MINNEAPOLIS, March 23, 2005 (PRIMEZONE) -- Wits Basin Precious Minerals Inc. ("Wits Basin") (OTCBB:WITM), after discussions with the operator of the FSC Project, AfriOre Limited, is pleased to announce their intention to acquire additional land exploration acreage in the area of the existing holdings.
Vance White, CEO said, "Our recent announcements regarding the results at Drillhole BH 48 stated that BH 48 had intersected identical statigraphy and structures in the cover rocks to those that occur in the area of the Witwatersrand basin and creates the desire for the Companies to acquire additional acreage for exploration. We have spoken with the field personnel and are pleased with their reports to date; so much so that we have elected to commence negotiations immediately to exercise our option to acquire an additional 15% interest in Kwagga thereby bringing our interest to 50%."
White continued, "AfriOre has strong local relationships and contacts in acquiring mineral exploration rights in the FSC Project area. Based on their past success in these acquisitions, we expect they will move quickly on these mineral rights expansion activities. Future announcements will be made as mineral rights to additional acreage are signed."
The FSC Project area lies to the south of the historic Witwatersrand basin, the 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. During this period over 100 mines have produced 3.9 billion tones of ore at an average grade of 9.5g/t (0.29 oz/t).
About Wits Basin Precious Minerals Inc.
We are a minerals exploration company holding interests in one base metal and three gold 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." Our website is at www.witsbasin.com. Wits Basin is headquartered in Minneapolis, MN.
Forward-Looking Statements and Risk Factors
Certain statements contained in this press release are forward-looking in nature and are based on the current beliefs and assumptions of our management. Words like "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," and similar expressions and their variants may be used to identify forward-looking statements. 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.
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 and mineral resources 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 and mineral resources already discovered and recovered by others in the same region of the planned areas of exploration.
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 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-K, quarterly reports on Form 10-Q and reports on Form 8-K.