MINNEAPOLIS--(BUSINESS
WIRE)--Wits Basin Precious
Minerals Inc. (OTCBB: WITM)
is pleased to announce that it
is nearing the successful
completion of the business
development plan it implemented
in the fall of 2006 for the
Bates-Hunter Mine in Central
City, Colorado. The
accomplishments to date include:
-
Intersections of gold
mineralization with fire
assay results of more than
1.10 opt Au.
-
The completion of more than
80% of the 8,000-foot
surface drill program. The
remaining 20% of surface
drilling will include
drilling of targets
immediately adjacent to
known areas of
mineralization.
-
The creation of a
well-developed geological
understanding of the
distribution of potential
ore shoots in the area of
the Bates-Hunter property.
-
Underground samples taken
from the mine have assays
ranging from nil to over 6.0
opt Au, including the
following: 1.03 opt Au
(BH-5004, grab), 3.15 opt Au
(BH-5051, grab) and two
others in excess of 2 opt Au
(BH-5052, muck and BH-5055,
muck). Please visit the Wits
Basin website at
www.witsbasin.com for
the complete assay tables
for the underground samples
(http://witsbasin.com/Assay-Results-from-the-BH-Mine.pdf).
Wits Basin President Dr. Clyde
Smith said, "Recent drill
results have demonstrated that
several potential ore grade gold
veins occur at depth on the
Bates-Hunter property. Although
gold vein intercepts to date are
narrow, on-going refined
geological modeling continues to
point to locations of potential
ore shoots in the veins. These
locations are attractive drill
targets. The 3-D video model
that has been created reflects
the high quality of computer
graphics that are being employed
during this first modern
exploration program in the
Central City Gold District."
The
figures referenced below are
critical to understanding these
results
To review the progress of the
work accomplished at the
Bates-Hunter Mine, the Company
has released an updated animated
video of a 3-D working model of
the Bates-Hunter Mine and the
accompanying cross-section
slides that comprise the video.
-
To view the video, click
here (http://witsbasin.com/images/BATES-HUNTER-3D-ANIMATION-2007112
8.avi). (Due to its
length, this URL may need to
be copied/pasted into your
Internet browser's address
field. Remove the extra
space if one exists.)
-
To view Figure 1 containing
the results of the surface
drill program, click
here (http://witsbasin.com/images/BH20071129Figure_1.jpg).
-
To view Figure 2, a diagram
of the Bates Vein Section,
click
here (http://witsbasin.com/images/BH20071129Figure_2.jpg).
-
To view Figure 3, a cross
section of Diamond drill
hole BH-06-02, -03 and -04,
click
here (http://witsbasin.com/images/BH20071129Figure_3.jpg).
-
To view Figure 4, a cross
section of Diamond drill
hole BH-07-07 and -08, click
here (http://witsbasin.com/images/BH20071129Figure_4.jpg).
Dewatering Progress
The Company has been actively
involved in monitoring the
successful discharge of water
from the mine. The quality of
the discharged water has been
found to be cleaner than the
creek water into which it feeds.
The water level in the mine is
now below 300 feet and continues
to progress. The Company intends
to continue underground sampling
on all levels of the mine as
rehabilitation and dewatering
continues.
“Based on our work at the
Bates-Hunter Mine, we believe
the Company has a project which
contains far greater upside
potential than what is reflected
in market valuations,” said Wits
Basin CEO Stephen King.
“Combined with the historical
documents we have on this
property, we believe that the
probability of potential
economic viability of the
project increases with every
increase in the price of gold.
The drill core samples we have
assayed to date show gold
mineralization in several veins.
It is my belief that this
property will develop a
substantial resource of
commercially recoverable gold,”
said King.
About the Bates-Hunter Mine
The Bates-Hunter Mine is located
in Central City, Colorado,
approximately 35 miles west of
Denver. The Bates Vein was the
second lode discovered in
Colorado and helped spark the
great Colorado gold rush of the
mid-1800s. Famous for production
from high-grade gold ore shoots,
it has been estimated that more
than 4,000,000 ounces of gold
were produced in the Central
City Mining District between
1859 and 1947, with
approximately 95% of production
prior to 1904. During the early
1930's, the mine was still in
production but was shut down due
to litigation between the mine
owner and operator. In 1942, a
WWII production limitation order
(#208) effectively shut down
gold mining in the area and
throughout Colorado and the
United States. The nine
principal veins that underlie
and are controlled by the
Bates-Hunter property have
historically produced
approximately 750,000 ounces of
gold. A 1930’s report from the
745-foot level included an
average of 27 samples that
assayed 1.37 ounces per ton
gold.
____________________________________________________________
About Wits Basin
Precious Minerals Inc.
We are a minerals exploration
and development company holding
interests in three 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., visit
our website at
www.witsbasin.com.
Forward-Looking Statements
and Risk Factors
The statements included in this
press release concerning
predictions of economic
performance and management's
plans and objectives constitute
forward-looking statements made
pursuant to the safe harbor
provisions of Section 21E of the
Securities Exchange Act of 1934,
as amended, and Section 27A of
the Securities Act of 1933, as
amended. This press release
contains forward-looking
statements that involve risks
and uncertainties that could
cause actual results to differ
materially. 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.
These risks and uncertainties
include, among others, the
Company's ability to obtain or
maintain regulatory approvals;
the Company's ability to obtain
necessary financing; the outcome
of the Company’s pending
litigation with Easyknit; the
Company's ability to complete
the various mining project
acquisitions in the People's
Republic of China, which are
subject to execution of final
documentation, completion of due
diligence and receipt of
necessary financing; and other
risks and uncertainties
described in the Company's
filings from time to time with
the Securities and Exchange
Commission (the "SEC"). The
Company disclaims any obligation
to update its forward-looking
statements.
In addition, 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 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 already discovered and
recovered by others in the same
region of the planned areas of
exploration. Further, 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 we
face 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.