Gondwana Gold. Encouraged by HRT’s Discovery Offshore Namibia

Gondwana Gold Inc. announces that it views the recent announcement by HRT Participações em Petróleo S.A. regarding the results of the Wingat-1 well in the Walvis Basin as positive in the context of establishing a working petroleum system in the deeper waters of Namibia.

The recovery of light oil and the identification of two high Total Organic Content source rock intervals confirms the Company’s view that multiple, mature oil-prone source rocks are present in the deep offshore. The lack of significant reservoir at Wingat is not a concern to the Company as the Company’s reservoir targets are deep water basin floor fans (a.k.a. turbidites) and are much stronger candidates for good quality reservoir. These deep water basin floor fans have been identified over the Company’s licenses PEL 50 and PEL 51 with seismic acquired by Pan African Oil Ltd., a wholly-owned subsidiary of the Company, from Spectrum Geophysical in 2012.

The HRT well results substantiate the Company’s view that the critical juxtaposition of good quality reservoir and mature source rocks occurs outboard of the recent Namibia drilling targets and affirms both the turbidite play concept and the prospectivity of the Company’s two licences: PEL 50 in the Walvis Basin and PEL 51 in the Luderitz Basin.

The Company’s licenses are held through Pan African Oil Ltd., which the Company acquired in March 2013. At the annual general and special meeting of shareholders of the Company to be held on June 10, 2013 (the “Meeting”), the Company will seek shareholder approval to change its name to Pan African Oil Ltd., reflecting the Company’s change to an oil and gas company.