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WEST WITS MINING LIMITED — Board/Management Information 2011
Oct 11, 2011
66091_rns_2011-10-11_548a8c10-0b6f-4f41-8b7c-946a5ff0d6e5.pdf
Board/Management Information
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ASX Announcement and Media Release
Wednesday, 12 October 2011
Vincent Savage appointed to West Wits Board of Directors
West Wits Mining Limited (“West Wits” or “the Company”) is pleased to announce the appointment of Mr Vincent Savage to the board of West Wits in the capacity of Non-executive Director. Mr Savage comes to the board of West Wits as one of two board appointments provided to the vendors as part of the acquisition agreement of the Derewo River Gold Project.
Mr Savage has over 35 years experience in the building and mining industries, coupled with 20 years working within the insolvency and business advisory sectors. Mr Savage's experience has seen him lead company reconstructions, refinancings and development projects for mining clients throughout Australia and Internationally.
Over the last three years Mr Savage has been intimately involved in all governmental and regulatory issues involving the Derewo River Gold Project as well as working closely with the Company’s local Indonesian partners. The Company looks forward to Mr Savage joining board and being able to provide further support to the Company as it continues to develop the Derewo River Gold Project.
West Wits will provide a further announcement to the ASX over the coming weeks with regard to the final board appointment.
Yours sincerely,
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Michael Quinert Chairman West Wits Mining Limited
About West Wits Mining Limited
West Wit’s acquisition of the high grade placer deposit at Derewo River is located approximately 110km north west of Freeport’s Grasberg complex in the central highlands of New Guinea, Indonesia. The planned exploration program will involve extensive mapping and sampling work as well as the mechanisation and ramp-up of gold mining operations. This project area exhibits favourable geology with significant gold deposits nearby, including Wabu and Grasberg. The exploration target is a Porgera Zone 7 and Wafi/Gobu type deposit. The Company believes that Derewo River exhibits many similarities consistent with the early stages of several large gold projects on the PNG side of New Guinea. Whilst many well known discoveries have been made on the PNG side of the border relatively few have been made on the Indonesian side until recently for a variety of historical reasons; including political environment and physical isolation. Derewo River provides a promising setting for the pursuit of a well known pattern for development of placer style deposits established over several decades in PNG but not yet undertaken on the Indonesian side.