West Wits Mining (ASX:WWI) has been notified by South Africa’s Department of Mineral Resources (DMR) of its intention to approve the company’s Environmental Authorisation application for the 3.65-million-ounce Witwatersrand Basin Project (WBP).
In line with statutory requirements, West Wits is notifying Interested and affected parties who have 20-days at their election to lodge any appeals to the DMR’s decision to approve the EA for the gold project.
Subject to there being no appeal, or the company procuring a satisfactory outcome to any appeal, the DMR would then proceed with making a recommendation on the granting of the mining right to the Minister of Mineral Resources.
“Positive step”
Work on the third-party scoping study and exploration activities to convert the exploration target into a JORC-compliant resource is progressing well and is expected to be completed in July 2020 and September 2020, respectively.
Managing director Jac van Heerden said: “The DMR’s notification on West Wits EA approval is a positive step towards the granting of the mining right over WBP.
“The West Wits team will continue their engagement with the DMR to expedite the mining right approval.”
Oversubscribed SPP totalling $427,000
On June 23 the company received applications totalling $427,000 resulting in an oversubscribed share purchase plan (SPP).
This was 185% above target with strong interest from existing shareholders resulting in a 64% scale back.
Eligible directors and officers applied for a total of $55,000 through the SPP, extending the considerable interest the board and executive team hold in the company.
West Wits plans to use the funds for the following:
- Mining licence application expenses;
- Completion of scoping study of Witwatersrand Basin Project;
- Exploration of the Kimberley Reef exploration target at WBP;
- Commence bankable feasibility study of WBP; and
- General working capital.