majority of approximately 82% of shareholders voting. This strong
support from shareholders as well as the financial support in the Transaction already shown by some of the largest financial institutions
in the world, is a significant vote of confidence in the strategic rational and value that Sibanye is confident it will deliver for all stakeholders
through this transaction.

While this transaction is significantly value accretive, even assuming relatively conservative commodity price assumptions, with earnings
and cash flows enhanced as the Blitz project ramps up, Sibanye believes that supply and demand fundamentals across the PGM suite
are positive and imply potential value upside. We expect sustained and material supply deficits across the PGMs over the long term, with
palladium likely to move into significant deficits first, supported by continued growth in gasoline light passenger vehicle sales globally.
Despite a likely decline in global diesel penetration rates, led by a structural change in the make-up of the European car market, we
forecast a relatively balanced platinum market for the remainder of this decade, followed by deficits thereafter, driven by declining supply
from South Africa. An industry wide decrease in stay-in-business capital over the last decade to unsustainable levels, is likely to result in
lower primary platinum supply from South Africa, in our opinion. The outlook for Rhodium is similar, moving from a balanced market to
long-term deficits early next decade. The resultant drawdown from above ground inventories will drive the PGM basket prices higher to
more sustainable levels post 2018 in our view.

The Stillwater acquisition follows the acquisitions of Aquarius and Rustenburg in 2016. Both of these acquisitions represented low cost
entries into the PGM sector and importantly, through the realisation of cost and operating synergies, offered significant potential to
enhance value, as is already evident in the Platinum Division results presented for the March 2017 quarter.

Stillwater, located in Montana in the United States, owns the highest grade PGM mines in the world and is the lowest cost PGM producer
(on an All-in Sustaining Cost basis which includes sustaining capital expenditure requirements). The company is also the only PGM
Company, through the brownfields Blitz project, that is able to substantially grow production at a low point in the commodity price cycle,
financed entirely through internal cash flow. The high quality Stillwater assets, including a world class recycling facility, combined with

Sibanye's unique geographically diversified PGM operating base and the fact that Stillwater is the only primary palladium producer in the

world, strategically positions Sibanye as an exclusive investment case.

This transformative transaction uniquely positions Sibanye as a global precious metals company with a unique mix of commodities.
Sibanye is now the third largest producer of palladium (and only primary producer of palladium) and the third largest producer of platinum
in the world and also features in the top ten global gold companies.

While the Company still perceives a potential for further value accretive growth through consolidation of the PGM Sector, despite
continued engagement with Government, the regulatory environment in South Africa is becoming increasingly uncertain and recent
political events have added significant economic volatility, complicating investment decisions, particularly capital intensive investments,
with long lead times, such as in the mining industry. The group remains focused on delivering superior value to all stakeholders but until

4 Sibanye Operating update 31 March 2017

there is more clarity on the investment and regulatory environment in South Africa, decisions to commit to long term growth projects in
South Africa are difficult.

OUTLOOK

Guidance provided for the Gold and Platinum Divisions remains unchanged for the year. Gold production guidance for the year ending
31 December 2017 is between 47,000kg and 48,000kg (1.51 to 1.54Moz), with total cash cost between R385,000/kg and R395,000/kg
(US$890/oz and US$910/oz) and AISC of between R470,000/kg and R480,000/kg (US$1,080/oz and US$1,105/oz). Total capital
expenditure for 2017, including Burnstone, is currently planned at approximately R4.0 billion (US$300 million).

Guidance for 4E PGM production from the Platinum Division is between 1.05Moz and 1.10Moz. Operating cost guidance for the division
remains between R11,150/4Eoz and R11,450/4Eoz, with attributable capital expenditure planned at R900 million (US$67 million). The
dollar costs are based on an average exchange rate of R13.50/US$.

