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Wits Basin PR
Wits Basin Announces Receipt of New Order Mineral Permits for the FSC Project, South Africa
Thursday October 19, 7:19 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc., (OTCBB:WITM - News) is pleased to announce that it has been advised by AfriOre (Pty) Limited ("AfriOre") that AfriOre has received New Order Prospecting Rights under South Africa's Mineral and Petroleum Resources Development Act thus allowing for further exploration to progress at the FSC gold project. The Prospecting Rights which have been granted cover an area of approximately 52,615 hectares (129,959 acres) of the estimated total of 102,612 hectares (253,451 acres) where rights are held, are in application or subject to conversion at the FSC gold project. Following completion of drill hole BH 48 (which intersected quartzites that were positively identified as Witwatersrand Supergroup strata) additional geophysics and seismic interpretations have been completed. Preparations are now underway to mobilize a drill rig to the next drill site as additional drill targets are being identified.
Vance White, Chairman of the Board of Wits Basin commented, "We are particularly delighted at the cooperation between South Africa's Department of Minerals and Energy and the project manager, AfriOre, in awarding these rights so that we can resume our exploration program in the southern extension to the Witwatersrand Basin at the FSC gold project."
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in five exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (OTCBB: WITM - News) visit our website at www.witsbasin.com.
Wits Basin PR
Wits Basin Announces Business Development Update
Wednesday September 27, 7:27 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc., (OTCBB:WITM - News) provides the following information regarding the development of its business.
Quarterly Milestone Achievements
First Quarter:
• Dr. Clyde Smith becomes an outside consultant to the Company
• The Bates-Hunter Mine assay results help to confirm data from historical records
Second Quarter:
• Wits Basin has warrants exercised, resulting in gross proceeds of approximately $3.9M
• The Company began its due diligence, required to be completed by 6/30/06, for the Vianey silver project located in Mexico
• Vianey due diligence completed and 50% earn in right executed on 6/28/06
Third Quarter:
• Bates-Hunter Mine surface drill program underway
• Dr. Clyde Smith is appointed the President of the Company
• Purchase agreement for the Bates-Hunter Mine using a "cash-flow" mortgage executed
As We Continue to Move Forward in the Remainder of 2006, Our Focus will be on Three Projects.
The important work to be accomplished by the commencing of the surface drilling program at Bates-Hunter Mine is underway. We see the value creation at this project being developed as follows:
• First, the search for a major gold ore body is the purpose of the surface deep drilling program now in progress.
• Second, de-watering and rehabilitation of the mine will allow for an underground drilling program that will test additional veins adjacent to the Bates Vein.
• Third, if gold ore reserves are located in adjacent veins, early production could follow.
• Fourth, discovery of major gold ore bodies could attract a major company partner or buyer of this asset.
At the silver project in Mexico, the Vianey Mine, a 3,200 meter HQ core drilling program will commence along with re-habilitation work at the mine, creating conditions needed for exploration and possible early production to begin. There are approximately 8 workers mucking out the old workings and a search is underway for a mill to be located on the site. This movement toward early production, if it occurs, would be nearly one year earlier than originally planned.
The FSC project in South Africa is in the final stages of permitting to convert old order mining rights to new order rights under the new minerals legislation introduced to South Africa in 2002. The Company is in the process of exercising the right to earn the additional 15% interest by utilizing a revised payment schedule thereby bringing our interest to 50% in the project. The capital, the drill rig and the manpower are all available to begin as soon as the permit(s) are finalized. The next drill target has been identified by our partner and operator AfriOre, and is indicated to be in the order of 8 kilometers in strike length. This target has been selected following the completion and results from Drill-hole 48 which identified Witwatersrand rock stratigraphy and follow up geophysics. It is anticipated drilling will commence during the 4th Quarter.
Liquidity Sources and Capital Needs
The Company has potential liquid resources of approximately $2.3 million. These amounts include cash, notes receivable, and standby financing agreements. Our current immediate project payments due during the 4th quarter will include $500,000 to FSC, and an additional $325,000 to Vianey and an estimated $575,000 for Bates-Hunter. Corporate expenses for the 4th quarter are estimated to be $300,000.
