Wrap Text
Unaudited financial results for the six months ended 30 June 2012
Witwatersrand Consolidated Gold Resources Limited
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" or "the Company")
Unaudited financial results
for the six months ended 30 June 2012
Highlights
- Wits Gold completes positive Pre-Feasibility Study at the DBM Project
- DBM Indicated Resource of 26.7Mt at 5.8g/t gold (4.99Moz), containing Probable Reserves of
23.5Mt at 4.1g/t gold (3.1Moz)
- Shallow DBM deposit starting at 480 metres depth with potential to produce 200,000 oz/yr over
18 year life of mine
- Independent consulting firms appointed to conduct full DBM Feasibility Studies and finalise
metallurgical plant design
- Mining Right application accepted by the DMR over Prospecting Rights in the southern Free State
goldfield
- Significant mining experience added to the board and management team
The financial results have been prepared by Mr DM Urquhart CA(SA), the Company's Financial
Director and are presented in South African Rand (R). The exchange rates, based on the Bank of
Canada noon rate, were as follows:
31 August 2011 CAD $1.00 = R7.57 30 June 2012 CAD $1.00 = R8.03
31 December 2011 CAD $1.00 = R7.94 24 August 2012 CAD $1.00 = R8.45
Condensed statement of financial position
as at 30 June 2012
As at As at
30 June 31 August 31 December
2012 2011 2011
(Unaudited) (Unaudited) (Audited)
R R R
Assets
Non-current assets 455 634 210 440 221 929 445 629 036
Current assets 93 787 706 131 656 469 112 900 999
Total assets 549 421 916 571 878 398 558 530 035
Equity and liabilities
Capital and reserves 543 215 662 557 939 021 551 981 469
Current liabilities 6 206 254 13 939 377 6 548 566
Total equity and liabilities 549 421 916 571 878 398 558 530 035
Condensed statement of comprehensive income
for the six months ended 30 June 2012
Six months ended 10 months ended
30 June 31 August 31 December
2012 2011 2011
(Unaudited) (Unaudited) (Audited)
R R R
Revenue
Results from operating activities (15 763 958) (13 101 725) (30 748 870)
Net finance income 2 925 944 3 869 247 6 103 507
Loss for the period before income tax (12 838 014) (9 232 478) (24 645 363)
Income tax expense
Loss for the period attributable to owners (12 838 014) (9 232 478) (24 645 363)
Other comprehensive income net of
income tax
Total comprehensive loss attributable to
owners of the Company (12 838 014) (9 232 478) (24 645 363)
Loss per share
Weighted and diluted weighted average
shares in issue 34 446 005 34 391 359 34 398 701
Basic and diluted basic loss per share (cents) (37.27) (26.85) (71.65)
Headline and diluted headline loss per share
(cents) (37.27) (26.88) (68.46)
Headline loss per share is calculated from
Basic loss (12 838 014) (9 232 478) (24 645 363)
Add back profit on disposal of fixed assets (10 919) (10 919)
Deduct impairment of intangible assets 1 105 652
Headline loss (12 838 014) (9 243 397) (23 550 630)
Condensed statement of cash flows
for the six months ended 30 June 2012
Six months ended 10 months ended
30 June 31 August 31 December
2012 2011 2011
(Unaudited) (Unaudited) (Audited)
R R R
Cash flows from operating activities
Cash utilised in operating activities (11 125 353) (5 741 819) (18 812 147)
Taxation refunded 2 085 337 2 085 337
Net finance income 2 925 944 3 869 247 6 103 507
Net cash (utilised)/generated by operating
activities (8 199 409) 212 765 (10 623 303)
Cash flows from financing activities ( 16 691) (16 691)
Cash flows from investing activities
Net cash utilised in investing activities (10 149 387) (17 336 605) (23 948 858)
Decrease in cash and cash equivalents (18 348 796) (17 140 531) (34 588 852)
Cash and cash equivalents at beginning
of period 111 589 752 146 178 604 146 178 604
Cash and cash equivalents at end of period 93 240 956 129 038 073 111 589 752
Condensed statement of changes in equity
for the six months ended 30 June 2012
Equity-
Ordinary settled
share Share share-based Revaluation Accumulated
capital premium payment reserve reserve loss Total
R R R R R R
Balance at 28 February 2011 (Audited) 344 903 573 211 583 7 119 295 1 329 449 (16 275 488) 565 729 742
Total comprehensive loss for the period (9 232 478) (9 232 478)
Costs related to prior transactions with owners
recorded directly in equity (16 691) (16 691)
Equity-settled share-based payments 1 458 448 1 458 448
Balance at 31 August 2011 (Unaudited) 344 903 573 194 892 8 577 743 1 329 449 (25 507 966) 557 939 021
Balance at 31 December 2011 (Audited) 344 903 573 194 892 18 033 076 1 329 449 (40 920 851) 551 981 469
Total comprehensive loss for the period (12 838 014) (12 838 014)
Equity-settled share-based payments 4 072 207 4 072 207
Balance at 30 June 2012 (Unaudited) 344 903 573 194 892 22 105 283 1 329 449 (53 758 865) 543 215 662
Overview
The Company is involved in the mineral exploration industry and does not generate any operating income.
