MINNEAPOLIS, April 12, 2005 (PRIMEZONE) -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) report that their joint venture partner, AfriOre Limited (TSX:AFO) has successfully completed the acquisition of an additional 32,349 acres for the existing FSC gold exploration project in South Africa. We announced on March 23rd the intent to acquire additional land in the prospective area and now that these additional mineral rights have been acquired, certain acreage of less prospective value will be released. Further additional prospective lands are being investigated for acquisition in the current drilling area. The current acreage now covers approximately 93 kms (approximately 57 miles) of strike length.
These additional land acquisitions enhance the recent significant discovery in drill hole BH48. On April 5th, we announced further results from BH48, that being the discovery of identical cover rocks (to those found in the main Witwatersrand area) and Witwatersrand type quartzites underlying these cover rocks. The target area was 40 kms (approximately 25 miles) in length and located only some 150 kms (approximately 93 miles) south of the prolific Welkom goldfield. The Welkom goldfield has produced approximately 300 million ounces of gold to date.
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.