WEST WITS MINING LIMITED — AGM Information 2012

Nov 21, 2012

Main heading

West Wits Mining Limited (ASX:WWI)

Annual General Meeting – November 2012

Explore, Evaluate, Extract

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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• Derewo River Gold Project, Papua Province, Indonesia

• 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

• Significant tenement holding (129,000ha)

• Exploration model - source of nuggets – Porgera Zone 7 (20moz), Wafi/Golpu (30moz) – PNG

• Historic sampling by Freeport returned pan concentrates up to 6,864 g/t

• 3 significant anomalies identified

• Historic aeromag highlighted a 3.5km magnetic bull’s eye which overlays anomalous gold and copper geochemistry at the primary Wopogi Target

• Alluvial operation to be established

• Part of South African exploration assets sold for $9m on milestones (Mkt Cap ~$4.5m)

• WWI still holds 287,000ozs Au and major uranium targets in South Africa

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	Capital Structure
	Ordinary Shares	255,722,340
	Performance Shares		46,000,000
	DRD Entitlement Shares		38,250,000
	Options (var ex prices & dates)		61,065,000
	Market Cap (@ $0.02)		$5.1m
	Cash		~ A$0.8m
	Debt		A$0
	Enterprise Value		~ A$4.3m
	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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Challenges faced:

• Access denied at Derewo Alluvial site – artisanal miners maintain control

• Forestry Permit held up

• Supply chain supporting the artisanal miners are main benefactors of the illegal operations

• Security forces on site compromised and ill-equipped to provide stability

• Violence increases among artisanal population and the indigenous population

Catalysts for change in Papua:

• Continuing consultation by WWI with all levels of Govt, Palace, Embassy, Mines Dept, Advisory board for Papua begin to gain traction

• International Crisis Group publishes report assessing the challenges facing Papua

• WWI highlighted within the report as good corporate citizen being held back by corruption

Changes in Papua:

• Head of Papua police is replaced, new Governor of Papua also appointed

• Access to the alluvial site improving

• Permitting approvals/completion being driven centrally

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• Elephant country – quality structural setting in favourable geology

• Political/physical isolation delayed discovery until 2004

• Coarse nuggets contained in terraces along Derewo River

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

• Exploration targets

• High Grade Quartz-Sulphide Au Veins

• Porphyry Gold/Copper

• Large Scale Alluvial Gold

• 129,000 Ha granted exploration lease

• 40 Ha granted mining lease

• Strong technical team led by Trevor Neale (25 years in PNG)

• Strong connections with local, regional and central govt

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Agreement in place with local indigenous community
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• Agreement in place with local indigenous community

• Nabire - base for operations, pop ~ 45,000

• Port and multiple airlines to Biak, Jayapura, Sorong, Timika – good access

• Currently only helicopter access to minesite

• 90km helicopter flight from Nabire to minesite

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• Geochemical dataset from Freeport consisted of 2,486 samples (27,440 assays) including rockchips, soil, stream sediment and panned concentrates (inc 6,874 g/t Au)

• Geochemical data provided 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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• 157km2 area

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

• Initial target close proximity to alluvial operation

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

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

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

• Geophysics identifies magnetic bull’s eye which overlays anomalous gold and copper geochemistry

• Data highlights two significant structural features generally present in world class discoveries on New Guinea Island;

• Major E-W structural boundary which provides good locus for intrusive activity

• A NE-SW structure

Figure 4. Regional aeromagnetic map identifying Wopogi in the middle of the map and red “Bull’s Eye” located in centre of the target as well as regional north-east trending structural faults

• NE-SW trending structures on New Guinea can be very clear controls on mineralisation in the major mines such as Grasberg, Porgera, Ok Tedi, and Wafi.

• Aeromagnetics continue to provide the Company with confidence that all the necessary geological indicators for a world class deposit in a world class gold province exist within these tenements

• Exploration camps and helipads at Wopogi established

• Undertake detailed sampling and trenching at Wopogi

• Further exploration geologist added to the team

• Team is currently at site and beginning the initial sampling program

• Complete a further geophysical survey on 200m line spacings

• Geological mapping; structural, lithology and alteration

• Define drill targets

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All gold coarse and easy captured by sluice boxes

Alluvial Mining at Porgera 1960’s

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Schematic of Mining
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• 40 Ha IUP Exploitation Licence (Mining Lease) granted

• • 10 year extension of the mining lease approved (2023)

• • Topographic survey underway

• • Heavy earth moving equipment on site

• • Environmental approval granted

• • Forestry Permit approval process ongoing

• • Next Steps

• Development of the airstrip

• Development of gravity circuit

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• Establishment of alluvial operation will provide cashflow and geological data for locating hard rock source

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Amano 2
99
Amano 1
45
81
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Alluvial Project – Development
Main heading
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• WWI sold West Wits Lease, West Rand Consolidated

•
	WWI sod West Wits Lease, West Rand Consoi	ated
	Lease, Luipaardsvlei Lease and East Champ D'Or
	Lease for$9 millionon milestones
	Instalment Timing Amount
	Upfront payment received A$2 million
	First instalment 23 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.
• Transaction value approx double WWI’s current market capitalisation
• 59,000oz Au JORC Reserve and 139,000 oz Au resource within sale area
• West Wits has retained JORC 287,000ozs Au and major uranium targets (10km strike – assays up
	to 2,000ppm)
• West Wits is funded to develop its initial alluvial circuit and begin its exploration
	programs at Derewo River, Indonesia

• 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

• Prospective historical data

• Primary exploration targets identified

• Local access challenges being overcome

• Near term production from high grade alluvials

• Technical team in place

• $9m partial sale of SA exploration assets

• WWI funded to develop initial alluvial operation and upcoming exploration programs

• WWI will retain 287,000 ozs Au and major uranium targets

• Current market capitalisation based solely on South African assets

• Derewo currently valued at zero – free option on a significant tenement holding in a world class gold province

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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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