Mineral exploration is highly speculative due to a number of significant risks, including the possible failure
to discover mineral deposits, sufficient in quantity and quality to justify the establishment of a mine. In
June 2012, Wits Gold completed a Pre-Feasibility Study (PFS) over its De Bron-Merriespruit (DBM) Project
situated in the southern Free State goldfield, South Africa. The study has illustrated that mining at DBM is
technically and economically viable, and accordingly a Probable Reserve of 3.1Moz (23.5Mt at 4.1g/t gold)
has been delineated (refer to the Mineral Reserve table below). A final Feasibility Study has been initiated
on the DBM Project and will be undertaken by Turgis Mining Consultants Proprietary Limited ("Turgis") in
conjunction with MDM Technical Africa Proprietary Limited. In October 2009, the Company completed a
positive PFS over its Bloemhoek Project adjacent to Beatrix Gold Mine in the southern Free State goldfield,
resulting in the delineation of a Probable Reserve of 5.4Moz (31.6Mt at 5.3g/t gold) (refer to the Mineral
Reserve table below).
Despite the historic exploration work on the Company's remaining Prospecting Rights, no other known
economic deposits have been determined. Further work will be required in order to determine if any
economic deposits occur on these properties.
The Company has previously been able to raise sufficient capital from its shareholders to fund its operating
and exploration requirements. Additional financing will be required to complete further feasibility studies
as well as to develop any mineral properties identified in order to bring them into commercial production.
The longer term exploration of the Company's Prospecting Rights is also dependent upon the Company's
ability to obtain additional financing through the joint venturing of projects, debt financing, equity financing
or other means. In this regard, the Company intends to raise between R100 million and R150 million
additional funding prior to December 2012. The Company is considering various options in this regard.
Further details will be announced in due course. Wits Gold's board of directors is of the opinion that once
the Company has raised the funds mentioned above, it will have sufficient funds to finance its planned
exploration programme, for approximately the next 18 months. During the six-month period under review,
Wits Gold did not issue any additional shares.
Directorate
The Wits Gold Annual General Meeting will be held in Johannesburg on 12 September 2012. Mr AR Fleming
and Professor TM Mokoena will stand for reappointment by the shareholders, following their retirement in
terms of the Company's memorandum of association. In addition two new directors, Mr P Kotze (appointed
1 August 2011) and Mr KV Dicks (appointed 5 March 2012), will stand for election at this annual general
meeting of shareholders.
Basis of preparation
The interim condensed financial statements for the six months ended 30 June 2012 are unaudited and have
not been reviewed by our auditors. They have been prepared in accordance with IAS 34 Interim Financial
Reporting, the AC 500 standards as issued by the Accounting Practices Board and in compliance with the
South African Companies Act, 2008 and the Listings Requirements of the JSE Limited.
