Exhibit 4.28

EXECUTION





DATE 26 JUNE 2014

AMENDMENT AGREEMENT TO A

TERM LOAN FACILITY AGREEMENT

ORIGINALLY DATED 17 APRIL 2014





amongst

SOUTHGOLD EXPLORATION PROPRIETARY LIMITED

(as Borrower)

and

THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1

(as Original Lenders)

and

CREDIT SUISSE AG

(as
Facility Agent)

and

CREDIT SUISSE AG

(as
Security Agent)

STANDARD CHARTERED BANK

(as Parallel Debt Agent)

and

PURPLE RAIN SECURITY SPV
(RF) PROPRIETARY LIMITED

(as Security SPV)





LOGO



---

CONTENTS



|   |  |                                   |  |  
|-- |  | --------------------------------- |  | -
|1. |  | DEFINITIONS AND INTERPRETATION    |  | 1
|2. |  | AMENDMENT TO THE DEED OF NOVATION |  | 2
|3. |  | MISCELLANEOUS                     |  | 3
|4. |  | GOVERNING LAW                     |  | 4



- i -



---

PARTIES:

THIS AGREEMENT (the Amendment Agreement) is dated      June 2014 and is made among:



|(1) | SOUTHGOLD EXPLORATION PROPRIETARY LIMITED, a private company incorporated under the laws of South Africa, with registration number 2000/016129/07, as borrower (Southgold or the Borrower);
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(2) | THE FINANCIAL INSTITUTIONS listed in Schedule 1(Original Lenders), as lenders (in this capacity, each an Original Lender);
|--- | --------------------------------------------------------------------------------------------------------------------------



|(3) | CREDIT SUISSE AG, of Paradeplatz 8, 8001 Zurich, Switzerland as facility agent of the Finance Parties (in this capacity, the Facility Agent);
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------



|(4) | CREDIT SUISSE AG, of Paradeplatz 8, 8001 Zurich, Switzerland as facility agent of the Finance Parties (in this capacity, the Security Agent);
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------



|(5) | STANDARD CHARTERED BANK (in this capacity as Parallel Debt Agent); and
|--- | ----------------------------------------------------------------------



|(6) | PURPLE RAIN SECURITY SPV (RF) PROPRIETARY LIMITED a private company incorporated under the laws of South Africa, with registration number 2010/007093/07 and registered office at 5th Floor, The Terraces, 25 Protea
Road, Claremont 7708 (the Security SPV).
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BACKGROUND



|A. | The Parties entered into a term loan facility agreement dated 17 April 2014 pursuant to which the Original Lenders agreed to make available to the Borrower a term loan facility in an aggregate principal amount of
US$178,100,000 (one hundred and seventy eight million one hundred thousand dollars) (the Term Loan Facility Agreement).
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|B. | By this Amendment Agreement, the Parties have agreed to amend the Term Loan Facility Agreement.
|-- | -----------------------------------------------------------------------------------------------

IT IS
AGREED AS FOLLOWS:



|1. | DEFINITIONS AND INTERPRETATION
|-- | ------------------------------



|1.1. | Definitions
|---- | -----------

Unless the contrary intention appears, terms defined in the Term Loan
Facility Agreement shall have the same meaning when used in this Amendment Agreement.



|1.2. | Interpretation
|---- | --------------

The provisions of clauses 1.2 and 1.3 of the Term Loan Facility
Agreement shall also apply to this Amendment Agreement as if set out in this Amendment Agreement, but with all necessary modifications.



|1.3. | Finance Document
|---- | ----------------

This Amendment Agreement is a Finance Document.



- 1 -



---

|2. | AMENDMENT TO THE TERM LOAN FACILITY AGREEMENT
|-- | ---------------------------------------------



|2.1. | Amendments
|---- | ----------



|2.1.1. | With effect from the date hereof, the Term Loan Facility Agreement shall be amended so that:
|------ | --------------------------------------------------------------------------------------------



|2.1.2. | the letters and number US$178,100,000 contained in Recital J of the Term Loan Facility Agreement shall be deleted and replaced with the following:
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------

US$184,100,000 (one hundred and eighty four million one hundred thousand dollars);



|2.1.3. | the letters and number US$178,100,000 contained in clause 1.1.233 of the Term Loan Facility Agreement shall be deleted and replaced with the following:
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------

