WEST WITS MINING LIMITED — Interim / Quarterly Report 2013

Oct 29, 2012

ASX: WWI

ASX Announcement and Media Release Tuesday, 30 October 2012

www.westwitsmining.com

,

Fast Facts Capital Structure @ 30 Sep 2012 Shares on issue 256 million DRD Entitlement shares 38 million Performance Shares 46 million Options 78 million Market Cap A$4.86 million Cash in Bank A$1million Debt Nil Enterprise Value (EV) A$3.86 million Current JORC Resource 287,000 EV / Resource oz A$13/oz

Company Directors & Management Michael Quinert Executive Chairman Neil Pretorius Non-Exec Director Phillip Hains Non-Exec Dir/Co Sec Hulme Scholes Non-Exec Director Vin Savage Non-Exec Director

Top Shareholders ≈
DRD Gold Ltd	13%
GOC Holdings Ltd	11%
Trevor Neale	5%
ECR Minerals PLC	4%
Top 40 Shareholders	74%

Company Highlights

• Indonesia o High grade placer deposit o Project show early stage similarities with discoveries inc; Porgera, Edie Creek, Wau

• o Independent geologists believe source of nuggets likely to be local, based on the size and shape of the nuggets discovered

• • South Africa o 287,000 ozs Resource o near surface and underground targets

• 31.8m ozs Au produced historically

• o Conceptual Target o 3.85-5.06 million ozs Au o 16.5-21.7 million lbs U

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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: info@westwitsmining.com

W: www.westwitsmining.com

Corporate Advisor Peregrine Corporate Limited Tim Chapman T: +61 (0)3 9824 8166 E: tchapman@peregrinecorporate.com.au

Quarterly Activities Report

Review of Operations

West Wits Mining Limited (“West Wits” or “the Company”) during the quarter continued to make progress on a number of key issues at its Derewo River Gold Project (“Derewo”) in Papua Province, Indonesia. The Company also continued the process of assessing commercialisation options for its remaining South African exploration assets.

Indonesia

Alluvial Project

West Wits is making progress at the alluvial site through its local team which recently regained access to site and has been flying in and out over the past few months. This activity enabled Vin Savage, a director of the Company, to visit the site three weeks ago. This development is a significant step and coincided with the appointment of the new head of police for Papua Province taking over that role in September.

Through gaining access to the alluvial site the Company has been able to recommence the process of socialisation and engagement with the local indigenous community. This process is essential to winning the trust and support of the community for the proposed mining activities. Our team are currently providing information on the Company’s plans which will ultimately provide employment, education and training and a medical clinic for the local population. The Company is gaining confidence that overcoming quarter it will be able to establish a permanent presence at the alluvial site allowing construction to begin of its operational base. However prior to a base being established a number of key steps to be completed.

The first step in establishing the initial alluvial circuit at Derewo will be the construction of an airstrip. The airstrip is important as it will enable fixed wing aircraft to supply the base at costs approximately 70% lower than is currently the case relying on helicopter access. It is also important as an airstrip will provide far greater access to the regional towns of Enoratali and Nabire for the local population and government representatives who are largely unable to afford the costs of helicopter travel. Better access will promote better regulation and general governance for the area.

At this stage it is anticipated our surveyors will be on site in the first week of November to complete the design of the airstrip and access roads. Concurrently mechanics will be on site servicing the excavator and front end loader which are expected to begin construction of the airstrip shortly after the surveyors have completed their work. After completing the airstrip and associated infrastructure work will begin on the initial alluvial circuit.

In regards to the Forestry Permit the Company is continuing to liaise with both the Mines Department of Papua and Governor of Papua’s office in an effort to expedite the process. All documentation required for lodgement has been completed and submitted and indicative feedback received by the Company is that no further documentation will be required.

Exploration

The Company is proceeding with its planned exploration activities from an alternative site within its tenements. The construction of the first helipad has been completed and construction of a second helipad is expected to begin shortly. Both helipads are located within the Wopogi Target and will provide good access for the exploration team to undertake initial sampling and mapping programs. It is expected a base camp will be completed in the coming weeks allowing exploration programs to begin through the upcoming quarter.

Initial exploration programs will include follow up sampling and mapping programs to verify and expand upon the positive results from initial sampling programs completed by Freeport. The historic sampling data was overlayed with historic aeromagnetic data from Freeport and confirmed initial targets Wopogi and Sena.

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Figure 1. Lease Map with identified exploration targets of Sena, Wopogi and Biapigu

South Africa

During the quarter management began a review of its remaining South African assets with an intention to identify the options to commercialising those assets. The Company is exploring the alternative merits of an outright sale, bringing in a joint venture partner or engaging with a contract miner/processor.

In addition West Wits also completed a review of Mintails development of the Randfontein cluster which was positive. Up until end October Mintails had reported the processing of approximately 105,000 tonnes since they commenced operations in the June with last month’s production rising to approximately 40,000 tonnes. This compares with the original Emerald project planned production rate of 30,000 tonnes per month. At the current rate Mintails are well on track to commence payment my mid next year of the additional AUD 3 m which was conditional on production. With regard to the sale process

for the Randfontein Cluster, West Wits expects the next $1m payment to be made on the 22 November 2012. The payment schedule is as follows;

Instalment	Timing	Amount
Upfront payment	received	A$2 million
First instalment	22 November 2012	A$1 million
Interim instalment	22 February 2013	A$1 million
Interim instalment	22 May 2013	A$1 million
Interim instalment	22 August 2013	A$1 million*
Final payment	Dependent on production+	A$ 3 million

*Subject to regulatory approval for the transfer of the leases

+Paid progressively based on R110 per tonne of ore processed, post the notional repayment of $5m advance payments made under the interim contract to mine.