The financial information has been prepared on the basis of the recognition and measurement requirements
of International Financial Reporting Standards (IFRS). The accounting policies of the Company are consistent
with those of the previous financial statements and have been consistently applied. In November 2011 the
Company's year-end was changed from February to December. Accordingly, the comparative figures relate
to the six months ended 31 August 2011. These results should be read in conjunction with the annual report
for the ten months ended 31 December 2011.
The Company identified only one business segment, being mineral exploration within South Africa.
Interim operations
The operating loss for the six months under review increased by R2.7 million when compared to the first
six months of the prior financial period. The escalation in operating loss incorporates an increase in costs
amounting to R5.3 million comprising:
- the share-based payment non-cash expense for employees of R2.9 million,
- marketing expenditure of R0.8 million,
- new project expenditure of R1.6 million.
These increased costs were offset by a R2.7 million decrease in employment costs resulting mainly from the
severance benefit paid to the previous Chief Executive Officer in August 2011.
The loss before taxation increased by R3.6 million mainly due to the R2.7 million increase in operating loss
and the reduction in interest received amounting to R0.9 million.
The Company invested R10 million (2011 R17.3 million) in intangible exploration assets during the six
months under review.
Dividend
No dividend has been declared for the period under review (2011 Nil).
Commitments
The Company's commitments amount to R70.2 million (2011 R77.1 million), comprising mainly
R11.1 million (2011 R20.9 million) in respect of exploration activities and R55 million (2011
R55 million) for the acquisition of exploration properties.
Events subsequent to the review period
There have been no material events that have occurred between 30 June 2012 and the date of this report.
Mineral Resources
Wits Gold holds legal title to 14 Prospecting Rights in the southern Free State,
Potchefstroom and Klerksdorp goldfields. An application to consolidate four of these
Prospecting Rights in the southern Free State into a single Mining Right was accepted
by the Department of Mineral Resources (DMR) in February 2012. The Mining Right is
expected to be granted after a twelve-month period during which time the Company
has to meet obligations in terms of feasibility studies, environmental compliance and
social and labour plan commitments. In addition the Company is in the process of
relinquishing one of its greenfield Prospecting Rights in the southern Free State where
initial exploration activities did not confirm the Company's geological model. This
relinquishment will not affect the Company's Resource statement in any way.
None of the Company's assets are currently in production and the directors are not
aware of any legal proceedings or any other material conditions that may impact on
the Company's abilities to continue its exploration activities. The contained Mineral
Resources are currently reflected as being fully attributable to Wits Gold. However,
over certain properties in the Potchefstroom and Klerksdorp areas, Gold Fields and
AngloGold Ashanti have an option to acquire a 40% interest in any future mines that
may be developed on the Prospecting Rights originally acquired from them.
As part of its approved Environmental Management Plans (EMP), the Company has
lodged bank guarantees totalling R320 000 with the DMR. This amount has been
accepted for the work programmes proposed over the 14 Prospecting Rights held by
Wits Gold. EMP compliance is monitored on an ongoing basis for the duration of the
Prospecting Rights.
As a result of the Pre-feasibility Study (PFS) and the exploration drilling completed at the
DBM Project the Company's total Mineral Reserves and Resources has changed during
the period under review. The results of the 11 borehole drilling programme, released
at the end of November 2011, combined with historic drilling information, was used
by Snowden Mining Industry Consultants (Snowden) to produce an updated Resource
Estimate for the DBM Project. The resultant DBM Indicated gold Resource has been
defined from the results of 97 boreholes drilled over an area of some 22 km2 and is
considered representative of the mineralisation in this area. The geological data provided
are substantive insofar as the drilling density is greater than the majority of the historical
projects in the Witwatersrand Basin. This updated Resource Estimate was published
by Snowden in a NI43-101 and SAMREC-compliant Independent Technical Report
entitled "Witwatersrand Consolidated Gold Resources Limited: Mineral Properties in
the DBM Project, South Africa" dated February 2012. This technical report is available at
www.sedar.com and on the Company's website. The Resource Estimate was prepared
by George Gilchrist, who is a full-time employee of Snowden and independent of Wits
Gold. Mr Gilchrist is a Qualified Person as defined by National Instrument 43-101.
