WEST WITS MINING LIMITED — AGM Information 2011

Nov 22, 2011

Main heading

West Wits Mining Limited (ASX:WWI)

Annual General Meeting - November 2011

Explore, Evaluate, Extract

Disclaimer Main heading

This presentation may contain certain forward-looking statements that have been based on current expectations about future acts, events and circumstances. These forward-looking statements are, however, subject to risks, uncertainties and assumptions that could cause those acts, events and circumstances to differ materially from the expectations described in such forward-looking statements. These factors include, among other things, commercial and other risks associated with estimation of resources, the meeting of objectives and other investment considerations, as well as other matters not yet known to the Company or not currently considered material by the Company.

West Wits accepts no responsibility to update any person regarding any error or omission or change in the information in this presentation or any other information made available to a person or any obligation to furnish the person with further information

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Executive Summary Main heading

• West Wits acquired Derewo River Gold Project, Papua Province, Indonesia in July 2011

• Derewo is a high grade placer deposit with coarse gold nuggets occurring within alluvial gravels

• Similar characteristics to early stage Porgera, Edie Creek, Wau, Mt Kare in PNG

• World class copper/gold Grasberg complex 100km along strike

• 129,000 ha of mining and exploration leases

• Exploration target - source of alluvial gravels

• Target exploration model – Porgera Zone 7 (20moz) and Wafi/Golpu (30moz) - PNG

• Historic Freeport geochemistry data secured highlighting significant anomalies

• Historic Freeport geophysical data secured and under review

• Hydraulic mining of alluvial gravels to begin Q1 2012

• Environmental Permit granted, only Forestry Permit remains outstanding before mining can begin

• Development of gravity circuit underway for recovery of gold from alluvial gravels

• Drill programs now completed at the Gap and LIP targets on existing South African tenements

• Assay results over the next four weeks

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Corporate Structure Main heading

Capital Structure	Capital Structure	Capital Structure
Ordinary Shares	254,706,591
Performance Shares	46,000,000
DRD Entitlement Shares	38,250,000
Options (var ex prices & dates)	61,065,000
Market Cap (@ $0.04)	$10.2m
Cash	~ A$2.4m
Debt	A$0
Enterprise Value	~ A$7.8m
Shareholding (Top 5)		%
DRD Gold Limited		13
GOC Holdings Ltd		11
Trevor Neale		5
ECR Minerals PLC		4
Top 40 Shareholders		72

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Board and Executives Main heading

• Michael Quinert (Executive Chairman)

• 25 years as a commercial lawyer and 18 years as a partner in a Melbourne law firm. Extensive experience in the resources sector advising public companies

• Hulme Scholes (Non Executive Director)

Began career as a junior official at Harmony Gold in mid-Eighties. Has since become one of South Africa’s top legal minds specialising in mining and now acts as a partner at Malan Scholes. Previously Hulme worked as the commercial director at Aquarius Platinum’s operating subsidiary

• Niel Pretorius (Non Executive Director)

• CEO of DRD Gold Limited

• Philip Hains (Non Executive Director & Co Secretary)

Phillip 30 years experience in corporate accounting, administration and has served on a number of public company boards and related committees

• Vin Savage (Non Executive Director)

Vin Savage is one of two elections to the board as part of the Derewo acquisition

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One major gold producer on the Indonesian side of border with PNG, Why? Main heading

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Derewo River Gold Project (“Derewo”) Main heading

• Political/physical isolation delayed discovery until 2004

• Coarse nuggets contained in terraces and paleo-channel along Derewo River

• • Reported +120,000 oz gold recovered by artisanal miners over 6 years

• WWI intends to explore for hard rock source of alluvial gravels and establish an alluvial operation

• • 129,000 Ha granted exploration lease • Exploration programs to begin in January 2012 • 40 Ha granted mining lease • Processing alluvial gravels to begin in Q1 2011 • Heavy earth moving machinery at site • Alluvial operation to provide cashflow, supply continuing geological information and provide base to manage exploration from

• • Strong technical team led by Trevor Neale • Strong connections with local, regional and central govt • Indigenous agreement in place

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Milestones at Derewo since acquisition Main heading

Exploration

• Obtained geochemical multi-element dataset from Freeport consisting of 2,486 samples (27,440 assays) including rockchips, soil, stream sediment and panned concentrates which has lead to identifying a number of significant anomalies