West Wits is continuing to make important steps at Derewo. The Company anticipates having exploration programs underway during the upcoming quarter as well progress at the alluvial site and looks forward to updating the market of its progress.

For And On Behalf Of The Board

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Michael Quinert Chairman West Wits Mining Limited

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B – 1[st] Quarter

Mining Exploration Entity Quarterly Report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows	Name of entity WEST WITS MINING LIMITED (ASX: WWI) ABN Quarter ended (“current quarter”) 89 124 894 060 30thSeptember 2012 Consolidated statement of cash flows
	WEST WITS MINING LIMITED (ASX: WWI)
	ABN 89 124 894 060 Consolidated statement of cash flows
					30thSeptember 2012
1.1 1.2 1.3 1.4 1.5 1.6 1.7		Cash flows related to operating activities Receipts from product sales and related debtors Payments for (a) exploration & evaluation (b) development (c) production (d) administration (e) contract services (f) staff costs (g) other working capital Dividends received Interest and other items of a similar nature received Interest and other costs of finance paid Income taxes paid Other(provide details if material)		Current Quarter $A’000		Year to Date (3 months) $A’000
				- (200) - - (391) - (17) - - 6 - - -		- (200) - - (391) - (17) - - 6 - - -
			Net Operating Cash Flows	(602)		(602)
1.8 1.9 1.10 1.11 1.12			Cash flows related to investing activities Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets Loans to other entities Loans repaid by other entities Other - Acquisition of Subsidiaries, net of cash acquired	- - - - - - (82) - -		- - - - - - (82) - -
			Net investing cash flows	(82)		(82)
1.13			Total operating and investing cash flows (carried forward)	(684)		(684)

• See chapter 19 for defined terms.

Appendix 5B Page 4 of 9

30/9/2001

Appendix 5B Mining exploration entity quarterly report

1.13 1.14 1.15 1.16 1.17 1.18 1.19			Current Quarter $A’000	Year to Date (3 months) $A’000
		Total Operating and Investing Cash Flows (Brought Forward)	(684)	(684)
		Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other – capital raisingcosts	- - - - - -	- - - - - -
		Net financing cash flows	-	-
1.20 1.21		Net increase (decrease) in cash held Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	(684) 2,084 (42)	(684) 2,084 (42)
1.22		Cash at end of quarter	1,358	1,358

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10	Current Quarter $A'000
		168
		-
1.25	Explanation necessaryfor an understandingof the transactions
	Salaries, directors’ fees, corporate advisory and consulting fees at normal	commercial rates

Non-Cash Financing and Investing Activities

• 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

• See chapter 19 for defined terms.

Appendix 5B Page 5 of 9

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Appendix 5B Mining exploration entity quarterly report

Financing Facilities Available

Add notes as necessary for an understanding of the position.

Financing Facilities Available Add notes as necessary for an understanding of the position.
3.1 Loan facilities 3.2 Credit standby arrangements	Amount Available $A’000	Amount Used $A’000
	-	-
	-	-

Estimated Cash Outflows for Next Quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration 4.5 Contract Services 4.6 Staff Costs	$A’000
	430
	-
	-
	250
	40
	30
Total	750

Reconciliation of Cash

Reconciliation of Cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current Quarter $A’000	Previous Quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details)	1,358	2,084
	-	-
	-	-
	-	-
Total: Cash at End of Quarter(item 1.22)	1,358	2,084

• See chapter 19 for defined terms.

Appendix 5B Page 6 of 9

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Appendix 5B Mining exploration entity quarterly report

Changes in Interests in Mining Tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning of Quarter	Interest at end of Quarter
	Nil
	Nil

• See chapter 19 for defined terms.

Appendix 5B Page 7 of 9

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Appendix 5B Mining exploration entity quarterly report

Issued and Quoted Securities at End of Current Quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total Number	Number Quoted	Issue Price per Security (cents)(see note 3)	Amount Paid up per Security (cents) (see note 3)
7.1	Performance +securities (Non-voting, non- participating, contingent on achieving 20,000oz of gold by 28/07/2013	46,000,000	-	-	-
7.2	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy-backs, redemptions	-	-	-	-
7.3	+Ordinary securities	255,722,340	255,722,340	-	-
7.4	Changes during quarter (a) Increases through issues (b) Decreases through returns of capital,buy-backs	-	-	-	-
7.5	+Convertible debt securities (description)	-	-	-	-
7.6	Changes during quarter (a) Increases through issues (b) Decreases through securities matured,converted	-	-	-	-
7.7 7.8 7.9 7.10	Options (description and conversionfactor)	78,424,532	11,562,500	Exercisable @ $0.08 to $0.30	-
	Issued during quarter	-	-	-	-
	Exercised during quarter	-	-	-	-
	Expired during quarter	-	-	-	-
7.11	Debentures (totals only)	-	-	-	-
7.12	Unsecured notes (totals only)	-	-	-	-

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Compliance Statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here: .......................................................... (Director)

Date: 30[th] October 2012

Print name: Michael Quinert

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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• See chapter 19 for defined terms.

Appendix 5B Page 9 of 9

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