Wits Gold expands scoping study on DBM project, southern Free State Goldfield
JOHANNESBURG, April 29 /CNW/ --
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.
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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