Wits Gold - Unaudited financial results for the six months ended 30 June 2012

Aug 29, 2012, 10:23 ET from Wits Gold

Witwatersrand Consolidated Gold Resources Limited ('Wits Gold' or 'the Company')
Incorporated in the Republic of South Africa
(Registration Number 2002/031365/06)
JSE Share Code: WGR     ISIN: ZAE000079703
TSX Share Code: WGR    CUSIP Number: S98297104

JOHANNESBURG, Aug. 29, 2012 /CNW/ -

Unaudited financial results for the six months ended 30 June 2012


  • Wits Gold completes positive Pre-Feasibility Study at the DBM Project
  • DBM Indicated Resource of 26.7Mt at 5.8g/t  gold (4.99Moz), containing Probable Reserves of 23.5Mt at 4.1g/t gold (3.1Moz)
  • Shallow DBM deposit starting at 480 metres depth  with potential to produce 200,000 oz/yr over 18 year life of mine
  • Independent consulting firms appointed to conduct full DBM Feasibility Studies and finalise metallurgical plant design
  • Mining Right application accepted by the DMR over Prospecting Rights in the southern Free State goldfield
  • Significant mining experience added to the board and management team

The financial results have been prepared by Mr. DM Urquhart CA (SA), the Company's Financial Director and are presented in South African Rand (R). The exchange rates, based on the Bank of Canada noon rate, were as follows:

31 August 2011     CAD $1.00 = R7.57     30 June 2012     CAD $1.00 = R8.03
31 December 2011     CAD $1.00 = R7.94     24August 2012     CAD $1.00 = R8.45


Condensed statement of comprehensive income
for the six months ended 30 June 2012
  Six months ended 10 months
  30 June 31 August 31 December
  2012 2011 2011
  (Unaudited) (Unaudited) (Audited)
  R R R
Revenue - - -
Results from operating activities (15 763 958) (13 101 725) (30 748 870)
Net finance income 2 925 944 3 869 247 6 103 507
Loss for the period before income tax (12 838 014) (9 232 478) (24 645 363)
Income tax expense - - -
Loss for the period attributable to owners (12 838 014) (9 232 478) (24 645 363)
Other comprehensive income net of income tax - - -
Total comprehensive loss attributable to owners of the Company (12 838 014) (9 232 478) (24 645 363)
Loss per share      
Weighted and diluted weighted average shares in issue 34 446 005 34 391 359 34 398 701
Basic and diluted basic loss per share (cents) (37.27) (26.85) (71.65)
Headline and diluted headline loss per share (cents) (37.27) (26.88) (68.46)
Headline loss per share is calculated from Basic loss (12 838 014) (9 232 478) (24 645 363)
Add back profit on disposal of fixed assets - (10 919) (10 919)
Deduct impairment of intangible assets - - 1 105 652
Headline loss (12 838 014) (9 243 397) (23 550 630)

Condensed statement of financial position
as at 30 June 2012
  As at As at 
  30 June 31 August 31 December
  2012 2011 2011
  (Unaudited) (Unaudited) (Audited)
  R R R
Non-current assets 455 634 210 440 221 929 445 629 036
Current assets 93 787 706 131 656 469 112 900 999
Total assets 549 421 916 571 878 398 558 530 035
Equity and liabilities      
Capital and reserves 543 215 662 557 939 021 551 981 469
Current liabilities 6 206 254 13 939 377 6 548 566
Total equity and liabilities 549 421 916 571 878 398 558 530 035

Condensed statement of cash flows
for the six months ended 30 June 2012
  Six months ended 10 months
          30 June 31 August 31 December
  2012 2011 2011
  (Unaudited) (Unaudited) (Audited)
  R R R
Cash flows from operating activities      
Cash utilised in operating activities   (11 125 353) (5 741 819) (18 812 147)
Taxation refunded - 2 085 337 2 085 337
Net finance income 2 925 944 3 869 247 6 103 507
Net cash (utilised)/generated by operating activities (8 199 409) 212 765 (10 623 303)
Cash flows from financing activities - ( 16 691) (16 691)
Cash flows from investing activities      
Net cash utilised in investing activities (10 149 387) (17 336 605) (23 948 858)
Decrease in cash and cash equivalents  (18 348 796) (17 140 531) (34 588 852)
Cash and cash equivalents at beginning of period 111 589 752 146 178 604 146 178 604
Cash and cash equivalents at end of period 93 240 956 129 038 073 111 589 752

Condensed statement of changes in equity
for the six months ended 30 June 2012 
payment reserve
  R R R R R R
Balance at 28 February 2011
     344 903      573 211 583 7 119 295 1 329 449 (16 275 488) 565 729 742
Total comprehensive loss
for the period
     -      -      -      -      (9 232 478)      (9 232 478)
Costs related to prior
transactions with owners
recorded directly in equity
- (16 691) - - - (16 691)
Equity-settled share-based
- - 1 458 448 - - 1 458 448
Balance at 31 August 2011
344 903 573 194 892 8 577 743 1 329 449 (25 507 966) 557 939 021
Balance 31 December 2011
344 903 573 194 892 18 033 076 1 329 449 (40 920 851) 551 981 469
Total comprehensive loss
for the period
-      - - - (12 838 014) (12 838 014)
Equity-settled share-based payments - - 4 072 207 - - 4 072 207
Balance at 30 June 2012
344 903 573 194 892 22 105 283 1 329 449 (53 758 865) 543 215 662


The Company is involved in the mineral exploration industry and does not generate any operating income. Mineral exploration is highly speculative due to a number of significant risks, including the possible failure to discover mineral deposits, sufficient in quantity and quality to justify the establishment of a mine. In June 2012, Wits Gold completed a Pre-Feasibility Study (PFS) over its De Bron-Merriespruit (DBM) Project situated in the southern Free State goldfield, South Africa. The study has illustrated that mining at DBM is technically and economically viable, and accordingly a Probable Reserve of 3.1Moz (23.5Mt at 4.1g/t gold) has been delineated (refer to the Mineral Reserve table below). A final Feasibility Study has been initiated on the DBM Project and will be undertaken by Turgis Mining Consultants Proprietary Limited ("Turgis") in conjunction with MDM Technical Africa Proprietary Limited. In October 2009, the Company completed a positive PFS over its Bloemhoek Project adjacent to Beatrix Gold Mine in the southern Free State goldfield, resulting in the delineation of a Probable Reserve of 5.4Moz (31.6Mt at 5.3g/t gold) (refer to the Mineral Reserve table below).

Despite the historic exploration work on the Company's remaining Prospecting Rights, no other known economic deposits have been determined. Further work will be required in order to determine if any economic deposits occur on these properties.

The Company has previously been able to raise sufficient capital from its shareholders to fund its operating and exploration requirements.  Additional financing will be required to complete further feasibility studies as well as to develop any mineral properties identified in order to bring them into commercial production. The longer term exploration of the Company's Prospecting Rights is also dependent upon the Company's ability to obtain additional financing through the joint venturing of projects, debt financing, equity financing or other means. In this regard, the Company intends to raise between R100 million and R150 million additional funding prior to December 2012. The Company is considering various options in this regard. Further details will be announced in due course. Wits Gold's board of directors is of the opinion that once the Company has raised the funds mentioned above, it will have sufficient funds to finance its planned exploration programme, for approximately the next 18 months. During the six month period under review, Wits Gold did not issue any additional shares.


The Wits Gold Annual General Meeting will be held in Johannesburg on 12 September 2012. Mr. AR Fleming and Professor TM Mokoena, will stand for re-appointment by the shareholders, following their retirement in terms of the Company's memorandum of association. In addition two new directors, Mr. P Kotze (appointed 1 August 2011) and Mr. KV Dicks (appointed 5 March 2012) will stand for election at this annual general meeting of shareholders.

Basis of Preparation

The interim condensed financial statements for the six months ended 30 June 2012 are unaudited and have not been reviewed by our auditors. They have been prepared in accordance with IAS 34 - Interim Financial Reporting, the AC 500 standards as issued by the Accounting Practices Board and in compliance with the South African Companies Act, 2008 and the Listing Requirements of the JSE Limited.

The financial information has been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards (IFRS). The accounting policies of the Company are consistent with those of the previous financial statements and have been consistently applied. In November 2011 the Company's year-end was changed from February to December. Accordingly, the comparative figures relate to the six months ended 31 August 2011. These results should be read in conjunction with the annual report for the ten months ended 31 December 2011.

The Company identified only one business segment, being mineral exploration within South Africa.

Interim operations

The operating loss for the six months under review increased by R2.7 million when compared to the first six months of the prior financial period. The escalation in operating loss incorporates an increase in costs amounting to R5.3 million comprising:

  • the share based payment non-cash expense for employees of R2.9 million,
  • marketing expenditure of R0.8 million,
  • new project expenditure of R1.6 million.

These increased costs were offset by a R2.7 million decrease in employment costs resulting mainly from the severance benefit paid to the previous Chief Executive Officer in August 2011.

The loss before taxation increased by R3.6 million mainly due to the R2.7 million increase in operating loss and the reduction in interest received amounting to R0.9 million.

The Company invested R10 million (2011 - R17.3 million) in intangible exploration assets, during the six months under review.


No dividend has been declared for the period under review (2011 - Nil).


The Company's commitments amount to R70.2 million (2011 - R77.1 million), comprising mainly of R11.1 million (2011 - R20.9 million) in respect of exploration activities and R55 million (2011- R55 million) for the acquisition of exploration properties.

Events subsequent to the review period

There have been no material events that have occurred between 30 June 2012 and the date of this report.

Mineral Resources

Wits Gold holds legal title to 14 Prospecting Rights in the southern Free State, Potchefstroom and Klerksdorp goldfields. An application to consolidate four of these Prospecting Rights in the Southern Free State into a single Mining Right was accepted by the Department of Mineral Resources (DMR) in February 2012.  The Mining Right is expected to be granted after a twelve month period during which time the Company has to meet obligations in terms of feasibility studies, environmental compliance and social and labour plan commitments. In addition the Company is in the process of relinquishing one of its greenfield Prospecting Rights in the southern Free State where initial exploration activities did not confirm the Company's geological model.  This relinquishment will not affect the Company's Resource statement in any way.

None of the Company's assets are currently in production and the directors are not aware of any legal proceedings or any other material conditions that may impact on the Company's abilities to continue its exploration activities.  The contained Mineral Resources are currently reflected as being fully attributable to Wits Gold.  However, over certain properties in the Potchefstroom and Klerksdorp areas, Gold Fields and AngloGold Ashanti have an option to acquire a 40% interest in any future mines that may be developed on the Prospecting Rights originally acquired from them.

As part of its approved Environmental Management Plans (EMP), the Company has lodged bank guarantees totaling R320 000 with the DMR.  This amount has been accepted for the work programmes proposed over the 14 Prospecting Rights held by Wits Gold.  EMP compliance is monitored on an ongoing basis for the duration of the Prospecting Rights.

As a result of the Pre-feasibility Study (PFS) and the exploration drilling completed at the DBM Project the Company's total Mineral Reserves and Resources has changed during the period under review. The results of the 11 borehole drilling programme, released at the end of November 2011, combined with   historic drilling information,   was used by Snowden Mining Industry Consultants  (Snowden) to produce an updated Resource Estimate for the DBM Project.    The resultant DBM Indicated gold Resource has been defined from the results of 97 boreholes drilled over an area of some 22 km² and is considered representative of the mineralisation in this area. The geological data provided are substantive insofar as the drilling density is greater than the majority of the historical projects in the Witwatersrand Basin. This updated Resource Estimate was published by Snowden in a NI43-101 and SAMREC-compliant Independent Technical Report entitled "Witwatersrand Consolidated Gold Resources Limited: Mineral Properties in the DBM Project, South Africa" dated February 2012. This technical report is available at www.sedar.com and on the Company's website. The Resource Estimate was prepared by George Gilchrist, who is a full time employee of Snowden and independent of Wits Gold. Mr Gilchrist is a Qualified Person as defined by National Instrument 43-101. Mr Gilchrist is a registered Professional Natural Scientist ("Pr.Sci.Nat") with the South African Council for Natural Scientific Professionals (SACNASP) and has more than six years of experience in gold exploration and mineral resource estimation.

Using an accumulation cut-off of 300cm.g/t this resulted in an increase in the Indicated Resource by 27% to 41.8Mt at 5.5g/t gold (7.5Moz) and the Inferred Resource consequently decreased to 19.5Mt at 5.4g/t gold (3.4Moz). The uranium resource was also updated to reflect an Indicated Resource of 21.7Mt at 0.17kg/t uranium (8.2Mlb) and an Inferred Resource of 12.5Mt at 0.17kg/t uranium (4.6Mlb).  Since uranium is considered a by-product of gold mining, these uranium resources were only reported where the gold accumulation cut-off exceeds 300cm.g/t and for the reef width defined by the gold mineralisation. These resources were estimated using all available borehole data and using sample widths corrected for dip. Analysis of the borehole core was undertaken at SGS South Africa (Pty) Ltd, an accredited laboratory, during which the Company's standard QA/QC procedures were followed.  Turgis completed the PFS at the DBM Project in June 2012.  The study was undertaken by the independent consultants, Jim Pooley and Jon Hudson ("the Qualified Persons"), from Turgis and was completed under the guidelines of the South African Code for Reporting of Mineral Resources and Mineral Reserves ("SAMREC Code") as well as the NI 43-101. The results of this positive PFS were published in a NI43-101 and SAMREC-compliant Independent Technical Report entitled "Pre-feasibility Study of the De Bron-Merriespruit Project (DBM Project), South Africa" and dated 26 July 2012. This report can be viewed on the Company's website, www.witsgold.com as well as www.sedar.com.  This PFS has illustrated that mining is both technically and economically viable at DBM. This process resulted in the delineation of a Probable Mineral Reserve of 23.5Mt at a plant head grade of 4.05g/t gold (3.1Moz).  No Inferred Mineral Resources were included in the conversion of Resources to Reserves.

The Company's updated total Mineral Reserve and Resource Estimates are shown in the tables below.  These Resource Estimates are compliant with the NI43-101 and SAMREC reporting codes. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Information concerning the geology, mineral occurrences, nature of mineralisation, geological controls, rock types, historical work, the application of quality assurance and quality control measures, sampling and analytical procedures, the names of analytical laboratories and the key assumptions, parameters and methods used to estimate the Mineral Resources at the Company's various projects are communicated in NI43-101 reports dated November 2007, May 2009, June 2009, October 2009, April 2011, February 2012 and July 2012 which can be viewed at www.sedar.com and on the Company's website.

Total Mineral Resources

Goldfield Indicated Gold Resources Indicated Uranium Resources Inferred Gold
Inferred Uranium Resources
  Mt Grade
Moz Mt Grade
Mlbs Mt Grade
Moz Mt Grade
SOFS 121.9 6.0 23.5 21.7 0.17 8.2 121.7 4.7 18.3 194.8 0.23 99.6
Potchefstroom 333.6 7.1 75.8 250.0 0.30 163.6
Klerksdorp 85.1 14.5 39.5
Total Mineral Resources 121.9 6.0 23.5 21.7 0.17 8.2 540.4 7.7 133.7 444.8 0.27 263.2

Mineral Resources

SOFS goldfield Advanced Projects Indicated Gold
Indicated Uranium
Inferred Gold
Inferred Uranium
  Mt Grade
Moz Mt Grade
Mlbs Mt Grade
Moz Mt Grade
DBM Project 41.8 5.5      7.5        21.7     0.17   8.2      19.5      5.4    3.4     12.5     0.17     4.6
Bloemhoek Project         47.8     6.9    10.6 -      15.3      6.9    3.4     63.1     0.15   20.9

Mineral Reserves

Key projects within the SOFS goldfield

SOFS goldfield Mt Grade
Bloemhoek Project* 31.6 5.3 5.4
DBM Project** 23.5 4.1 3.1
Total (Probable Reserves) 55.1 4.8 8.5

Mineral Resource and Reserve estimates are compliant with the NI43-101 and SAMREC reporting codes.
Probable Mineral Reserves are included in the Indicated Resources for the Bloemhoek and DBM Projects. *Based on a gold price of US$1 400/oz and an exchange rate of R8.00/US$1 (R360 100/kg).
**Based on a gold price of US$1 555/oz and an exchange rate of R8.00/US$1 (R400 000/kg).

Mr Dirk Muntingh, the Company's Exploration Manager and Competent Person, is responsible for the technical material in this release. Mr Muntingh (M.Sc Geology) is a registered Professional Natural Scientist ("Pr.Sci.Nat.") with the South African Council for Natural Scientific Professionals ("SACNASP") and has 22 years of experience in gold exploration.  The technical content of this release has been compiled by Mr Muntingh, who has issued a written statement confirming that the information disclosed is both SAMREC and NI43-101 compliant.

Exploration activities

During the six month period under review the Company incurred exploration expenditure of R9.9 million.  Exploration efforts were predominantly focused on the DBM Project in the southern Free State goldfield.

DBM Project

In June 2012 the Company completed a PFS of the viability of establishing a mine at the DBM Project.  The study was undertaken by Turgis and the detailed results of this study were published in a NI43-101 and SAMREC compliant technical report dated 26 July 2012 that is available on www.sedar.com and the Company's website. This PFS, based only on the Indicated Resources, showed that it is both technically and economically viable to establish a mine at DBM.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The PFS was intentionally based on that portion of the Resource which is generally less than 1000 metres below surface and which contains an Indicated Mineral Resource of 26.7Mt at 5.8g/t gold (4.99Moz).  Applying the geological model, the PFS considered a number of alternative primary access configurations, mine designs and production profiles.  The results from these production schedules were subsequently developed into a series of financial models in order to compare the potential returns from each of these options. Based on these results two options have been selected for evaluation through a full Feasibility Study.  The first option ("Option 1") is based on standard conventional breast mining practices in the Witwatersrand Basin, while the second option, ("Option 2"), investigates a semi-mechanised variation to the down-dip mining methodology currently practised in the platinum mining industry of the Bushveld Complex, South Africa. It is envisaged, for both options, that a twin shaft system will be sunk to 660 metres with the shallowest production level commencing on 560 metres, from where a twin decline system will provide access to the deeper parts of the ore body.  The off-reef infrastructure has been developed using trackless mechanised equipment to facilitate a rapid production build up with conventional on reef development in order to minimise dilution. A system of off- reef trackless footwall haulages are developed on strike below the ore body.  For Option 1, cross-cuts to reef will be spaced at 180 metres with on-reef raises and conventional breast stoping completing the layout. Option 2 differs from Option 1 in that the on-reef development and mining is undertaken on dip as opposed to on strike. The mining method for Option 2 involves closely spaced pre-developed on reef raises (spaced 30 metres apart) which improves orebody understanding and allows for selective mining and improved gold extraction. The mine design in Option 2 is flexible and amenable to alternating between conventional and long hole stoping. The advantage of the long hole stoping method is that it allows, where applicable, for the mining of a narrower channel which increases the head grade. Wits Gold therefore considers that Option 2 has the potential for improved safety through the better understanding of the orebody, and will result in a potential reduction in the number of workers on the rock face. The hybrid mining methodology, alternating between conventional and long hole mining, warrants further investigation during the Feasibility Study.

The Company, together with  Turgis, recognise that the long hole variation to the dip mining technique in Option 2 is, as yet, not an established mining practice for the Witwatersrand Reefs and has therefore not been used for the conversion of Indicated Resources to Probable Reserves. Instead, this conversion results from the application of modifying factors using the conventional mining method in Option 1.

This Reserve calculation is based on an underground mine layout for the DBM orebody that will require a total life of mine capital expenditure of R5 443 million (approximately US$680 Million) including R 144 million (US$ 18 million) sustaining capital. However, peak initial funding will be considerably lower at R2 366 million (US$ 295 million).  The PFS also estimates that the average operating cost will be R629/tonne (US$78.6/tonne), whilst first reef production could be achieved 47 months after the commencement of shaft sinking.  The ore will be delivered to an on-site carbon-in-leach gold recovery plant that will recover 96% of contained gold delivered to the plant.    Including a 5 year ramp-up period, the mine is expected to operate for 18 years with an average annual production in excess of 200 000oz of gold and cash costs estimated at US$628/oz.

Based on a gold price of R400 000/kg (US$ 1 555/oz at R8.00 per US$1) and a State royalty of 5% on revenue, Option 1 has an IRR of 28.0% and an NPV (5%) of R7.23 billion (US$913 million), while Option 2 has a potential IRR of 31.2% and an NPV (5%) of R10.3 billion (US$1.3 billion). The financial results for Option 2 are considered to be indicative, as the down-dip mining method is relatively untested in the Witwatersrand mines. Based on the potential improvement in the IRR and safety, it is the intention of the Company to thoroughly research the viability of the down-dip mining method during the Feasibility Study stage.

Bloemhoek Project

Borehole PL1, drilled in the southern extension of the Bloemhoek Project located in the southern Free State goldfield, was completed during December 2011.  Sample analysis of the Beatrix Reef returned an average gold grade of  4.48g/t over 104.66cm for 469cm.g/t; and 0.128kg/t uranium over 104.44cm for 13.414 cm.kg/t at a depth of 1 860metres.  This Reef intersection falls outside the area defined for the previous Mineral Resource estimated for the Bloemhoek Project and confirms that the mineralisation extends further south than historically modeled.

Potchefstroom Goldfield

The Company's current focus in the Potchefstroom Goldfield is on the Boskop and Livingstone Project areas, which are situated along the highly structurally deformed western margin of the Central Rand Group.   Borehole drilling, planned for later this year, is being considered in an area where the Company's revised geological model anticipates that both mineralised Carbon Leader Reef and Livingstone Reef may be situated at depths of between 1 650 and 2 200 metres below surface.

Klerksdorp Goldfield

Attention in this area is focused on the Cyfervlei Project, where a regional review of the geology is being undertaken using available historic data.  Early indications are that most of the prospective ground may represent sizable reef blocks, preserved within the northeast - southwest trending Jersey Fault Zone, at depths between 3 500 and 4 200 metres.

Forward‐looking information

Certain statements in this release may constitute forward‐looking information within the meaning of securities laws. In some cases, forward looking information can be identified by use of terms such as "may", "will", "should", "expect", "believe", "plan", "scheduled", "intend", "estimate", "forecast", "predict", "potential", "continue", "anticipate" or other similar expressions concerning matters that are not historical facts. Forward‐looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about future financings, potential mining methods, timing of a feasibility study, development of mineral properties, and results of development of mineral properties are forward‐looking information.

Forward looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and surface gold mining; the ability to attract and retain qualified personnel; labour disruptions; changes in laws and government regulations, particularly environmental regulations and Mineral Rights legislation including risks relating to the acquisition of the necessary licences and permits; changes in exchange rates; currency devaluations and inflation and other macro‐economic factors; risk of changes in capital and operating costs, financing, capitalisation and liquidity risks, including the risk that the financing required to fund all currently planned exploration and related activities may not be available on satisfactory terms, or at all; and the ability to maximise the value of any economic resources. These forward‐looking statements speak only as of the date of this release.

You should not place undue importance on forward‐looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward‐looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events except where required by applicable laws.

For and on behalf of the board

Philip Kotze      
Chief Executive Office     
Derek Urquhart
Financial Director
29 August 2012

Business and Registered Office
12th Floor, 70 Fox Street, Johannesburg,2001
PO Box 61147, Marshalltown, 2107
Tel: +27 (011) 832 1749
Fax: + 27 (011) 838 3208


Mr. Adam Fleming (Chairman*), Prof Taole Mokoena (Deputy Chairman*), Dr Humphrey Mathe (Director*), Mrs. Gayle Wilson (Director*), Mr. Ken Dicks (Director*), Mr. Philip Kotze (Chief Executive Officer), Mr. Derek Urquhart (Financial Director)    *Non-executive

Company Secretary
Mr. Brian Dowden
7 Pam Road, Morningside Ext 5
Sandton, Johannesburg, 2057
PO Box 651129, Benmore, 2010
South Africa
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2 Eglin Rd, Sunninghill, 2157
Private Bag X37, Sunninghill, 2157
South Africa

Transfer Secretaries
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SOURCE Wits Gold