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Wits Basin Precious Minerals (fka WITM)

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Last Post: 8/26/2016 11:36:13 AM - Followers: 46 - Board type: Free - Posts Today: 0





Wits Basin Precious Minerals Inc. (OTC BB: WITM) holds an impressive property portfolio which includes the Vianey Silver Mine in the state of Guerrero, Mexico, and the past producing Bates-Hunter Gold Mine in Central City, Colorado that experts believe may host up to ten million ounces of gold. In addition, a large exploration program called the FSC Project is underway on several hundred thousand acres in the famed, gold-rich Witwatersrand Basin area, South Africa, the most prolific gold-producing region in the world.

http://www.witsbasin.com/index.html

Wits Basin Updates Current Developments Related to Merger Progress and Acquisition of China Mining Properties
http://biz.yahoo.com/e/091218/witm.ob8-k.html
EXCERPT;  China Gold, LLC ("China Gold"),

a) Kenglo One, Ltd. Financing

On December 14, 2009, Wits Basin Precious Minerals Inc. (the "Registrant") entered into a Loan Agreement (the "Loan Agreement") with Kenglo One, Ltd. ("Kenglo"), pursuant to which the Registrant issued to Kenglo a secured promissory note in the face amount of $5,000,000 (the "Kenglo Note") in consideration of a loan to the Registrant of $4,000,000. The Kenglo Note was issued with an original issue discount of $1,000,000, and otherwise bears no interest. The maturity date of the Kenglo Note is February 14, 2011.

As additional consideration for the loan, the Registrant issued Kenglo (i) a five-year warrant to purchase 16,000,000 shares of Registrant's common stock at an exercise price of $0.10 per share (the "Kenglo Warrant") and (ii) a third-party option to purchase from the Registrant 1,299,000 shares of common stock of Standard Gold, Inc. (f/k/a Princeton Acquisitions, Inc.) held by the Registrant at a price per share of $1.00 (the "Option"). Standard Gold, Inc. is a majority-owned subsidiary of the Registrant. The Kenglo Warrant contains standard anti-dilution rights, and includes a net exercise right on behalf of Kenglo.

As a condition to the financing, Kenglo required that the Registrant grant Kenglo a security interest that was pari passu to that granted to China Gold, LLC ("China Gold"), a significant lender to the Registrant, such security interest to include a pledge of certain equity interests held by the Registrant and a security interest in Hunter Bates Mining Corporation ("Hunter Bates") and Gregory Gold Producers, Inc. ("Gregory Gold"), each of which were previously wholly owned subsidiaries of the Registrant and are parties to certain security instruments with China Gold. Hunter Bates and Gregory Gold are currently majority-owned, indirect subsidiaries of Registrant. With the consent of China Gold to grant a pari passu security interest to Kenglo, the Registrant, Hunter Bates and Gregory Gold entered into a Security Agreement dated December 14, 2009 (the "Kenglo Security Agreement") with Kenglo, granting Kenglo a security interest in all of such parties assets. Pursuant to the Kenglo Security Agreement, the Registrant pledged its equity interest in 18,584,544 shares of Standard Gold (constituting approximately 85% of the equity interest in Standard Gold), its 35% equity interest in Kwagga Gold (Barbados) Ltd., and its 50% equity interest in China Global Mining Resources (BVI) Limited ("CGMR BVI") (subject to the consent of London Mining Plc, the other 50% holder of CGMR BVI), and Hunter Bates pledged its 100% equity interest in Gregory Gold.


China is dead-set on driving the prices of rare earths through the roof.
INCLUDE NIOBIUM --- TITANIUM  AND NIOBIUM VERY RARE EARTH ELEMENTS.

USE; Avionics, radar, satellites, communication devices, fiber optics, targeting systems, navigation systems, guidance systems, advanced weapons components, special munitions, reactive armor, night vision, lasers, cruise missiles, smart bombs, main battle tanks, helicopter blades, air-to-air missiles, naval propulsion systems

Electric vehicle demand for [rare earths such as] dysprosium, neodymium and praseodymium is set to grow by an average of 790% in the next five years."

There are countless applications in which there are simply no substitutes for the rare earth metals.
 

Rare Earths?
Scandium
Yttrium
Lanthanum
Cerium
Praseodymium
Neodymium
Promethium
Samarium
Thulium
Europium
Gadolinium
Terbium
Dysprosium
Holmium
Erbium
Ytterbium
Lutetium



Wits Basin Current Projects

1. Our primary holding is a 35% interest in the FSC Witwatersrand-type gold project in South Africa in Kwagga Gold Limited which owns the FSC Project - Witwatersand area of South Africa with option to increase to 50% interest for an additional $1.4 million. Partnership with AfriOre Limited. Current plan is for 3 drill holes. $2.1M invested in this project to date and in mid 2006 Wits will receive a report on the initial drilling efforts and then determine any additional investment level.


