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Difficult to value our shares prior to listing - Marc Watchorn, Wits Gold CEO
In an interview on Radio 2000 @ 18:00 on Wednesday, 5 April
[miningmx.com] -- SOUTH African gold mining company, Wits Gold, is “dusting off” old gold mines that haven’t paid in the past, said Allan Gray equities analyst, Ian Liddle.
“Wits Gold is dusting off old samples that didn’t pay years ago and asking are they going to make money today,” said Liddle. He was speaking on the week nightly business show, the Moneyweb Power Hour, broadcast on Radio 2000.
In 2003 Wits Gold acquired a number of existing mineral rights from the three big mining houses AngloGold Ashanti, Gold Fields and Harmony, who were already operating in the Witwatersrand Basin, said Wits Gold CEO, Marc Watchorn. He was speaking on the same radio show.
Wits Gold, which has inferred resources of 142 million oz, is set to list on the Johannesburg Securities Exchange (JSE) this month.
“Being an exploration company it’s difficult to value our shares so we
find it prudent to issue the bare minimum until we have a proper valuations,” said Watchorn.
The company has in the past raised R30m, which should be “sufficient to sustain us” for the first 24 months after which they will return to the market, said Watchorn.
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