Wits Basin Precious Minerals (fka WITM)

[YankeeAce]

Take note to the board header that the decision to purchase the Bates Hunter site must be made by November 30th. The purchase price would be $3,000,000, which is cheap by many standards. The project estaimtes that there could be 1.1 million oz of gold down to a level of 2400 feet. Now it will take several years to reach that level but it is also mentioned that there are a couple other veins that run into the reqgion which could double or triple that forecast.

At the current $490 per oz that would yield $539 million in gold. Minus the cost of mining the project (say 50%) leaves $269.5M spread over say 30 years to mine down to 2400 feet. That yields almost $9M in revenues a year from this project. Once this project is up and running in full force we should recoup the cost within the first two years.

The current outstanding shares according to the website is 65,554,159 which equates to a market cap pf about $13M at the $0.20 level. IMO we are way undervalued. $20M market cap would be more reasonable which equates to about $0.30. I think we will see $0.30 before the end of the year.