US$184,100,000 (one hundred and eighty four million one hundred thousand dollars);



|2.1.4. | clause 1.1 (Definitions)of the Term Loan Facility Agreement shall be amended by inserting a new definition of VAT Refund after the definition of VAT and before the definition of
Wits Gold as follows:
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.1.244 VAT Refund means any payments made by the South African Revenue
Service to Southgold in respect of a refund of payments made or to be made by Southgold to the South African Revenue Service during the period from the commencement of Business Rescue Proceedings to the Effective Date in satisfaction of estimated
VAT liabilities Southgold owed to the South African Revenue Service and arising from the compromise of the amounts owed to Southgolds creditors pursuant to the provisions of the Business Rescue Plan;



|2.1.5. | a new clause 7.2.2(VAT Refund)shall be added to the Term Loan Facility Agreement after clause 7.2.1.1.4 and before clause 7.3(Voluntary Prepayment of the Facility A Loans) as follows:
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2.2 | VAT Refund
| | ------ | ----------



| | 7.2.2.1 | Immediately upon receipt of any VAT Refund, the Borrower shall promptly notify the Facility Agent.
| | ------- | --------------------------------------------------------------------------------------------------



| | 7.2.2.2 | Within 3 (three) Business Days of the provision of the notice referred to in clause 7.2.2.1, the Borrower shall pay to the Facility Agent the full proceeds of any VAT Refund and such proceeds shall be applied by the
Facility Agent in prepayment of the Facility A2 Loan in proportion to each Lenders participation in such Facility A2 Loan.
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.2.2.3 | For the avoidance of doubt, no VAT Refund shall form part of nor be construed as forming part of Free Cash.
| | ------- | ------------------------------------------------------------------------------------------------------------



- 2 -



---

|2.1.6. | the table contained at Schedule 1(Original Lenders) of the Term Loan Facility Agreement is deleted in its entirety and replaced with:
|------ | -------------------------------------------------------------------------------------------------------------------------------------



|                        |  |                            |           |  |                            |  |            |                            |  |  |                            |  |  |                       |               |  |  |  |                | 
|----------------------- |  | -------------------------- | --------- |  | -------------------------- |  | ---------- | -------------------------- |  |  | -------------------------- |  |  | --------------------- | ------------- |  |  |  | -------------- | 
|Name of Original Lender |  | Facility A1Commitment(US$) |           |  | Facility A2Commitment(US$) |  |            | Facility A3Commitment(US$) |  |  | Facility A4Commitment(US$) |  |  | TotalCommitments(US$) |              
|Credit Suisse AG        |  |                            | 1,500,000 |  |                            |  | 5,500,000  |                            |  |  | 25,500,000                 |  |  |                       | 59,999,965.50 |  |  |  | 92,499,965.50  | 
|Standard Chartered Bank |  |                            | 1,500,000 |  |                            |  | 5,500,000  |                            |  |  | 25,500,000                 |  |  |                       | 59,100,034.50 |  |  |  | 91,600,034.50  | 
|Total                   |  |                            | 3,000,000 |  |                            |  | 11,000,000 |                            |  |  | 51,000,000                 |  |  |                       | 119,100,000   |  |  |  | 184,100,000.00 | 



|2.1.7. | the letters and number US$178,100,000 contained in Schedule 2(Form of Transfer Certificate) of the Term Loan Facility Agreement in the heading of such form shall be deleted and replaced with the
following:
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

US$184,100,000 (one hundred and eighty four million one hundred thousand dollars);



|2.2. | Continuity
|---- | ----------



|2.2.1. | The Parties agree that:
|------ | -----------------------



|2.2.1.1. | the provisions of the Term Loan Facility Agreement shall, save as amended hereby, continue in full force and effect; and
|-------- | ------------------------------------------------------------------------------------------------------------------------



|2.2.1.2. | any reference to the Term Loan Facility Agreement in any of the Finance Documents shall be a reference to the Term Loan Facility Agreement as amended pursuant to this Amendment Agreement.
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3. | REPRESENTATIONS AND WARRANTIES
|-- | ------------------------------



|3.1. | Each Party represents and warrants to and for the benefit of each other Party that:
|---- | -----------------------------------------------------------------------------------



|3.1.1. | it is duly incorporated and validly existing under the laws of its place of incorporation and has the power to own its property and assets and carry on its business;
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.1.2. | it has the power and capacity to enter into and comply with its obligations under this Amendment Agreement;
|------ | -----------------------------------------------------------------------------------------------------------