Neal Froneman

Chief Executive Officer
4 May 2017

Sibanye Operating update 31 March 2017 5

SALIENT FEATURES AND COST BENCHMARKS

Unit

Quarter

Total Mines

Driefontein

Kloof

Beatrix

Cooke

Total

Under-

ground

Surface

Under-

ground

Surface

Under-

ground Surface

Under-

ground

Surface

Under-

ground

Surface

SALIENT FEATURES AND COST BENCHMARKS

Gold Division

Production

Tonnes milled/treated

000't

Mar 2017

4,858

1,852

3,006

531

845

506

813

621

336

194

1,012

Dec 2016

4,936

1,952

2,984

516

919

517

789

701

361

218

915

Mar 2016

4,978

1,975

3,003

537

953

441

593

656

425

341

1,032

Yield

g/t

Mar 2017

2.11

4.92

0.38

5.72

0.56

6.33

0.46

3.50

0.32

3.61

0.19

Dec 2016

2.41

5.48

0.40

7.25

0.54

6.66

0.51

3.62

0.30

4.50

0.22

Mar 2016

2.25

5.06

0.41

6.18

0.57

7.17

0.66

3.28

0.28

3.99

0.17

Gold produced

Mar 2017

10,266

9,116

1,150

3,038

474

3,201

375

2,176

109

701

192

Dec 2016

11,908

10,703

1,205

3,740

499

3,445

399

2,537

107

981

200

Mar 2016

11,221

9,991

1,230

3,318

541

3,163

394

2,149

120

1,361

175

000't

Mar 2017

330.1

293.1

37.0

97.7

15.2

102.9

12.1

70.0

3.5

22.5

6.2

Dec 2016

382.9

344.3

38.8

120.3

16.0

110.8

12.8

81.5

3.5

31.5

6.5

Mar 2016

360.8

321.2

39.6

106.7

17.4

101.7

12.7

69.1

3.9

43.7

5.6

Gold sold

Mar 2017

10,395

9,234

1, 161

3,122

474

3,235

375

2,176

109

701

203

Dec 2016

11,779

10,585

1,194

3,656

499

3,411

399

2,537

107

981

189

Mar 2016

11,221

9,991

1,230

3,318

541

3,163

394

2,149

120

1,361

175

000't

Mar 2017

334.2

296.9

37.3

100.4

15.2

104.0

12.1

70.0

3.5

22.5

6.5

Dec 2016

378.6

340.2

38.4

117.5

16.0

109.7

12.8

81.5

3.5

31.5

6.1

Mar 2016

360.8

321.2

39.6

106.7

17.4

101.7

12.7

69.1

3.9

43.7

5.6

Price and costs

Gold price received

R/kg

Mar 2017

515,998

515,406

515,263

516,674

519,580

Dec 2016

541,082

540,842

539,790

540,998

570,000

Mar 2016

600,267

601,555

599,353

602,556

595,768

US$/oz

Mar 2017

1,215

1,214

1,213

1,217

1,223

Dec 2016

1,212

1,209

1,212

1,277

Mar 2016

1,182

1,185

1,181

1,187

1,174

Operating cost

R/t

Mar 2017

896

2,113

147

2,538

200

2,375

182

1,461

130

2,352

Dec 2016

833

1,893

140

2,312

189

2,090

147

1,324

109

2,265

Mar 2016

845

1,932

129

2,211

168

2,592

163

1,262

118

1,930

Operating margin

Mar 2017

(25)

Dec 2016

Mar 2016

Total cash cost

R/kg

Mar 2017

421,308

426,446

376,814

414,967

594,690

Dec 2016

346,439

324,260

310,630

368,684

491,538

Mar 2016

385,117

361,907

360,866

397,708

481,120

US$/oz

Mar 2017

992

1,004

887

977

1,400

Dec 2016

776

726

696

826

1,101

Mar 2016

759

713

711

783

948

All-in sustaining cost

R/kg

Mar 2017

493,872

497,831

450,859

486,871

666,150

Dec 2016

427,091

393,333

409,843

445,045

562,308

Mar 2016

454,282

421,845

435,001

463,729

535,156

US$/oz

Mar 2017

1,163

1,172

1,062

1,146

1,568

Dec 2016

957

881

918

997

1,260

Mar 2016

895

831

857

913

1,054

All-in sustaining margin

Mar 2017

(28)

