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Wits Gold – Termination of agreement to acquire, jointly with Pan African Resources plc, 100% of Evander Gold Mines, and withdrawal of cautionary announcement

May 30, 2012

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”)

TORONTO, May 30, 2012 /CNW/ -

1. INTRODUCTION

Wits Gold shareholders are referred to the announcement released on the
Securities Exchange News Service of the JSE on Monday, 30 January 2012,
wherein it was announced that Wits Gold together with Pan African
Resources plc, had entered into a Sale of Shares and Claims Agreement
(the “Acquisition Agreement”) with Harmony Gold Mining Company Limited
(“Harmony”), to acquire 100% of Harmony’s interest in Evander Gold
Mines Limited (“Evander”), for a total consideration of ZAR1.7 billion
(approximately C$208 million), hereinafter the “Transaction”.

The implementation of the Transaction was subject to the fulfilment of
certain conditions precedent by 31 May 2012. As a result of the
Consortium having indicated to Harmony that they expected that certain
of the conditions precedents may not be met, the Acquisition Agreement,
and all suspensive conditions between the parties, have been terminated
by mutual agreement between the parties. All other agreements entered
into to give effect to the Acquisition Agreement have similarly been
terminated, and no party shall have any rights or claims or any other
form of recourse against any of the other parties (directly or
indirectly) relating to the Transaction, the Acquisition Agreement, and
the other agreements .

Consequently, Wits Gold shareholders are referred to the cautionary
announcements released by Wits Gold on SENS on Wednesday, 28 December
2011, Wednesday, 16 November 2011, Monday, 30 January 2012, Monday, 12
March 2012 and Monday, 30 April 2012, respectively, and are advised
that as the Acquisition Agreement has been terminated, caution is no
longer required to be exercised by shareholders when dealing in their
securities.

Johannesburg

30 May 2012

JSE Sponsor to Wits Gold Limited
PricewaterhouseCoopers Corporate Finance (Pty) Limited

 

 

SOURCE Wits Gold


Source: PR Newswire