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 Exhibit 4.132
 Term Sheet – Loan Facility
 
      Mintails South Africa (Proprietary) LimitedRegistration No 2004/007547/07 First Floor, North Wing Lord Charles Office Park 337 Brooklyn Road Brooklyn Pretoria 0002 South Africa (Borrower)
  DRDGOLD LimitedRegistration No 1895/000926/06 EBSCO House 4 299 Pendoring Avenue Blackheath, Randburg South Africa (Lender)
 Mintails LimitedACN 008 740 672 Suite 2, 1233 High Street Armadale, Victoria 3143 Australia (Borrower’ Guarantor)
   Mogale Gold (Pty) LimitedRegistration No 1996/010274/07 First Floor, North Wing Lord Charles Office Park 337 Brooklyn Road Brooklyn Pretoria 0002 South Africa  (Mogale Gold)
  
 Ergo Uranium (Pty) LimitedRegistration No 2007/017509/07 First Floor, North Wing Lord Charles Office Park 337 Brooklyn Road Brooklyn Pretoria 0002 South Africa  (Ergo Uranium)
  
 together, the Parties.  BackgroundThis Term Sheet sets out the commercial terms and conditions pursuant to which the Lender has agreed to provide a loan facility of up to ZAR 65 million to the Borrower.


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 Status of this Term SheetImmediately upon execution of this Term Sheet, all the parties acknowledge that they have created legally binding obligations between them in accordance with the agreed terms set out below.
 
 Agreed Terms
 Working capital facility
 Nature and purpose of the facility
 The Lender has agreed to provide the Borrower with an interest bearing loan facility (Facility) for the purpose of providing the Borrower with short term funding.
 Use of funds
 The use of funds will be limited to:  •  the Borrower’s ordinary course of business expenditures (which for the avoidance of
 doubt must be arms-length expenditures owing to unrelated third parties, and expressly excludes any related party transactions, distributions to shareholders, payments of the Borrower’s Board and senior management salaries and/or bonuses and the like) approved in writing by the Lender (acting reasonably and in good faith); and
 
  Amount of facility
 Interest Rate
 Interest will accrue and be paid or capitalised monthly on the outstanding principal from the date of the relevant advance or advances until the date of repayment at the prime rate published by the Standard Bank of South Africa at the start of the relevant monthly interest period plus 200 basis points.
 Pre-conditions to availability of Facility
 The Lender is not obliged to provide the Facility to the Borrower until: −  to the extent required to permit the Facility to be made available in South Africa, the
 Lender receives the approval of the South African Reserve Bank on terms satisfactory to the Lender;
 
 writing), the Lender is satisfied, in its sole discretion, with its due diligence investigations in respect of the assets and liabilities, financial position, profit and loss, operational performance and prospects of the Borrower and each of the Borrower’s subsidiaries (Borrower’s Group) and the security which the Borrower is able to provide in respect of any moneys advanced under the Facility;
 
 acceptable to the Lender (in its absolute discretion) over the interest that the Borrower and any members of the Borrower’s Group holds in the Elsburg Gold Mining Joint Venture(Elsburg JV) between East Rand Proprietary Mines Limited (ERPM) and Mogale Gold (Pty) Limited (Mogale Gold) and Ergo Mining (Pty) Limited (Company No 2007/004886/07) (Ergo Mining); and
 
 Borrower:  o  confirming the solvency of the Borrower and each member of the Borrower’s


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 occur on or before the date of the first drawdown which has or would have a material adverse effect on the ability of the Borrower to comply with its payment obligations in terms of the Facility
 o  approving the terms and conditions of this Term Sheet; and o  authorising a director or other authorised representative to execute this Term
  Drawdown procedure
 Drawdowns are conditional on the Lender’s approval which can be withheld in the Lender’s discretion (acting reasonably and in good faith) which discretion shall be confined to assessing whether or not the amount provided under the Facility will be used in accordance with the authorised use of the funds set out above and assessing and confirming that the Borrower and each member of the Borrower’s Group is not in breach of any of the representations and warranties set out in this Term Sheet. All amounts will be provided in (and must be requested in) ZAR in tranches of ZAR 10 million, except the last tranche which must represent the balance of the Facility. Prior to drawing down on the Facility, the Borrower must provide the Lender with a written drawdown request:  •  specifying the amount required and the use of those funds;
  •  confirming that the Borrower and each members of the Borrower’s Group is not in
 The Borrower must provide any other information which the Lender requires in respect of the proposed draw down (including, without limitation budgets, quotes, estimates, invoices etc relating to the amount and intended use of those funds) to verify that the purposes of the drawdown is within the approved use of funds for moneys drawn down under the Facility.
 Repayment Term
 earlier of:  •  the termination of this Term Sheet(other than termination resulting from the conclusion
 of a formal agreement), or if a formal agreement was entered into incorporating the provisions of this Term Sheet, the formal agreement;
 
 nature of that interest is legal, beneficial, economic or otherwise)  in the Elsburg JV or Ergo Mining;
 •  12 months from the date of entering into this Term Sheet;  •  the occurrence of an Event of Default (which is not remedied within the time period
   Set-Off
 The Lender may set off any amounts payable by the Lender (or a related body corporate of the Lender) in respect of the sale and purchase of the Sale Interest against the moneys owed to the Lender under the Facility.
 Security
 The Borrower will procure the grant in favour of the Lender first ranking security in a form acceptable to the Lender over  •  the Percentage Interest held by the Borrower or any member of the Borrower’s Group


