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Send  Print  Share  RSS  Twitter  25 Nov 2009

RESULTS: Witsgold

Wits Gold H1 dil` headline loss 22.05c vs 4.28c(2)
- Wits Gold H1 operating loss R7.9m vs R8.8m
Johannesburg, Nov 25 (I-Net Bridge) Gold and uranium exploration firm Witwatersrand Consolidated Gold Resources or Wits Gold (WGR) on Wednesday reported the widening of its first half diluted headline loss to 22.05 cents a share from 4.28 cents a share.
The company reported an operating loss of 7.9 million rand for the six months to end August 2009 compared to an operating loss of 8.8 million rand for the same period a year ago.
Wits Gold attributed the decrease in operating loss mainly to a decrease in consulting fees and in employee share-based payment expenses offset by an increase in staff salaries.
The loss before taxation increased by 3 million rand due mainly to decreases in interest received and in the fair value gain on financial assets.
The company spent 12.2 million rand on intangible exploration assets during the period compared to 13.4 million rand in the six months to end August 2008.
No dividend was declared.
Wits Gold is conducting exploration in all three goldfields where it holds prospecting rights with the current emphasis is at Bloemhoek and De Bron in the southern Free State, where the objective is to move these projects towards a development decision.
A drilling programme is planned at Bloemhoek for early 2010 and at De Bron, a scoping study is planned to investigate the viability of establishing a shallow (500m to 1 200m), multi-reef mining operation.
Following the confirmation of low-grade mineralisation in the Carbon Leader during drilling to the immediate west of the Carletonville goldfield, the company has shifted attention southwards to the Boskop project.
An in-house review of the geological structure of Boskop has defined a significant
area where the Carbon Leader and Middelvlei Reefs may be preserved at moderate depths of between 1 600m and 2 500m below surface.
It said a drilling programme to test this model is planned for 2010.
Within the Klerksdorp goldfield, borehole WDS1 in the Kromdraai project has temporarily been suspended due to equipment limitations.
Wits Gold`s board of directors is of the opinion that the company currently has sufficient funds to finance its commitments to the Department of Mineral Resources for the next two and a half years.
I-Net Bridge, Tel: +27-11-280-0814,
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