NEWS RELEASE.

May 31, 2012: Johannesburg, South Africa – Witwatersrand Consolidated Gold Ltd. (Wits Gold – Stock Profile – TSX:WGR) announced yesterday, 30 May 2012, that the acquisition agreement in respect of an offer by Wits Gold and Pan African Resources plc (the “Consortium”) to acquire 100% of Evander Gold Mines Limited from Harmony Gold Mining Company Limited in a 50/50 joint venture had been terminated by mutual agreement between the parties.

The process has been constructive. The Company was able to canvas and meet the majority of its shareholders and has received their support for its strategy and the right transaction.

Wits Gold’s CEO, Philip Kotze, commented: “While we are disappointed that the Consortium’s offer was not successful, our strategy to become a profitable mid-tier gold producer and developer to create maximum value for our shareholders remains intact.

Wits Gold will continue to actively pursue other opportunities to achieve our goal of becoming a gold producer, and we believe that our timing is apposite as we anticipate greater industry consolidation at the right price in the near term.

The pre-feasibility study for our flagship De Bron Merriespruit (DBM) Project in the southern Free State goldfield is being finalized, and the detail will be shared with the market within the next month. We also continue to advance the remaining exploration projects in our portfolio up the value curve, and expect to provide further updates in this regard during the coming quarter.”

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