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Witwatersrand Cons Gold Resources / WGR.T


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Witts Gold - I'm taking a look at this one

 

I know that Dominic liked it once upon a time

 

Witwatersrand Cons Gold Resources (WGR.T) ... update : ZA:WGR

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It has gone almost nowhere for many months. And I am seeking a catalyst which may move it

 

Market Cap (intraday).............. $231.49M at $8.30

Enterprise Value (Dec 20, 2010) $223.14M

Price/Book (mrq):.................... 8.46

Book Value Per Share (mrq): 0.98 - wow ! Adam Fleming must have a huge profit on his founder's stock

 

About Wits Gold

Wits Gold is a gold and uranium exploration company focused on advanced, near mine projects in the Witwatersrand Basin, South Africa. The Company was established in 2003 following the acquisition of old order mineral rights as well as historic borehole core and data from the three major South African gold mining companies. These properties are located adjacent to operating mines in three of the major goldfields in the Witwatersrand Basin. At Bloemhoek, the Company's most advanced project, a Technical Report dated October 20, 2009 filed at www.sedar.com, estimates a Probable Mineral Reserve of 31.6Mt at a plant head grade of 5.33g/t Au. (5.4Moz).

 

= = = = =

LINKS

Profile :: http://finance.yahoo.com/q?s=WGR.TO

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UPDATE 1-S.Africa's Wits Gold to buy Harmony assets

 

Witwatersrand Cons Gold Resources / WGRJ.J

 

Tue Sep 7, 2010 6:56am EDT

* Sees significant gold mineralisation at Merriespruit

 

* Harmony plans to focus on growth projects

 

JOHANNESBURG, Sept 7 (Reuters) - Witwatersrand Cons Gold Resources (WGRJ.J) said on Tuesday it would acquire Harmony Gold's (HARJ.J) Merriespruit South area for 61 million rand ($8.5 million) and would start drilling for high-grade gold.

 

The company said it would also acquire Harmony's 40 percent option over Wits Gold's southern Free State assets for 275 million rand, which could be satisfied with its shares.

 

"These transactions have the potential to deliver significant value to Wits Gold," the company said in a statement.

 

The company said it believed the Merriespruit South area was likely to contain significant gold mineralisation and it could operate a shallow/medium to high-grade mine in the area.

 

Wits Gold said the southern Free State properties contain gold resources in excess of 34 million ounces and gold reserves of 5.4 million ounces.

 

Harmony CEO Graham Briggs said the transactions were in line with the company's strategy to focus on its growth projects in South Africa. (Reporting by Shapi Shacinda; Editing by David Holmes) ($1=7.221 Rand)

 

/see: http://www.reuters.com/article/idUKLDE6861...ype=companyNews

 

==

 

Witts chairman Adam Fleming used to be Chairman of Harmony, so he should know these assets rather well.

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NEWS SUMMARY

 

It is estimated that the mine at Bloemhoek will require a life of mine capital expenditure of ZAR 8,094 million (approximately USD 1 billion) and the first gold production will be in year nine. A five year production ramp up period has been estimated and the mine will operate at full production for 23 years with an annual production of 380,000 ounces of gold. Total gold production is estimated to be 9.6 million of ounces. - April 2008

 

LATEST KEY DEVELOPMENTS

=====

Witwatersrand Cons. Gold Resources Issues FY 2010 Earnings Guidance

Thursday, 29 Apr 2010 10:50am EDT

Witwatersrand Cons. Gold Resources announced that for fiscal 2010 the Company expect a basic and headline loss per share of between ZAR0.2530 per share and ZAR0.3080 per share.

 

Witwatersrand Cons. Gold Resources Not To Declare Interim Dividend

Wednesday, 25 Nov 2009 12:05am EST

Witwatersrand Cons. Gold Resources announced that no dividend has been declared for the six months ended August 31, 2009 (August 31, 2008 - Nil).

 

Witwatersrand Cons. Gold Resources Issues H1 2010 Earnings Outlook

Friday, 30 Oct 2009 10:00am EDT

Witwatersrand Cons. Gold Resources announced that for first half of 2010, it expects basic and headline loss per share of between ZAR0.103 and ZAR0.126.