Additional capital could be provided to the Company in the 4th Quarter 2006 from various warrants scheduled to expire if the owners of those warrants choose to exercise them.
The Company believes these potential sources of liquidity are sufficient to fund operations into the 2nd quarter 2007.
Everything is setting up nicely for a future run on news with WITM. We should have two operational projects drilling at the same time over the next few months (Colorado and Mexico). News from these studies should propel us well north of $0.50 by the end of the year. Management appears to have their ducks in a row for this season and the potential gain far exceeds the potential loss on this one IMO.
Wits Basin PR
Wits Basin Announces Commencement of
Drilling Program at the Vianey Mine
Minneapolis, Minnesota, September 26, 2006 – Wits Basin Precious Minerals Inc., (OTCBB:WITM) is pleased to announce the commencement of a 3,200 meter HQ core drilling contract at the Vianey Mine Concession (“Vianey”) located in Mexico. Journey Resources Corporation, (“Journey”) (TSX-V:JNY) is the recorded and beneficial owner of 100 percent of Vianey. On June 28, 2006, we closed on an optin mining claims comprising the Vianey.
on agreement with Journey whereby we may earn up to an undivided 50 percent interest in certai The Vianey property covers 5,022 hectares (approximately 12,400 acres) and has a silver-lead-zinc mineralization production history. The concession is located in the southern Mexican state of Guerrero, 250 kilometers south of Mexico City and 160 kilometers north of Acapulco. Less than 2 kilometers away is the town of Atzcala, with water, telephone and medical facilities, as well as a sufficient labor pool. There is existing electrical power at the mine and a major power line passes near the property.
Mineralization at the Vianey Mine includes veins, breccias, lenses and mantos of silver as well as poly-metallic lead-zinc mineralization with local concentrations of gold and copper. Most of the veins are localized along NW-SE trending structures and E-W structures; the lenses occur in fault zones and as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in the limestone host rock, which are associated with calcite-gypsum-quartz gangue minerals and important amounts of associated silver.
A review of past calculations of potentially mineable tonnages of mineralization, including the most recent exploration activities completed in 1997, by P.J. Hawley, provides a total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. These data are historical resource estimates under National Instrument 43-101, which have not been sufficiently verified by a qualified person to be classified as current mineral resources. Neither Wits Basin nor Journey are treating these historical estimates as current resource estimates and therefore, these historical estimates should not be relied upon.
A drilling contract has been awarded to CanMex Diamond Drill S.A. de C.V. of Sinaloa, Mexico. The objective of the present round of drilling is to test the grade, thickness and continuity of mineralization at depth and along the strike. The 2005 technical report by R. Blakestad, confirms the potential that these known mineralized zones, extend past the current mine workings. On-site examinations and available exploration data indicate a probability of discovering extensions to known silver-bearing veins on the property, both in the existing mine and the adjacent areas identified in the Blakestad study.
Sample handling on site will be under industry-standard guidelines, and laboratory analysis will be provided by ALS Chemex, Guadalajara, Jalisco, Mexico. The design and overall management of the program will be provided by Journey’s geologist Rodney Blakestad, the Qualified Person on the Vianey project.
Dr. Clyde Smith, President of Wits Basin, commented, “The Vianey Mine project exhibits potential for discovery of additional tonnage of economic grade. It is believed that the forthcoming drill program will extend the previously mined zones laterally and to depth from the underground workings.”
Mr. Jack Bal, President of Journey, commented, “We are pleased to have concluded agreements with CanMex and very excited about commencing the drill program on the Vianey property.”
Wits Basin PR
Wits Basin Announces Dr. Clyde Smith Appointed President
Monday September 18, 7:18 am ET
Mr. White Appointed Chairman of the Board and Mr. King Appointed CEO
MINNEAPOLIS--(BUSINESS WIRE)--Sept. 18, 2006--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce the appointment of Dr. Clyde Smith as President, effective September 15, 2006.
