WEST WITS MINING LIMITED — Capital/Financing Update 2009

Mar 23, 2009

==> picture [589 x 93] intentionally omitted <==

COMPANY ANNOUNCEMENT

Operational Update

Highlights

• The Company’s combined Inferred and Indicated JORC gold resource currently stands at 468,000 ounces of near surface gold mineralisation.

• Emerald Resource – 161,000 ounce JORC Inferred & Indicated gold resource at 2.14 g/t across a 2km strike length, down to 85m.

• Princess Resource – 20,000 ounce JORC Indicated & Inferred gold resource at an average grade of 1.61g/t, across a 2.2km strike length, down to 65m.

• Radiant Resource – 271,000 ounce JORC Inferred & Indicated gold resource at an average grade of 1.71 g/t across a 1.3km strike, down to 300m.

• Marquise Resource –16,000 ounce JORC Inferred gold resource at an average grade of 1.72g/t, across 700m of strike, down to 60m.

• All four targets delivered resources ahead of schedule and are either in line with or have exceeded their conceptual targets released in July 2008.

24 March 2009 :

West Wits Mining Limited (ASX:WWI) (“the Company” or “West Wits”) has achieved a number of significant resource milestones since the beginning of 2009. As such, the Company felt it was appropriate to provide an update to shareholders encapsulating those developments and giving an outline as to where the Company’s focus lies over the coming 12 months.

The Company is encouraged with the progress it has made on its exploration program over the last 12 months which included identifying prospective targets, investigating 8 of 14 of those targets (through 25.3kms of drilling) and developing JORC resources at four of those targets; the Emerald, Princess, Marquise and Radiant Targets.

The Emerald, Princess and Marquise Targets were considered prospective for near surface gold mineralisation that may be amenable to open cut mining operations. These targets were tested as possible pathways to early cash flow, through an open cut operation, before the sustained investigation of deeper more substantial exploration targets begins.

The Company has announced four separate JORC resource statements since the beginning of 2009. Near surface JORC resources have been achieved at the Emerald, Princess and Marquise Targets, whilst the Radiant Target provided the first resources at an unmined ‘virgin’ section of Kimberley Reef on Rand Leases. The combined resources at these four targets delivered a JORC gold resource of 468,000 ounces at an average grade of 1.82g/t.

With these four resources now established, West Wits has elected to focus its endeavours towards the Emerald Resource. The Princess Resource will now be assessed as part of the Emerald Resource. It is the Company’s intention to bring this resource into production before the end of 2009.

The Radiant and Raptor Targets were investigated for gold and uranium mineralisation respectively, from ‘virgin’ reefs which begin at surface and remain open at depth. These targets were identified through the continuing review of historical mine plans and maps of the Company’s leases, and form substantial components of the Company’s aggregate conceptual target statement of 3.95-5.20 million ounces of gold and 17-22 million pounds of uranium.

==> picture [589 x 94] intentionally omitted <==

Figure 1 – WWI Project Portfolio & Resource Summary

==> picture [566 x 400] intentionally omitted <==

==> picture [596 x 100] intentionally omitted <==

==> picture [596 x 93] intentionally omitted <==

The Emerald Resource

Bringing the combined Emerald and Princess Resource (“the Emerald Resource”) into production will be the Company’s primary focus in 2009. This resource is considered attractive for exploitation because of its grade, it sits close to surface and being in close proximity to a number of near-by processing plants which provides an opportunity for toll treating ore.

The Emerald Resource is 181,000 ounces at an average grade of 2.01 g/t down to a vertical depth of 85m.

West Wits is also pleased to announce that a further strike extension of 1,000m has been established to the south of the resource, which the Company intends to investigate later in the year.

A scoping study assessing production options from the current Emerald Resource has been completed by Australian Mining Consultants Pty Ltd (AMC). The scoping study was initiated to provide preliminary pit optimisation scenarios, as well as providing guidance to the Company where further drilling needs to be undertaken to upgrade the resource from predominately inferred to an indicated or measured category.

Based on the AMC scoping study and completed internal studies, West Wits will complete a further 2,425m diamond and RC drilling program, over the 2km strike extent, with a maximum 60m vertical depth reached in particular holes. This drilling program is expected to be completed by the end of March, with assays received by late April 2009. At this point, the Company will expect to have an upgraded Emerald Resource, begun pre-feasibility studies at the resource and understand initial pit optimisation numbers which will provide the preliminary economics of the operation.

A metallurgical consultant, Rolly Nice and Associates Pty Ltd, has been engaged to conduct a study to further understand near surface metallurgical characteristics of the Emerald Resource, which will assist in analysis of toll treatment options. The results of the metallurgical studies are anticipated to be received in late May 2009.

Environmental studies assessing the impact of any operation have also been implemented.

The Company is aiming for each of these studies to be completed by the middle of 2009. Subject to these studies being completed and returning positive scenarios, the Company anticipates being able to apply to the Department of Minerals and Energy for an approval to mine over the targeted area. If all these milestones are successfully achieved in a timely manner, West Wits’ is confident that the Emerald Resource will commence mining operations by the end of the year.