 

Witwatersrand Cons. Gold Resources Announces Grant of New Order Prospecting Right For Uranium In The Potchefstroom Goldfield

Tuesday, 30 Jun 2009 10:10am EDT

Witwatersrand Cons. Gold Resources announced that it has been granted Variation Rights to include uranium with the gold Prospecting Rights that the Company already holds in the North West Province. These Variation Rights apply to a combined area of 44 658 hectares, where historical exploration has indicated that this uranium occurs in the same reefs as the gold.

 

Witwatersrand Cons. Gold Resources Not To Declare Dividend

Friday, 29 May 2009 01:15am EDT

Witwatersrand Cons. Gold Resources announced that no dividends were declared or paid by the Company during the year under review (2008: ZARnil).

 

Witwatersrand Cons. Gold Resources Comments On FY 2009 Outlook; Issues FY 2009 EPS Outlook Above Analysts' Estimates

Monday, 11 May 2009 04:03am EDT

Witwatersrand Cons. Gold Resources announced that for fiscal 2009, it expects financial results to be more that 20% different from that of the previous corresponding period and expects basic loss per share of between ZAR0.1184 per share and ZAR0.1445 per share and headline loss per share of between ZAR0.1188 per share and ZAR0.1450 per share. According to Reuters Estimates, analysts were expecting the Company to report GAAP earnings per share (EPS) of ZAR(0.37) for the same period.

 

Witwatersrand Cons. Gold Resources Declares No FY 2007/2008 Dividend

Friday, 30 May 2008 11:00am EDT

Witwatersrand Cons. Gold Resources announced that the Company has declared no dividend for the financial year ended February 29, 2008. Further details were not disclosed.

 

Witwatersrand Cons. Gold Resources Announces Scoping Study Results on Its Bloemhoek area

Thursday, 24 Apr 2008 11:29am EDT

Witwatersrand Cons. Gold Resources announce that the Company has received the results of a scoping study on its Bloemhoek area that was completed under the guidelines of Canadian National Instrument 43-101. The Bloemhoek area is situated adjacent to the Beatrix Gold Mine, south of Welkom in the southern Free State Goldfield, South Africa. The scoping study was undertaken by the independent consultant, Gordon Cunningham from Turnberry Projects and is based on an indicated mineral resource of 52.3 million tons at an average grade of 6.7drams per ton, containing 11.3 million ounces of gold. This mineral resource was estimated for the Beatrix, Kalkoenkrans and Leader Reefs in the Bloemhoek area, where these conglomerate reefs occur at depths of 1300 - 2400 meters below surface. It is estimated that the mine at Bloemhoek will require a life of mine capital expenditure of ZAR 8,094 million (approximately USD 1 billion) and the first gold production will be in year nine. A five year production ramp up period has been estimated and the mine will operate at full production for 23 years with an annual production of 380,000 ounces of gold. Total gold production is estimated to be 9.6 million of ounces. The estimated life of mine average operating costs will be ZAR 515 per ton (USD 64 per ton) and average cash costs will be USD 438 per ounce. All costs are expressed in January 2008 money terms.

 

Witwatersrand Cons. Gold Resources Wins Three Prospecting Rights for Gold and Uranium

Tuesday, 15 Apr 2008 02:54am EDT

Witwatersrand Cons. Gold Resources announced that the Company has been granted three additional new order prospecting rights for gold and uranium in the Free State Province. The new rights cover a combined extent of 5,645 hectares and serve to further consolidate the Company's existing position in the southern Free State Goldfield. Two of these prospecting rights cover 3,748 hectares in the Theunissen District. They are located immediately north of the dormant Beisa uranium mine that now occurs on the Beatrix Mine lease operated by Gold Fields. According to the South African Chamber of Mines production figures for Beisa Mine over the period 1982-1984, a total of 2.4 million tons were mined at an average yield of 0.47 kilogram per ton U3O8 (uranium) and 1.5 gram per ton Au (gold).

 

Witwatersrand Cons. Gold Resources Announces Secondary Listing on the Main Board of the Toronto Stock Exchange and Sale of Shares

Thursday, 17 Jan 2008 08:00am EST

Witwatersrand Cons. Gold Resources announced it has received conditional approval for a secondary listing on the Main Board of the Toronto Stock Exchange (TSX). The Company announced it plans to list on the TSX in early 2008. In addition, the Company announced its shareholders have sold a total of 1,950,000 of the Company's shares to a group of institutional investors in a private placing at a price of ZAR 125 per share, for a total of ZAR 243.75 million. As a result, the Company's Black Economic Empowerment (BEE) shareholding has decreased from 35.5% to 31.6%.