Vance White stated, "We have reached the point in our development where the geology and science skills needed on our drilling in Colorado and development in Mexico requires skill sets Dr. Smith fulfills. The past work Dr. Smith has completed in both gold and silver projects becomes a valuable resource to Wits Basin and its shareholders."
Dr. Clyde Smith submitted the following statement, "Wits Basin has acquired high quality projects, all of which exhibit excellent potential for discovery of significant ore deposits and production. I am enthusiastic about the opportunity to provide the geologic and management direction of the Company's projects in Colorado, Mexico, and South Africa. In addition, I look forward to evaluating and directing future projects generated by the Company's aggressive search for new opportunities."
About Dr. Smith
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He remains engaged in a gold-platinum project in Nevada as well as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in five exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (OTCBB: WITM - News) visit our website at www.witsbasin.com.
This was the news I was waiting for. These 8 holes to a depth of 1000 feet plus will confirm the existance and location of parallel veins. From previous releases there are two parallel veins that could hold the same value as the current one. IMO this stock is vastly undervalued.
Wits Basin PR
Wits Basin Announces Commencement of Surface Drilling at Bates-Hunter Mine
Thursday September 14, 7:14 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Sept. 14, 2006--Wits Basin Precious Minerals Inc., (OTCBB:WITM - News) is pleased to announce that the surface drilling program in Colorado has commenced. Vance White, CEO stated, "After receiving all of the necessary State and Local permits, we have confirmed that the surface drill program is now underway. We are extremely excited by the prospect of proving a target that lies beneath the existing shaft and workings."
Dr. Clyde Smith, the head Geologist for Wits Basin made the following statement, "Surface drilling on the Bates-Hunter Gold Project at Central City, Colorado has begun. The target for the first hole is the intersection of the Bates and the Hartford veins at a depth of 1000 feet below surface. Underground workings in the Bates-Hunter Mine extended to 745 feet and information from that level indicated that an ore shoot of economic grade should continue below that level. Information on the Hartford Vein indicates that it has been productive at intersections with the Bates and other veins in the Central City District. Wits Basin Precious Minerals Inc. has signed a contract for a minimum of 8,000 feet of drilling on this multiple hole project. Drilling results will be reported as received."
While I really like this stock and its potential I would not put alot of weight on the $1.50 price target in that analyst report since Wits paid them to make that report. I guess that approach to public relations works to some degree I just don't see that the money is worth it. I'd rather they paid a PR guy $35K a year to do the job then one single firm making this report and blasting it out.
Wits Basin PR
Dutton Associates Announces Investment Opinion: Wits Basin Precious Minerals Speculative Buy Rating in Initiating Coverage by Dutton Associates
Thursday September 7, 7:16 pm ET
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Sept. 7, 2006--Dutton Associates initiates coverage of Wits Basin Precious Minerals (OTCBB:WITM - News) with a Speculative Buy rating and a price target of $1.50. The 25-page report by Dutton senior analyst Mike Niehuser is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.
Wits Basin Precious Minerals has three projects with good upside potential located in historically productive regions. The Company has consolidated land positions and has established unique intellectual talent and experience with all three projects. We believe each one of the projects has the potential to become a multi-million-ounce deposit attractive to major operators. All three projects have a precious metal focus, two of which have potential base metal credits available to offset production costs. The Bates-Hunter Mine and Vianey Mine projects are located in political environments amenable to mining, with the potential of moving into production within the next 12 months. The FSC Project, located in South Africa, is working to become the major goldfield discovery of the 21st century. The Bates-Hunter Mine project has both production and discovery potential in the near term. The project is located in Colorado's most prolific mining district, with known veins to potentially host over a million ounces of gold. The Vianey Mine concession, located in central Mexico, has been mined for centuries for silver plus zinc and lead. The FSC Project in South Africa has the potential to discover the world's next goldfield and one of the most important discovery in the 21st Century. The Company is not well known despite recent attention to the industry due to the current bull market in metals. Successful exploration or execution of mine plans in the next 12 months may lead to a substantial appreciation in the Company's stock price.
About Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts, primarily CFAs, have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. The Firm does not accept any equity compensation. We received $35,000 from the Company for 4 quarterly Research Reports with coverage commencing on 09/07/2006. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
The last two days have seen a significant volume increase. As usual a volume increase preceeds a price increase. IMO someone knows something and we should get a solid PR this week or next. Looks like we are forming the next leg up. We just completed a higher low and have broken the recent high. The next stop should be $0.40 and who knows from there. I'm looking for $0.50 by the end of the year and I'll let some go there, but the rest is waiting for the real run.
Mexico and Colorado news on the horizon. Hold on to your seats this could get interesting. Looked like some big block buys yesterday from what I could tell. I'll be watching intently around lunch again today. GLTYA.
All and all nothing scary in this report. The increase in outstanding shares is justified as there is very little debt on the books and over $1M in cash on hand. The resources are now in place to continue to grow the company's asset base. It looks like Mexico will be the companies focus going forward and Bates Hunter should be a done deal by the end of the year. The Canadian assets are in a wait and see status. I don't have much confidence in the South African deal mostly because the government is strict about what comes out of the ground there and how much they get their hands on. I would almost rather see Wits sell their portion of that and focus on Mexico and Colorado for now. As one of those pans out then we can move on with the Canadian projects. Within the next year Wits will have a significant proven Gold and Silver reserve and then investors will understand the true potential in this one. I'll continue to buy on weakness.
The 10Q is out. I'll post my assessment when I finish going through all of the details. Hopefully more Colorado and Mexico news on the horizon to put the life back into this one.
Looks like I gobbled up a few more shares yesterday at $0.0075. IMO this is an excellent entry point. I have a hunch that the company is holding back information. Perhaps they plan on running this baby once SGDS takes off. The way I look at it COHQ doesn't need to dilute the market with their own shares. In the near future they will be able to liquidate a few SGDS shares to raise the capital for their business. Then when the next company goes public the same thing will be true. Eventually we will be able to place a true value on the holdings of COHQ and investors will find true value. If they continue to slaughter this one I'll be there to pick up some cheapies.
This type of company does not take off over night. It is going to take months for the business plan to work out. Personally I will give it till the end of the year and then relook everything once again to determine where I go from there. I can appreciate the frustration though. I have a few dead horses that I am still holding three years later. I just feel that longs will win out with this one in the future, just not sure how long.
Momo beginning to build. Need a close above $0.30 to signal a breakout. Need news soon to make this baby run. Will it be Colorado news or Mexico news or possibly Canada news? I would like some more details about Mexico and the value down there. I'm already convinced that there is more value in the Colorado deal then most investors understand. So much undeveloped land in Canada but I think the better story lies to the south.
valley, Some good comments, but i'm afraid 1000 units in one contract may be a year or so out. Now 100 units is deinitely within reach. When we start churning out 100 units contracts each month on top of the R&R and Karta sales then we will have something to brag about. In a recent PR the company reported that they need only 130 units per month to break even. And they expected that by the end of this year. What many do not realize is the compounding effect of each sale due to the monthly service charges which PLKC should see a piece of. So 130 a month this year for break even but only about 100 will be needed each month next year and everything on top of that is gravy. Clearly this is a company that is getting its ducks in a line. IMO the Karta deal should have gotten us to $0.005 easily so this one is way undervalued. I'm sure dilution plays a small role in holding the stock down, but I believe that we have a short interest that is not yet in the open. I have some dry powder now so if they want to play this one below $0.0025 again I will gobble them up quick. The current scope of this company compared to its potential has only just begun. We have room for a few more moving companies, a few more sales units, and potentially bigger deals in Mexico. I'm telling all my friends to pick up a starter position and hold till the end of the year. This is just the kind of stock that one day will close at $0.003 and the next day open close to $0.01 on the right news. If people would just stop settling with 10% gains and hold for $0.01 we would get there in a hurry.
Congrats to all longs. Unfortunately I sold too early, but I can't complain about profits. Good luck from here on out.