2. Owns the rights to Bates-Hunter Gold Mine in Central City, Colorado, US - purchased project on 07/26/06 thru seller financed mortgage for CDN$6.5M (5% interest only, $250K escrow payment and 3.62M unregistered shares). These terms are very favorable because no principle payment is required and shares remain unregistered until the mine is in production.

BATES HUNTER DEWATERING PROJECT STATUS: 162 out of 727 feet (reported in May)
Wits Basin Website - http://www.witsbasin.com/index.html

Standard Gold Mining Resources (OTCBB:SDGR.OB), majority-owned by Wits Basin, currently controls the Bates-Hunter Gold Mine exploration project located in Central City, Colorado. The Bates vein, formerly mined in the Bates-Hunter Gold Mine, was the second gold lode discovered in Colorado and helped spark the great Colorado gold rush of the mid-1800s. The Central City mining district produced approximately 4 million ounces of gold and almost 120 million ounces of silver. Nine principal veins underlie and are controlled by the Bates-Hunter property. These veins have historically produced approximately 250,000 ounces of gold to a depth of about 500 feet

3. Options to 31.5% of mining claims in McFaulds Lake area of James Bay area near Attawapiskat, Ontario, Canada. First drill hole completed 05/01/05 with no economic value.

4. Near surface oxide zone exploration rights to 19 mining claims over 304 hectares in Holdsworth Project - Hawk Junction, Ontario, Canada. Requires $150,000 to conduct initial testing. No money has been spent on this project thus far.

5. Undivided 50% interest in certain mining rights at the Vianey Mine Concession in Gerrero State, Mexico (prior producing Silver mine).map below



6. Undisclosed portion of the volcanogenic massive sulphide (VMS) base metal projet in Northern Ontario on the Hawk-Macnugget Claims.
Hawk Uranium, Inc. has both direct or option interests in four gold and two VMS exploration properties in Ontario, Canada plus a core holding of 3.3 million shares in Wits Basin Precious Minerals Inc. (OTCBB: WITM). 

Wits Basin Website - http://www.witsbasin.com/index.html

7. ProjectsXiaonanshan Mine


Project History ;
In March 2009, London Mining plc and Wits Basin Precious Minerals (OTCBB: WITM) executed a joint venture agreement to create a 50/50 ownership of the Xiaonanshan Iron Mine, the Matang iron deposit, and the Sudan concentrator plant.

The Joint Venture controls over 69 million tonnes of magnetite iron ore resources in a single deposit that can be processed with existing facilities at the Xiaonanshan mine and Sudan concentrator plants. Moreover, 22 million tonnes of additional resources are located in the nearby village of Matang; this resource is expected to support expanded operations. The operations currently have a total of 454 employees: 257 (17 staff) at Xiaonanshan and 197 (7 staff) at the Sudan concentrator plants.



General Geological Features of the Xiaonanshan ore deposit:

The Xiaonanshan iron deposit consists of fractured and brecciated andesite and diorite host rock at the upper margin of an underlying diorite porphyry intrusion. Fractures in the breccia contain dominantly magnetite with rare metallic minerals and gangue of plagioclase, actinolite, chlorite, apatite, biotite, quartz, and carbonates. The mineral magnetite (Fe3O4) contains up to 72% iron (Fe) and 28% oxygen (O2). Ore grades are quoted in total iron (TFe) and commonly average 24-27% TFe, which means that approximately 37% of the ore consists of magnetite.

A 1973 report shows a resource of 71.3 million metric tonnes (mt) grading 26.5% TFe using a cut-off grade (CoG) of 18-20% TFe. In a 2007 report, it was estimated that a total of 2.0 million tonnes had been extracted from this resource. The Xiaonanshan open pit mine is currently producing from a 3.7 million tonne portion of the resource.



Xiaonanshan MineLinks

Chinese Embassy in London
http://www.chinese-embassy.org.uk/eng/

Chinese Government
http://english.gov.cn/

Ministry of Land and Resources
http://www.mlr.gov.cn/mlrenglish/

Steel and Iron Ore Companies in China:
Magang Steel, www.magang.com.cn/eng/
Baogang Steel, www.baosteel.com

 

Company Datasheet Link
http://www.witsbasin.com/reports/WITM_Fact_Sheet_022307.pdf
PRESS RELEASES
Wits Basin Enters into a LOI to Acquire PRC Mining Property



http://www.otcmarkets.com/stock/WITM/company-info

Contact Info
  • 900 IDS Center
  • 80 South Eighth Street
  • Minneapolis, MN
  • United States, 55402-8773
     
  • Phone: 612-349-5277
  • Financial Reporting/Disclosure;

Reporting Status U.S. Registered & Reporting: SEC Filer
Audited Financials Audited
Latest Report 

CIK 0000912875
Fiscal Year End 12/31
OTC Market Tier OTCQB

Profile Data
SIC - Industry Classification 1040 - Gold and Silver Ores
Incorporated In: MN, USA

Share Structure;

