| Tue 13 Oct 2009, 15:00 | | WGR - Wits Gold Estimates Uranium Resources In The Potchefstroom Goldfield |
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WGR
WGR
WGR - Wits Gold Estimates Uranium Resources In The Potchefstroom Goldfield
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 is pleased to announce the results of an Independent Technical report
on the Company`s gold and uranium resources in the Potchefstroom goldfield,
South Africa. A National Instrument 43-101 ("NI43-101") report was compiled by
Snowden Mining Industry Consultants (`Snowden`) and follows the granting of
Prospecting Rights to include uranium with the previously awarded rights to gold
over 53 250 hectares in the area between the town of Potchefstroom and the
Carletonville goldfield. In addition to an Inferred Resource of 333.6Mt at
7.1g/t Au (75.8Moz), it is estimated that there also exists Inferred Resources
of 250.0Mt at 0.30kg/t U3O8 (163.3Mlbs). These gold and uranium resources occur
in the same conglomerate reefs and are SAMREC compliant, substantively similar
to the definitions and standards of the Canadian Institute of Mining, Metallurgy
and Petroleum. The gold resource is reported at a 300 cm.g/t gold cut-off for
narrow reefs and 600 cm.g/t gold cut-off for the wider Cobble Reef to a maximum
depth of 5,000 metres below surface. Uranium is reported where associated gold
grades exceed cut-off. The comparatively smaller uranium resource tonnage is due
to the fact that currently Wits Gold has only been awarded the rights to gold
over the 9 804 hectare Potchefstroom Consolidation area. An application for
uranium Variation Rights in this area is currently under consideration by the
Department of Minerals and Energy. The NI43-101 compliant technical report is
being finalised and will be filed on SEDAR (www.sedar.com) within 45 days.
The Company remains focused on Witwatersrand gold exploration with assets
adjoining operating mines in the Potchefstroom, Klerksdorp and Free State
goldfields. Wits Gold now has total Inferred Resources of 530.3Mt at 7.77g/t Au
(131.8Moz) as well as Indicated Resources of 103.3Mt at 6.0g/t Au (19.9Moz).
Within the same reefs, it is estimated that there is also an Inferred Resource
of 461.1Mt at 0.27kg/t U3O8 (267.8Mlbs). The Company`s key project occurs at
Bloemhoek in the southern Free State, where a recent pre-feasibility study has
been completed. This study included mine design and scheduling and led to the
conversion of part of the Indicated Resource containing 39.9Mt at 7.17g/t Au
(9.2Moz) into a Probable Reserve of 31.6Mt at 5.34g/t (5.4Moz). An NI43-101
Technical Report on the Bloemhoek project is due to be filed on SEDAR before the
end of October 2009.
NI 43-101 Statement
The Resource Estimate in the Potchefstroom goldfield was undertaken by Qualified
Persons George Gilchrist and Shaun Hackett, both of whom are employees of
Snowden and are independent of Wits Gold. Messrs Gilchrist and Hackett have
verified the information contained in this news release.
Information concerning the geology, mineral occurrences, nature of
mineralisation, 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 May 2009,
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.
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 maximise 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, 13 October 2009
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 13/10/2009 15:00:01 Produced by the JSE SENS Department.
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