WEST WITS MINING LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

ASX: WWI

ASX Announcement and Media Release Monday, 30 April 2012

www.westwitsmining.com

,

Fast Facts Capital Structure @ 31 Mar 2012 Shares on issue 256 million DRD Entitlement shares 38 million Performance Shares 46 million Options 78 million Market Cap A$8.38 million Cash in Bank A$0.82 million Debt Nil Enterprise Value (EV) A$7.81 million Current JORC Reserve 59,000 Current JORC Resource 426,700 EV / Reserve oz A$132/oz EV / Resource oz A$18/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%

Quarterly Activities Report

Review of Operations

West Wits Mining Limited (“West Wits” or “the Company”) during the quarter continued to address a number of challenges at its Derewo River Gold Project (“Derewo”) in Papua Province, Indonesia and move towards completion of the partial sale of its South African exploration assets.

South Africa

On 25 January 2012 West Wits announced it had entered into a binding heads of agreement to sell the West Wits Lease, West Rand Consolidated Lease, Luipaardsvlei Lease and East Champ D’Or Lease (“the Randfontein Cluster”) for A$9 million to a consortium comprised of Mintails Limited (“Mintails”) (ASX: MLI) and Galabyte (Pty) Limited (“Galabyte”).

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 59,000 ozs Reserve o 426,7000 ozs Resource o Further near surface resources to be targeted

• o 61m ozs Au produced historically o 37m lbs U produced historically

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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 9824 8166 E: tchapman@peregrinecorporate.com.au

On 16 April 2012 West Wits consequently announced that due diligence had been successfully completed and the Company was proceeding with the sale. However West Wits only received confirmation from Mintails stating it was satisfied and wished to move to completion. Galabyte did not elect to confirm it was in a position to proceed and as such West Wits and Mintails then agreed to complete this transaction themselves albeit on slightly modified terms.

The binding terms between West Wits and Mintails are as follows;

• A$2 million to be paid upfront on completion of definitive documents;

• A$1 million to be paid after 6 months on an unconditional basis with payment guaranteed to West Wits;

• A$1 million to be paid after 9 months on an unconditional basis and with satisfactory security for payment to be provided to West Wits;

• A$1 million to be paid after 12 months on an unconditional basis and with satisfactory security to be provided to West Wits;

• A$1 million on the later of 15 months from the upfront payment or regulatory approval for the transfer of the leases to Mintails or its nominee; and,

• A$3 million to be paid progressively after transfer of the leases. Payments will be based on the tonnage of ore processed by Mintails

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This amended transaction, as with the original agreement, provides for secured payments of A$5 million within 12 months of completion and prior to the legal transfer of title of the leases. As such West Wits has agreed to grant Mintails an interim contract to mine the resource pending transfer of title.

The definitive documents are now agreed as to form with the transaction now at the stage of procuring execution of the documents by all parties. The Company anticipates this being completed in the near future.

As previously announced this transaction has no effect upon the Company’s continued rights with respect to the Rand Leases and the DRD Lease in South Africa which contain stated JORC resources of 287,000 oz au. By comparison the Randfontein Cluster leases being sold contain stated JORC resources of 139,000 oz au and a JORC reserve of 58,800 oz au.

Proceeds from the sale of the Randfontein Cluster leases will be principally applied to development of the Company’s Derewo River Gold Project in Papua Province, Indonesia.

Indonesia

Development of Derewo Project

The Company has continued to progress a number of issues with regards to completing the initial alluvial circuit at the Derewo River Gold Project (“Derewo”).

On 26 March 2012 the Company provided an update to the market outlining some delays being encountered with regard to getting access to the site designated for the initial alluvial project. These delays have largely been created by the operators of the supply chain supporting the artisanal mining population and as such the Company elected to not complete the civil works required for the alluvial circuit until control of the site has been secured. It was always understood that the removal of these people may present delays and efforts to repatriate this population by the local authorities whilst continuing have taken longer than anticipated.

Over the last few weeks West Wits has been seeking the intervention of higher authorities within the Indonesian system who have previously expressed support for the project. Meetings with many interested parties have taken place and steps are now been put in place to manage the repatriation of these illegal miners and provide safe access to the site for West Wits employees. The Company hopes to be in a position to provide timelines on this process in the coming weeks.

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.

Exploration

Whilst delay persists with the establishment of the base at the site of the alluvial operation, the Company is proceeding with its planned exploration activities from an alternative site within its extensive Exploration IUP’s. Base camp sites have been identified in the Wopogi and Sena Prospect areas and are in process of being established.

The newly appointed senior site geologist has been deployed in Papua and is finalising an extensive review of the Freeport data set. This review is now being completed through check sampling of significant results within the data set. As part of this check sampling socialisation programs are continuing with indigenous communities.

