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West Wits Mining to acquire Indonesian gold project, launches capital raising

Last updated: 12:44 03 Feb 2011 AEDT, First published: 11:44 03 Feb 2011 AEDT

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West Wits Mining (ASX: WWI) has signed an agreement to acquire the Derewo River Gold project, located in Indonesia, from Paniai Gold.

Consideration for the deal is all scrip and includes; 80 million shares, 46 million performance shares subject to Derewo producing 20,000 ounces of gold within 2 years and 12.5 million options exercisible at $0.08 within 5 years.

Derewo consists of mining rights and exploration registered applications over 129,000 hectares centred on the Derewo River.

The project includes; a 50% interest in existing alluvial mining projects, and a 50% interest in exploration registered applications, (with the right to increase to 80%), to target the source of the Derewo River alluvials.

To provide funding for exploration at the new project, West Wits has launched a capital raising.

A share placement will raise up to A$3 million, pending shareholder approval, with a SPP to potentially raise an additional $500,000.

 

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on 2/11/23