latest from reuters re: mintails & wwi hoa

Latest Key Developments West Wits Mining Limited And Mintails Limited Announces Extension Of Due Diligence Period

Tuesday, 1 Jun 2010 10:46pm EDT

West Wits Mining Limited and Mintails Limited announced that they have agreed to extend the due diligence period for finalising the processing agreement currently under a binding Heads of Agreement (HoA). On the March 26, 2010, West Wits and Mintails entered into HoA to establish a commercial venture to mine and process ore from the defined mineral reserve at the Emerald Gold Project. Mintails requested an extension of the due diligence period to the July 7, 2010, which the board of West Wits has agreed to provide. This extension will allow Mintails to investigate and understand fully the Emerald Gold Project and develop an optimal processing solution. Under the HoA consummation of the venture is subject to the completion of due diligence, finalisation of definitive documents and procuring relevant mining and environmental approvals. On definitive documents being executed timelines for the completion of all regulatory approvals, commissioning of the circuit and beginning of mining operation will be agreed and announced to the market.