MINNEAPOLIS, April 5, 2005 (PRIMEZONE) -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) report that their joint venture partner, AfriOre Limited (TSX:AFO) ("AfriOre") announced that they have made the first intersection of Witwatersrand type quartzites in drill hole BH48 at the FSC gold project in South Africa.
We reported the initial drilling results on February 24, 2005, and to further supplement that information, AfriOre states that the intersection of the dolomite and lava cover rocks is regarded as very positive information, since these identical rocks overlay the Witwatersrand quartzites and mineralized conglomerates in the main Witwatersrand Basin. The subsequent intersection in BH48 of the target Witwatersrand type quartzites underlying these cover rocks is very significant and considerably enhances the value of this drill hole intersection, the Priority Target 2 area, and the FSC Project area in general.
This development continues to prove the geological model developed over many years by the leading Witwatersrand University Academics. This model is the basis for this exploration program. Taken together, these two recent events: (1) the discovery of the identical cover rocks, and (2) now the discovery of quartzite rocks creates an atmosphere of expectation as the model continues to provide insight in the search for one of the greatest gold field discoveries this century.
Geological Information:
BH48 was collared vertically within Priority Target 2, the second target to be tested in this latest phase of exploration. BH48 drilled through Mesozoic sedimentary rocks to a depth of 1,644 meters, then through 159 meters of Transvaal Supergroup dolomites and then 133 meters of mafic lavas of the Ventersdorp Supergroup. At the base of the lavas, a zone of altered ultramafic rock was drilled before intersecting 56 meters of Witwatersrand type quartzites. These quartzites are currently undergoing age dating analysis and petrographic test work in the laboratory.
It is not uncommon in altered ultramafic rock (consistent with the geological model and deep hole drilling) to experience significant sidewall weakness. The remedial steps to restore these weakened sidewalls are currently in progress.
The presence of quartzite rocks beneath this zone of weakness is the reason the value of this drill hole and the integrity of the side walls needs to be corrected. The ongoing drilling progress will be slowed in BH48 due to the remedial action. Further drilling will be required to determine the full extent of the Witwatersrand rocks and any economic gold reefs that may be present at the FSC Project.
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.
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-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.