• Gold geochem with coincident copper identified in multiple drainages on 20km strike

• Existence of dioritic intrusions provide strong indication for significant mineralised systems

• Three exploration targets identified; Wopogi (Au/Cu), Sena (Au) & Biapigu (Cu)

• Sampling data has advanced exploration at Derewo by at least 12 months and saved at least $1m

• Geophysical data completed by Freeport at Derewo now also received and currently under review

• Exploration manager contracted, to commence Jan 2012, and manage follow up mapping and sampling programs to determine drill ready targets by February 2012

Alluvial Production

• Logistics office established in Nabire, Papua Province

• Topographic survey completed as part of establishment of an alluvial operation and air strip

• 10 year extension of the mining lease approved

• Environmental Permit received, only Forestry Permit to be obtained

Exploration - Derewo Project Area Main heading

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Exploration - significant anomalies identified Main heading

• Geochem data identified significant exploration targets; Wopogi (Au-Cu), Sena (Au) & Biapigu (Cu)

• Data advanced exploration program by at least 12 months and saved $1 million

• Sample data suggests multiple hardrock sources of the alluvial gold in gravels

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Exploration - Wopogi (Au-Cu) Main heading

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• 157km2 area

• Wopogi presents as one likely source of the alluvial gold within the Derewo River & coarse gold placer

• Initial target to be focused on Q1 2012 – close proximity to alluvial operation

• Gold geochem with coincident copper in multiple drainages on 20km strike

• Channel sampling values inc, 19g/t Au and 15g/t Pt, float samples assay up to 1.8% Cu

• Existence of dioritic intrusions provide strong indication for significant mineralised systems

Exploration – Next Steps Main heading

• Steps for hard rock exploration – Q1 2012

• Complete interpretation of geophysical data secured from Freeport

• o Exploration Manager joins team Jan 2012

  • Complete follow up geochem sampling of streams

  • Geological mapping; structural, lithology and alteration

• Follow up trenching and soil sampling to be completed at identified

• o Identified drill targets

• Conceptual Model - Porgera Zone 7 (20moz) and Wafi/Golpu (30moz) – PNG

• Quote from CSA independent experts report;

“Based on the high gold grades and the mineralization observed at Area 81, this is a truly outstanding exploration prospect. Gold occurrences like this are extremely rare and this area deserves to be thoroughly explored for a hardrock gold deposit as a source for the alluvials….. the coarse nature of the gold suggests that the source is fairly local. Nuggets of the sizes described, of several kilos, would not normally move far from source.”

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Alluvial Production – Mining Licence Main heading

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• 40 Ha IUP Exploitation Licence (Mining Lease) granted

• Topographic survey completed

• Development of gravity circuit underway

• Heavy earth moving equipment on site

• Environmental approval granted

• be approved by Q1 2012

• Community Development Agreement in place

• Establishment of alluvial operation will provide cashflow, geological data for locating hard rock source and be an exploration base from which to conduct exploration programs

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Alluvial Production – Development Path Main heading

• The development strategy;

• PHASE I - Commence mapping and sampling program and small scale hydraulic mining operation

• development of airstrip

• PHASE II - complete access road, dam construction and pipeline, commence larger scale mining

• PHASE III - replicate existing operations on multiple mining sites

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Alluvial Production – Historic models to follow

Main heading

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Alluvial Mining at Porgera 1960’s

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All gold coarse and easy captured by sluice boxes

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Schematic of Mining

Derewo Timeline Main heading

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Activity Sep Oct Nov Dec Jan Feb Mar
 Environmental permit
 Topographic Survey
 Mine design
Forestry Permit
Road construct/site preparation
Camp/ facilities construction
Follow up sampling program
Commissioning mining
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South African Projects Main heading

• Leases hold 20kms of Witwatersrand Reef, West Rand, South Africa

• WWI has been focused on developing near surface gold resources for opencut mining

• These leases currently hold;

• Current JORC Gold Reserve of 59,000 ozs

  • EV/Reserve Oz - $114

• Current JORC Gold Resource of 426,700 ozs

  • EV/Resource Oz - $15

• Two drill programs recently completed to develop Company’s near surface Emerald Gold Project and other targets

