Wits Basin Precious Minerals (fka WITM)

[YankeeAce]

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.