West Wits Mining raises $1.2 million to advance Qala Shallows
Melbourne, Victoria
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November 02, 2023 12:10 PM Eastern Daylight Time
West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert speaks with Proactive after the company raised $1.2 million to support the installation of utility and infrastructure, site management and production planning at Qala Shallows, part of Witwatersrand Basin Project in South Africa. West Wits expects the project to transform the company into a long-term gold producer and it has ambitious plans for the project with the development of three mining reefs: the Main, Kimberley, and Bird Reefs.
“While our project debt funding arrangements are building, West Wits requires working capital to complete the rest of the work ahead to commence development of the Qala Shallows project. With gold now trading around US$2,000 per ounce, the timing for West Wits’ gold project is good,” Quinert said.
“Thanks again to those shareholders who have been steadfast in their support of the company. We are now on the cusp of developing South Africa's newest gold mine in one of the most favourable price environments in recent history.”
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