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WGR - Witwatersrand Consolidated Gold Resources Limited - Wits Gold initiates
follow-up drilling at the DBM Project, Southern Free State Goldfield
Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
TSX Code: WGR
CUSIP Number: S98297104
(`Wits Gold` or `the Company`)
WITS GOLD INITIATES FOLLOW-UP DRILLING AT THE DBM PROJECT, SOUTHERN FREE STATE
GOLDFIELD
Wits Gold wishes to announce that the Company has commenced an infill drilling
programme consisting of seven diamond boreholes at its shallow DBM project in
the southern Free State goldfield. This drilling follows the completion of a
positive scoping study at the DBM project, the results of which were announced
in a press release dated 23 June 2011 which is available on the Company`s
website as well as www.sedar.com.
The current drilling programme follows the recommendations of the scoping study
and is designed to improve the definition of the resources that have already
been estimated in the Indicated and Inferred categories. The programme will cost
approximately R10.5 million and is being undertaken with the use of three drill
rigs. It will be conducted in accordance with the Company`s standard practice to
include deflection drilling to obtain additional reef cuts and is scheduled to
be completed in September 2011.
FORWARD LOOKING STATEMENTS
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
the drilling programme 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 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 release or
to reflect the occurrence of unanticipated events except where required by
applicable laws.
For further information please contact:
Dr. Marc Watchorn
Chief Executive Officer
marcw@witsgold.com
Tel: +27 11 832 1749
Mr. Hethen Hira
Investor Relations
hethenh@witsgold.com
Tel: +27 11 832 1749
www.witsgold.com
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Johannesburg
26 July 2011
Date: 26/07/2011 15:26:00 Supplied by www.sharenet.co.za
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