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Recruitment of additional geological and technical staff is underway to add to the senior geological team with over 60 years of exploration experience in similar terrains in Papua New Guinea.

Aeromagnetic data from an airborne survey completed by World Geoscience Corporation in late 1993 for Freeport has also been reprocessed and integrated into to the Company’s database. The magnetic data is of reasonable quality for data collected and processed at that time. The line spacing is at 800m. Reprocessing has produced reasonable quality reduced to pole depth slices, however generation of further derivatives is limited by the original data. There is a strong correlation between anomalous copper and gold geochemistry and reduced to pole magnetic highs. This enhances the geological prospectivity of the area as the world-class Grasberg deposit is associated with a strong magnetic high.

The reduced to pole data shows a magnetic bull’s eye about 3.5km in diameter associated with anomalous surface gold and copper geochemistry in the centre of the Wopogi Prospect. The complex structure of the Sena Prospect is confirmed by the magnetics and further assessment of the results is continuing.

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New Indonesian Mining Regulations

On 6 March 2012 the Indonesian government published amendments to the existing regulations relating to the implementation of mining business activities in Indonesia.

The main amendment increases divestment obligations for foreign ownership in certain Indonesian mining projects. Local ownership requirements, which currently require mandatory divestment of 20% to Indonesian entities after five years of production, would be extended to require Indonesian ownership to reach 51% after the tenth year of production.

In respect of Derewo, the Company noted that:

• 50% of its economic interest in the existing alluvial operation is already held by local Indonesian entities, therefore further divestment (if required) would appear to be limited to an additional 1% of the Company’s interest in the tenth year of commercial operation; and

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• 20% of the economic interest in the exploration leases is held by local Indonesian entities, therefore any further divestment (if required) would not appear to be necessary unless these permits were converted to mining leases and then only after the sixth year of commercial production.

At the time of the announcement there was still some uncertainty as to whether the Company would be required under the divestment provisions to offer the divestment of the alluvial project to the Indonesian government before its local partner. All indications to date are that this is not the case and in the instance of West Wits it will only be required to offer a further 1% of its alluvial project after 10 years of production. However the Company will continue to monitor developments in respect of the amended regulations.

For And On Behalf Of The Board

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Michael Quinert Chairman West Wits Mining Limited

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Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B – 3[rd] 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.

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

Name of entity
WEST WITS MINING LIMITED (ASX: WWI)
ABN Quarter ended (“current quarter”)
89 124 894 060 31 [st] March, 2012
Consolidated statement of cash flows
Current Quarter Year to Date
Cash flows related to operating activities $A’000 (9 months)
$A’000
1.1 Receipts from product sales and related debtors - -
1.2 Payments for (a) exploration & evaluation (730) (1,208)
(b) development - -
(c) production - -
(d) administration (293) (1,164)
(e) contract services (41) (127)
(f) staff costs (29) (61)
(g) other working capital - -
1.3 Dividends received - -
1.4 Interest and other items of a similar nature received 12 61
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
Net Operating Cash Flows (1,081) (2,499)
Cash flows related to investing activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
-
(c) other fixed assets (15)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - Acquisition of Subsidiaries, net of cash
(100) (347)
acquired
Net investing cash flows (100) (362)
1.13 Total operating and investing cash flows (carried
forward) (1,181) (2,861)
----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 5B Page 5 of 10

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 (9 months) $A’000
		Total Operating and Investing Cash Flows (Brought Forward)	(1,181)	(2,861)
		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	- - - - - -	3,266 - - - - -
		Net financing cash flows	-	3,266
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	(1,181) 2,007 3	405 470 (46)
1.22		Cash at end of quarter	829	829

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	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
			143
			-
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 reportingentityhas an interest -		Explanation necessaryfor an understandingof the transactions
		Salaries, directors’ fees, corporate advisory and consulting fees at normal	commercial rates
	-
	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest
	-

• See chapter 19 for defined terms.

Appendix 5B Page 6 of 10

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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
	240
	-
	-
	160
	40
	10
Total	450

Reconciliation of Cash

Reconciliation of cash at the end of the quarter (as	Current Quarter	Previous Quarter
shown in the consolidated statement of cash flows) to	$A’000	$A’000
the related items in the accounts is as follows.
5.1 Cash on hand and at bank	829	2,007
5.2 Deposits at call	-	-
5.3 Bank overdraft	-	-
5.4 Other (provide details)	-	-
Total: Cash at End of Quarter(item 1.22)	829	2,007

• See chapter 19 for defined terms.

Appendix 5B Page 7 of 10

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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 8 of 10

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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	-	-	Nil	-
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.

Appendix 5B Page 9 of 10

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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: ............................................................ Date: 30[th] April 2012 (Director)

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.

== == == == ==

• See chapter 19 for defined terms.

Appendix 5B Page 10 of 10

30/9/2001