| Fri 29 Apr 2011, 15:00 | | WGR - Wits Gold expands scoping study on DBM project Southern Free State |
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WGR
WGR
WGR - Wits Gold expands scoping study on DBM project, 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 wishes to announce that subsequent to the press release of 30 March
2011, the Company will be expanding the nature of the scoping study that is
currently being undertaken by Turgis Consulting (Pty) Limited on the DBM
project, near Virginia in the southern Free State goldfield. The main focus
of this study is the application of a practical mine design to selectively
exploit the Indicated Resources at DBM, together with a financial model to
assess the anticipated returns. However, as an extension of this primary
study, the financial benefit of upgrading the current Inferred Resources into
the Indicated category will now also be considered. The net effect of this
expanded study will be to delay the release of their results until early
June. Details of these resources were made public in a press announcement of
22 February 2011 and are available on the Wits Gold web site.
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 Officer
marcw@witsgold.com
Tel: +27 11 832 1749
Mr. Hethen Hira
Investor Relations
hethenh@witsgold.com
Tel: +27 11 832 1749
www.witsgold.com
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Johannesburg
29 April 2011
Date: 29/04/2011 15:00:01 Produced by the JSE SENS Department.
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