 

/see: http://www.reuters.com/finance/stocks/keyD...s?symbol=WGR.TO

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WITS GOLD FILES INTERIM FINANCIAL STATEMENTS

11/29/2010 10:01 AM - Canada NewsWire

 

JOHANNESBURG, Nov. 29, 2010 (Canada NewsWire via COMTEX News Network) --

Witwatersrand Consolidated Gold Resources Ltd Reg. No: 2002/031365/06 70 Fox Street, Johannesburg, South Africa PO Box 61147, Marshalltown, 2107 Tel: +27 11 832 1749 www.witsgold.com

 

TSX: WGR JSE: WGR

 

Wits Gold (WGR:TSX and WGR:JSE) (or "the Company"), an exploration stage company, announced today the Company has filed its unaudited financial results for the six months ended August 31, 2010.

 

"As previously announced, the increase in the loss is mainly attributable to a decrease in interest received (R2m) as well as an increased expense in accounting for the employee share based payment (R2.6m)" said Marc Watchorn, CEO of Wits Gold. "We have reached significant milestones during the period to November 29, 2010 and are well positioned to fund our planned exploration program for the next 2 years."

 

Amounts are in South African Rand. Based on the Bank of Canada noon exchange rate on August 31, 2010 CAD $1.00 = R6.93.

 

Financial Highlights - March 1, 2010 to August 31, 2010

 

-- Net loss of R8 million or 28.94 (cents) per share basic -- Cash and cash equivalents of R64 million -- The Company invested R15.9 million in exploration assets

 

Corporate Highlights - March 1, 2010 to November 30, 2010

 

-- Wits Gold raises R120 million through an issue of shares

-- Wits Gold acquires full control of southern Free State properties

-- Harmony Gold becomes a shareholder in Wits Gold

-- Wits Gold purchases Merriespruit South with potential shallow resources

-- Immediate exploration initiated at Merriespruit South

 

The detailed interim financial statements can be found on SEDAR at www.sedar.com and on the Company's website / http://www.witsgold.com.

 

== == ==

 

About Wits Gold Wits Gold is a gold and uranium exploration company focused on advanced, near mine projects in the Witwatersrand Basin, South Africa. The Company was established in 2003 following the acquisition of old order mineral rights as well as historic borehole core and data from the three major South African gold mining companies. These properties are located adjacent to operating mines in three of the major goldfields in the Witwatersrand Basin. At Bloemhoek, the Company's most advanced project, a Technical Report dated October 20, 2009 filed at www.sedar.com, estimates a Probable Mineral Reserve of 31.6Mt at a plant head grade of 5.33g/t Au. (5.4Moz).

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Corporate Highlights - March 1, 2010 to November 30, 2010

-- Wits Gold raises R120 million through an issue of shares

Hmm. What price?, I wonder ??*

 

This stock already trades at a huge multiple to Book Value, like 8.5x

== == ==

 

*in edit:

US$17.5 million / through the issue of 2 223 155 ordinary shares = US$7.87

 

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Wits Gold is pleased to announce that in cooperation with its adviser Renaissance Capital, the Company has raised gross proceeds of R120 050 303(US$17.5 million) through the issue of 2 223 155 ordinary shares at a price of 5400 cents per share. The new shares represent approximately 7.0% of Wits Gold's issued ordinary share capital prior to the capital raising, whilst the issue price of 5400 cents corresponds to a 7% discount to Wits Gold's 30-day volume weighted average price on 5 November 2010. These conditions are in accordance with an ordinary resolution passed at the annual general meeting of the Company held on 10 September 2010 which authorised the directors of the Company to issue shares for cash in accordance with the JSE Limited Listings Requirements.

 

Rationale

 

This capital raising follows the announcement by Wits Gold on 7 September 2010 that the Company had entered into two transactions with Harmony Gold Mining Company in the southern Free State. The proceeds of the issue for cash is intended to be used primarily to fund the Company's acquisition and planned exploration activities in the shallow De Bron-Merriespruit South area ("the DBM Project").

 

/more: http://www.stockhouse.com/tools/?page=/Fin...ewsid%3D7951760

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