| Thu 16 Jul 2009, 15:00 | | WGR - Wits Gold outlines uranium - Gold resources in the Beisa North project |
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WGR
WGR
WGR - Wits Gold outlines uranium - Gold resources in the Beisa North project
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 outlines uranium-gold resources in the Beisa North project
Wits Gold is pleased to announce the completion of an independent review of the
Company`s mineral resources in the Beisa North project, situated in the Free
State goldfield, South Africa. This review, in the form of an NI43-101 technical
report, reflects an Inferred Resource of 27.9Mt at a grade of 0.78kg/t U3O8
(47.84Mlbs of uranium) and 1.72g/t Au (1.55Moz of gold). The Beisa North project
borders the Beisa Uranium Mine, where between 1982 and 1984 Gencor mined 2.4Mt
of ore at an average grade of 0.47kg/t U3O8 (2.5Mlbs)and 1.45g/t Au (0.1Moz).
The Resource Estimate for Beisa North is also SAMREC compliant and was
undertaken by ExplorMine Consultants, using a cut-off grade of 0.50kg/t U3O8 to
a maximum depth of 2500 metres below surface. It was based on historical
drilling information and geological reports that the Company previously
purchased from AngloGold Ashanti Limited.
Wits Gold remains a gold-focused exploration company with key assets adjoining
operating mines in the Potchefstroom, Klerksdorp and Free State goldfields.
However, the Company is also committed to evaluating new opportunities in the
Witwatersrand Basin, which historically has produced some 35% of the world`s
gold in addition to significant uranium. The Beisa North project represents such
an opportunity, where the Ada May Reef is preserved in a large synclinal fold
that characterises the western margin of the Free State goldfield. Wits Gold
will concentrate on extending the shallower part of the Beisa North
mineralisation which to a depth of 1 000 metres below surface contains an
Inferred Resource of 13.8Mt at 0.80kg/t (24.2Mlbs) and 1.72g/t Au (0.76Moz).
NI 43-101 Statement
The Resource Estimate at Beisa North was undertaken by Qualified Persons Andre
Deiss (BSc (Hons),Pr. Sci. Nat., SACNASP Reg No 400007/97), Bill Northrop (BSc
(Hons), MSc, PhD, GDE,Pr. Sci. Nat., SACNASP Reg No 400164/87) and Garth
Mitchell (BCom, BSc (Hons),Pr. Sci. Nat., SACNASP Reg No 400014/97), all of whom
are partners in ExplorMine Consultants and are independent of Wits Gold. Messrs
Deiss, Northrop and Mitchell 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 are communicated in the
Company`s filed NI 43-101 compliant Independent Technical Report dated 30 June
2009, which can be viewed at www.sedar.com and on the Company`s web site
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 or uranium; hazards associated with underground and
surface gold and uranium 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 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
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Johannesburg
16 July 2009
Date: 16/07/2009 15:00:01 Produced by the JSE SENS Department.
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