Wits Basin Precious Minerals (fka WITM)

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Wits Basin PR

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Wits Basin Announces Additional Assay Results: Over 1 Oz. per Ton Gold Reported; Gold-Bearing Veins Continue to Be Exposed as Dewatering Progresses at the Bates-Hunter Gold Mine in Colorado

TUESDAY, DECEMBER 06, 2005 7:15 AM
- BusinessWire
MINNEAPOLIS, Dec 06, 2005 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) is pleased to announce that the fire assay and multi-element geochemical results from 14 grab, channel and muck rock chip samples taken from both the surface and other accessible portions around the third level of the Bates-Hunter Gold Mine, Central City, Colorado, have been received from a registered assay lab.
In his report to the Company, consulting geologist Brian Alers reports, "The discovery of additional gold-bearing veins at depth is very encouraging and indicates that more veins could be found at the Bates-Hunter Mine.
Fire assay results have been received from American Assay Labs in Reno, Nevada. Sample BH-5018 was a grab sample from a 2-inch wide vein exposed in the120-foot sub-level and has identified a vein split off of the main Bates Vein that contains 1.25 ounce per ton gold and 1.4 ounce per ton silver. These assay results are comparable to the gold and silver assay values found in the Bates Vein on the 112-foot level, of 1.03 ounce per ton gold and 3.6 ounce per ton silver, which was reported on October 28, 2005."

Number Type Location Au (Gold) (1) Ag (Silver)(1)
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BH-5018 Grab 120E, back 1.25 1.40
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BH-5019 0.9 ft channel 120E, end 0.18 0.87
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BH-5020 0.7 ft channel 120E, s rib 0.01 (2)
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BH-5021 Grab 112W, n rib 0.02 (2)
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BH-5022 0.9 ft channel 112W, n rib 0.05 (2)
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BH-5023 Grab 120E, s rib 0.24 3.00
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BH-5024 Grab 112W, s rib 0.00 (2)
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BH-5025 Drill Cuttings 112W, n rib 0.04 (2)
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BH-5026 Drill Cuttings 112W, n rib 0.00 (2)
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BH-5027 0.9 ft channel 93 SW sft 0.28 0.85
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BH-5028 Dump E-McAllister 0.30 1.10
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BH-5029 Dump W-German 0.42 1.74
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BH-5030 Dump President 0.04 0.70
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BH-5031 Dump W-Iowa 0.05 0.80
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(1) Ounce per ton
(2) Less than 0.25 oz per ton
Dewatering has progressed to just below the 151 foot level (see the longitudinal map at our website: www.witsbasin.com/maps/Section1.pdf). This is significant due to the vast amount of water that was contained in the drifts and stopes near the 151 level. As the dewatering continues, a survey of the Bates-Hunter land position has begun, which will; 1) locate key features on the surface for integration with a 3-dimensional AutoCAD model, and 2) locate parcels with surface and mineral rights that could be used as diamond drilling sites.