| Wed 20 Apr 2011, 15:00 | | WGR - Wits Gold granted additional uranium rights in the DBM and Beisa North |
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WGR
WGR
WGR - Wits Gold granted additional uranium rights in the DBM and Beisa North
Projects, southern Free State Goldfield
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 granted additional uranium rights in the DBM and Beisa North
Projects, southern Free State Goldfield
Wits Gold (JSE & TSX : WGR/ ADR: WIWTY) is pleased to announce that the
Department of Mineral Resources has granted the Company uranium rights over
the Floriana sector of the De Bron-Merriespruit South (DBM) project. As a
result, Wits Gold now holds title to uranium over 1897 hectares of the DBM
project, which covers a total area of 4024 hectares. A preliminary economic
assessment of the DBM project is currently in progress and will be based
mainly on the gold potential of this area. The results of this study are
expected during April 2011.
The Department of Mineral Resources has also granted uranium rights to Wits
Gold over the Beisa North Extension area located immediately north of the now
defunct Beisa Uranium Mine in the southern Free State goldfield. The
additional uranium rights are expected to supplement the uranium-gold resource
previously estimated at Beisa North and reported in the Company`s SENS
announcement dated 16 July 2009. Additional drilling is planned at the
combined Beisa North project during 2011, following which a revised resource
estimate will be undertaken.
Commenting on the significance of being granted these additional rights, the
Company`s CFO Mr Derek Urquhart said, `We are pleased by the granting of the
additional uranium rights, particularly in the DBM area where we will assess
the economic potential of recovering by-product uranium.`
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 Chief Executive Mr. Hethen Hira
Officer marcw@witsgold.com Investor Relations
Tel: +27 11 832 1749 www.witsgold.com hethenh@witsgold.com
Tel: +27 11 832 1749
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Johannesburg
20 April 2011
Date: 20/04/2011 15:00:01 Produced by the JSE SENS Department.
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