| Wed 6 May 2009, 7:15 | | WGR - Witwatersrand Consolidated Gold Resources Limited - Wits Gold increases |
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WGR
WGR
WGR - Witwatersrand Consolidated Gold Resources Limited - Wits Gold increases
Indicated Mineral Resources in the southern Free State
Witwatersrand Consolidated Gold Resources Limited (`Wits Gold` or `the Company`)
(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 INCREASES INDICATED MINERAL RESOURCES IN THE SOUTHERN FREE STATE
Wits Gold is pleased to announce the completion of an independent review of
the mineral resources in the company`s De Bron project, situated immediately
south of Harmony Gold Mine in the Free State Goldfield. This review was
undertaken on 30th April 2009 by Snowden Mining Industry Consultants (`Snowden`)
following the completion of Wits Gold`s recent drilling programme in the area.
Using a cutoff gold value of 300cm.g/t, this estimate by Snowden has outlined
an Indicated Resource on the Beatrix, Kalkoenkrans, B and Leader Reefs of 23.2Mt
at an average grade of 5.2g/t containing 119.7 tonnes (3.85Moz) of gold. This
represents a 1.15Moz or 41% increase in the contained gold relative to the
previous Indicated Resource of 16.1Mt at an average of 5.3g/t equivalent to
85.0 tonnes (2.7Moz) of gold. At the same time, the estimated Inferred Resource
on these reefs has decreased 27% from a previous 12.0Mt at 5.6g/t for 67.2
tonnes (2.2Moz) of gold to a present 9.4Mt at 5.3g/t containing 49.1 tonnes
(1.58Moz) of gold.
Commenting on the results of the revised resource estimate, Chief Executive
Officer, Dr Marc Watchorn said, `Wits Gold`s stated intention has been to focus
on exploration projects that have the potential to host gold deposits containing
resources in excess of 5Moz. De Bron represents one such project where the
company has successfully been able to identify shallow resources at depths of
500-1200 metres below surface. This achievement has been brought about largely
by additional drilling that has substantiated the company`s predictive
geological model for the area.`
Wits Gold has commissioned a pre-feasibility study to consider the economics of
mining at De Bron as well as the adjacent Bloemhoek area. This study is being
undertaken on behalf of the company by Turnberry Projects together with Ukwazi
Mining Solutions. The results from a number of alternative mine designs will
become available over the next three months.
NI 43-101 Statement
The resource estimation at De Bron was conducted by qualified persons George
Gilchrist, Consultant Geologist and Shaun Hackett, Principal Consultant both
of whom are full time employees of Snowden and are independent of Wits Gold.
Mr Gilchrist and Mr Hackett have verified the information contained in this
news release.
Information concerning the geology, mineral occurrences, nature of
mineralization, 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 to estimate the mineral resources have previously been
communicated in the Company`s filed NI 43-101 compliant Independent Technical
Report dated November 2007, which can be viewed at www.sedar.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. Without limitation, statements about the timing of a
pre-feasibility study 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; labor 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, capitalization 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 maximize the value of any economic resources. These forward-looking
statements speak only as of the date of this document.
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.
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
6 May 2009
Date: 06/05/2009 07:15:01 Produced by the JSE SENS Department.
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