This is just the news I have been waiting for. The financing is in place and the terms are solid. This should lead to the next leg up. So much news on the horizon with this acquisition and the Mexico deal. I'm really starting to get excited about this one. No worries about the price of gold retreating because tensions in the middle east continue to grow. My guess is that they are sitting on actual assay results which led to the final decision to execute this transaction. This company is drastically undervalued at this level and I am not sure why. Actually now we are up 15% today so I guess we are seeing the start of a move. The next few weeks should get us back to $0.40 and with more good assay results we could make our run to $0.60. Good luck longs.
Wits Basin PR
Wits Basin Executes Contract to Purchase the Bates-Hunter Gold Mine
WEDNESDAY, JULY 26, 2006 7:32 AM
- BusinessWire
MINNEAPOLIS, Jul 26, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc., (WITM) announced today it has entered into an agreement to purchase the project known as the "Bates-Hunter" mine located Colorado. Vance White, CEO of Wits Basin stated, "The future of this project looks very promising for the Company. With the current price of gold above $600 per ounce, we believe this mine could produce significant cash flow for the Company. This purchase will be accomplished primarily with a Cnd$6.5 million mortgage carried by the seller. This five percent interest mortgage is similar to a "cash flow mortgage" meaning that principal payments will not be required unless the mine goes into production. Additionally, the Company will pay Cdn$250,000 (to be held in escrow until the final closing) and will issue 3.62 million shares of its unregistered common stock that will remain issued and outstanding only if there is production from the mine. This is an extremely favorable structure for our shareholders." Finally, White commented, "This is very positive for the Company and a vote of confidence from the seller expressing its belief in the project's ability to move into production." The final closing is subject to customary due diligence and other closing conditions.
Well I got some more down around $0.0025 yesterday. Took some profits on LFWK today so as soon as that clears I'll be looking for some more cheapies. You'll have to fight me for any that fall below $0.0025. Sure would love to bring my average down another $0.0001.
To each his own, but at the same time yes they did kill the rally today. Which is why I don't typically use charts to make investment decisions. We could have very easily had those individuals hold and there would not have been as many shares available for sale and the complete opposite would have occurred despite what the chart from yesterday said. IMO this will only be short lived as today's drop allowed for many to enter in at a decent level. If only I had some dry powder right now this is where I would have put it. Perhaps I will liquidate what I have left in HISC and LFWK and get some more cheapies. I'm showing the RSI back down around 50 so I expect it to turn back north over the next few days. I can't imagine they can hold this one back much longer.
Thanks, didn't notice it because I normally don't look that short term. Just don't want to miss out on this one when it does make its move so I'm not flipping. GLTY.
fourrwinns, Can you please elaborate a bit on why the chart looks bearish? I've looked at a week, month, 3 month, 6 month and 1 year chart and just don't see it. The longer term chart shows that this one had a sustained run over $0.01. The shorter term ones show a trend reversal and recent heart beats. Volume is piking up again. News has been extremely positive. IMO we have a few sellers to get through that are taking small profits and then we break the $0.004 level and make our run. All that needs to be said is one word...Karta. The bullet to highlight is that Karta deals mostly with companies with 500+ vehicles. Each and every contract will cause price movement. Under those contracts we still have our base sales of R&R and internal to support the price. When the word on this one gets out we will have our day. Long and strong here, nothing shy of $0.01.
No need to worry about me, I'm such a little fish compared to many on iHub. However this is my target area to load up and continue to accumulate for the next leg. The market is drastically underestimating the value of the Mexican deal. More details ae due out shortly and I expect additional details on the Bates Hunter mine by the end of this month. Also think something is brewing in Canada but no clues yet.
Karta News Out EOM
Good point Valley but of course I like to be on the conservative side with all of my estimates. Otherwise I have seen people belittled on iHub for posting that they expected the stock to go to $0.25 and when it only doubled to $0.10 the bashers ran in to laugh at his estimates. I'm very confident in $0.01 and half confident in $0.02+ and a little confident in $0.05+, but I wouldn't bet my life on it. Either way this is a hot pick right now and soon the momo will run us higher on news. Holding for bluer skies.
