| Thu 17 Jan 2008, 15:00 | | WGR - Wits Gold - Wits Gold listing on the TSX |
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WGR
WGR
WGR - Wits Gold - Wits Gold listing on the TSX
Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
("Wits Gold" or "the Company")
Wits Gold listing on the TSX
* SECONDARY LISTING ON THE TORONTO STOCK EXCHANGE
Wits Gold (JSE: WGR) wishes to announce that the Company has received
the conditional approval for a secondary listing on the main board of
the Toronto Stock Exchange (TSX). On commenting, the CEO of the Company,
Dr Marc Watchorn said, "It is anticipated that the listing of Wits Gold
on the TSX will provide the Company with an international platform to
highlight the significance of its substantial gold and uranium
resources. In a world deprived of major gold discoveries, it is
anticipated the large resource base controlled by Wits Gold will have
strategic importance in a rising gold price scenario. The Company is
ideally positioned to take advantage of this situation given the
advanced nature of its exploration properties, combined with the
experience of its management team. The extensive prospecting rights held
by Wits Gold display a wide variety of geological conditions, some of
which are similar to those currently being exploited by Witwatersrand
mining operations. The Company will continue with its active exploration
effort in order to improve the definition of the contained mineral
resources for the benefit of all stakeholders".
* OFF MARKET TRANSACTION
Wits Gold is also pleased to announce an off-market transaction whereby
certain founding and other shareholders have sold a total of 1,950,000
shares to a group of international and South African institutional
investors in a private placing at a price of ZAR125 per share, for a
total of ZAR243.75 million. In the offering, Continental Africa Gold
Resources Consortium (Proprietary) Limited and Tranter Kismet
Investments (Proprietary) Limited, as Wits Gold`s BEE shareholders, sold
in aggregate, 1,050,000 shares. Following the sale the total BEE
shareholding will have decreased from 35.5 per cent. to 31.6 per cent.
Other sellers included R.T. Corporate Services Limited, which sold
100,000 shares and J.P.Morgan Equities Limited and FFP Advisory Limited
("the Advisers") which respectively sold 700,000 and 100,000 shares
pursuant to an exercise of Wits Gold options. The options were granted
to J.P.Morgan Equities Limited and FFP Advisory Limited for advisory
services performed in the past. As a result of the options exercised
Wits Gold has received, in aggregate, ZAR27,039,000. The CEO of the
Company, Marc Watchorn, said, "We are delighted with the demand for our
shares from international investors and are pleased that the potential
market overhang from the Advisers` options has been dealt with
satisfactorily. We are now working towards a listing on the Toronto
Stock Exchange in early 2008".
* ADDITIONAL PROSPECTING RIGHTS IN THEUNISSEN DISTRICT
Furthermore, Wits Gold wishes to declare that the Company has been
granted an additional prospecting right for gold, silver and uranium in
the Theunissen district of the Free State Province. This right covers an
area of 5828 hectares immediately south of the defunct Beisa uranium
mine. This mine operated over the period 1982-84 during which it
produced 1.2Mlbs of uranium and 0.1Moz of gold by-product. According to
press reports, the remaining resources at Beisa are estimated as 65Mlbs
of uranium and 2.7Moz of gold. Wits Gold now plans to complete a review
of the historical data from this Beisa South project, before undertaking
further exploration.
For further information please contact:
Marc Watchorn
Chief Executive Officer
Tel: +27 11 832 1749
Hethen Hira
Investor Relations
Tel: +27 11 832 1749
Johannesburg
17 January 2008
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 17/01/2008 15:00:02 Produced by the JSE SENS Department.
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