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• Results expected over the next 4 weeks

• Historical production – 61.4 Mozs Au and 37 Mlbs U

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Emerald Gold Project Main heading

• Drill program focused at 1km Gap zone now completed – Assay results pending

• • Focus has been to delineate near surface Emerald Western

• resources Pit

• Reserve at Emerald completed with Gold Price of US$1,220/oz

• Current NPV of Emerald in excess of A$25m on a toll treat basis

• Numerous producers in the area

• Currently assessing several alternatives as how best to commercialise this project; JV, toll treat or sale

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Historical Monarch Pit

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Next steps for SA Main heading

Simple Strategy

• Continue to delineate “convertible ounces” – low cost discovery

• EMPEROR TARGET

• Continue to expand existing and new near surface projects

• Continue to assess alternatives as how to best commercialise these projects and resources

• Near surface gold targets;

• Emerald, Gap, Monarch – 3km of confirmed continuous near surface Kimberley Reef

• Princess Target (eastern extension of Emerald)

• LIP Target – confirmed near surface mineralisation immediately north of West Wits pit

• Near Surface and Underground Uranium Targets;

• Raptor and Harrier Targets

The Opportunity

• 20km of strike across the Witwatersrand

• Continuing identification of new targets

• Drilling continues to confirm potential for gold and uranium resources

• Close to existing infrastructure, 20kms from Johannesburg CBD

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Upcoming Newsflow Main heading

Date	Milestone
Dec 2011	Assayresults from LIP Target(Sth Africa)
Dec 2011	Assayresults from GapTarget(Sth Africa)
Dec 2011	Receive ForestryPermit(Papua)
Dec 2011	Development of GravityCircuit continues(Papua)
Jan 2012	Exploration managerjoins; follow up program underway (Papua)
Q1 2012	Gravitycircuit commissioned(Papua)
Q1 2012	Results from Derewo Explorationprograms – Drill targets identified(Papua)
Q1 2012	Drillprograms begin(Papua)
	* Commercialisation strategyfor SA near surface assets announced
	* Technical Directorjoins team

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Conclusion Main heading

• Only ASX listed junior with exposure to high quality exploration targets in Papua Province, Indonesia

• Elephant country – quality structural setting in favourable geology

• Target models - Porgera Zone 7(20moz) and Wafi/Golpu (30moz)

• Security of tenure under new 2009 Mining Law

• Near term production from high grade alluvials to provide cashflow , further geological data for exploration of source and a base from which to manage exploration programs

• Technical team

• Low risk/low exploration cost convertible ounces to be targeted in SA

• Existing Reserve/Resource provides base valuation for the Company

• Company continues to assess best pathways to commercialise SA assets

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Contact Main heading

Michael Quinert Executive Chairman

Phone: +61 3 9824 8166 Suite 2, 1233 High Street Armadale Victoria 3143

Tim Chapman Corporate Manager

Phone: +61 3 9824 8166 Suite 2, 1233 High Street Armadale Victoria 3143

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Appendicies Main heading

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Derewo River Gold Project Main heading

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Derewo Exploration - Sena (Au) Main heading

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• 57 km2 area covering complex section of the Derewo Fault

• Area is characterised by anomalous gold stream sediment and panned concentrate geochem

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Company Ore Reserve and Mineral Resource Summary Main heading

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JORC Statement Main heading

The Ore Reserve Estimate summarises the content of the mine designs above a 0.8g/t cut-off. The figures presented have been rounded and include mining dilution and ore loss. The Ore Reserve Estimate has been derived as part of pre-feasibility study

The information in this report that relates to Ore Reserves is based on information compiled by Mr Pier Federici of AMC Consultants Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pier Federici has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves’. Mr Pier Federici consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Emerald and West Lancaster Mineral Resources is based on information compiled by Mr. Gerry Fahey of CSA Global Pty Ltd who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Fahey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves . Mr Fahey consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Emerald East, Radiant and Marquise Mineral Resources is based on information compiled by Mr. Freddie de Bruin of MSA Geoservices Ltd who is a Member of the South African Council for Natural Scientific Professions, which is a recognised by JORC a ROPO (recognised overseas professional organisation). Mr.de Bruin has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves. Mr de Bruin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. 27