Either way by the end of the year they will be happy they got them at these levels. If my other positions wouldn't be in the dog house I'd be accumulating down here. IMO we still should reach $0.01 by the end of the year based on the current momentum and my expectations out of Karta.
I disagree about the part that they will never find gold. In fact they have already drilled and found gold in Bates Hunter (see previous press releases for deposit analysis). The question now that still needs to be answered is, what is the true reserves in this mine and what price tag can be hung on it. All too often I have heard bashing about CEO's pasts and most have turned out to be good investments. Anyways, according to the company website Mr. King is still only a Director and Mr. H. Vance White is the CEO. If you want to dig up dirt on him go ahead and let us know what you find. If you search hard enough you can literally find something negative about anyone who is anyone. I'll dig into your link and see what I can find, thanks.
IMO we have turned the corner now with the Mexican deal looming. Should see a slow and steady return to the $0.50 range over the next month. This one makes for a great flip but I would still hold a little longer term because we are working with the El Capitan guys now and they moved their stock from like $0.25 to the $2 range over the past year. All depends on how big the potential of the Mexican deal turns out to be and if the assay values of Bates Hunter continue to prove valuable.
Ok I've done a little DD on SGVN and I have a couple questions for anyone who may be familiar with companies going public. As of May 31st there are 80,250,000 shares outstanding. However ALL of these shares are held by a combination of three segments (29% COHQ, 11% SGVN Insiders, and 60% European Investors). How will the company create any liquidity in the market place with every single share closely held? In other words, how do we put a value on these shares?
I do not understand why bighcarts.com has (NQB) after the ticker symbol. Pinksheets.com has it listed as a .PK stock but typically under bigcharts.com it will say (OTHER OTC) after the ticker. My guess is that NQB means Non-Quoted Bulletin. This could be due to the lack of liquidity. Pinksheets lists free L2 on this one I guess. It shows $0.51 on the Bid and $2000 on the Ask. Now that is a spread, LOL.
If growth rates continue compared to 2004-2005 then they have a chance of breaking even this year. Can't wait for the news from the shareholders meeting.
I wish it was just this easy. I mean this makes it look like we are only like 50,000 shares away from returning to $0.02. I don't think those quantities are valid. We really don't know how many shares are being offered. I think they just hang that out there in normal blocks. When I see 10,000 it actually worries me because that is outwardly saying that they are a big seller and the normal 5,000 block just won't do. We need news to build momentum in this one. The next spin off company will do just that. Hopefully we can hold out around $0.01 until then and then run back over $0.02 again at least. We just need to hear more about what is in the pipeline.
IMO there is not enough information in this PR to make this move our share price. I'm sure this will be followed up with a few PR's concerning the reserve potential in this property. I think it was just enough though to tell the loyal followers that now is the time to accumulate and that this is really going to happen. This project will add a whole new dimension to the company. We will be even more international. Successful reserves identified in the U.S., potential reserves in Canada, proven reserves in South Africa, and now proven potential in Mexico. This will expand us into more diverse minerals rather then just gold. This was a very smart move from management. And from what I can tell we are getting a 50% interest for 1M shares which equates to $300,000 at the current price. Of course we have to promise to spend so much on exploration over the next year, but that is a given if we want to produce revenue. That is dirt cheap for this property. Wits Basin alone will end up costing $4.6M to purchase that property and it is quite a bit less land, but does have a proven reserve and a state of the art water treatment facility. Continue to accumulate at these levels as we shall soon see over $0.40 again. IMO.
Wits Basin PR
Wits Basin Completes Due Diligence on Vianey Silver Mine in Mexico; Right to Earn up to 50% Interest is Exercised
WEDNESDAY, JUNE 28, 2006 7:28 AM - BusinessWire
MINNEAPOLIS, Jun 28, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) is pleased to announce completion of due diligence, ahead of schedule, relating to the Vianey Mine Concession located in Mexico. As previously announced on May 31, 2006, Wits Basin signed a letter-of-intent and had until June 30, 2006, in which to complete its due diligence, whereby it may earn up to an undivided 50% interest in certain mining claims comprising the Vianey Mine from Journey Resources Corp. (CA:JNY) .