Mr Gilchrist is a registered Professional Natural Scientist ("Pr.Sci.Nat") with the South
African Council for Natural Scientific Professionals (SACNASP) and has more than six
years of experience in gold exploration and mineral resource estimation.
Using an accumulation cut-off of 300cm.g/t this resulted in an increase in the Indicated
Resource by 27% to 41.8Mt at 5.5g/t gold (7.5Moz) and the Inferred Resource
consequently decreased to 19.5Mt at 5.4g/t gold (3.4Moz). The uranium resource was
also updated to reflect an Indicated Resource of 21.7Mt at 0.17kg/t uranium (8.2Mlb)
and an Inferred Resource of 12.5Mt at 0.17kg/t uranium (4.6Mlb). Since uranium is
considered a by-product of gold mining, these uranium resources were only reported
where the gold accumulation cut-off exceeds 300cm.g/t and for the reef width defined
by the gold mineralisation. These resources were estimated using all available borehole
data and using sample widths corrected for dip. Analysis of the borehole core was
undertaken at SGS South Africa (Pty) Ltd, an accredited laboratory, during which the
Company's standard QA/QC procedures were followed. Turgis completed the PFS at the
DBM Project in June 2012. The study was undertaken by the independent consultants,
Jim Pooley and Jon Hudson ("the Qualified Persons"), from Turgis and was completed
under the guidelines of the South African Code for Reporting of Mineral Resources and
Mineral Reserves ("SAMREC Code") as well as the NI 43-101. The results of this positive
PFS were published in a NI43-101 and SAMREC-compliant Independent Technical
Report entitled "Pre-feasibility Study of the De Bron-Merriespruit Project (DBM Project),
South Africa" and dated 26 July 2012. This report can be viewed on the Company's
website, www.witsgold.com as well as www.sedar.com. This PFS has illustrated that
mining is both technically and economically viable at DBM. This process resulted
in the delineation of a Probable Mineral Reserve of 23.5Mt at a plant head grade of
4.05g/t gold (3.1Moz). No Inferred Mineral Resources were included in the conversion
of Resources to Reserves.
The Company's updated total Mineral Reserve and Resource Estimates are shown
in the tables below. These Resource Estimates are compliant with the NI43-101 and
SAMREC reporting codes. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. Information concerning the geology, mineral
occurrences, nature of mineralisation, geological controls, rock types, historical work,
the application of quality assurance and quality control measures, sampling and
analytical procedures, the names of analytical laboratories and the key assumptions,
parameters and methods used to estimate the Mineral Resources at the Company's
various projects are communicated in NI43-101 reports dated November 2007, May
2009, June 2009, October 2009, April 2011, February 2012 and July 2012 which can
be viewed at www.sedar.com and on the Company's website.
Total Mineral Resources
Indicated Indicated Inferred Inferred
Gold Uranium Gold Uranium
Resources Resources Resources Resources
Grade Grade Grade Grade
Goldfield Mt (g/t) Moz Mt (Kg/t) Mlbs Mt (g/t) Moz Mt (Kg/t) Mlbs
SOFS 121.9 6.0 23.5 21.7 0.17 8.2 121.7 4.7 18.3 194.8 0.23 99.6
Potchestroom 333.6 7.1 75.8 250.0 0.30 163.6
Klerksdorp 85.1 14.5 39.5
Total
Mineral
Resources 121.9 6.0 23.5 21.7 0.17 8.2 540.4 7.7 133.7 444.8 0.27 263.2
Mineral Resources
Indicated Indicated Inferred Inferred
Gold Uranium Gold Uranium
SOFS Resources Resources Resources Resources
goldfield
Advanced Grade Grade Grade Grade
Projects Mt (g/t) Moz Mt (Kg/t) Mlbs Mt (g/t) Moz Mt (Kg/t) Mlbs
DBM Project 41.8 5.5 7.5 21.7 0.17 8.2 19.5 5.4 3.4 12.5 0.17 4.6
Bloemhoek
Project 47.8 6.9 10.6 - - - 15.3 6.9 3.4 63.1 0.15 20.9
Mineral Reserves
Key projects within the SOFS goldfield
Grade
SOFS goldfield Mt (g/t) Moz
Bloemhoek Project* 31.6 5.3 5.4
DBM Project** 23.5 4.1 3.1
Total (Probable Reserves) 55.1 4.8 8.5
Mineral Resource and Reserve estimates are compliant with the NI43-101 and SAMREC reporting
codes.