Dec 2016

Mar 2016

Capital expenditure

Total capital expenditure

Mar 2017

806.5

259.8

264.8

143.8

43.6

Dec 2016

1,106.9

297.1

399.1

176.4

65.9

Mar 2016

739.0

219.7

241.4

130.6

56.4

US$m

Mar 2017

61.1

19.7

20.0

10.9

3.3

Dec 2016

79.7

21.4

28.8

12.7

4.7

Mar 2016

46.8

13.9

15.3

8.3

3.6

Average exchange rates for the quarters ended 31 March 2017, 31 December 2016 and 31 March 2016 were R13.21/US$, R13.88/US$ and R15.79/US$, respectively.
Figures may not add as they are rounded independently.

Total cash cost is calculated in accordance with the Gold Institute Industry Standard as cost of sales as recorded in profit or loss, less amortisation and depreciation and off-site (i.e. central)

general and administrative expenses (including head office costs) plus royalties and production taxes. Total cash cost per kilogram is defined as the average cost of producing a kilogram of
gold, calculated by dividing the total cash cost in a period by the total gold sold over the same period.

All-in sustaining cost is defined as production costs plus all costs relating to sustaining current production and sustaining capital expenditure, and includes (but not limited to) operating costs,
share based payments, royalties, rehabilitation costs and sustaining capital expenditure.

Corporate project expenditure for the quarters ended 31 March 2017, 31 December 2016 and 31 March 2016 amounted to R94.5 million (US$7.2 million), R168.4 million (US$12.1 million),
and R90.9 million (US$5.7 million), respectively. The majority of this expenditure was on our Burnstone project.

6 Sibanye Operating update 31 March 2017

SALIENT FEATURES AND COST BENCHMARKS

Unit

Quarter

Total Mines

Kroondal

Mimosa

Plat Mile

Rustenburg

Total

Under-

ground

Surface

Attributable

Surface

Under-

ground

Surface

SALIENT FEATURES AND COST BENCHMARKS

Platinum Division attributable

Production

Tonnes milled/treated

000't

Mar 2017

6,563

2,904

3,659

888

335

2,121

1,681

1,538

Dec 2016

5,808

2,448

3,360

904

340

2,366

1,204

994

Plant head grade

g/t

Mar 2017

2.10

3.29

1.15

2.41

3.58

0.69

3.69

1.79

Dec 2016

1.88

3.20

0.92

2.44

3.61

0.67

3.65

1.53

Plant recoveries

Mar 2017

64.76

82.36

25.01

81.40

77.72

9.16

83.59

33.46

Dec 2016

66.37

82.93

24.66

82.29

78.28

12.38

84.54

37.42

Yield

g/t

Mar 2017

1.36

2.71

0.29

1.97

2.78

0.06

3.09

0.60

Dec 2016

1.25

2.65

0.23

2.00

2.82

0.08

3.09

0.57

PGM 4E production

4Eoz

Mar 2017

286,716

252,737

33,979

56,106

29,975

4,328

166,656

29,651

Dec 2016

233,199

208,586

24,613

58,252

30,863

6,297

119,471

18,316

Price and unit costs

Average PGM 4E basket price

R/4Eoz

Mar 2017

12,109

12,198

11,525

12,062

12,085

12,028

12,243

11,451

Dec 2016

11,900

11,872

12,133

11,688

12,228

11,754

11,870

12,263

US$/4Eoz

Mar 2017

917

923

872

913

915

911

927

867

Dec 2016

857

855

874

842

881

847

855

883

Operating cost

R/t

Mar 2017

459

1,040

659

798

1,241

103

Dec 2016

424

945

604

917

1,209

128

US$/t

Mar 2017

Dec 2016

Operating margin

Mar 2017

(2)

