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WITWATERSRAND CONS GOLD RESOURCES - Approval of the SouthGold Exploration (Pty) Limited business plan

Release Date: 11/07/2013 17:10
Code(s): WGR     PDF:  
Wrap Text
Approval of the SouthGold Exploration (Pty) Limited business plan

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")


   APPROVAL OF THE SOUTHGOLD EXPLORATION (PTY) LIMITED (“SOUTHGOLD”)BUSINESS PLAN




Wits Gold shareholders are referred to the detailed further cautionary announcement released
on SENS and on SEDAR on Friday, 5 July 2013 (the “Announcement”). The definitions set out
in the Announcement apply to this announcement unless otherwise stated.


Wits Gold is pleased to announce that at the Business Rescue Meeting convened by the
Practitioner today 11 July 2013, the required number of Southgold creditors’ votes were
received in favour of the Plan, which Plan incorporates Wits Gold’s Proposed Offer to acquire
the Sale Shares in and Sale Claims against Southgold.


Subsequent to the adoption of the Plan by Southgold creditors and the acceptance of the Wits
Gold Proposed Offer by the Practitioner, Wits Gold will now progress towards finalisation of
definitive transaction agreements. The Proposed Offer and the implementation of the Proposed
Transaction are each subject to and conditional upon the fulfilment of, or waiver by Wits Gold of
conditions precedent standard to a transaction of this nature, including but not limited to
entering into definitive transaction documents, obtaining all necessary shareholder and
regulatory approvals, including amongst others, the Department of Mineral Resources, approval
of the Supreme Court of British Columbia, South African competition authorities, TSX, JSE, and
SARB, and Wits Gold obtaining the necessary financing arrangements.


A full terms announcement including the pro forma financial effects on the reported financial
information of Wits Gold, as well as the salient dates and times relating to the implementation of
the Proposed Transaction, including the effective date, will be announced to shareholders in
due course.


Conference Call

A conference call and audio webcast will be hosted by Wits Gold to discuss the transaction at
15h00 Central African Time (CAT) on Monday, 15 July 2013. The presentation relating thereto
will be available for download on the Company’s website www.witsgold.com at 14h00 CAT on
Monday, 15 July 2013.



A simultaneous webcast will be available at the following link:

http://themediaframe.eu/links/witsgold130715.html

Dial-in details:

Country                                           Access number

Other Countries (Intl toll)                       +27 11 535 3600

Other Countries - alternate                       +27 10 201 6616

South Africa (toll-free)                          0 800 200 648

South Africa - Johannesburg                       011 535 3600

South Africa - Johannesburg alternate             010 201 6800

UK (toll-free)                                    0808 162 4061

US (toll-free)                                    1 866 652 5200

USA (toll)                                        1 412 317 6060


Playback access numbers – access code 25110

Country                                       Access number
Other Countries (Intl toll)                   +27 11 305 2030
South Africa (Telkom)                         011 305 2030
UK (toll-free)                                0 808 234 6771
USA and Canada (toll)                         412 317 0088

Johannesburg
11 July 2013



Corporate adviser               Transaction sponsor                    Sponsor

Qinisele Resources (Pty)      Macquarie First South         PricewaterhouseCoopers
          Limited               Capital (Pty) Limited            Corporate Finance
                                                                (Proprietary) Limited

      Legal advisers

   Faskens (South Africa)
  Stikeman Elliott (Canada)




For further information please contact:

Philip Kotze                                    Hethen Hira

Chief Executive Officer                         Vice President: Corporate Affairs

Tel: +27 11 832 1749                            Tel: +27 11 832 1749



www.witsgold.com

FORWARD LOOKING STATEMENTS

This press release contains "forward-looking information" within the meaning
of applicable securities laws including information regarding the business of
Wits Gold, the Proposed Offer and the Proposed Transaction. Readers are
cautioned not to place undue reliance on forward-looking information.
Forward-looking information involves known and unknown risks, uncertainties
and other important factors that could cause actual results and developments
to differ materially from those contemplated by this information. Such risks,
uncertainties and other important factors include among others: the ability
to obtain the necessary shareholder and regulatory approvals; the ability to
obtain the necessary financing on satisfactory terms, or at all; the ability
to satisfy all other conditions precedent to the Proposed Transaction;
economic, business and political conditions in South Africa; decreases in the
market price of gold; hazards associated with underground and surface gold
mining; and changes in laws and government regulations. The statements in
this press release are made 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 document
or to reflect the occurrence of unanticipated events except where required by
applicable laws.

Date: 11/07/2013 05:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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