WEST WITS MINING LIMITED — Capital/Financing Update 2011

Oct 20, 2011

ASX: WWI

www.westwitsmining.com

ASX Announcement and Media Release

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Fast Facts

Capital Structure @ 21 Oct2011 Shares on issue 254 million Performance Shares 46 million DRD Entitlement Shares 38 million Options 61 million Market Cap A$10.7 million Cash in Bank A$3.3 million Debt Nil Enterprise Value (EV) A$7.4 million Current JORC Reserve 59,000 Current JORC Resource 426,700 EV / Reserve oz A$125/oz EV / Resource oz A$17/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 ≈
DRD Gold Ltd	13%
GOC Holdings Ltd	11%
Trevor Neale	5%
ECR Minerals PLC	4%
Top 40 Shareholders	74%

Company Highlights

• Indonesia

• 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

• 59,000 ozs Reserve

• 426,7000 ozs Resource

• Further near surface resources to be targeted

• 61m ozs Au produced historically

Friday, 21 October 2011

Company Update

• Good progress made at Derewo

• Follow up exploration programs at identified targets to start at the beginning of November

• Follow up sampling to be undertaken next week where the previously announced pan concentrate of 6,864 g/t Au was returned in the same locality as the 125 g/t Au rock chip sample

• Historical geo-physical data completed by PT Freeport Indonesia over the Company tenements has now been received and is currently being reviewed for reprocessing.

• Logistics office established in Nabire, Papua Province

• Survey team has completed topographic survey as part of establishment of an alluvial operation

• 10 year extension of the mining lease

• Environmental approval received for alluvial mining operation

• Drilling program completed at the LIP Target with drill rigs now at ‘the Gap’ immediately south of the Emerald Gold Project in South Africa

West Wits Mining Limited (“West Wits or “the Company”) has continued to progress both its Derewo River Gold Project (“Derewo”) in Papua Province, Indonesia and its Emerald Gold Project (“Emerald”) on the West Rand, South Africa.

Indonesia

Over the past four weeks strong progress has been made at Derewo on both the exploration project and the alluvial operation. A logistics office has now been established at Nabire providing a support base for Derewo from which to deliver materials, supplies, survey teams and exploration teams.

• 37m lbs U produced historically

The topographic survey necessary for planning the hydraulic alluvial operation to be established at Derewo has been completed two weeks ahead of schedule. This survey allows for finalisation of a mine plan providing locations for water storage dams, tailings dams and settling ponds all forming part of the gravity circuit for processing the high grade alluvial gravels. The completion of this work allows the Company to begin evaluating what tonnages can be processed per month through the circuit.

The completion of this survey puts the Company ahead of the timeline to establish an alluvial operation by January 2012 and then ramp up production over the first quarter of 2012.

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

The Company is pleased to confirm that the granted mining lease in which the alluvial gravels are located has been extended for a further 10 years. This extension now provides the Company with security over this mining project until 2023 and paves the way for multiple alluvial circuits over the longer term.

Peregrine Corporate Limited Tim Chapman T: +61 9824 8166 E: tchapman@peregrinecorporate.com.au

The topographic survey has provided the following data;

• Topographic contour map of the entire 40ha lease at 1.0m contour intervals, providing the basis for detailed mine planning

• Four accurate GPS base reference points for future survey requirements for both mining and exploration

• Accurate delineation of lease boundaries

• Location of all historic mining pits used by artisanal miners which when combined with reported results of those activities will assist with building a mining data base for the lease.

The Company has also received its environmental approval for its alluvial operation leaving the forestry permit as the final permit to be obtained before processing of the alluvial gravels can begin. The timeframe in which the environmental approval was achieved provides the Company with further confidence as to the capacity of our local team. The process has now begun for the Forestry permit with local department officials meeting our representatives onsite next week. West Wits anticipates completing its permitting process by December 2011.

Whilst some positive cashflow is anticipated from the establishment of the alluvial operation, the operation will also be used as a field base from which the regional exploration programs will be managed. The base is in proximity to the Company’s primary Wopogi Gold-Copper target (“Wopogi”) which has been identified as one potential source of the alluvials, which as previously announced is an area defined by gold geochemistry with coincident copper in multiple drainages along a strike length of 20km.

A further point of interest which will also receive follow up exploratory work is a point to the west of Wopogi on the Derewo River where as previously disclosed a pan concentrate was returned of 6,864g/t Au and a corresponding rock chip at the same point of 125 g/t Au. The Company anticipates an initial sampling program will be completed at this target next week.

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Figure 1. Wopogi Gold-Copper Target

The initial field exploration program at Wopogi will consist of geological mapping including structural, lithology and alteration mapping together with detailed geochemical sampling of streams and outcrop. It is anticipated this follow up sampling work will start at the beginning of November incorporating further stream, soil and rockchip sampling programs. From this work and the reprocessing of the Freeport geophysical data, the Company is planning to have drill ready targets by the end of the year.

West Wits has also received historic geophysical data from an aeromagnetic survey complete on behalf of PT Freeport Indonesia (“Freeport”) over the Company’s leases in the early 1990’s. This raw data is currently being reviewed by the Company and will be reprocessed. It is hoped the reprocessed data will provide good indications as to nature of the structural geology below the surface including the locations of intrusions. This data should further help the Company identify its initial drill targets. The Company plans to provide an update to the market once this data has been reprocessed and reviewed.

South Africa

The Company is currently undertaking further drill programs in South Africa. Drill rigs have completed an initial near surface program at the LIP Target designed to explore for extensions of the Livingstone Reef which has been mined extensively in the West Wits Open Pit. The package of reefs as previously announced (approximately 30 metres wide) extends for about 1.2 km to the north and in the pit was structurally faulted and repeated to create a package about 60m wide. It is proposed to test the structure and gold distribution of the Reef along its interpreted outcrop position to the north of the open pit. The overlying Black Reef is also present and has been mined underground in places and could potentially provide an additional source of mineralisation.

A further program is currently being completed at the 1km ‘Gap’ between the existing Monarch gold resource and Emerald gold reserve. The 1km 'Gap Zone' along strike to the north of the 74,000 oz Au Monarch resource, is untested and the Company believes that the continuity of the historical underground workings are a strong indication that the mineralised zone may connect up to the 59,000oz Au Emerald reserve. The company is anticipating receiving the assay results from this program in the next 6-8 weeks.

Defining the potential of these mineralised zones will provide the Company with a better understanding of their in-situ characteristics. Once the potential of these mineralised zones has been further defined additional alternatives can be considered when contemplating as how to best commercialise these projects; be it through sale, joint venture or development by the Company.

Yours sincerely,

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Michael Quinert Chairman West Wits Mining Limited