Wits Basin PR
Wits Basin Engages CEO of El Capitan Precious Metals to Guide Colorado Development
THURSDAY, JANUARY 19, 2006 7:30 AM
- BusinessWire
MINNEAPOLIS, Jan 19, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM) has signed a consulting agreement with Chuck Mottley to assist in the focused exploration and development of the Bates-Hunter Gold Mine in Colorado. He currently serves as CEO of El Capitan Precious Metals, Inc (ECPN) and brings with him a breadth of expertise that we at Wits Basin feel will assist us in many aspects of our business.
In 2005, the National Mining Association ("NMA") held their annual meeting in Washington, D.C. and elected Mr. Mottley to its Board of Directors. The NMA is the voice of the American mining industry and the only national trade organization that represents the interests of mining before Congress, the Administration, federal agencies, the judiciary and the media.
Vance White, CEO of Wits Basin stated, "This addition to our team only strengthens our ability to oversee this historic project." White continued, "People like Chuck are difficult to find and we are very fortunate to be able to utilize his guidance."
The Bates-Hunter Gold Mine
The Bates vein, in the area of the Bates-Hunter Gold Mine, was the second lode discovered in Colorado and helped spark the great Colorado gold rush of the mid 1800's. We believe that up to nine principal veins underlie and are now controlled by the Bates-Hunter property. These veins have historically produced approximately 750,000 ounces of gold to about 600 feet average depth below surface or in excess of 1,000 ounces per vertical foot in the immediate vicinity of the Bates-Hunter Gold Mine which was closed in 1936. At that time, the mine shaft was approximately 800 feet deep and we believe that ore recovery beyond that depth is possible. Historical and current geological assessments show potential for the Bates-Hunter controlled veins to extend downward beyond their current 800 foot maximum depth. Other comparative mines in the area reached depths in excess of 2,200 feet and were still in ore at the time of closure.
