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WGR
WGR
WGR - Witwatersrand Consolidated Gold Resources Limited - Wits Gold to pursue
other opportunities
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 Number: S98297104
("Wits Gold")
WITS GOLD TO PURSUE OTHER OPPORTUNITIES
Wits Gold shareholders are referred to the announcement issued by the Company
yesterday, 30 May 2012, indicating that the acquisition agreement in respect of
an offer by Wits Gold and Pan African Resources plc (the "Consortium") to
acquire 100% of Evander Gold Mines Limited from Harmony Gold Mining Company
Limited in a 50/50 joint venture had been terminated by mutual agreement between
the parties.
The process has been constructive. The Company was able to canvas and meet the
majority of its shareholders and has received their support for its strategy and
the right transaction.
Wits Gold`s CEO, Philip Kotze, commented: "While we are disappointed that the
Consortium`s offer was not successful, our strategy to become a profitable mid-
tier gold producer and developer to create maximum value for our shareholders
remains intact.
Wits Gold will continue to actively pursue other opportunities to achieve our
goal of becoming a gold producer, and we believe that our timing is apposite as
we anticipate greater industry consolidation at the right price in the near
term.
The pre-feasibility study for our flagship De Bron Merriespruit (DBM) Project in
the southern Free State goldfield is being finalised, and the detail will be
shared with the market within the next month. We also continue to advance the
remaining exploration projects in our portfolio up the value curve, and expect
to provide further updates in this regard during the coming quarter."
Johannesburg
31 May 2012
JSE Sponsor to Wits Gold
PricewaterhouseCoopers Corporate Finance (Pty) Limited
For further information contact:
Philip Kotze
CEO: Wits Gold
+27 11 832 1749
Hethen Hira
Executive, Investor Relations: Wits Gold
+27 11 832 1749
Transaction adviser and JSE Transaction Sponsor
Macquarie First South Capital (Pty) Limited
South African legal counsel
Baker & McKenzie
Canadian legal counsel
Stikeman Elliott
Investor Relations
Russell and Associates
NOTES:
Wits Gold is a gold and uranium exploration company with assets located in the
Witwatersrand Basin in South Africa. Wits Gold has a primary listing on the Main
Board of the JSE, and a secondary listing on the Toronto Stock Exchange and has
an American Depository Receipt (ADR) programme through the Bank of New York.
Date: 31/05/2012 16:52:01 Produced by the JSE SENS Department.
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