The Company expects, to have enough funds to bring this resource into production, should all the necessary milestones be achieved.

The Radiant Resource

The Radiant Resource, a 1.3km unmined ‘virgin’ section of Kimberley Reef within the Company’s Rand Leases, achieved a 271,000 ounce gold resource at an average of 1.71g/t down to 300m. The Company is encouraged by the size, grade and shallow depth of the resource.

Due to the Emerald Resource demanding the Company’s primary focus, a follow-up drill program designed to provide further geological confidence to upgrade the Radiant Resource has been deferred and will be completed in the second half of 2009. The Radiant Resource has identified zones of higher grade mineralisation which will be investigated close to surface and at deeper levels. The Company is confident that only a small amount of additional surface drilling will be required to upgrade a significant percentage of the Radiant Resource to an indicated status.

The Radiant Resource will be developed in two stages. Firstly, the near surface mineralisation will be developed in the short term and will be assessed for an open cut operation. Secondly, the deeper resource (>60m) will be examined for further development in the medium term, as an underground

==> picture [596 x 94] intentionally omitted <==

==> picture [596 x 93] intentionally omitted <==

operation. It is planned that the near surface mineralisation to be further investigated in the latter half of 2009, and the deeper mineralisation to be investigated in early 2010.

In anticipation of deeper underground exploration, West Wits has investigated possible underground access points through existing historical mining infrastructure located on Rand Leases. The Company is currently evaluating costs to refurbish one shaft which will provide excellent access to the Kimberley Reef.

West Wits is also encouraged by the exploration results achieved on the adjacent Consolidated Main Reef Lease, owned by Central Rand Gold Plc, and the fact they have begun production underground.

The Marquise Resource

West Wits’ has announced a 16,000 ounce JORC Inferred gold resource at an average grade of 1.72g/t, down to an average depth of 65m, across a 700m section of Kimberley Reef, located on the Durban Roodepoort Deep (DRD) Lease. Exploration of this target has identified areas of high grade channelisation within the resource. Investigation of the target was completed, to assess the potential for near surface gold mineralisation, which may be conducive to a small scale open cut mining opportunity.

The Company does not intend to further investigate the Marquise Resource until early 2010, due to the decision to focus on the development of the Emerald and Radiant Resources for the majority of 2009. Upon commencement of the next stage of review for the Marquise Resource, the Company will seek to develop a better understanding of the position of the high grade channelisation within the resource.

Figure 2. Development Timetable

==> picture [596 x 420] intentionally omitted <==

----- Start of picture text -----

Exploration & Resource Development Schedule
2009 Calendar Year
Initial Resource Detailed Resource Scoping Pre‐Feasibility Feasibility Project
Exploration Estimation Exploration Estimation Studies Study Study Execution
Progression subject to Emerald Early May 09 July 2009 Completion
Resource
Estimation Resource
results March 09
September 2009 Completion
Princess
Resource All projects
subject to
Feasibility Study
Feb 09 Resource Radiant Planned 2009 Outcome & Scheduling
And Department
O/C of Minerals and
Energy (DME)
Feb 09 Radiant Planned 2010 Progression approval
Resource subject to
U/G Resource
Estimation
Feb 09 Marquise Planned 2010 results
Resource
Planned 2010
Raptor
Target
Turk Lowest Priority
Target
Further infill drilling may be required
----- End of picture text -----

==> picture [596 x 93] intentionally omitted <==

The Raptor Target

The Raptor Target has been placed at a lower priority due to the continuing lower uranium prices. A further review will be undertaken within the next 12 months to assess the prospectivity of the Raptor Target. The current conceptual target statement for the Raptor Target provides for 12.16 to 16.20 million pounds of uranium and 460,000 to 565,000 ounces of gold.

Summary

West Wits is aiming to achieve its goal of moving from an explorer to producer within two years of its listing in December 2007. The Company is pleased the first phase of its exploration program (investigating near surface mineralisation) is continuing to validate, through resource statements achieved thus far, the conceptual target statement released in July 2008. West Wits intends to investigate its deeper targets over the next 12-18 months upon following the commencement of mining operations at the Emerald Resource.

Whilst the Company acknowledges the potential for mineralisation deeper underground, its philosophy remains to first develop the existing near surface mineralisation and thereby generate early cash flow. The deeper and larger scale underground exploration program may then be funded from those operations.

For And On Behalf Of The Board

Grant Ferguson Executive Director West Wits Mining Limited

West Wits Mining Limited (ASX Code : WWI) is an Australian listed public company with exploration assets 20km west of Johannesburg, South Africa. West Wits has been formed to explore, evaluate and potentially extract gold and uranium from the Company's Project Areas located on the West Rand Goldfield of South Africa's Witwatersrand Basin. The Witwatersrand Basin is regarded as one of the largest mineralised gold and uranium systems in the world and is widely known for its rich, continuous multiple reef ore-bodies.

For Further Information Visit: www.westwitsmining.com

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

Grant Ferguson - Executive Director Telephone: +61 (3) 9824 8166 Fax: +61 (3) 9824 8161

==> picture [596 x 94] intentionally omitted <==

==> picture [596 x 94] intentionally omitted <==