Probable Mineral Reserves are included in the Indicated Resources for the Bloemhoek and DBM
Projects.
*Based on a gold price of US$1 400/oz and an exchange rate of R8.00/US$1 (R360 100/kg).
**Based on a gold price of US$1 555/oz and an exchange rate of R8.00/US$1 (R400 000/kg).
Mr Dirk Muntingh, the Company's Exploration Manager and Competent Person, is
responsible for the technical material in this release. Mr Muntingh (M.Sc Geology) is
a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the South African Council
for Natural Scientific Professionals ("SACNASP") and has 22 years of experience in gold
exploration. The technical content of this release has been compiled by Mr Muntingh,
who has issued a written statement confirming that the information disclosed is both
SAMREC and NI43-101 compliant.
Exploration activities
During the six-month period under review the Company incurred exploration
expenditure of R9.9 million. Exploration efforts were predominantly focused on the
DBM Project in the southern Free State goldfield.
DBM Project
In June 2012 the Company completed a PFS of the viability of establishing a mine at
the DBM Project. The study was undertaken by Turgis and the detailed results of this
study were published in a NI43-101 and SAMREC compliant technical report dated
26 July 2012 that is available on www.sedar.com and the Company's website. This
PFS, based only on the Indicated Resources, showed that it is both technically and
economically viable to establish a mine at DBM. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. The PFS was intentionally based
on that portion of the Resource which is generally less than 1 000 metres below surface
and which contains an Indicated Mineral Resource of 26.7Mt at 5.8g/t gold (4.99Moz).
Applying the geological model, the PFS considered a number of alternative primary
access configurations, mine designs and production profiles. The results from these
production schedules were subsequently developed into a series of financial models
in order to compare the potential returns from each of these options. Based on these
results two options have been selected for evaluation through a full Feasibility Study.
The first option ("Option 1") is based on standard conventional breast mining practices
in the Witwatersrand Basin, while the second option ("Option 2"), investigates a semi-
mechanised variation to the down-dip mining methodology currently practiced in the
platinum mining industry of the Bushveld Complex, South Africa. It is envisaged, for
both options, that a twin shaft system will be sunk to 660 metres with the shallowest
production level commencing on 560 metres, from where a twin decline system will
provide access to the deeper parts of the ore body. The off-reef infrastructure has been
developed using trackless mechanised equipment to facilitate a rapid production build
up with conventional on-reef development in order to minimise dilution. A system of off-
reef trackless footwall haulages are developed on strike below the ore body. For Option
1, cross-cuts to reef will be spaced at 180 metres with on-reef raises and conventional
breast stoping completing the layout. Option 2 differs from Option 1 in that the on-reef
development and mining is undertaken on dip as opposed to on strike. The mining
method for Option 2 involves closely spaced pre-developed on-reef raises (spaced
30 metres apart) which improves orebody understanding and allows for selective mining
and improved gold extraction. The mine design in Option 2 is flexible and amenable to
alternating between conventional and long hole stoping. The advantage of the long hole
stoping method is that it allows, where applicable, for the mining of a narrower channel
which increases the head grade. Wits Gold therefore considers that Option 2 has the
potential for improved safety through the better understanding of the orebody, and will
result in a potential reduction in the number of workers on the rock face. The hybrid
mining methodology, alternating between conventional and long hole mining, warrants
further investigation during the Feasibility Study.
The Company, together with Turgis, recognise that the long hole variation to the dip
mining technique in Option 2 is, as yet, not an established mining practice for the
Witwatersrand Reefs and has therefore not been used for the conversion of Indicated
Resources to Probable Reserves. Instead, this conversion results from the application of
modifying factors using the conventional mining method in Option 1.
