MINNEAPOLIS, April 20, 2005 (PRIMEZONE) -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) and its joint venture partner, AfriOre Limited (TSX:AFO) are pleased to announce they have contracted for a second drill rig in the current drilling program of the target area. Following the success of drilling into Witwatersrand-type quartzites in drill hole BH48, the drilling contractors have been requested to prepare a second drilling rig for deployment in the Target 2 area, in order to accelerate the drilling program to discover any gold-bearing conglomerate reefs that may be developed within the quartzites succession. There are many geological signs, as previously announced, that warrant the addition of the second rig and this type of program is consistent with the search for a new gold field.
Also, the remedial and rehabilitation work continues on BH48 in an area of sidewall weakness in order to allow for the deepening of the hole into the quartzites. It is not uncommon in areas of altered ultramafic rocks (which is consistent with the geological model) and in deep drilling for areas of sidewall weakness to occur. The presence of Witwatersrand-type quartzite rocks beneath this level of cover rock enhances the value of this drill hole and the integrity of the side walls must be maintained. Ongoing drilling progress on BH48 will be slowed as remedial action continues.
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.