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

JOHANNESBURG, April 13 /CNW/ - 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 D10 Depth (m) Width (cm) Gold (g/t) Gold (cm.g/t) U3O8 (kg/t) U3O8 (cm.kg/t)
Beatrix Reef  487.5 66.3 0.42 28 0.019 1.26
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 Reef 535.5 103.0 2.04 211 0.144 14.80
             
Borehole D11 Depth (m) Width (cm) Gold (g/t) Gold (cm.g/t) U3O8 (kg/t) U3O8 (cm.kg/t)
Beatrix Reef 670.0 73.5 1.95 144 0.037 2.71
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 Reef 721.6 118.3 2.17 256 0.307 36.37

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.

 

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
hethenh@witsgold.com
Tel: +27 11 832 1749
www.witsgold.com

 

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