West Wits Mining raises $1.2 million to advance Qala Shallows
November 02, 2023 at 12:11 pm
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West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert speaks with Proactive after the company raised $1.2 million to support the installation of utility and infrastructure, site management and production planning at Qala Shallows, part of Witwatersrand Basin Project in South Africa. West Wits expects the project to transform the company into a long-term gold producer and it has ambitious plans for the project with the development of three mining reefs: the Main, Kimberley, and Bird Reefs.
“While our project debt funding arrangements are building, West Wits requires working capital to complete the rest of the work ahead to commence development of the Qala Shallows project. With gold now trading around US$2,000 per ounce, the timing for West Wits’ gold project is good,” Quinert said.
“Thanks again to those shareholders who have been steadfast in their support of the company. We are now on the cusp of developing South Africa's newest gold mine in one of the most favourable price environments in recent history.”
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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West Wits Mining Limited is an Australia-based company focused on the exploration, development, and production of precious and base metals. The Companyâs projects include Witwatersrand Basin project (WBP) and Mt Cecelia project. The Witwatersrand Basin project is located in the gold region of Central Rand Goldfield of South Africa boasts, a 4.28 million ounces (Moz) gold project. The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. In Western Australia, the Company is exploring for gold and base metals at the Mt Cecelia project in a district that supports several projects, such as Woodie Woodie manganese mine, Nifty copper, and Telfer gold/copper/silver mines. The Mt Cecelia project is located on the border of the East Pilbara and Paterson Provinces of Western Australia and covers approximately 225 square kilometers (km2) of prospective ground, strategically located adjacent to tenements held by Rio Tinto Ltd.