GORILLA GOLD MINES LTD — Capital/Financing Update 2012

May 14, 2012

ASX: WWI www.westwitsmining.com

ASX Announcement and Media Release Tuesday, 15 May 2012

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Fast Facts

Capital Structure @ 15 May 2011 Shares on issue 254 million Performance Shares 46 million DRD Entitlement Shares 38 million Options 61 million Market Cap A$7.6 million Cash in Bank A$0.5 million Debt Nil Enterprise Value (EV) A$7.1 million Current JORC Resource 287,000 EV / Resource oz A$26/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 Resource

  • near surface and underground targets

  • 61m ozs Au produced historically

  • 37m lbs U produced historically

  • Conceptual Target

    • 3.85-5.06 million ozs Au

    • o 16.5-21.7 million lbs U

South African exploration lease sale completed for $9 million

West Wits Mining Limited (“West Wits” or “the Company”) is pleased to announce it has finalised the sale of part of its South African exploration assets for A$9 million to Mintails Limited. An initial $2 million upfront payment will now be released within 7 days with further milestones payment to be made. 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.

West Wits and Mintails Limited entered an agreement on 16 April 2012 in which West Wits agreed to sell the West Wits Lease, West Rand Consolidated Lease, Luipaardsvlei Lease and East Champ D’Or Lease (“the Randfontein Cluster”) subject to completion of definitive documents.

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

	Instalment	Timing	Amount
	Upfront payment	Completion of transaction	A$2 million
		documents
	First instalment	6 months after completion	A$1 million
	Interim instalment	9 months after completion	A$1 million
	Interim instalment	12 months after completion	A$1 million
	Interim instalment	15 months after completion	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.

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

Peregrine Corporate Limited Tim Chapman T: +61 9824 8166

E: tchapman@peregrinecorporate.com.au

The A$2 million upfront payment is currently held in an escrow account for the purpose of completing this transaction. Now that the definitive documents have been executed by all parties these monies will be released. The first instalment payment does have attached an unconditional guarantee with all following instalment payments also to be made on an unconditional basis and with satisfactory security for payment to West Wits to be provided on or before the previous instalment payment.

This transaction provides for secured payments of A$5 million within 12 months of completion and prior to the legal transfer of title of the leases. West Wits has also granted Mintails an interim contract to mine the resource pending transfer of title. The final $3 million payment is based on a progressive payment of R110 for each tonne of ore processed from the subject leases.

As previously announced this transaction has no effect upon the Company’s continued ownership of Rand Leases and the DRD Lease in South Africa which contain stated JORC resources of 287,000 oz au. The Company will continue to evaluate how best to develop or commercialise these assets over the coming months. In addition West Wits also remains in control of the significant uranium target which remains intact from surface on these leases. By comparison the Randfontein Cluster leases being sold contain stated JORC resources of 139,000 oz au and a JORC reserve of 58,800 oz au.

For And On Behalf Of The Board

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Michael Quinert Chairman West Wits Mining Limited

For Further Information Visit: www.westwitsmining.com

Or contact: Michael Quinert - Chairman Telephone: +61 (3) 9824 8166 Fax: +61 (3) 9824 8161