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WEST WITS MINING LIMITED — Capital/Financing Update 2011
May 23, 2011
66091_rns_2011-05-23_5ae40df7-3490-4093-b14a-26d9433e6d2d.pdf
Capital/Financing Update
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ASX: WWI www.westwitsmining.com
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| Fast Facts | |
|---|---|
| Capital Structure | @ 24 May 2011 |
| Shares on issue | 160 million |
| Options | 18.8 million |
| Market Cap | A$8.32 million |
| Cash in Bank | A$0.2 million |
| Debt | Nil |
| Enterprise Value (EV) | A$8.12 million |
| Current JORC Reserve | 59,000 |
| Current JORC Resource | 426,700 |
| EV / Reserve oz | A$137.63/oz |
| EV / Resource oz | A$19.03/oz |
| Company Directors & | Management | Management |
|---|---|---|
| Michael Quinert | Executive Chairman | |
| Neil Pretorius | Non-Exec Director | |
| Phillip Hains | Non-Exec Dir/ Co Sec | |
| Hulme Scholes | Non-Exec Dir | |
| Top Shareholders ≈ | ||
| DRD Gold Ltd | 23% | |
| Mintails Ltd | 21% | |
| Geotorm Investments | Ltd | 4.7% |
| AMN Nominees Limited | 4.4% | |
| TOP 20 Shareholders | 74.8% |
Company Highlights
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World class historic leases
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61m ozs Gold produced
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o37m lbs Uranium produced -
• Conceptual Target
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3.95-5.20 million ozs Gold
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o17-22 million lbs Uranium -
Significant gold resources along strike on adjacent leases
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Upcoming drill programs
ASX Announcement and Media Release Tuesday, 24 May 2011
West Wits Signs Definitive Agreement for Derewo River Gold Project
Following on from obtaining recent shareholder approvals, West Wits Mining Limited (“West Wits” or “the Company”) has now signed the definitive sale agreement with Paniai Gold Limited for the acquisition of a 50% interest in the Derewo River Gold Project situated in Papua Province, Indonesia.
Execution of the definitive agreement enables the Company to proceed through BGF Equities with the placement to raise $3m authorised at the recent shareholder meeting and the shareholder purchase plan to raise $500,000.
Funds raised will be used to complete an extensive sampling program over the Derewo River Gold Project as well as bringing in equipment to establish a modern mining capacity (approx $2m). Funds will also be used to complete a drill program on the Monarch resource and existing ‘gap’ between the Monarch resource and the Emerald Gold Project (approx $1.2m) with the balance available for working capital.
West Wits plans to complete capital raisings and settle the acquisition within the next two to three weeks.
For And On Behalf Of The Board
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Michael Quinert Chairman West Wits Mining Limited
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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: [email protected] W: www.westwitsmining.com
Corporate Advisor Peregrine Corporate Limited Tim Chapman T: +61 9824 8166 E: [email protected]