Geologist Dr. Clyde Smith stated, "The Vianey Mine in the state of Guerrero is located in an area of southern Mexico known for mineral deposits of a variety of geologic types. The silver-lead-zinc vein, manto, and breccia deposits that have been mined almost continuously on the Vianey property since 1976 are characteristic of several of the ore deposits in this part of Mexico. Significant past production from six underground levels on two principal veins indicates a broad distribution of silver-lead- zinc ore in steeply dipping structures over an area of 300 metres in length and 150 metres in depth; some underground workings terminate in apparent ore grade mineralization. Underground drilling programs conducted in 1996 from the deepest level of the mine (75 metre level) totaled 2425 metres of core drilling. Numerous holes intersected several potential ore grade mineralized zones over potentially mineable widths at depths of up to 100 metres below the deepest mine workings. In addition, two sizeable breccia bodies have been identified that hold potential for bulk scale underground mining."
"We believe the Vianey Mine project exhibits excellent potential for development and we've elected to move forward exercising the option to explore this former producing silver mine," said Vance White, CEO. "Our plan is to develop an exploration program to help prove up additional mineralization that we believe could be several million tons."
About Dr. Smith
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He is currently engaged in a gold-platinum project in Nevada and serves as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
About the Vianey Mine
A review of past calculations completed in 1997, by Hawley, P.J., 2000b, states a total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. (These data are historical resource estimates under National Instrument 43-101, which have not been sufficiently verified by a qualified person to be classified as current mineral resources. Wits Basin is not treating these historical estimates as current resource estimates and therefore, these historical estimates should not be relied upon).
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in four exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.
valley-view, While I agree with you I must stress the importance of patience with this one. I have been telling all my friends that if they decide to take a position in this one they need to be willing to hold it through the end of the year. All we should expect for now is one or two contracts a month from R&R, which will probably be small (10-30 units a pop). Then maybe one contract a month from either Two Men and a Truck or All My Sons. Now with the Karta deal brewing we might be able to add another contract per month from Karta, but we don't know enough yet to factor that in.
It appears the big sellers are not through yet. I don't think the selling right now is coming from any longs because no one in their right mind that is following the company's progress would be selling at these levels now. We still need to churn through the remainder of the converted debt shares as well as the shares issued for services rendered. The very day though that this selling ends we will fly. Volume has tapered off the last few days so we just need to watch and see what happens now. If you still have dry powder then now may be the time to add. If I could just get a pop in one of my other holdings I'll have some more available funds. The company has been announcing contracts about every two weeks so there should be another one coming by the end of next week. HOWEVER, keep in mind that it is a holiday week so perhaps nothing until the following Monday. Yeh, if I were to bet on it I'd say July 10th is the next contract PR. IMO.
A close above $0.30 today looks to indicate a breakout and reversal. The next piece of news on Bates takes us over $0.40 and the Mexican deal takes us over $0.50. Now is the time to load up for this run. Won't be many more shares available under $0.30 from here on up. IMO.
Welcome back harr, we should continue to sustain this momentum as long as they continue to produce contracts on a monthly basis. Outstanding growth these last few months. We are all hoping for a larger contract but content with the smaller ones as we make the slow and steady trek back to $0.01 and beyond.
When December comes around and NG is selling at $14 again this one will be at $0.10 easy. If the price of oil continues to climb into the end of the year or if we have more terrorist problems in the middle east we could be approaching $0.25. If the Iran concern turns into a serious issue then the sky is the limit after the Texas LOI's play out. Talk about an excellent hedge to protect your other investments. Look at the two year chart for a peak at the potential on this one and then consider that back then there wasn't even any talks about Texas and the oil assets coming into the company. We should go at least twice as high as that spike when investors realize the full potential of the Texas deals. I'm fully convinced that this is just the start of this move.
