Wits Gold Announces Listing on Toronto Stock Exchange, Effective January 21, 2008



    JOHANNESBURG, South Africa, Jan. 21 /CNW/ - Witwatersrand Consolidated
Gold Resources Limited (JSE: WGR, TSX: WGR), the South African gold explorer
with advanced prospects in the Witwatersrand Basin, is pleased to announce
that its common shares were listed and posted for trading on the Toronto Stock
Exchange at the opening today, Monday January 21, 2008. The Company's shares
will trade both on the TSX and the JSE Limited in Johannesburg, South Africa
under the ticker symbol "WGR".
    Wits Gold is an active mineral exploration company with gold and uranium
prospects adjacent to existing mines in the Witwatersrand Basin in South
Africa. An independent NI 43-101 report on the Company's properties has been
completed by Snowden Mining Industry Consultants ("Snowden"). The following
Mineral Resource estimates have been reported by Snowden above cutoffs of
300 cm.g/t gold cut-off for narrow reefs and 600 cm.g/t gold cut-off for the
wider Cobble Reef within the Potchefstroom and Klerksdorp goldfields to a
maximum depth of 5000 m below surface. The uranium (U(3)O(8)) mineral resource
is reported as a secondary product of the combined gold mineral resource for
the Southern Free State and as such is reported above the same 300 cm.g/t gold
cut-off as the gold mineral resource.

    
    Indicated Gold Mineral Resource
    -------------------------------

    ---------------------------------------------------
    Goldfield                Mt    Au (g/t)    Au (Moz)
    ---------------------------------------------------
    Southern Free State   100.7        6.0        19.4
    ---------------------------------------------------

    Inferred Gold Mineral Resource
    ------------------------------

    ---------------------------------------------------
    Goldfield                Mt    Au (g/t)    Au (Moz)
    ---------------------------------------------------
    Southern Free State    85.8        5.5        15.1
    ---------------------------------------------------
    Potchefstroom         333.6        7.1        75.8
    ---------------------------------------------------
    Klerksdorp             85.1       14.5        39.5
    ---------------------------------------------------
    TOTAL                 504.5        8.3       130.4
    ---------------------------------------------------

    Inferred Uranium Mineral Resource
    ---------------------------------

    -----------------------------------------------------------------
    Goldfield                Mt    U(3)O(8) (kg/t)    U(3)O(8) (Mlbs)
    -----------------------------------------------------------------
    Southern Free State   186.5             0.132               54.3
    -----------------------------------------------------------------
    

    Please refer to the NI 43-101 Technical Report filed on SEDAR for further
details concerning the Mineral Resources.
    The Non-Executive Chairman, Adam Fleming said "Wits Gold possesses the
world's sixth largest gold resource, currently valued by the market at
approximately $3.50/oz. We believe our TSX listing will provide North American
gold investors with access to a significant new opportunity against the
background of increasing constraints in the discovery and supply of precious
metals worldwide."
    Dr Marc Watchorn, the Chief Executive Officer, added "It is anticipated
that the significant resource base controlled by Wits Gold will have strategic
importance in a rising gold price scenario. The Company is ideally positioned
to take advantage of this situation given the advanced nature of its
exploration properties, combined with the experience of its management team.
The extensive prospecting rights held by Wits Gold display a wide variety of
geological conditions, a significant proportion of which are similar to those
currently being exploited by the adjacent Witwatersrand mining operations. The
Company will continue with its active exploration effort in order to improve
the definition of the contained mineral resources for the benefit of all
stakeholders."

    Background

    Wits Gold was established in 2003 as a mineral exploration company to
acquire substantial gold and uranium resources in the world's premier gold
province, the Witwatersrand Basin. The Company is fully compliant with the
Black Economic Empowerment (BEE) legislation in South Africa and therefore has
been granted ten prospecting rights, covering 969 km(2) adjacent to active
mines in the southern Free State (Welkom), Potchefstroom and Klerksdorp
Goldfields.