- 3 -



---

|3.1.3. | subject to the Legal Reservations, this Amendment Agreement constitutes its legal, valid, binding and enforceable obligations, and the entry into and performance of the transactions contemplated by this Amendment
Agreement does not conflict with:
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.1.3.1. | any law or regulation or its constitutional documents; or
|-------- | ---------------------------------------------------------



|3.1.3.2. | any document binding on it which would have a material adverse effect on the enforceability of this Amendment Agreement; and
|-------- | ----------------------------------------------------------------------------------------------------------------------------



|3.1.4. | it has taken all necessary action to authorise the entry into and compliance with its obligations under this Amendment Agreement, to ensure that its obligations under this Amendment Agreement are valid, binding and
enforceable in accordance with their terms and, subject to the Legal Reservations, to make this Amendment Agreement admissible in evidence in the courts of its jurisdiction of incorporation.
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | FURTHER ASSURANCE
|-- | -----------------

The Borrower shall, at the request of the Lenders and at its own
expense, do all such acts and things necessary or desirable to give effect to the amendments made or to be made pursuant to this Amendment Agreement.



|5. | MISCELLANEOUS
|-- | -------------

The provisions of clause 1.3(Third Party Rights),clause 14
(Costs and expenses),clause 32 (Notices),clause 34 (Partial Invalidity),clause 35 (Remedies and Waivers),clause 36 (Amendments and Waivers), clause 37(Counterparts), clause 38(Governing Law),
clause 39 (Enforcement)of the Term Loan Facility Agreement shall apply to this Amendment Agreement as if set out in this Amendment Agreement, but as if references in those clauses to the Term Loan Facility Agreement were references to this
Amendment Agreement.



|6. | GOVERNING LAW
|-- | -------------



|6.1. | Governing law
|---- | -------------

This Amendment Agreement and any dispute or claim arising out of or in
connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.



- 4 -



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SIGNATURES

Borrower

EXECUTED by:

SOUTHGOLD EXPLORATION

PROPRIETARY LIMITED

Acting by:



|                                    |  |  |  |        
|----------------------------------- |  |  |  | -------
|/s/ Peter Van Den Steen             |  |  |  |        
|Name: Peter Van Den Steen           |  |  |  | Witness
|Title: Business Rescue Practitioner |  |  |  |        



|                                                    |  |                                                                                     
|--------------------------------------------------- |  | ------------------------------------------------------------------------------------
|Prior to Effective Date:                            |  |                                                                                     
|                                                    | 
|Physical Address:                                   |  | Ground Floor, 138 West Street, Sandton, 2146, South Africa                          
|                                                    | 
|Postal Address:                                     |  | P O Box 78182, Sandton, 2146 South Africa                                           
|                                                    | 
|Attention:                                          |  | The Chief Executive Officer                                                         
|                                                    | 
|Fax:                                                |  | +27 (0)11 3011 840                                                                  
|                                                    | 
|With a copy to (which shall not constitute notice): |  |                                                                                     
|                                                    | 
|Address:                                            |  | McMillan, Suite 1500 - 1055 West Georgia Street,
Vancouver, British Columbia V6E 4N7
|                                                    | 
|Attention:                                          |  | Bernie Zinkhofer / Great Basin Responsible Partner                                  
|                                                    | 
|Fax:                                                |  | +001 (604) 685 7084                                                                 



---

|                      |  |                                                  
|--------------------- |  | -------------------------------------------------
|After Effective Date: |  |                                                  
|                      | 
|Physical Address:     |  | Libanon Business Park, 1 Hospital Road (off Cedar
|                      | 
|                      |  | Avenue), Libanon, Westonaria, 1779               
|                      | 
|Postal Address:       |  | Charl Keyter                                     
|                      | 
|Attention:            |  | The Chief Executive Officer                      
|                      | 
|Fax:                  |  | +27 (0)11 278 9873                               



---

Lender

EXECUTED by:

CREDIT SUISSE AG

Acting by:



|                   |  |  |  |                         
|------------------ |  |  |  | ------------------------
|/s/ Stefan Gerig   |  |  |  | /s/ Herbert Plank       
|Name: Stefan Gerig |  |  |  | Name: Herbert Plank     
|Title: Director    |  |  |  | Title: Managing Director



|           |  |                                               
|---------- |  | ----------------------------------------------
|Address:   |  | Giesshuebelstrasse 30, 8070 Zurich Switzerland
|           | 
|Attention: |  | Stefan Gerig                                  
|           | 
|Telephone: |  | +41 44 334 45 13                              
|           | 
|Fax:       |  | +41 44 333 21 04                              
|           | 
|Email:     |  | portfolio.admin@credit-suisse.com /           
|           | 
|           |  | Stefan.gerig@credit-suisse.com                



---

Lender

EXECUTED by:

