One to watch WITM: OTCBB
Wits Basin Provides Updates on Gold Exploration Projects
MINNEAPOLIS--(Business Wire)--March 16, 2006--
Wits Basin Precious Minerals Inc. (OTCBB:WITM) announces
the following updates on its South African and Colorado gold
exploration projects.
FSC Project
Just recently, AfriOre Limited (TSX:AFO), our joint venture
partner and the operator at the FSC Witwatersrand Project (which
stands for "Free State Cape" project) recently met with members of our
management and board of directors and provided an update of the newly
available seismic data, including various geological documents that
are currently under review by AfriOre's team of experts. Their team
has identified the area for the next drilling target by utilizing last
year's drilling results and the follow up study of geophysics and
geophysical interpretation. Plans are underway to secure a drilling
rig as soon as available and place it into service. Wits Basin should
have updated information within the next six weeks.
Bates-Hunter
Plans for a site visit by Dr. Clyde Smith and members of his
consulting team have been scheduled. They will be selecting the
location for the underground drill station in order to test for the
multiple parallel veins believed to be present within the current mine
workings. The recently announced assay results, supplemented by the
samples currently being tested, will be used to develop a plan to
search for various multiple vein structures. The drilling equipment
has been readied and delivered to the mine site.
The surface drilling program is still being reviewed and drilling
contractors are being located and qualified. Wits Basin should have
updated information within the next four weeks regarding the
feasibility of a surface drilling program.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding
interests in three 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) visit
our website at www.witsbasin.com.
Forward-Looking Statements and Risk Factors
Certain statements contained in this press release are
forward-looking in nature and are based on the current beliefs and
assumptions of our management. Such statements are valid only as of
today, and we disclaim any obligation to update this information.
These statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to
differ materially from the statements made. These statements are based
on our current beliefs and expectations as to such future outcomes.
The cost of exploration and exploitation can be extensive and
there is no assurance that we will have the resources necessary or the
financing available to pursue projects we currently hold interests.
The risks are numerous and detailed information regarding these risks
may be found in filings made by us with the Securities and Exchange
Commission, including our most recent annual report on Form 10-KSB,
quarterly reports on Form 10-QSB and reports on Form 8-K.
Wits Basin Precious Minerals Inc., Minneapolis
Stephen King, 612-490-3419
or
Vance White, 866-214-WITM(9486)
or
Redwood Consultants, LLC
Jens Dalsgaard, 415-884-0348
InvestorInfo@RedwoodConsultants.com
Copyright Business Wire 2006
16Mar06 12:16 GMT
Symbols:
us;WITM
Source BW Business Wire
