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

JOHANNESBURG, April 29 /CNW/ - 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.


 

SOURCE Wits Gold

For further information:

Dr. Marc Watchorn
Chief Executive Officer
marcw@witsgold.com
Tel: +27 11 832 1749

Mr. Hethen Hira
Investor Relations
hethen@witsgold.com
Tel: +27 11 832 1749

www.witsgold.com

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Wits Gold

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