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WGR - Wits Gold announces initiation of independent scoping study and further
drilling at the DBM Project
Witwatersrand Consolidated Gold Resources Limited
(`Wits Gold` or `the Company`)
Incorporated in the Republic of South Africa
(Registration Number 2002/031365/06)
JSE Share Code: WGR ISIN: ZAE000079703
TSX Share Code: WGR CUSIP Number: S98297104
WITS GOLD ANNOUNCES INITIATION OF INDEPENDENT SCOPING STUDY AND FURTHER
DRILLING AT THE DBM PROJECT
Wits Gold is pleased to announce that Turgis Consulting (Pty) Limited
("Turgis") has been appointed to complete a preliminary economic assessment or
scoping study at Wits Gold`s combined De Bron-Merriespruit South (DBM)
project in the southern Free State goldfield, South Africa. This follows the
press release of 22 February 2011 containing the revised gold and uranium
resource estimate at the DBM project.
Turgis will focus on producing preliminary mine design options to optimally
exploit the DBM orebody. Emphasis will be placed on accessing the shallow high
grade core at DBM in order to provide higher financial returns during the
early stages of mining. This is expected to result in a shorter capital
expenditure payback period, as well as a possible higher IRR over the life of
mine. Using a 6 g/t cut-off, the high grade shallow reefs that are situated
some 500 metres below surface contain an Indicated Resource of 9.5Mt @ 7.9 g/t
Au (2.4Moz). Turgis will also consider the economics of mining the Indicated
Resource of uranium that occurs within the Leader Reef, containing 17.0Mt @
0.16 kg/t U3O8 (6.1Mlbs). A National Instrument 43-101 compliant technical
report on the DBM resource estimate is being finalised and will be filed on
SEDAR at www.sedar.com in April 2011.
Wits Gold CEO Dr Marc Watchorn commented, "We welcome the opportunity to work
with Turgis on the DBM project, which the Company believes will be the next
shallow gold mine in South Africa. It is anticipated that the results of the
scoping study will become available during April 2011."
In addition, two infill boreholes are currently underway to improve the
definition of the Inferred Resource estimated at the DBM project. The results
of this drilling will be incorporated in the pre-feasibility study that will
be based on the optimal mine design identified in the DBM scoping study.
Forward Looking Information
Certain statements in this news release may constitute forward-looking
information within the meaning of securities laws. In some cases, forward
looking information can be identified by use of terms such as "may", "will",
"should", "expect", "believe", "plan", "scheduled", "intend", "estimate",
"forecast", "predict", "potential", "continue", "anticipate" or other similar
expressions concerning matters that are not historical facts. Forward-looking
information may relate to management`s future outlook and anticipated events
or results, and may include statements or information regarding the future
plans or prospects of the Company. Without limitation, statements about the
timing of a preliminary economic assessment or scoping study are forward-
looking information.
Forward looking information involves known and unknown risks, uncertainties
and other important factors that could cause the actual results, performance
or achievements of the Company to be materially different from the future
results, performance or achievements expressed or implied by such forward
looking information. Such risks, uncertainties and other important factors
include among others: economic, business and political conditions in South
Africa; decreases in the market price of gold; hazards associated with
underground and surface gold mining; the ability to attract and retain
qualified personnel; labour disruptions; changes in laws and government
regulations, particularly environmental regulations and mineral rights
legislation including risks relating to the acquisition of the necessary
licences and permits; changes in exchange rates; currency devaluations and
inflation and other macro-economic factors; risk of changes in capital and
operating costs, financing, capitalisation and liquidity risks, including the
risk that the financing required to fund all currently planned exploration and
related activities may not be available on satisfactory terms, or at all; the
ability to maximise the value of any economic resources. These forward-looking
statements speak only as of the date of this news release.
You should not place undue importance on forward-looking information and
should not rely upon this information as of any other date. The Company
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
where required by applicable laws.
For further information please contact:
Marc Watchorn Hethen Hira
Chief Executive Officer Investor Relations
Tel: +27 11 832 1749 Tel: +27 11 832 1749
www.witsgold.com
Johannesburg
30 March 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 30/03/2011 16:00:01 Supplied by www.sharenet.co.za
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