WGR - Wits Gold Initiates Follow-up Drilling at the DBM Project, southern Free State Goldfield
JOHANNESBURG, July 26, 2011 /CNW/ --
Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
TSX Code: WGR
CUSIP Number: S98297104
('Wits Gold' or 'the Company')
JOHANNESBURG, July 26, 2011 /CNW/ - Wits Gold wishes to announce that
the Company has commenced an infill drilling programme consisting of
seven diamond boreholes at its shallow DBM project in the southern Free
State goldfield. This drilling follows the completion of a positive
scoping study at the DBM project, the results of which were announced
in a press release dated 23 June 2011 which is available on the
Company's website as well as www.sedar.com.
The current drilling programme follows the recommendations of the
scoping study and is designed to improve the definition of the
resources that have already been estimated in the Indicated and
Inferred categories. The programme will cost approximately R10.5
million and is being undertaken with the use of three drill rigs. It
will be conducted in accordance with the Company's standard practice to
include deflection drilling to obtain additional reef cuts and is
scheduled to be completed in September 2011.
FORWARD LOOKING STATEMENTS
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 the drilling programme 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 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 release or to reflect the
occurrence of unanticipated events except where required by applicable
laws.
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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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