Ann: Quarterly Activities and Cash Flow Reports, page-44

Check out what WG wrote today about WWI:

All systems go at West Wits but the share price
is lagging

After persevering for many years, West Wits was eventually granted the right to mine its multi-million ounce
Witswatersrand Gold Project in South Africa (WWI 74%).

If you read the latest quarterly you will see that there has
been a hive of activity as pre-production works have been
undertaken on the underground mining positions, with
some ore already being delivered to the stockpile.

It was interesting to see how speculators were aggressively buying the stock at 8-10¢ in anticipation that the granting of the mining right was imminent, only to look elsewhere once it became a reality. The current 2¢ share price is ridiculous as it completely ignores the earnings potential of the operation. Yes, it takes time and money to optimise the production profile, but there is minimal technical risk in this
project. Add the uranium deposits on the same licences
and you can see the $37m market capitalisation bears no
reflection to the fundamental value of the company. There will be a massive re-rating at some point that could easily
see the shares back up to the 10¢ level. After all, the 4.28
mill oz resource (74% WWI), with the benefit of all of the
available infrastructure and toll treating facilities, would
have to be worth at least US$50/oz i.e. A$225m or 12¢ a
share. From another angle, WWI is a sitting duck for a
takeover bid at these prices.