WITWATERSRAND CONSOLIDATED GOLD RESOURCES LIMITED

Wits Gold announced the completion of a prefeasibility study on its Bloemhoek project in Free State, South Africa. This has illustrated that mining is both technically and economically viable at Bloemhoek. The study was based on an estimated indicated mineral resource in the Bloemhoek area of 39.9Mt at an average grade of 7.17g/t, containing 9.2Moz of gold at a cut-off gold value of 300cm.g/t. The calculation is based on an underground mine layout that will require a total life of mine capital expenditure of R7 664 million (approximately US$958 million) including R320 million (US$40 million) for sustaining capital. However, initial or peak funding will be considerably lower at R3 528 million (US$441 million). It is estimated that operating costs will be R529/tonne (US$66/tonne), whilst first reef production could be achieved 48 months after the commencement of shaft sinking, as a result of mid-shaft loading from the upper levels during shaft sinking.