Wits Basin Precious Minerals (fka WITM)

[YankeeAce]

Hey Dreaminofsailin, welcome aboard. Unfortunately I have not spoken to anyone in the company yet. I have just gotten into the mining stocks and I have been focusing on understanding the current techological capabilities and weighing them against the mining claims of certain companies. The Bates-Hunter Mine intrigued me so I dug deeper and figured that there is a pretty good potential for success there. So I waited for what I thought was the right price and bought in around $0.18. I missed the last dip to $0.14 to buy some more and the other day I sold some when it ran to $0.37. I thought it might pull back to $0.25 but we are forming a nice base here at $0.30. So I might get back what I sold at this level.

I live about an hour and a half to two hours away from the site. So when the weather gets nicer I will try to contact the company on a regular basis trying to get a tour or at least meet with some of the staff. So basically I don't know any more facts then you do, but I can take some educated quesses.

If you take a look at the map of the mine you will see some tunnels that seem to just end with an opening. I believe those to be unknowns and therefore it is difficult to figure out how much water they really have to pump out of there. A big company would probably pay some daring divers some big bucks to dive in there with lights and map out the entire mine, but I don't think Wits Basin can afford to do that. Another possibility might be a funding issue. Perhaps they could not secure the funding for the higher powered pump that they previously spoke about. We could still be opporating on the older smaller pump which will take twice as long. Perhaps in an effort to keep costs down they have not hired additional employees to focus on the dewatering during testing days so only one thing can be performed at a time. I just don't know. I am a little worried though that the ground water will soon increase as the snow beings to melt so if we don't crank it up we will just be treading water.

Of course I am taking a positive look at things. There is always the possibility of negative implications as well. For all we know they may have broken the pump and are awaiting parts or they are trying to raise the funds to get a new or better pump. I do believe that once we hit the level that says pump house in the shaft that we can put another pump down there to speed things up and pump water easier. Like I said I am still relatively new to this industry so I am speculating.

As far as it reaching $2, well only time will tell. I was just looking at El Capitan Precious Metals and what they have done recently. Keep in mind that they just doubled their total claimed area from 5000 acres to 10000 acres. Wits Basin doesn't own quite that much land but is sitting on a great deal of prime ore in Bates-Hunter and the adjoining mine.