STANDARD CHARTERED BANK

Acting by:



|                      |  |  |  |                     
|--------------------- |  |  |  | --------------------
|/s/ Philip Rees       |  |  |  | /s/ P. A. Johnson   
|Name: Philip Rees     |  |  |  | Name: P. A. Johnson 
|Title: Senior Manager |  |  |  | Title: Regional Head



|           |  |                                                     
|---------- |  | ----------------------------------------------------
|Address:   |  | 1 Basinghall Avenue, London EC2V 5DD, United Kingdom
|           | 
|Attention: |  | Mark Sumner / Phil Rees                             
|           | 
|Telephone: |  | +44 20 7885 7342 / +44 20 7885 7637                 
|           | 
|Fax:       |  | +44 20 7885 7828                                    
|           | 
|Email:     |  | mark.sumner@sc.com / Phil.Rees@sc.com               



---

Facility Agent

EXECUTED by:

CREDIT SUISSE AG

Acting by:



|                 |  |              |  |                   |  |                         
|---------------- |  | ------------ |  | ----------------- |  | ------------------------
|/s/ Stefan Gerig |  |              |  | /s/ Herbert Plank
|Name:            |  | Stefan Gerig |  |                   |  | Name: Herbert Plank     
|Title:           |  | Director     |  |                   |  | Title: Managing Director



|           |  |                                               
|---------- |  | ----------------------------------------------
|Address:   |  | Giesshuebelstrasse 30, 8070 Zurich Switzerland
|           | 
|Attention: |  | Stefan Gerig                                  
|           | 
|Telephone: |  | +41 44 334 45 13                              
|           | 
|Fax:       |  | +41 44 333 21 04                              
|           | 
|Email:     |  | portfolio.admin@credit-suisse.com /           
|           | 
|           |  | Stefan.gerig@credit-suisse.com                



---

Security Agent

EXECUTED by:

CREDIT SUISSE AG

Acting by:



|                   |  |  |  |                         
|------------------ |  |  |  | ------------------------
|/s/ Stefan Gerig   |  |  |  | /s/ Herbert Plank       
|Name: Stefan Gerig |  |  |  | Name: Herbert Plank     
|Title: Director    |  |  |  | Title: Managing Director



|           |  |                                                                    
|---------- |  | -------------------------------------------------------------------
|Address:   |  | Giesshuebelstrasse 30, 8070 Zurich Switzerland                     
|           | 
|Attention: |  | Stefan Gerig                                                       
|           | 
|Telephone: |  | +41 44 334 45 13                                                   
|           | 
|Fax:       |  | +41 44 333 21 04                                                   
|           | 
|Email:     |  | portfolio.admin@credit-suisse.com / 
Stefan.gerig@credit-suisse.com



---

Parallel Debt Agent

EXECUTED by:

STANDARD CHARTERED BANK

Acting by:



|                      |  |  |  |                     
|--------------------- |  |  |  | --------------------
|/s/ Philip Rees       |  |  |  | /s/ P. A. Johnson   
|Name: Philip Rees     |  |  |  | Name: P. A. Johnson 
|Title: Senior Manager |  |  |  | Title: Regional Head



|           |  |                                                                                       
|---------- |  | --------------------------------------------------------------------------------------
|Address:   |  | 5th Floor, No. 4 Sandown Valley Crescent,Sandton, 2196, Gauteng Province
 South Africa
|           | 
|Attention: |  | Andrew Dixon Smith                                                                    
|           | 
|Telephone: |  | +27 11 217 6626/ +27 71 882 4424                                                      
|           | 
|Fax:       |  | +27 (0)11 217 6641                                                                    
|           | 
|Email:     |  | Andrew.DixonSmith@sc.com                                                              



---

Security SPV

EXECUTED by:

PURPLE RAIN SECURITY SPV (RF)

PROPRIETARY LIMITED

Acting by:



|                        |  |  |  |       
|----------------------- |  |  |  | ------
|/s/ T. Ross-Gillespie   |  |  |  |       
|Name: T. Ross-Gillespie |  |  |  | Name: 
|Title: Director         |  |  |  | Title:



|           |  |                                                                                      
|---------- |  | -------------------------------------------------------------------------------------
|Address:   |  | GMG Trust Company, 3rd Floor, 200 on Main, Cnr Main and Bowwood Roads, Claremont 7708
|           | 
|Attention: |  | Managing Director                                                                    
|           | 
|Telephone: |  | +27 21 657 6010                                                                      
|           | 
|Fax:       |  | 086 673 3490                                                                         
|           | 
|Email:     |  | tamara@gmgtrust.co.za