WWI - West Wits Mining - Aussie Stock Forums

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  1. #1

    Post WWI - West Wits Mining

    Dear All,

    It was mentioned in the HY accounts that drilling and sampling was expected in late March/April 2008.

    I made an enquiry to the company and got reply as listed below. There might be a uplift of the share price following the expected announcement.



    RE: Enquiry re drilling or sampling time as indicated in HY accounts‏
    From: Tim Chapman (tchapman@westwitsmining.com)
    Sent: Friday, 18 April 2008 10:25:19 AM

    Dear XX,

    Thank you for your enquiry and support of West Wits Mining Limited.

    We expect our initial results to be released within the next two weeks with results then to be released progressively until June from our initial and ongoing exploration programs. Our slight delay is unfortunately to due the capacity restraints facing explorations companies around the globe in regards to getting results in a timely manner from assay laboratories.

    Again, thank you for supporting West Wits Mining Limited.

    Kind regards,

    Tim Chapman

    West Wits Mining Limited



    Sent: Thursday, 17 April 2008 8:48 AM
    To: info@westwitsmining.com
    Subject: Enquiry re drilling or sampling time as indicated in HY accounts

    Dear Sir/Madame,

    I am a shareholder of WWI.

    I noticed that it was mentioned in your HY accounts and report dated Mar. 12, 2008 that drilling and sampling is expected in late March or April 2008.

    I haven't seen any announcement as yet, and I am just wondering when we can expect announcement on this.

    Thanks and regards,

  2. #2

    Default Re: WWI - West Wits Mining

    Cash position equal to market cap upon finalisation of sale of South African asset

    Dewero mining and exploration lease – picked up last June - Located in the Papua province of Indonesia

    Elephant country – quality structural setting in favourable geology

    Target models – Porgera Zone (20moz) and Wafi/ Golpu (30mpz)

    Near term production of high grade alluvials – the source of these kilo size nuggets should be nearby according to geologists.

    Gold / Uranium Resource in South Africa

    My favourite Gold Speckie

    Disclosure: Stock held

  3. #3
    Make the drill work for YOU springhill's Avatar
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    Default Re: WWI - West Wits Mining

    MC - $5m
    SP - 2c
    Shares - 255m
    Options - 11.5m
    Cash - $2.1m

    South Africa
    On 24 May 2012, the Company received $2 million as an upfront payment as part of the consideration for the sale of its Randfontein cluster exploration leases in South Africa. The completed sale became a pivotal transaction for the Company given the impact on the Company’s cashflow from the delayed establishment of the alluvial operation at Derewo River. The board is very pleased to have secured this sale as the cash receipts it generates will continue to support the Company’s efforts to establish its operating base at Derewo and removes any foreseeable need to raise additional funding in such a challenging environment.
    Under the terms of the sale agreement West Wits will receive staged payments over the following milestones;
    Instalment Timing Amount
    Upfront payment received - A$2 million
    First instalment - 22 November 2012 A$1 million
    Interim instalment - 22 February 2013 A$1 million
    Interim instalment - 22 May 2013 A$1 million
    Interim instalment - 22 August 2013 A$1 million*
    Final payment - After transfer of leases+ A$ 3 million

    Development of Derewo River Gold Project
    West Wits has continued to progress a number of key issues with regards to commissioning an initial alluvial circuit at Derewo. Previously the Company informed the market it had been frustrated in securing unrestricted access to the site designated for the initial alluvial project. These frustrations were largely created by the operators of the supply chain supporting an artisanal (illegal) mining population located at Derewo. Consequent discussions with government, police and mines departments have been centred on steps necessary for removing this illegal mining population safely and enforcing West Wits rights as the direct and lawful holder of both exploration and production licences for the Derewo River Gold Project.
    Our direct legal ownership position on tenure is in contrast to other resource companies which operate within Indonesia under the old contract for work framework, which is based on a contract between a foreign company and local entity which holds the underlying mining or exploration licence.

    The Company is proceeding with its planned exploration activities from an alternative site within its extensive Exploration IUP’s. Potential base camp sites have been identified in the Wopogi and Sena Prospect areas and are in process of being established.
    Initial exploration programs will include follow up sampling and mapping programs to verify and expand upon the positive results from initial sampling programs completed by Freeport.
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    "You have enemies? Good. That means that you've stood up for something, sometime in your life" - Winston Churchill

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