Last updated on April 17, 2014 at 21:23 EDT

Wits Gold to pursue other opportunities

May 31, 2012

Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
ISIN: ZAE000079703
CUSIP Number: S98297104
(“Wits Gold”)

TORONTO, May 31, 2012 /CNW/ – Wits Gold shareholders are referred to the
announcement issued by the Company yesterday, 30 May 2012, indicating
that the acquisition agreement in respect of an offer by Wits Gold and
Pan African Resources plc (the “Consortium”) to acquire 100% of Evander
Gold Mines Limited from Harmony Gold Mining Company Limited in a 50/50
joint venture had been terminated by mutual agreement between the

The process has been constructive. The Company was able to canvas and
meet the majority of its shareholders and has received their support
for its strategy and the right transaction.

Wits Gold’s CEO, Philip Kotze, commented: “While we are disappointed
that the Consortium’s offer was not successful, our strategy to become
a profitable mid-tier gold producer and developer to create maximum
value for our shareholders remains intact.

Wits Gold will continue to actively pursue other opportunities to
achieve our goal of becoming a gold producer, and we believe that our
timing is apposite as we anticipate greater industry consolidation at
the right price in the near term.

The pre-feasibility study for our flagship De Bron Merriespruit (DBM)
Project in the southern Free State goldfield is being finalised, and
the detail will be shared with the market within the next month. We
also continue to advance the remaining exploration projects in our
portfolio  up the value curve, and expect to provide further updates in
this regard during the coming quarter.”

31 May 2012

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


Wits Gold is a gold and uranium exploration company with assets located
in the Witwatersrand Basin in South Africa. Wits Gold has a primary
listing on the Main Board of the JSE, and a secondary listing on the
Toronto Stock Exchange and has an American Depository Receipt (ADR)
programme through the Bank of New York.


SOURCE Wits Gold

Source: PR Newswire