Wits Basin Precious Minerals (fka WITM)

[YankeeAce]

I spoke to the CEO today as I was concerned at the recent increasing in outstanding shares. He informed me that 16M of the 38M warrants issued in April for $0.25 have been executed. He mentioned something about fighting dilution by reissuing warrants at $0.50. In all the company raised over $4M to be used for operating costs at the Bates Hunter Mine. He stated that his wife owns over 3M shares so he does not want dilution either.

He was very excited about the Mexican mine deal and said that news should be out within the next two weeks. He mentioned that the acquisition would add $0.50 per share "value" to the company with all of the reserves and all. He considers Bates to be the potential for the company but the Mexican deal to be the value. He was very optimistic about the price of the stock especially at this level. But then again that's the CEO's job. I'm very impressed about the response time I got from contacting him. We actually have a management team that cares about investors and wants to build a solid company supported by shareholder value. We should see over $1 within the not to distant future IMO.