JAKARTA: West Wits Mining Limited, an Australian based mining company, will complete the acquisition of gold mining project in Derewo river, Papua on 30 July 2011.Derewo is located 110 km away from Grasberg gold and copper mining site owned by PT Freeport Indonesia. The company will develop hydraulic gold mining by employing modern production method.Based on the observation on Area 18, Derewo river has high exploration prospect and an unique gold substances. West Wits will acquire 129,000 hectare area. The Joint Ore Reserves Committee projects 59,000 ounce of gold substances on that area.The condition in Derewo enables an exploration and development exactly the same as the activities in Papua New Guinea, said West Wits Mining Limited Chairman, Michael Quinmert in a press statement today.This particular exploration is yet to take place in Indonesia, he said.West Wits, listed in Australia Stock Exchange is currently seeking US$3.5 million through Share Purchase Plan (SPP). Most of the fund or around US$2 million will be channeled to gold project in Derewo river in Papua.Around US$1.2 million will be earmarked for deeper drilling activity in Emerald project in South Africa.The majority shareholder of West Wits is DRD Gold Ltd (23%), Mintails Ltd (21%), Geotorn Investments Limited (4.7%) and AMN Nomineeds Limited (4.4%). (t02/msw)

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