Company press release

Produced by the JSE SENS Department
27 October 2006

Wits Gold is pleased to announce the raising of capital by way of a general issue of shares for cash. This issue for cash was completed at a price of R55.00 per share resulting in gross proceeds of R30,683,510 (US$4m). The issue for cash was arranged internationally by JP Morgan Chase Bank to institutional shareholders. This placement represents a 2.23% increase in the issued ordinary share capital of the Company and will be used primarily to fund Wits Gold's accelerated exploration programme in the Witwatersrand Basin. These proceeds will also be used to complete a core storage facility near Potchefstroom in the North West Province. The core shed will house diamond drill core from the Company's exploration programmes to complement the 526km of diamond drill core that was acquired along with the old order mineral rights from Anglo Gold Ashanti, Gold Fields and Harmony.