West Wits Mining agreed to sell both the Emerald gold project and Monarch Resource to Mintails Limited for a total consideration value of approximately $7.27m. The transaction is subject to approval by shareholders of West Wits.
Figure 2: 3D Model Of Kimberley Reef Gold Resources
May 26, 2010
West Wits Mining announced the results of the initial Mineral Resource estimate completed at the Monarch Pit Area, 1km south along strike from the Emerald Gold Project, South Africa. The Monarch resource delivered a total of 792,000 tonnes at an average grade of 2.9 g/t gold for 73,800 ounces.
West Wits Mining announced results from the recent drilling program completed at the Elder Target area and at the Monarch Pit area, 1 km along strike south of the Emerald Gold Project, South Africa. Highlights include hole WRCMD04 (Elder) intersecting 3.47 m grading 5.31 g/t gold from 50.32 m and hole WRCKD44 (Monarch) intersecting 3.51 m grading 2.75 g/t gold from 34.08 m. The Elder Target area and the Monarch pit area were drill tested to define additional gold mineralisation which potentially could be amenable to open cast extraction and provide an additional source of mill feed to the Emerald project.
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