WEST WITS MINING LIMITED — Capital/Financing Update 2012

Mar 25, 2012

ASX Announcement and Media Release

Monday, 26 March 2012

Company Update

West Wits Mining Limited (“WWI” or “the Company”) announces the following update with respect to progress on the Derewo River Gold project in Indonesia and the sale of the Randfontein Cluster assets in South Africa.

Randfontein Cluster

The proposed sale of the Company’s Randfontein Cluster assets in South Africa is well advanced with the due diligence investigations now completed. As is not unusual in such transactions the Purchasers advisers have identified some technical issues for clarification and meetings have been scheduled between the parties this week for the purpose of resolving those matters. WWI remains confident that these matters will be resolved so that the parties can proceed with completion of the transaction. As stated previously, consummation of this sale will provide $ 4 million in advance payments, a $ 1million payment in 6 months, a further $ 1 million in approximately 12 months with up to a further $ 3 million over the following approximately 18 months bringing total payments of up to $ 9 million for the assets.

Derewo River

Over the past few months the Company has been preparing to commence mining operations of the placer deposit situated on the Derewo River in Papua Province, Indonesia. The site comprises a 40 ha Exploitation IUP (or mining right) which is adjacent to the Company’s 129,000 Exploration IUP.

The Company’s original interest in the project was heightened by the presence of an artisanal mining population who were clearly recovering large amounts of gold from sections of the placer deposit. It was always understood that the removal of these people may present delays and recent efforts to repatriate this population by the local authorities whilst continuing have taken longer than anticipated.

These artisanal operations appear to be highly productive and are supporting a supply chain which includes helicopter services, fuel and equipment supplies and general supplies extending from the remote location to Nabire. Elements of this supply chain have continued to frustrate the timeline by which the Company takes control of the identified site where the alluvial operation is to be established. Until the Company can achieve control of this site it cannot complete civil works for construction of its planned alluvial operation.

The Company has sought the formal assistance of local and regional authorities to secure the site on its behalf. West Wits is now also seeking the intervention of higher authorities within the Indonesian system who have previously expressed support for the project. WWI remains confident this matter will be resolved in the coming weeks.

Whilst this delay has impacted the timeline for establishment of our initial small scale alluvial operation it will not impact the Company’s upcoming exploration programs. West Wits is proceeding with its planned exploration activities from an alternative site within its extensive Exploration IUP’s. The site is situated nearby the Company’s initial Wopogi gold target which delivered very prospective historical sampling data completed by Freeport. The newly appointed senior site geologist has been deployed in Papua and has completed an extensive review of the data set in preparation for the exploration program which will commence shortly.

The Company continues to have strong and ongoing support of the local Wolami people to commence alluvial operations as soon as possible as they see this project as a platform for significant economic, health and social advancement in the area. Conversely, almost all those involved directly or indirectly in the artisanal activities are from provinces outside Papua and therefore have no interest in the project.

The Company will provide further updates on these matters as matters progress.

Yours sincerely,

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Michael Quinert Chairman West Wits Mining Limited