Wits Basin PR
Wits Basin Receives Further Extension to Purchase the Bates-Hunter Gold Mine
WEDNESDAY, JANUARY 18, 2006 7:15 AM
- BusinessWire
MINNEAPOLIS, Jan 18, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) holds an option to purchase certain assets of the Hunter Gold Mining Corporation (a corporation incorporated under the laws of British Columbia, Canada), including the Bates-Hunter Gold Mine and the Golden Gilpin Mill located in Central City, Colorado. Wits Basin had until December 31, 2005 to complete certain obligations required in maintaining its rights under the option. Wits Basin received additional requirements from Hunter Gold Mining Corporation in order to maintain its rights under the option and allow for uninterrupted continuity of its rights held as of December 31, 2005. The Company has executed an amendment to the option and has received an extension until November 30, 2006 in order to make its purchase and furthermore agreed that the purchase price will be denominated in Canadian Dollars, with a stated purchase price of Cdn$4.6 million.
Additional Samples and Continued Rehabilitation
Additional samples have been taken and are in route to the assay lab for analysis. The samples are from the surface and from the 130 foot sublevel (both needed for continued development of the 3-D vein mapping). The Company expects sample results within the next few weeks. De-watering continues past the 162 foot mark, which should allow for inspection of the 151 foot drifts. The inspection of both the east and west drifts will proceed once the old workings are deemed safe by the engineers.