I don't understand why everytime we see a low ball bid people get excited? Clearly there are a ton of investors out there with bids in at $0.04 and some below that. As they fill the higher ones that just indicates what the next one in line is. At that point it becomes a contest of who will walk their price in which direction. Buyers that really want in will walk up and sellers who want out will walk down. I don't see the intraday bid/ask at any given point to be that important. Clearly we are on an uptrend now and momentum is flowing in so the only thing that should really matter to any of us is the Ask right? That is where the weakness is. All they need to do is stay strong and don't let any more go cheap and we will stall for a bit and then take off. It just seems so simple.
Likely some HISC money coming this way as many investors were disappointed in yesterday's CC. Very strong close today. New is on the way I can feel it and I bet a few shorts felt it to and closed their positions. That's about the only thing I can think of that would cause that violent a close on no news. Anyone on RB today? Whatz the good word on that sesspool?
I can remember someone floating a rumor that no rigs are available from Schlum for something like 3 months. Is it just me or did futrcash alude to a different story????? Either way that is all just short term stuff. LOI's will play out and this puppy will be a major O&G player in TX. It's only a matter of time. Didn't the first week in May end just like this? A little more volume back then but then we went through a small consolidation and then took off.
I bet we had some ex-HISC investors join the party today. HISC did almost 40M in volume today which is the high for a long long time. Closed nicely though back to $0.03 showing that there are still many beleivers out there. I'll be looking for some familiar names to join us over here the next couple of weeks. If you are already out there lurking then welcome aboard. This one is setting up just like HISC before the run last year.
In all honesty I do believe there are still a few big sellers out there holding us back. It is to be expected when a company converts a large percentage of its convertible debtentures that there is a selloff that follows. Recent news and building momentum should be supporting us at higher levels. Just a guess but I'd say we needed about 300M of churn since March to account for the converted shares and executed warrants. Now that is above and beyond the normal daily volume. Since average volume is about 15M it looks like we have just about gone through the churn. She should be in stronger hands now. If only we had completed that before the momentum started building we would be back to $0.005 by now.
Dewey, keep them contract coming. More clarification on the Karta PR would be much appreciated. I look at Karta as another R&R but on a much grander scale because they have a much larger exposure. I think we should pull some cash to invest in sending some more large moving and storage or logistics/trucking companies a few free trackers to test out for a set period of time. It is good that we have these other companies selling our product now but we need internal guys out there trying to sign on some large franchise firms or trucking companies as well as working with some municipalities. Management should be working with big companies like IBM or Nextel to further develop our product and add functionalities to it. Who is our CIO/CTO and what does he/she do on a daily basis?
Has PLKC sent any of you an investors packet? I'd love to see them put one together with a strategy and a direction for the company. I'll have to check their website again.
Not sure if it is the same guy or not. Here is what it says on the website:
Stephen D. King
Director
Mr. King became a director of WBPM in July 2004. Mr. King presently is the CEO of SDK Investments of Atlanta, Georgia, a financial advisory firm. Mr. King has extensive experience as a financing resource specialist in a variety of business enterprises, including real estate, finance and media.
So he has been around quite awhile with this company. SDK Investment doesn't look like it did that well so it is hard to say. I think this is the same guy who wrote Coastal and Marine Geo-Information Systems : Applying the Technology to the Environment with David R. Green. I think he graduated from Colorado State University: College of Engineering. All of these pieces seem to fit, but it is hard to tell without a picture or anything.
HISC has a pretty bad conference call today. Looks like many investors expectations were crushed today. Might be a big sell off tomorrow. Some of them will likely find their way over here since we are trading at much lower levels and the potential appears to be growing. I look for us to hover in this range until more contracts roll in and HISC money pours over here. That kind of money could move us well over $0.01. Could be good timing on our part. I'm in HISC at an average of about $0.03, but I am holding long term on hopes of larger overseas contracts. May take a few years for that one to blossom. I think they got the cart ahead of the horse when it ran to like $0.08.