Market Value1 $3,619,044 a/o Nov 30, 2010

Shares Outstanding 180,952,179 -  Nov 12, 2010

Float N/A

Authorized Shares N/A

Shareholders
Shareholders of Record 170 a/o Apr 15, 2009

Significant Failures to Deliver Yes - Reg SHO 

Transfer Agent(s)
American Stock Transfer & Trust Company

 

PostSubject
#1358   True. lol eom7 08/26/16 11:36:13 AM
#1357   Sad to say, we are the committee...Lol chevy56 08/26/16 11:33:53 AM
#1356   We may need to form a shareholder committee eom7 08/26/16 11:28:13 AM
#1355   Turning blue from holding my breath....Lol chevy56 08/26/16 10:58:33 AM
#1354   Holding your breath? lol eom7 08/09/16 09:23:54 AM
#1353   Sent a e-mail..... chevy56 08/05/16 02:24:00 PM
#1352   malc, Wording here...... chevy56 08/03/16 03:47:56 PM
#1351   I`m at a lost here.... chevy56 08/02/16 03:01:25 PM
#1350   Yes... but does it do anything for us? eom7 08/02/16 02:08:19 PM
#1349   Looks like a settlement.......... chevy56 08/02/16 01:47:51 PM
#1348   Item 1.01 Entry into Material Definitive Agreement eom7 08/02/16 11:04:24 AM
#1347   Continue looking at this one....yeah just hoping ... chevy56 04/13/16 01:03:43 PM
#1346   Keep hope alive eom7 04/12/16 04:52:30 PM
#1345   Iron ore moving up..... chevy56 04/12/16 02:08:09 PM
#1344   Iron ore up $60 dollars, bloomberg.. chevy56 04/12/16 09:51:00 AM
#1343   Yay to that.... chevy56 03/15/16 02:42:04 PM
#1342   At least they are still responding. eom7 03/13/16 09:50:19 PM
#1341   Hope with any luck things will normalize in China... chevy56 03/12/16 10:57:01 AM
#1340   Well eom7, chevy56 03/11/16 03:46:41 PM
#1339   Hope for a return on my e-mail.... chevy56 03/11/16 10:48:19 AM
#1338   Iron Ore is on fire. eom7 03/11/16 09:21:46 AM
#1337   Would be nice to hear something upbeat from WITM... chevy56 03/10/16 03:06:17 PM
#1336   Prices are going higher from what I have eom7 03/07/16 07:24:24 PM
#1335   Iron ore ralley.... chevy56 03/07/16 04:06:29 PM
#1334   Interesting, thanks for that up-date eom7... chevy56 02/10/16 12:15:05 PM
#1333   Item 8.01 Other Events eom7 02/10/16 11:36:08 AM
#1332   No return on my e-mails.... chevy56 01/08/16 03:33:36 PM
#1331   Al McLellan eom7 01/08/16 03:31:29 PM
#1330   Another year. maybe we will hear something.... chevy56 01/08/16 09:13:54 AM
#1329   Iron ore price continued to rally overnight, bucking eom7 01/06/16 02:49:18 PM
#1328   eom7, I`m not sure, this might be our problem..http://pro.moneymappress.co chevy56 01/02/16 11:19:00 AM
#1327   eom7, Can only hope..... chevy56 12/30/15 01:15:43 PM
#1326   Just sent Al another email asking for a eom7 12/30/15 11:15:59 AM
#1325   Yuan,http://hsrd.yahoo.com/_ylt=AsSI3WwE5i9yMpEqBxpfTRObvZx4;_ylu=X3oDMTN0ZmFmcT chevy56 12/01/15 11:23:39 AM
#1324   China slowing down, making major structural changes to economy.... chevy56 12/01/15 11:21:21 AM
#1323   Thanks! X-mas miracle here!?!? eom7 12/01/15 10:40:37 AM
#1322   Thanks! X-mas miracle here!?!? eom7 12/01/15 10:40:37 AM
#1321   Hope your Thanksgiving was a great one.... chevy56 11/27/15 11:54:47 AM
#1320   Iron ore collapsing________http://www.platts.com/news-feature/2015/metals/steel- chevy56 10/24/15 07:52:54 PM
#1319   Iron ore not looking good.... chevy56 10/24/15 07:43:04 PM
#1318   No response to 3 of mine..... chevy56 10/21/15 04:46:03 PM
#1317   No response to my latest email? Is eom7 10/21/15 04:01:39 PM
#1316   Business program Bloomberg.... chevy56 10/07/15 10:02:04 AM
#1315   Link? TIA sch100 10/07/15 07:34:40 AM
#1314   This month, let us hope...... chevy56 10/06/15 03:56:28 PM
#1313   Bloomberg, expecting China to come roaring back...GLTUS chevy56 10/05/15 02:12:21 PM
#1312   Quarter is up... time for an update? eom7 10/05/15 01:47:43 PM
#1311   Profile Wits Basin Precious Minerals, Inc. is a mineral chevy56 09/30/15 01:31:12 PM
#1310   Sent off another e-mail today.... chevy56 09/20/15 06:17:23 PM
#1309   http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116906868 chevy56 09/11/15 01:39:37 PM
PostSubject