Here are some points that I found in the last 10Q.
The deadline of 30 November 2005 is no longer. Wits received an extension, probably due to the extensive dewatering project required to make a sound decision. They now have until Dec 31, 2005 to complete Phase 1 of their DD. This phase includes bringing the pump house online (completed), dewatering to a predetermined level (nearly complete), metallurgical tests (in-progress), and mapping of the mine shaft (nearly complete). So it appears that this phase is progressing smoothly. The total expense for this phase is $500,000, which from what I can tell the company has secured.
Phase 2 will need to be completed NLT April 30, 2006. This will involve a diamond drill station that will commense drilling around the 745 foot level. This phase will identify the vein system and will verify the economical value of the property. This shoul dbe when we get the biggest pop in share price. This phase requires $650,000 which from what I can tell the company has access to funding from Pacific Dawn Captial to complete this phase.
Finally the acquisition decision must be made on or before May 31, 2006. I have a feeling that we will know farther ahead of time if this purchase will occur. I would hope that the decision can be made before expending the entire $1.15 million for phases 1 and 2. Phase 3 follow the acquisition which will include 100 tons per day of extraction.
Something that I found very interesting is that Wits states that they believe the Bates-Hunter Mine will be the first revenue producing property for Wits. I guess the Canadian and African mines were about as successful as the South American mines.
In June 2005 Wits sold its interest in the Brazmin Porject (South America) back to the original owner for $75,000 and realized a loss of $466,578. This could be reason for the share price drop.
Wits owns or at one time owned 250,000 shares of MacDonald Mines Exploration which trades on the Canadian exchange. They planned to sell all of these shares by the end of 2005. Unfortunately the share price has been dropping but recently it had a nice spike so perhaps they will raise more funds then expected.
Lastly according to the 10Q approximately 50% of the outstanding shares are held by 2 directors, Hawk Associates (partner) and 4 other investors. So that puts the float down to around 30-35 million.
