Wits Basin Precious Minerals (fka WITM)

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Wits Basin PR

Recent Assay Results Confirm High-Grade Silver-Lead-Zinc At Vianey

Friday December 15, 7:15 am ET

MINNEAPOLIS, Dec. 15, 2006 (PRIME NEWSWIRE) -- Wits Basin Precious Minerals Inc. (OTC BB:WITM.OB - News) has recently received assay results from its joint venture partner Journey Resources Corp. that confirm high-grade silver-lead-zinc potential on its Vianey Project, Guerrero State, Mexico. The assay results are attached as Exhibit A.

Although sample details are pending, eight selected samples from veins exposed on surface assayed in the following ranges: 8.7-147.9 ounces per tonne (opt) silver (Ag), 3.2-17.9% lead (Pb), 1.5-22.2% zinc (Zn). At current metal prices, these eight samples have an average calculated gross value in excess of $1,400 per metric tonne.

In addition, although sample location details are pending, six selected samples from the -75 meter level of the Vianey Mine assayed in the following ranges: 3.3-67.5 ounces per tonne (opt) silver (Ag), 1.8-27.1% lead (Pb), 3.5-25.5% zinc (Zn). At current metal prices, these six samples have an average calculated gross value in excess of $600 per metric tonne.
These assay results are significantly higher than the previously announced average grade of the current resource of 345,020 metric tonnes grading 8.6 ounces per tonne (opt) silver (Ag), 2.1% lead (Pb), 3.6% zinc (Zn). At current metal prices this resource has a calculated gross value in excess of $300 per metric tonne.

Wits Basin management believes these recent assay results are extremely encouraging. It is notable that these new results provide confirmation for the high-grade assays announced in the Company's news release of December 4. This news release reported on assay results from the -75 meter level of the Vianey Mine that calculated gross values at current metal prices in excess of $1,000 per metric tonne.

Please see Exhibit A, which can be found at: http://media.primezone.com/cache/5545/file/3539.xls