NEW YORK, Sept. 29, 2003 (PRIMEZONE) -- Investrend Research Syndicate: eResearch Mining Analyst Ron Wortel has initiated coverage on Wits Basin Precious Minerals Inc. (OTCBB:WITM) with a "Speculative Buy" rating.
In the report, which is free on eResearch's website www.eresearch.ca/juniormining/ and at http://www.investrendresearch.com , Wortel stated that Wits Basin "can earn a 50% interest in Kwagga Gold (Pty) Ltd., a subsidiary of AfriOre Ltd. that holds the rights to the FSC Project in South Africa. The project lies to the south and adjacent to the Witwatersrand Gold basin."
The analyst went on to note that: "The historic Witwatersrand basin is host to the world's largest reserves of gold. It has produced over 1.5 billion ounces of gold during the past 117 years and has an estimated one billion ounces of gold in resources and reserves remaining," and said that "based on a conceptual model developed by AfriOre's consultants the FSC Basin may hold analogous gold-bearing Witwatersrand-type rocks at accessible depths. The current exploration program will be testing this concept, and if true, the FSC Project covers the area of the basin most likely to hold these rocks and a significant gold find would be imminent."
Wits Basin Precious Minerals Inc. has paid eResearch a fee of $US 2,800 to conduct research on WITM. eResearch (Independent Equity Research Corp.) is an independent equity research firm focused on under-covered, under-followed North American equities. It has based its business model on that of the bond rating agencies. It does not trade in the securities of the companies it covers or accept any stock related compensation for its research services. It conducts no investment banking, consulting or investor relations services for the companies it covers. eResearch's sole business is equity research. eResearch derives its revenue solely from the companies it covers and its subscribers.
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