NEWS RELEASE.

Feb. 22, 2012: Johannesburg, South Africa – Witwatersrand Consolidated Gold Ltd. (Wits Gold – Stock Profile – TSX:WGR) announced the Department of Mineral Resources (DMR) has accepted the Company’s application for a Mining Right for gold, silver and uranium over its combined Prospecting Rights in the southern Free State goldfield. The total area measures 14,965 hectares (149.65km²) and includes the De Bron-Merriespruit (DBM), Bloemhoek, Robijn and Hakkies Project areas. The granting of the Mining Right is expected over the next 12 months once the Company complies with requirements in terms of the Minerals Act, such as obligations in terms of feasibility studies, environmental compliance as well as Social and Labour Plan commitments.

The Company’s DBM Project area, where mining will start at 480 metres below surface, will be the focal point for the first phase of mining activity. A pre-feasibility study is currently being fast-tracked at the DBM Project for completion by May 2012, which will also provide a more detailed timeline for the new mine’s development.

On 10 January 2012 Wits Gold reported a revised Indicated gold and uranium Mineral Resource of 7.5 Moz (41.8 Mt at 5.5 g/t Au) and 8.2 Mlbs U₃O₈ (21.7 Mt at 0.17 kg/t U₃O₈) at the DBM Project, the bulk of which is situated at depths of between 480 and 1 000 metres below surface. This Mineral Resource includes a high-grade zone containing 3.6 Moz gold at an average grade of 8.1 g/t.

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