Wrap Text
WGR- Wits Gold`s advanced De Bron - Merriespruit South (DBM) Project moves into
pre-feasibility; additional resource upgrade on track
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
WGR- Wits Gold`s advanced De Bron-Merriespruit South (DBM) Project moves into
pre-feasibility; additional resource upgrade on track
Wits Gold wishes to announce that Turgis Consulting (Pty) Ltd (Turgis) has
been appointed to complete a pre-feasibility study over the Company`s advanced
DBM Project in the southern Free State goldfield. This follows the announcement
of positive scoping study results at the DBM Project on 23 June 2011. The
initiation of a seven diamond borehole drilling programme for pre-feasibility
purposes commenced in July 2011 and is on schedule to be completed during
September 2011. The results of this drilling will be utilised by Snowden
Mining Industry Consultants to revise the current mineral resource block
models where it is anticipated that additional Inferred Resources will be
upgraded to the Indicated Resource category. In February 2011 Wits Gold
announced updated Indicated Resources on the Beatrix, Kalkoenkrans, B and
Leader Reefs of 34.5Mt at 5.3g/t Au (5.9Moz), with Inferred Resources of
25.0Mt at 5.2g/t Au (4.2Moz). These resources occur at shallow depths of
between 500 and 1 250 meters below surface.
Wits Gold further announces that GCS (Pty) Ltd has been appointed to conduct
environmental impact assessment studies over the DBM Project area in order to
fulfill the requirements of the Mineral and Petroleum Resources Development
Act (MPRDA), the National Environmental Management Act (NEMA) and the National
Water Act (NWA).
Wits Gold CEO, Philip Kotze, commented on the appointments, "The progress at
the DBM Project is an excellent reflection of the intensive work done since
2006 on exploring and developing this ore body; we are excited to be moving
into the pre-feasibility stage and remain on track for production ounces by
2016. We look forward to working with our appointed partners in bringing
this ore body to account."
Information concerning the geology, mineral occurrences, nature of
mineralisation, rock types, quality assurance and quality control measures
applied, geological controls sampling data, analytical or testing procedures,
the names of analytical laboratories used and the key assumptions, parameters
and methods used in connection with the updated Mineral Resource estimates
are communicated in Wits Gold`s filed NI 43-101 compliant Independent Technical
Report dated May 2, 2010, entitled "Technical Report on the Scoping Study for
the De Bron Project, Southern Free State goldfield, South Africa". The results
of the preliminary economic assessment or scoping study at the DBM Project
by Turgis was announced in June 2011 and the NI43-101 Independent Technical
Report entitled "Preliminary Assessment of the De Bron Merriespruit Project
(DBM Project), South Africa" was filed on August 5, 2011. The respective
reports can be viewed on www.sedar.com and on the Company`s website
www.witsgold.com.
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.
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 news release or to reflect the occurrence of unanticipated
events except where required by applicable laws.
For further information please contact:
Mr. Philip Kotze
Chief Executive Officer
philip@witsgold.com
Mr. Hethen Hira
Investor Relations Manager
hethenh@witsgold.com
Tel: +27 11 832 1749
www.witsgold.com
Johannesburg
6 September 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 06/09/2011 16:00:01 Supplied by www.sharenet.co.za
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