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  Each of Mogale Gold and Ergo Uranium consent to, and the Borrower must procure that any other member of the Borrower’s Group consents to, granting security over these interests, as the provision of the Facility to the Borrower enhances the financial position of the Borrower’s Group (including, without limitation, each of Mogale Gold and Ergo Uranium).
 Negative Pledge
 Except in relation to proposed asset sales by the Borrower and members of the Borrower’s Group which have been fairly disclosed in writing to the Lender before execution of this  Term Sheet, the Borrower undertakes not to, without the Lender’s consent (which will not be unreasonably withheld or delayed) to: •  dispose of any of its major assets; and •  grant any encumbrances over any of its major assets, including any assets comprising
  Event of Default
 An event of default will occur where:  •  the Borrower fails to pay any amounts owing under the Facility as and when due; •  the Borrower fails to perform or observe any obligation under the Facility and does not
  
 Borrower or members of the Borrower’s Group in respect of any financial accommodation is or becomes due and payable or is or becomes capable of being declared due and payable before the due date for payment;
 
  
  
  The Borrower will be given 5 Business Days to remedy an event of default for failure to pay an amount owing to the Lender and 10 Business Days to remedy any other default (other than insolvency type defaults).
 Representations and Warranties
 The Borrower will represent and warrant (on signing and on again on each drawdown and on each day that there remain amounts outstanding under the Facility) that:
 
 Sheet and has taken all necessary action to authorise the execution, delivery and performance of it;
 •  the Term Sheet constitute legal, valid and binding obligations on the Borrower; •  entry into the Term Sheet does not result in the Borrower contravening any law or its
  
  •  no event has occurred which constitutes an Event of Default;  •  it and members of its group are solvent and are able to pay their debts as and when


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 Sheet is true and correct in all respects and there are no other facts or circumstances of which it is aware that would render any such information misleading;
 
 adverse effect on the business or financial condition of the Borrower or any member of the Borrower’s Group; and
 
 expected to adversely influence the decision of a lender to make a general corporate borrowings facility available to the Borrower on terms and conditions similar to those contained in this Term Sheet.
 It is acknowledged that the Lender and members of the Lender’s group have not completed their due diligence enquiries and may require additional warranties to be provided by the Borrower in respect of any issues arising out of these inquiries.
 Indemnity
 The Borrower will indemnify the Lender for all loss that it suffers occurring as a result of an Event of Default or the Lender exercising its powers as a result of an Event of Default.
 Guarantee:
 The Borrower’s Guarantor unconditionally and irrevocably guarantees to the Lender the due and punctual performance by the Borrower of its obligations under this Term Sheet.  The Borrower’s Guarantor waives any rights it has of first requiring the Lender to commence proceeding or enforce any other right against the Borrower or any other person before claiming under this guarantee.  The Lender may treat the Borrower’s Guarantor as a principal debtor jointly and severally with the Borrower.  The guarantee is a continuing security and is not discharged by any one payment.
 Costs and expenses
 The costs associated with the preparation of the Facility (including any formal agreements required by the Lender) and associated securities is to be paid by the Borrower by way of a drawdown of funds under the Facility.  Otherwise, each party bears its own costs.
 Confidentiality
 The parties must keep confidential the terms and conditions of the Facility and will only discuss or disclosure the terms and conditions of that loan facility if required by law or as otherwise authorised by the other party.
 Formal Documents
 If required by the Lender, the Lender will brief its attorney to prepare formal documents incorporating the provisions set out above and other terms customarily found in a loan facility of this type.
 Governing Law
 This agreement is governed by and construed in accordance with the laws of South Africa. Each party submits to the non-exclusive jurisdiction of the Courts of South Africa.
 Counterparts
 This Term Sheet may be signed in counterparts which together will constitute one instrument.  A party may execute this Term Sheet by signing any counterpart.  A party may execute this Term Sheet or any counterpart by facsimile.
 Binding Nature of this Term Sheet
 This Term Sheet is intended to be a binding legal agreement between the parties which becomes binding upon execution of this Term Sheet.
 Executed by the Parties as a binding agreement:


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 Signed by Mintails South Africa (Proprietary) Limitedby:
 /s/D.A.W. Van der Walt Secretary/Director  Director
 Diederik Albert Willem van der Walt Name (please print)
   Signed by Mintails Limitedby:
  
     Signed byDRDGOLD Limited by:
 /s/J.W.C. Sayers Secretary/Director    Director
 John William Cornelius Sayers Name (please print)
  Signed by Mogale Gold (Pty) Ltdby:
 /s/D.A.W van der Walt Secretary/Director   Director
 Diederik Albert Willem van der Walt Name (please print)


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 Signed by Ergo Uranium (Pty) Ltdby: