Although 'positive', West Wits opts not to release Project 200 scoping study results
ASX-listed West Wits Mining has, following consultation with the stock exchange, decided not to release the scoping study results on its Project 200, which forms part of the company's broader Witwatersrand Basin project (WBP), in South Africa, to the market.
The company, however, assures shareholders that it views the results of the study, which was completed on the basis of a 35-year mine life model for the WBP, as positive and that it intends to continue progressing the project.
The scoping study considered the broader tenure of the company within the Witwatersrand basin and incorporates the company's Qala Shallows project, which is currently in development.
Although the company had planned to release the results of the Project 200 scoping study to the market, it has, following consultation with the ASX concluded that releasing the scoping study as completed would not meet ASX requirements given the proportion of inferred resources used in the production target and the financial information derived from same.
"The company intends to continue to progress Project 200 and the development of the project through to the next level of studies. As part of that process, the company will also seek to complete additional work, including to convert more inferred mineral resources into higher-confidence categories of mineral resources, with a view of providing further disclosures and updates to the market as appropriate in future," West Wits said in a statement to shareholders.
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