MINNEAPOLIS, Aug. 5, 2005 (PRIMEZONE) -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) announced that the water treatment plant at the Bates-Hunter Gold Mine site in Central City, Colorado began its final "inspection of its' equipment" last week. The de-watering of the Bates-Hunter mine shaft is underway and making progress.
"As we announced last week, we plan to update this progress on a regular basis," said Vance White, CEO. White continued, "Once the first level is dry and passes a safety inspection, we will be taking various samples for lab testing to confirm the exact level of mineralization.
"We are pumping currently and carefully monitoring all the pumping functions for quality and safety requirements. Our team has now reached the 100-foot level below the collar of the shaft and on completion of inspections we will take samples.
"We believe our progress is right in line with our expectations and we are pleased to make this update."
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in four 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." To find out more about Wits Basin Precious Minerals Inc. (OTCBB:WITM), visit our website 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.