Wits
Gold Outlines Uranium-gold Resources in the Beisa North Project
JOHANNESBURG, July 16 - Wits Gold is pleased to announce the completion of
an independent review of the Company's mineral resources in the Beisa North
project, situated in the Free State goldfield, South
Africa. This review, in the form of an NI43-101
technical report, reflects an Inferred Resource of 27.9Mt at a grade of
0.78kg/t U3O8 (47.84Mlbs of uranium) and 1.72g/t Au (1.55Moz of gold). The
Beisa North project borders the Beisa Uranium Mine, where between 1982 and 1984
Gencor mined 2.4Mt of ore at an average grade of 0.47kg/t U3O8 (2.5Mlbs)and
1.45g/t Au (0.1Moz). The Resource Estimate for Beisa North is also SAMREC
compliant and was undertaken by ExplorMine Consultants, using a cut-off grade
of 0.50kg/t U3O8 to a maximum depth of 2500 metres below surface. It was based
on historical drilling information and geological reports that the Company
previously purchased from AngloGold Ashanti Limited.
Wits Gold remains a gold-focused exploration company
with key assets adjoining operating mines in the Potchefstroom, Klerksdorp and Free
State goldfields. However, the Company is also committed
to evaluating new opportunities in the Witwatersrand
Basin, which historically
has produced some 35% of the world's gold in addition to significant uranium.
The Beisa North project represents such an opportunity, where the Ada May Reef
is preserved in a large synclinal fold that characterises the western margin of
the Free State
goldfield. Wits Gold will concentrate on extending the shallower part of the
Beisa North mineralisation which to a depth of 1 000 metres below surface
contains an Inferred Resource of 13.8Mt at 0.80kg/t (24.2Mlbs) and 1.72g/t Au
(0.76Moz).
NI 43-101 Statement
The Resource Estimate at Beisa North was undertaken by
Qualified Persons Andre Deiss (BSc (Hons), Pr. Sci. Nat., SACNASP Reg No
400007/97), Bill Northrop (BSc (Hons), MSc, PhD, GDE,Pr. Sci. Nat., SACNASP Reg
No 400164/87) and Garth Mitchell (BCom, BSc (Hons),Pr. Sci. Nat., SACNASP Reg
No 400014/97), all of whom are partners in ExplorMine Consultants and are
independent of Wits Gold. Messrs Deiss, Northrop and Mitchell have verified the
information contained in this news release.
Information concerning the geology, mineral
occurrences, nature of mineralization, rock types, quality assurance and
quality control measures applied, geological controls sampling data, analytical
or testing procedures, the names of analytical laboratories used and the key
assumptions, parameters and methods used to estimate the Mineral Resources are
communicated in the Company's filed NI 43-101 compliant Independent Technical
Report dated 30 June 2009, which can be viewed at www.sedar.com and on the Company's web site www.witsgold.com.
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.
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 or uranium; hazards
associated with underground and surface gold and uranium 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 maximize the value of any economic resources. These
forward-looking 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 except where required by applicable laws.
For further information:
Marc Watchorn
Chief Executive Officer
Tel: +27 11 832 1749
marcw@witsgold.com
Hethen Hira
Investor Relations
Tel: +27
11 832 1749
hethenh@witsgold.com