GORILLA GOLD MINES LTD — Capital/Financing Update 2012

May 23, 2012

ASX: WWI www.westwitsmining.com

ASX Announcement and Media Release

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Fast Facts

Capital Structure @ 24 May 2012 Shares on issue 254 million Performance Shares 46 million DRD Entitlement Shares 38 million Options 61 million Market Cap A$5.6 million Cash in Bank A$2.5 million Debt Nil Enterprise Value (EV) A$3.1 million Current JORC Resource 287,000 EV / Resource oz A$11/oz

Company Directors & Management Michael Quinert Executive Chairman Neil Pretorius Non-Exec Dir Phillip Hains Non-Exec Dir/ Co Sec Hulme Scholes Non-Exec Dir Vin Savage Non-Exec Dir

Top Shareholders diluted
DRD Gold Ltd	13%
GOC Holdings Ltd	11%
Trevor Neale	5%
ECR Minerals PLC	4%
Top 40 Shareholders	74%

Company Highlights

• Indonesia o High grade placer deposit o Project shows early stage similarities with discoveries inc; Porgera, Edie Creek, Wau

  • Independent geologists believe source of nuggets likely to be local, based on the size and shape of the nuggets discovered

• South Africa

  • 287,000 ozs Au JORC Resource

  • near surface and underground targets

  • 31.8m ozs Au produced historically

  • o Conceptual Target

    • 3.85-5.06 million ozs Au

    • o 16.5-21.7 million lbs U

Thursday, 24 May 2012

West Wits receives initial $2 million from sale of SA assets

West Wits Mining Limited (“West Wits” or “the Company”) is pleased to announce it has received $2 million as an upfront payment from Mintails Limited as part of the consideration for the sale of four South African exploration leases for A$9 million.

Under the terms of this agreement West Wits will receive staged payments over the following milestones;

ng milestones;
Instalment	Timing	Amount
Upfront payment	received	A$2 million
First instalment	22 November 2012	A$1 million
Interim instalment	22 February 2013	A$1 million
Interim instalment	22 May 2013	A$1 million
Interim instalment	22 August 2013	A$1 million*
Final payment	After transfer of leases+	A$ 3 million

*Subject to regulatory approval for the transfer of the leases

+Paid progressively based on R110 per tonne of ore processed.

The next instalment payment of $1 million to be received in 6 months (22 November 2012) does have attached an unconditional guarantee. The two following instalment payments (22 February 2013 & 22 May 2013) will also be made on an unconditional basis with satisfactory security to be provided on or before the previous instalment payment. The final $1 million instalment payment is subject to approval of transfer of the leases with the $3 million balance to be paid on a progressive basis at R110 per tonne of ore processed from these leases.

This transaction will secure West Wits’ working capital position and allow it to continue to develop the Company’s Derewo River Gold Project in Papua, Indonesia.

Contact Details West Wits Mining Limited ACN 124 894 060

Suite 1, 1233 High Street Armadale VIC 3143 T: +61(0)3 9824 8166 F: +61(0)3 9824 8161 E: info@westwitsmining.com W: www.westwitsmining.com

Corporate Advisor

For And On Behalf Of The Board

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Michael Quinert Chairman West Wits Mining Limited

Peregrine Corporate Limited Tim Chapman T: +61 9824 8166 E: tchapman@peregrinecorporate.com.au