Dec 2016

Operating cost

R/4Eoz

Mar 2017

11,128

11,991

5,471

10,430

8,921

6,470

12,516

5,325

Dec 2016

10,571

11,090

6,176

9,368

10,103

4,002

12,185

6,923

US$/4Eoz

Mar 2017

842

908

414

790

675

490

947

403

Dec 2016

762

799

445

675

728

288

878

499

Total cash cost

R/4Eoz

Mar 2017

11,026

10,166

9,598

6,470

11,371

US$/4Eoz

Mar 2017

835

770

727

490

861

Capital expenditure
Total capital expenditure

Mar 2017

175.5

173.9

1.6

23.7

55.3

1.6

94.9

Dec 2016

269.3

269.1

0.2

67.0

53.4

0.2

148.7

US$m

Mar 2017

13.3

13.2

0.1

1.8

4.2

0.1

7.2

Dec 2016

19.3

4.8

3.8

10.7

Platinum Division includes the attributable operations of Kroondal (50%), Mimosa (50%), Platinum Mile surface operation and Rustenburg since acquisition on 1 November 2016.

Production per product – see prill split in the table below.

The total Platinum Division price and unit costs exclude the financial results of Mimosa, which are equity accounted and excluded from net operating profit.

4E PGM revenue per ounce, prior to a purchase of concentrate adjustment.

Operating costs are all mining related costs calculated as costs of sales before amortisation and depreciation.

Total cash cost is calculated in accordance with the Gold Institution industry standard as costs of sales as recorded in profit or loss, less amortisation and depreciation and off-site (i.e. central)
general and administrative expenses (including head office costs) plus royalties and production taxes. Total cash costs per 4E ounce is defined as the average cost of producing a 4E ounce,
calculated by dividing the total cash cost in a period by the PGM 4E produced over the same period.

Prill split

Quarter ended

Mar 2017

Dec 2016

4Eoz

Platinum

168,080

134,836

Palladium

88,654

73,437

Rhodium

20,006

19,457

Gold

9,976

5,469

PGM 4E production

286,716

100

233,199

100

Ruthenium

37,642

30,804

Iridium

8,780

7,047

Total

333,138

271,050

Sibanye Operating update 31 March 2017 7

DEVELOPMENT RESULTS

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be
necessary when estimating ore reserves. All figures below exclude shaft sinking metres, which are reported separately where appropriate.

QUARTER ENDED

31 March 2017

31 December 2016

31 March 2016

REEF

CARBON

LEADER

MAIN

VCR

CARBON

LEADER

MAIN

VCR

CARBON

LEADER

MAIN

VCR

Gold Division

Driefontein

Unit

Advanced

(m)

1,309

844

802

1,512

974

845

1,653

702

1,307

Advanced on reef

(m)

165

255

151

237

378

131

214

173

135

Channel width

(cm)

116

Average value

(g/t)

16.6

9.5

34.5

33.8

11.6

27.2

14.0

9.6

58.5

(cm.g/t)

1,049

660

3,242

1,218

578

3,141

1,139

509

3,062

QUARTER ENDED

31 March 2017

31 December 2016

31 March 2016

REEF

KLOOF

MAIN

LIBANON

VCR

KLOOF

MAIN

LIBANON

VCR

KLOOF

MAIN

LIBANON

VCR

Gold Division

Kloof

Unit

Advanced

(m)

779

441

219

1,816

681

768

170

2,425

2,240

723

666

Advanced on reef

(m)

167

243

206

454

520

210

144

Channel width

(cm)

169

138

115

102

117

173

133

138

Average value

(g/t)

5.6

23.4

5.9

18.1

11.6

18.9

25.4

21.6

9.0

5.1

6.8

(cm.g/t)

945

834

816

1,656

1,331

907

2,584

2,530

1,563

682

932

QUARTER ENDED

31 March 2017

31 December 2016

31 March 2016

REEF

BEATRIX

KALKOENKRANS

BEATRIX

KALKOENKRANS

BEATRIX

KALKOENKRANS

Gold Division

Beatrix

Unit

Advanced

(m)

3,698

476

4,613

723

4,176

947

Advanced on reef

(m)

