Wits Basin Precious Minerals (fka WITM)

[SyNaPzE]

Updated Information for Wits Basin's Colorado Project; Estimate of 1.1 Million Ounces of Gold Possible

MINNEAPOLIS, Dec 14, 2005 (BUSINESS WIRE) --

Wits Basin Precious Minerals Inc. (OTCBB:WITM) continues to update valuable information to shareholders. Recent updates included maps and other significant geological information regarding historical data from the Bates-Hunter Gold Mine. We believe that the current movement in Gold prices through the $500 per ounce price point makes some of this data a major financial benchmark.

Quoting from the report, "Exploration and Development Plan for the Bates-Hunter Project" by Glenn R. O'Gorman, P. Eng., dated March 1, 2005, regarding grades of ore and size it is stated, "Using a grade of 0.58 oz. Au/ton over a minimum thickness of 5 feet based on historic records, it is estimated that the Bates vein alone represents an exploration target that could host approximately 1.1 million ounces of gold to a depth of 2,400 feet. The strike lengths of the Vasa Levitt, Gettysburg and the six other veins covered by the project claims could increase this potential by a factor of two to ten."

Additional information Updates

We intend to provide updates in the form of assays and progress reports on both rehabilitation of the mine shaft as well as other data to provide the shareholders with the most up to date information possible.

About Wits Basin Precious Minerals Inc.

We are a minerals exploration and development company holding interests in four exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (OTCBB:WITM), visit our website at www.witsbasin.com.

Forward-Looking Statements and Risk Factors

Certain statements contained in this press release are forward-looking in nature and are based on the current beliefs and assumptions of our management. Words like "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," and similar expressions and their variants may be used to identify forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes.

The exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves and mineral resources in connection with any of our projects and any estimates relating to possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves and mineral resources already discovered and recovered by others in the same region of the planned areas of exploration.

The cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.

This press release is available on the Wits Basin IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/WitsBasin. Alternatively, investors are asked to e-mail all questions and correspondence to [e-mail] where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.

SOURCE: Wits Basin Precious Minerals Inc.

Wits Basin Precious Minerals Inc. H. Vance White, 866-214-WITM(9486) or Stephen King, 612-490-3419 or Investor Relations: AGORA Investor Relations http://www.agoracom.com/IR/WitsBasin [e-mail]
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