| Wed 13 Apr 2011, 16:14 | | WGR - Wits Gold intersects further shallow reefs in the De Bron - |
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WGR
WGR
WGR - Wits Gold intersects further shallow reefs in the De Bron -
Merriespruit South (DBM) project
Witwatersrand Consolidated Gold Resources Limited
(`Wits Gold` or `the Company`)
Incorporated in the Republic of South Africa
(Registration Number 2002/031365/06)
JSE Share Code: WGR ISIN: ZAE000079703
TSX Share Code: WGR CUSIP Number: S98297104
Wits Gold (JSE & TSX : WGR/ ADR: WIWTY) wishes to announce the completion of
two additional diamond drillholes on the eastern portion of the De Bron-
Merriespruit South (DBM) project, near Virginia in the Free State goldfield
of South Africa. Both of these boreholes intersected four superimposed reefs
at shallow depths of less than 750 metres below surface. These boreholes
produced the following results:
Borehole Depth Width Gold Gold U3O8 U3O8
D10 (m) (cm) (g/t) (cm.g/t) (kg/t) (cm.kg/t)
Beatrix 487.5 66.3 0.42 28 0.019 1.26
Reef
KK Reef 488.1 57.3 0.67 38 0.027 1.56
B Reef 499.8 102.3 1.89 194 0.032 3.28
Leader 535.5 103 2.04 211 0.144 14.8
Reef
Borehole Depth Width Gold Gold U3O8 U3O8
D11 (m) (cm) (g/t) (cm.g/t) (kg/t) (cm.kg/t)
Beatrix 670.0 73.5 1.95 144 0.037 2.71
Reef
KK Reef 671.6 83.4 1.95 162 0.004 0.29
B Reef 681.0 96.7 0.22 22 0.012 1.17
Leader 721.6 118.3 256 0.307 36.37
Reef 2.17
Commenting on the significance of these results, the Company`s CEO Dr Marc
Watchorn said, `Although the gold grades intersected in these boreholes were
generally low, we are encouraged by the continuity of reasonably wide zones
of shallow gold mineralisation to the east of our principal DBM project.
Furthermore, the presence of elevated uranium grades in the Leader Reef
supports our intention to assess the potential economic significance that
uranium may play in the DBM area.`
In a press release dated 22 February 2011, Wits Gold announced the completion
of revised gold and uranium resource estimates for the DBM project. These
comprised Indicated Gold Resources of 34.5Mt at 5.3g/t (5.9Moz) and Indicated
Uranium Resources of 17.0Mt at 0.16kg/t U3O8 (6.1Mlbs). In addition, there
are estimated Inferred Gold Resources of 25.0Mt at 5.2g/t (4.2Moz) and
Inferred Uranium Resources of 11.9Mt at 0.14kg/t (3.7Mlbs). These estimates
were disclosed in Wits Gold`s filed NI43-101 and Samrec compliant Independent
Technical Report dated April 2011, which can be viewed at www.sedar.com. A
preliminary economic assessment on financial benefit of exploiting these
Mineral Resources is expected to be completed in April 2011.
Exploration activities by Wits Gold at the DBM project have been conducted
under the supervision of Mr Dirk Muntingh, the Company`s Competent Person and
Exploration Manager. Mr Muntingh (M.Sc Geology) is a registered Pr.Sci.Nat
with SACNASP and has 19 years of experience in gold exploration. Mr Muntingh
has reviewed and approved 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 testing procedures, names of analytical laboratories used
and the key assumptions, parameters and methods used in connection with
exploration results disclosed herein are communicated in Wits Gold`s filed
NI43-101 and Samrec compliant Independent Technical Report dated April 2011,
which can be viewed at www.sedar.com. The samples from boreholes D10 and D11
were analysed using a 50g fire assay technique at Anglo Research, an ISO9001
accredited laboratory.
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 preliminary economic assessment 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; 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 news release.
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 news release 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 Office Investor Relations
marcw@witsgold.com hethenh@witsgold.com
Tel: +27 11 832 1749 www.witsgold.com Tel: +27 11 832 1749
Johannesburg
13 April 2011
13 April 2011
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 13/04/2011 16:14:01 Produced by the JSE SENS Department.
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