806

1,289

138

1,358

249

Channel width

(cm)

156

145

102

115

126

Average value

(g/t)

5.7

22.7

5.9

13.3

8.1

11.7

(cm.g/t)

889

2,034

861

1,361

938

1,470

QUARTER ENDED

31 March 2017

31 December 2016

31 March 2016

REEF

VCR

ELSBURGS

REEFS

ELSBURG

MASSIVES

KIMBERLEY

REEFS

VCR

ELSBURGS

REEFS

ELSBURG

MASSIVES

KIMBERLEY

REEFS

VCR

ELSBURGS

REEFS

ELSBURG

MASSIVES

KIMBERLEY

REEFS

Gold Division

Cooke

Unit

Advanced

(m)

145

717

177

203

831

184

379

1,675

104

146

Advanced on reef

(m)

139

142

211

618

Channel width

(cm)

116

129

119

281

250

343

205

Average value

(g/t)

8.5

8.4

4.9

5.4

10.6

4.7

2.2

4.1

5.2

3.2

(cm.g/t)

373

974

631

392

933

559

622

1,037

1,784

665

QUARTER ENDED

31 March 2017

31 December 2016

REEF

KOPANENG

SIMUNYE BAMBANANI

KWEZI

KOPANENG

SIMUNYE

BAMBANANI

KWEZI

Platinum Division

Kroondal

Unit

Advanced

(m)

323

559

737

1.118

682

701

552

1,160

767

974

Advanced on reef

(m)

221

559

558

917

682

300

477

294

694

971

Channel width

(cm)

131

209

111

196

102

183

104

193

Height

(cm)

255

253

227

237

247

260

244

224

240

254

Average value

(g/t)

1.53

2.51

2.08

2.46

1.26

2.16

0.81

2.45

2.46

(cm.g/t)

390

635

453

494

607

326

528

182

587

627

QUARTER ENDED

31 March 2017

31 December 2016

REEF

BATHOPELE

THEMBELANI

KHUSELEKA

SIPHUMELELE

BATHOPELE

THEMBELANI

KHUSELEKA

SIPHUMELELE

Platinum Division

Rustenburg

Unit

Advanced

(m)

334

1,369

1,178

1,113

190

1,387

1,254

1,291

Advanced on reef

(m)

334

611

306

270

190

445

236

305

Height

(cm)

198

117

116

117

219

119

117

122

Average value

(g/t)

2.58

1.86

2.14

1.93

2.61

4.06

4.14

5.55

(cm.g/t)

511

218

248

225

570

483

485

677

Kroondal development data since acquisition date on 12 April 2016

Rustenburg development data since acquisition on 1 November 2016

8 Sibanye Operating update 31 March 2017

ADMINISTRATION AND CORPORATE INFORMATION

SIBANYE GOLD LIMITED
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
Issuer code: SGL
ISIN: ZAE E000173951

LISTINGS
JSE: SGL
NYSE: SBGL

WEBSITE
www.sibanyegold.co.za

REGISTERED OFFICE
Libanon Business Park
1 Hospital Street (Off Cedar Ave)
Libanon
Westonaria 1780
South Africa

Private Bag X5
Westonaria 1780
South Africa
Tel: +27 11 278 9600
Fax: +27 11 278 9863

INVESTOR ENQUIRIES
James Wellsted
Senior Vice President:
Investor Relations
Sibanye Gold Limited
Tel: +27 83 453 4014

+27 11 278 9656

Email: james.wellsted@sibanyegold.co.za

CORPORATE SECRETARY
Cain Farrel
Tel: +27 10 001 1122
Fax: +27 11 278 9863
Email: cain.farrel@sibanyegold.co.za

DIRECTORS
Sello Moloko* (Chairman)
Neal Froneman (CEO)
Charl Keyter (CFO)
Chris Chadwick

Robert Chan

Timothy Cumming*
Barry Davison*
Rick Menell*
Nkosemntu Nika*
Keith Rayner*
Susan van der Merwe

