MINNEAPOLIS--(BUSINESS
WIRE)--Wits Basin
Precious Minerals Inc. (OTCBB:WITM
-
News) is pleased to
announce that the Hong
Kong Securities and
Futures Commission has
confirmed that the
holders of record of
Wits Basin shares will
not be required to make
a mandatory offer under
the Hong Kong Code of
Takeovers and Mergers to
purchase all of the
shares of Easyknit
Enterprise Holdings
Limited (SEHK:616
-
News) as a result
of, or in connection
with, the proposed
merger with Easyknit.
The Hong Kong Securities
and Futures Commission's
confirmation satisfies a
key condition for the
merger.
Easyknit Enterprises
issued an announcement
in Hong Kong on the
merger on July 17, 2007.
Trading of Easyknit
Enterprises shares on
the Hong Kong Stock
Exchange resumed on July
18, 2007.
_______________________________________________________
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. (OTCBB:WITM
-
News)
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 Company's
ability to consummate
the Easyknit merger; 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.
This press release does
not constitute an offer
to exchange or sell or
an offer to exchange or
buy any securities. This
document may be deemed
to be solicitation
material in respect of
the proposed merger of
Wits Basin and Easyknit.
An
offer of securities in
the United States
pursuant to a business
combination transaction
will only be made
through a prospectus
which is part of an
effective registration
statement filed with the
SEC. In connection with
the proposed
transaction, Easyknit
will file a registration
statement on Form F-4,
which will include a
proxy statement of Wits
Basin that also
constitutes a prospectus
of Easyknit, and other
documents with the SEC.
Shareholders of Wits
Basin are encouraged to
read the definitive
registration statement
on Form F-4 and any
other relevant documents
filed or that will be
filed with the SEC,
including the definitive
proxy
statement/prospectus
that will be part of the
definitive registration
statement on Form F-4,
as they become available
because they contain or
will contain important
information about the
proposed merger. The
final proxy
statement/prospectus
will be mailed to
shareholders of Wits
Basin. Investors and
security holders will be
able to obtain the
documents free of charge
at the SEC's web site,
www.sec.gov,
or from Wits Basin's
Investor Relations at
Lighthouse
Communications (866)
739-0390 or
info@lhcom.bz.
Participants in
Solicitation
Wits Basin and its
directors and executive
officers and other
members of management
and employees may be
deemed to be
participants in the
solicitation of proxies
from the shareholders of
Wits Basin in connection
with the proposed
merger. Information
about the directors and
executive officers of
Wits Basin and their
ownership of Wits Basin
common stock is set
forth in its Annual
Report on Form 10-KSB,
as filed with the SEC on
April 16, 2007.
Additional information
regarding the interests
of such participants may
be obtained by reading
the registration
statement on Form F-4
and proxy
statement/prospectus
when it becomes
available.