    Figure 1: Prospecting rights held by Wits Gold in the Witwatersrand Basin
    (See map at: http://files.newswire.ca/672/witsmap.doc)

    Currently, in addition to gold, Wits Gold has only been granted
prospecting rights for uranium in the southern Free State Goldfield, with an
Inferred Resource of 54.3Mlb of uranium (U(3)O(8)). The overall mineral
resource estimates were based on historical drilling data acquired from
AngloGold Ashanti, Gold Fields and Harmony, as well as in-fill boreholes
completed by the Company. Wits Gold currently uses Anglo American Research
Laboratories as their primary laboratory for assay determination. In return
for the geological information as well as the initial acquisition of the
prospecting rights, Wits Gold has granted these gold mining majors an option
to acquire a 40% interest in any future mine established on the ground
contributed by these companies.
    The historic exploration data in the form of borehole core, assay
results, seismic profiles and technical reports have become the property of
Wits Gold. The core from over 200 boreholes is now stored in a 6 160m(2)
warehouse that the Company has constructed on a 42ha plot of ground purchased
near the town of Potchefstroom.
    Wits Gold listed on the JSE Limited in April 2006 and since the Company's
inception in 2003, it has raised US$26 million by way of five private
placements, mainly with institutional shareholders. These financings were
jointly co-coordinated by JP Morgan and Fleming Family & Partners. Currently,
Wits Gold has 27.3 million shares outstanding and 27.9 million shares fully
diluted, with working capital of US$20 million. On 17 January 2008, the
Company's market capitalization was US$512 million.

    The Company's Projects

    Wits Gold has implemented an exploration programme to improve the
definition of the mineral resources contained within the Company's prospecting
rights. Following the delineation of appropriate gold and uranium
mineralization and the completion of a successful feasibility study or studies
on key projects, the Company will seek to maximize the value of any economic
resources. This may occur through a joint venture with the gold mining majors,
a partnership with another gold mining company, or through the sale of a
project to a third party. A brief overview of the Company's projects is given
below.

    Southern Free State (Welkom) Goldfield

    Wits Gold has been granted prospecting rights covering 189km(2) to the
south of the town of Welkom. More than one hundred boreholes have previously
been drilled in these rights that are situated immediately adjacent to the
Beatrix, Joel and Merriespruit Gold Mines. The Company has prioritised
follow-up drilling at the Bloemhoek and De Bron projects that together contain
an Indicated Mineral Resource of 14.0Moz of gold (68.4Mt at an average grade
of 6.4g/t Au above a 300 cm.g/tAu cutoff) and an Inferred Mineral Resource of
5.4Moz of gold (28.0Mt at an average grade of 6.0g/t Au above a 300 cm.g/t Au
cutoff). In these projects, three principal gold-bearing conglomerates occur
at depths ranging between 500 metres and 2300 metres below surface. These same
reefs are being exploited at similar depths in the surrounding mining
operations. Since initiating drilling during August 2006, five boreholes have
been completed, whilst a sixth borehole, DBH 20, is currently in progress.
Wits Gold expects to complete a scoping study on the Bloemhoek-De Bron area
during the first half of 2008.
    The Company has also undertaken diamond drilling at the Robijn project,
where the widespread, but thin Beatrix Reef occurs at depths of the order of
500 - 2000 metres below surface. In this area, Snowden has estimated an
Indicated Mineral Resource of 2.5 Moz of gold (13.6Mt at an average grade of
5.8g/t Au above a 300 cm.g/tAu cutoff) in addition to an Inferred Mineral
Resource of 1.7Moz of gold (9.0Mt at an average grade of 5.7g/t Au above a 300
cm.g/tAu cut-off).
    In early January 2008, the Company received notification from the
Department of Minerals and Energy that prospecting rights had been granted
over the area immediately south of the defunct Beisa uranium mine. Wits Gold
now plans to complete a review of the historical data from this Beisa South
project, before undertaking further exploration.

    Potchefstroom and Klerksdorp Goldfields

    Prospecting rights for gold have been granted to Wits Gold in the area to
the north of Potchefstroom and to the southeast of Klerksdorp. These areas
cover 780km(2) where they are situated adjacent to operating mines in the
Carletonville and Klerksdorp Goldfields. More than one hundred boreholes have
previously been drilled in the Company's prospecting rights, where
conglomerate reefs known as the Carbon Leader and Vaal Reef were the principal
targets.
    Within the rights, these reefs generally occur at depths in excess of
2500 metres below surface. However, two shallower project areas have been
identified adjacent to Blyvooruitzicht Gold Mine in the Carletonville
Goldfield, where up to seven Witwatersrand reefs are preserved at less than
2500 metres below surface. Exploration drilling has recently commenced in the
Kleinfontein area, where the target Carbon Leader Reef is expected at
1800 metres below surface.
    Based on the historical drilling information as well as published data
from the surrounding mines, Snowden has completed an NI 43-101 Technical
Report on the Company's prospecting rights. In the Potchefstroom Goldfield,
Snowden has reported an Inferred Mineral Resource of 75.8Moz of gold (333.6Mt
at an average grade of 7.1 g/t Au above a 300 cm.g/tAu cutoff) and in the
areas adjacent to the Klerksdorp Goldfield an Inferred Resource of 39.5Moz of
gold (85.1Mt at an average grade of 14.5 g/t Au above a 300 cm.g/tAu cutoff).
Applications for variation rights to include uranium with the Company's
prospecting rights for gold in the Potchefstroom and Klerksdorp Goldfields are
currently being considered by the Department of Minerals and Energy.