Jerry Vilakazi*
Jiyu Yuan

* Independent non-executive

Non-independent non-executive

JSE SPONSOR
JP Morgan Equities South Africa Proprietary Limited
(Registration number : 1995/011815/07)
1 Fricker Road
Illovo
Johannesburg 2196
South Africa

Private Bag X9936
Sandton 2196
South Africa

OFFICE OF THE UNITED KINGDOM SECRETARIES
LONDON
St James’s Corporate Services Limited
Suite 31
Second Floor
107 Cheapside
London EC2V 6DN
United Kingdom
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645

AUDITORS
KPMG Inc.
KPMG Crescent
85 Empire Road
Parktown 2193
Johannesburg
South Africa
Tel: +27 11 647 7111

AMERICAN DEPOSITORY
RECEIPTS TRANSFER AGENT
BNY Mellon Shareowner Services
PO Box 358516
Pittsburgh
PA15252-8516
US toll-free: +1 888 269 2377
Tel: +1 201 680 6825
Email: shrrelations@bnymellon.com

Tatyana Vesselovskaya
Relationship Manager
BNY Mellon
Depositary Receipts
Direct Line: +1 212 815 2867
Mobile: +1 203 609 5159
Fax: +1 212 571 3050
Email: tatyana.vesselovskaya@bnymellon.com

TRANSFER SECRETARIES
SOUTH AFRICA
Computershare Investor Services Proprietary
Limited
Rosebank Towers
15 Biermann Avenue
Rosebank 2196

PO Box 61051
Marshalltown 2107
South Africa
Tel: +27 11 370 5000
Fax: +27 11 688 5248

TRANSFER SECRETARIES
UNITED KINGDOM
Capita Asset Services
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England

Tel: 0871 664 0300

(calls cost 10p a minute plus network extras, lines
are open 8.30am – 5pm Mon-Fri) or

+44 20 8639 3399 (from overseas)

Fax: +44 20 8658 3430
Email: ssd@capitaregistrars.com

Sibanye Operating update 31 March 2017 9

FORWARD LOOKING STATEMENTS

This document includes “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of words such as “target”, “will”, “would”, “expect”, “anticipate”, “plans”, “potential”, “can”, “may” and
other similar expressions that predict or indicate future events or trends or that are not statements of historical matters.

These forward-looking statements, including, among others, those relating to Sibanye’s future business prospects, revenues and income, expected timings of the
Stillwater transaction (including completion) (the Transaction), potential Transaction benefits (including statements regarding growth and cost savings) or information
related to the Blitz Project, wherever they may occur in this document and the exhibits to this document, are necessarily estimates reflecting the best judgment of the
senior management and directors of Sibanye, and involve a number of known and unknown risks and uncertainties that could cause actual results, performance or
achievements of the Sibanye Group to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements
should be considered in light of various important factors, including those set forth in this document. Important factors that could cause the actual results to differ
materially from estimates or projections contained in the forward-looking statements include, without limitation, economic, business, political and social conditions in
South Africa, Zimbabwe and elsewhere; changes in assumptions underlying Sibanye’s estimation of its current Mineral Reserves and Resources; the ability to achieve
anticipated efficiencies and other cost savings in connection with past and future acquisitions, as well as at existing operations; the ability of Sibanye to successfully
integrate acquired businesses and operations (whether in the gold mining business or otherwise) into its existing businesses; Sibanye’s or Stillwater’s ability to complete
the Transaction; the inability to complete the Transaction due to failure complete any conditions; Sibanye’s ability to achieve anticipated efficiencies and other cost
savings in connection with the Transaction; the success of Sibanye’s business strategy and changes thereto, exploration and development activities; the ability of
Sibanye to comply with requirements that it operate in a sustainable manner; changes in the market price of gold, platinum group metals (PGMs) and/or uranium; the
occurrence of hazards associated with underground and surface gold, PGMs and uranium mining; the occurrence of labour disruptions and industrial action; the
availability, terms and deployment of capital or credit; changes in relevant government regulations, particularly environmental tax health and safety regulations and
new legislation affecting water, mining, mineral rights and business ownership, including any interpretations thereof which may be subject to dispute; the outcome and
consequence of any potential or pending litigation or regulatory proceedings or other environmental, health and safety issues; power disruptions, constraints and cost
increases; supply chain shortages and increases in the price of production inputs; fluctuations in exchange rates, currency devaluations, inflation and other macro-
economic monetary policies; the occurrence of temporary stoppages of mines for safety incidents and unplanned maintenance; Sibanye’s ability to hire and retain
senior management or sufficient technically skilled employees, as well as its ability to achieve sufficient representation of historically disadvantaged South Africans’ in
its management positions; failure of Sibanye’s information technology and communications systems; the adequacy of Sibanye’s insurance coverage; any social unrest,
sickness or natural or man-made disaster at informal settlements in the vicinity of some of Sibanye’s operations; and the impact of HIV, tuberculosis and other contagious
diseases. Further details of potential risks and uncertainties affecting Sibanye are described in Sibanye’s filings with the JSE and the SEC, including in Sibanye’s
Integrated Annual Report 2016 and Annual Report on Form 20-F, for the fiscal year ended 31 December 2016. These forward-looking statements speak only as of the
date of this document.

