| Wed 26 Jan 2011, 11:56 | | WGR - Wits Gold - Wits Gold Reports Seismic Survey Results |
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WGR
WGR
WGR - Wits Gold - Wits Gold Reports Seismic Survey Results
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: S98297104
("Wits Gold" or "the Company")
Wits Gold Reports Seismic Survey Results
Witwatersrand Consolidated Gold Resources Limited ("Wits Gold") announces
further information pertaining to its exploration programme on the Deelkraal
South property, located near Carletonville in South Africa, adjacent to
Harmony`s Kusasalethu Gold Mine.
This follows the decision made in June 2010 to undertake a 2D seismic reflection
survey on a grid that comprised a total of 33.7 line kilometres. The survey area
extended into the contiguous southern portion of the Kusasalethu Gold Mine lease
area, while the data interpretation included information from six historic
surface boreholes, as well as recent underground mine plans. The area contains
down-dip extensions of the Ventersdorp Contact Reef (VCR) and Elsburg Reefs.
Wits Gold CEO, Marc Watchorn, commented: "The results of the seismic survey at
Deelkraal South have constrained the characteristics of the VCR at depth
relatively cost effectively, when compared with the expense of surface
drilling". He added: "We are encouraged that the seismic interpretation confirms
that the VCR structures affecting the Deelkraal South area are a natural
extension of the small scale structures found at Kusasalethu Gold Mine".
Wits Gold will be able to use the seismic data to design a future drilling
programme with greater confidence. In November 2007, a NI 43-101 compliant
resource for Deelkraal South was estimated by independent Qualified Persons,
George Gilchrist and Shaun Hackett of Snowden Mining Industry Consultants. The
report entitled, "Witwatersrand Consolidated Gold Resources Limited: Mineral
properties in the Southern Free State, Potchefstroom and Klerksdorp Goldfields,
South Africa" estimated an Inferred Resource at Deelkraal South of 20.5 Mt at
14.6 g/t Au (9.6 Moz). The report is available on www.sedar.com and
www.witsgold.com. 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 and the names of analytical laboratories used are communicated in the
above-noted technical report.
An interpretation of the results revealed an excellent response from the base of
the Klipriviersburg Lava where the VCR occurs and the underlying quartzites and
conglomerates of the Central Rand Group. The seismic sections obtained also
showed remarkable consistency in reflection signature along both dip and strike
lines. This enabled the mapping of faults with throws of between 15 and 25
metres. A depth contour map of the VCR indicates that the Reef occurs at the
northern boundary of the Deelkraal South project at a depth of 3 100 metres
adjacent to the planned mine blocks at Kusasalethu. From this northern boundary,
the VCR dips to the south at between 25? and 30? to attain a maximum depth of 4
200 metres along the southern extreme of the Deelkraal South Prospecting Rights.
Mr Dirk Muntingh, the Company`s Exploration Manager and Competent Person is
responsible for the technical material in this release. Mr Muntingh (MSc
Geology) is a registered Professional Natural Scientist (Pr.Sci.Nat) with the
South African Council for Natural Scientific Professionals (SACNASP) and has 18
years of experience in gold exploration.
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 anticipated events or results, and may include
statements or information regarding the future drilling programme for the
Deelkraal South property and future potential of exploration sites.
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, labour disruptions; changes in laws and government
regulations, and macro-economic factors. 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:
Dr. Marc Watchorn Mr. Hethen Hira
Chief Executive Officer Investor Relations
Tel: +27 11 832 1749 Tel: +27 11 832 1749
For further information please contact:
Dr. Marc Watchorn
Chief Executive Officer
Tel: +27 11 832 1749
Mr. Hethen Hira
Investor Relations
Tel: +27 11 832 1749
26 January 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 26/01/2011 11:56:00 Produced by the JSE SENS Department.
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