Wits Gold holds 14 New Order Prospecting Rights over a collective area of 1 195km² in the southern Free State, Potchefstroom and Klerksdorp goldfields of the Witwatersrand Basin in South Africa, with total resources of 156Moz Au and 268Mlbs U3O8. These properties are all located adjacent to operating mines.
The Company has delineated resources at all of its projects and is currently focused on fast-tracking development at two of them, the De Bron Merriespruit (DBM) and Bloemhoek projects, located next to each other in the southern Free State goldfield.
Since its inception in 2003, the Company’s primary objective was the exploration and delineation of the gold and uranium resources contained within the Wits Basin. This exclusive focus on exploration served to build a unique and comprehensive geological understanding of some of the best goldfields in the world’s premier gold province, and led to the identification of several high-quality project areas, strategically located with opportunities for consolidation and future synergies with existing operations.
The original aim of this resource development was to take the projects to bankable feasibility stage and either sell these advanced projects or enter into joint venture agreements with other mining groups to bring them to account. However, in August 2011 the Company announced a change in strategy and brought on board the necessary skills to fast track the development of its advanced projects in-house. This new three phase growth strategy will include actively seeking strategic acquisition opportunities and targeting producing assets with turnaround potential, alongside continuing to develop its exploration database.