Troilus Gold advances project financing with additional LOIs for $500m
In May, the company produced a feasibility study that demonstrated the potential for Troilus to be amongst the largest gold producers in Canada.
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, Sept. 6, 2011 /CNW/ – Wits Gold wishes to announce that Turgis Consulting (Pty) Ltd (Turgis) has been appointed to complete a pre-feasibility study over the Company’s advanced DBM Project in the southern Free State goldfield. This follows the announcement of positive scoping study results at the DBM Project on 23 June 2011. The initiation of a seven diamond borehole drilling programme for pre-feasibility purposes commenced in July 2011 and is on schedule to be completed during September 2011. The results of this drilling will be utilised by Snowden Mining Industry Consultants to revise the current mineral resource block models where it is anticipated that additional Inferred Resources will be upgraded to the Indicated Resource category. In February 2011 Wits Gold announced updated Indicated Resources on the Beatrix, Kalkoenkrans, B and Leader Reefs of 34.5Mt at 5.3g/t Au (5.9Moz), with Inferred Resources of 25.0Mt at 5.2g/t Au (4.2Moz). These resources occur at shallow depths of between 500 and 1 250 meters below surface.
Wits Gold further announces that GCS (Pty) Ltd has been appointed to conduct environmental impact assessment studies over the DBM Project area in order to fulfill the requirements of the Mineral and Petroleum Resources Development Act (MPRDA), the National Environmental Management Act (NEMA) and the National Water Act (NWA).
Wits Gold CEO, Philip Kotze, commented on the appointments, “The progress at the DBM Project is an excellent reflection of the intensive work done since 2006 on exploring and developing this ore body; we are excited to be moving into the pre-feasibility stage and remain on track for production ounces by 2016. We look forward to working with our appointed partners in bringing this ore body to account.”
Information concerning the geology, mineral occurrences, nature of mineralisation, 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 in connection with the updated Mineral Resource estimates are communicated in Wits Gold’s filed NI 43-101 compliant Independent Technical Report dated May 2, 2010, entitled “Technical Report on the Scoping Study for the De Bron Project, Southern Free State goldfield, South Africa”. The results of the preliminary economic assessment or scoping study at the DBM Project by Turgis was announced in June 2011and the NI43-101 Independent Technical Report entitled “Preliminary Assessment of the De Bron Merriespruit Project (DBM Project), South Africa” was filed on August 5, 2011. The respective reports can be viewed on www.sedar.com and on the Company’s website 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; 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.