The Sibanye Group undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after
the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This document does not constitute the solicitation of any vote, proxy or approval. In connection with the Transaction, Sibanye has posted to its shareholders a JSE
Limited (JSE) Category 1 circular and Stillwater has filed with the Securities and Exchange Commission (the SEC) relevant materials, including a proxy statement. The
JSE Category 1 circular and other relevant documents have been sent or otherwise disseminated to Sibanye’s shareholders and contain important information about
the Transaction and related matters. SHAREHOLDERS OF SIBANYE ARE ADVISED TO READ THE JSE CATEGORY 1 CIRCULAR AND OTHER RELEVANT
DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. The proxy statement and other relevant documents have
been sent or otherwise disseminated to Stillwater’s shareholders and contain important information about the Transaction and related matters. SHAREHOLDERS OF
STILLWATER ARE ADVISED TO READ THE PROXY STATEMENT THAT HAS BEEN FILED AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC,
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. Sibanye shareholders may obtain free copies of the JSE Category 1 circular
by going to Sibanye’s website at www.sibanyegold.co.za. The proxy statement and other relevant documents may also be obtained, free of charge, on the SEC’s
website (http://www.sec.gov). Stillwater shareholders may obtain free copies of the proxy statement from Stillwater by going to Stillwater’s website at
http://

stillwatermining.com/.

PARTICIPANTS IN THE SOLICITATION

Sibanye, Stillwater and their respective directors and officers may be deemed participants in the solicitation of proxies of Sibanye’s and Stillwater’s respective
shareholders in connection with the Transaction. Sibanye’s shareholders and other interested persons may obtain, without charge, more detailed information regarding
the directors and officers of Sibanye in Sibanye’s Annual Report on Form 20-F, for the fiscal year ended 31 December 2016, which was filed with the SEC on 7 April
2017. Stillwater’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Stillwater in
Stillwater’s Annual Report on Form 10-K for the fiscal year ended 31 December 2016, which was filed with the SEC on 16 February 2017. Additional information
regarding the interests of participants in the solicitation of proxies in connection with the Transaction is included in the proxy statement that Stillwater has filed with the
SEC.

NO OFFER OR SOLICITATION

This document is for informational purposes only and does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United
States or any other jurisdiction. Any securities referred to herein that are being offered outside of the United States have not been, and will not be, registered under the
U.S. Securities Act of 1933 and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.
The public offering of securities currently intended by the issuer to be made in the United States will be made by means of a prospectus that may be obtained from the
issuer and that will contain detailed information about the company, its management and financial statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its

behalf by the undersigned, thereunto duly authorised.

SIBANYE GOLD LIMITED

Dated: May 4, 2017

By:

/s/ Charl Keyter

Name:

Charl Keyter

Title:

Chief Financial Officer