[miningmx.com] — WITWATERSRAND Consolidated Gold Resources on Monday announced a diluted headline loss per share of 40.35 cents for the six
months to end-August 2010, from a loss of 22.05 cents previously.
Wits Gold also posted an operating loss of R10.47m from a previous loss of R7.893m. The loss increase resulted mainly from an increase in the employee share based payment expenses amounting to R2.6m, Wits Gold said.
The company is involved in the mineral exploration industry and does not generate any operating income.
Wits Gold said it incurred expenditure of R15.9m by continuing exploration in all
three regions where it holds prospecting rights, namely Potchefstroom, Klerksdorp and the southern Free State.
The company added that its commitments amounted to R23.9m, from R29.5 in 2009.
In September Wits Gold announced the conclusion of an agreement whereby Harmony Gold agreed to sell back its 40% option over the company’s southern Free State assets for R275m.
It also announced that it had concluded a second agreement with Harmony to purchase the Merriespruit South area for an amount of R61m, to be paid in cash.