    Gold Mining and Exploration in the Witwatersrand Basin

    For more than a century, South Africa has been the world's largest gold
producer, with peak production in 1970 of 32.1Moz. Production has declined
systematically to 8.8Moz in 2006, partly due to a decrease in the gold
recovery grade from 13.2g/t Au to 4.6g/t Au over the same period. This
mineralization has been derived mainly from the Witwatersrand Basin, where
gold and uranium are hosted by conglomerate reefs representing ancient river
gravels.
    Witwatersrand reefs are generally 1-2 metres thick and occur as laterally
continuous bodies with consistent gold grades extending over large areas.
These bodies are mined in underground operations as the host strata are
largely overlain by younger cover rocks. The depth of Witwatersrand mines has
generally increased through time so that most of the current workings are
operating at depths of 1500 - 3000 metres below surface. Recent announcements
by AngloGold Ashanti and Gold Fields have indicated that some of their mines
will be extending to depths in excess of 4000 metres below surface.
    Exploration to evaluate Witwatersrand deposits has traditionally
consisted of diamond drilling from surface to produce core samples from the
target reefs. In view of the depth of these deposits as well as the continuity
of mineralization, such evaluation programs have used widely spaced grids, so
the boreholes are frequently 800 - 1000 metres apart. Statistical comparisons
between drilling results and mined grades have consistently illustrated that
these tabular ore bodies can be appraised using this methodology.

    Board and Management

    Adam Fleming, who is the non-executive Chairman of Wits Gold, has a track
record of creating shareholder value in the South African gold mining
industry. He was appointed chairman of Harmony Gold in 1999 and remained in
this position during the metamorphosis of the company from a single mine
operation into the fifth-largest gold mining company in the world. He resigned
as chairman of Harmony Gold in 2003 and initiated the formation of Wits Gold.
The other non-executive directors on the board include Deputy Chairman
Professor Taole Mokoena, Dr Humphrey Mathe and Mrs Gayle Wilson.
    The executive directors are Dr Marc Watchorn, a geologist with
considerable experience in the Witwatersrand goldfields, who is the Chief
Executive Officer (CEO) and Mr Derek Urquhart, a chartered accountant and the
Chief Financial Officer. Marc Watchorn's independent review of the
Witwatersrand Basin formed the basis for Wits Gold's negotiations with the SA
gold mining companies and resulted in the acquisition of the Company's
prospecting rights. Prior to co-founding Wits Gold, he worked for Anglo
American between 1981 and 2002, both in South Africa and internationally and
has over 26 years experience in the international gold sector. Dr Watchorn
completed 5 years of post-graduate research on the Witwatersrand Basin and has
a PhD in geology from the University of the Witwatersrand.
    The Technical Report was completed by Snowden Mining Industry
Consultants, where Shaun Hackett and George Gilchrist were the Qualified
Persons. The Qualified Persons have also reviewed the contents of this news
release. This news release was prepared by management, who take full
responsibility for content.

    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
Company's plans to complete a scoping study and proposed methods to maximize
the value of any economic resources, including the scheduled timing thereof
and other related statements, 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; labor 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, capitalization 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 maximize the value of any economic resources. These forwardlooking
statements speak only as of the date of this document.
    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 document or to reflect the occurrence of unanticipated events.




For further information:

For further information: www.witsgold.com; Dr Marc Watchorn, Chief
Executive Officer, +27 11 832 1749, marcw@witsgold.com; Mr Derek Urquhart,
Chief Financial Officer, +27 11 832 1749, derek@witsgold.com; Mr Hethen Hira,
Investor Relations Manager, +27 11 832 1749, hethenh@witsgold.com

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