This Reserve calculation is based on an underground mine layout for the DBM orebody
that will require a total life of mine capital expenditure of R5 443 million (approximately
US$680 million) including R144 million (US$18 million) sustaining capital. However,
peak initial funding will be considerably lower at R2 366 million (US$295 million). The
PFS also estimates that the average operating cost will be R629/tonne (US$78.6/tonne),
whilst first reef production could be achieved 47 months after the commencement of
shaft sinking. The ore will be delivered to an on-site carbon-in-leach gold recovery plant
that will recover 96% of contained gold delivered to the plant. Including a five-year
ramp-up period, the mine is expected to operate for 18 years with an average annual
production in excess of 200 000oz of gold and cash costs estimated at US$628/oz.
Based on a gold price of R400 000/kg (US$1 555/oz at R8.00 per US$1) and a
State royalty of 5% on revenue, Option 1 has an IRR of 28.0% and an NPV (5%) of
R7.23 billion (US$913 million), while Option 2 has a potential IRR of 31.2% and
an NPV (5%) of R10.3 billion (US$1.3 billion). The financial results for Option 2 are
considered to be indicative, as the down-dip mining method is relatively untested in the
Witwatersrand mines. Based on the potential improvement in the IRR and safety, it is the
intention of the Company to thoroughly research the viability of the down-dip mining
method during the Feasibility Study stage.
Bloemhoek Project
Borehole PL1, drilled in the southern extension of the Bloemhoek Project located in the
southern Free State goldfield, was completed during December 2011. Sample analysis of
the Beatrix Reef returned an average gold grade of 4.48g/t over 104.66cm for 469cm.g/t;
and 0.128kg/t uranium over 104.44cm for 13.414 cm.kg/t at a depth of 1 860 metres.
This Reef intersection falls outside the area defined for the previous Mineral Resource
estimated for the Bloemhoek Project and confirms that the mineralisation extends
further south than historically modelled.
Potchefstroom Goldfield
The Company's current focus in the Potchefstroom Goldfield is on the Boskop and
Livingstone Project areas, which are situated along the highly structurally deformed
western margin of the Central Rand Group. Borehole drilling, planned for later this
year, is being considered in an area where the Company's revised geological model
anticipates that both mineralised Carbon Leader Reef and Livingstone Reef may be
situated at depths of between 1 650 and 2 200 metres below surface.
Klerksdorp Goldfield
Attention in this area is focused on the Cyfervlei Project, where a regional review of
the geology is being undertaken using available historic data. Early indications are that
most of the prospective ground may represent sizeable reef blocks, preserved within
the northeast southwest trending Jersey Fault Zone, at depths between 3 500 and
4 200 metres.
Forward-looking information
Certain statements in this 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 future financings,
potential mining methods, timing of a feasibility study, development of mineral properties,
and results of development of mineral properties 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; and 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 and on behalf of the Board
Philip Kotze Derek Urquhart Johannesburg
Chief Executive Officer Financial Director 29 August 2012
Business and Registered Office
12th Floor, 70 Fox Street, Johannesburg 2001
PO Box 61147, Marshalltown 2107
Tel: (011) 832 1749 Fax: (011) 838 3208
Directors
Mr Adam Fleming (Chairman)*, Prof Taole Mokoena (Deputy Chairman)*
Dr Humphrey Mathe (Director)*, Mrs Gayle Wilson (Director)*, Mr Ken Dicks (Director)*
Mr Philip Kotze (Chief Executive Officer), Mr Derek Urquhart (Financial director)
*Non-Executive
Company Secretary
Mr Brian Dowden
7 Pam Road, Morningside Ext 5,
Sandton, Johannesburg 2057
PO Box 651129,
Benmore 2010, South Africa
Sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Limited
2 Eglin Road, Sunninghill 2157
Private Bag X37,
Sunninghill 2157, South Africa
Transfer Secretaries
JSE: Link Market Services SA (Pty) Limited
TSX: CIBC Mellon Trust Company
www.witsgold.com
Date: 29/08/2012 03:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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