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Wits Basin Announces Additional High-Grade
Gold Intercept at the Bates-Hunter Project
Wednesday, December 5, 2007
7:05am ET
MINNEAPOLIS--(BUSINESS
WIRE)--Wits Basin
Precious Minerals Inc. (OTCBB:WITM) has intersected a gold mineralized interval
in drill hole BH-07-08 on the Bates-Hunter gold project in Central City,
Colorado that assayed 3.43
ounces per ton over a width of 0.5 feet. The
intercept is in the Leavitt Vein, a significant past-producing gold vein.
Modeling of available data is now in progress, preparatory to planning
additional drill holes to test this vein at depth in locations of
potentially greater widths.
An assay table of the
entire surface drill program is available on the Company’s website at www.witsbasin.com or by
clicking here (http://www.witsbasin.com/2007-12-03_Bates_Drilling_All_Assays.pdf). This
table lists underground assays ranging from nil to more than 3.4 opt Au.
Over 6,000 feet of
drilling has been completed and a detailed model of ore controls in the
Central City Gold District continues to emerge.
Interactive 3D Model Now Available
An interactive 3D model of
the underground workings, veins, and drill holes of the Bates-Hunter gold
project can be found on the Company’s website by clicking here (http://www.witsbasin.com/images/BATES_HUNTER_3D_MODEL_12-01-2007_animation.zip). � This GoogleTM SketchUp model is a simplified
version of the one that Wits Basin geologists have created to map the
underground workings of the Bates-Hunter gold project. Using the SketchUp
orbital tool, even novice users can navigate within the scenes to view
the mapping.
To view the model, users
will need to download a free copy of either GoogleTM
SketchUp's Viewer or GoogleTM SketchUp 6 (http://sketchup.google.com/gsu6/download.html). Simple tips on how to navigate through the model are provided
at the beginning of the presentation. A user’s guide can be found at
GoogleTM SketchUp's Training page (http://www.sketchup.com/?section=training).
In addition to the
interactive 3D model, an updated video animating the scenes in the
SketchUp model is presented on the Company’s website by clicking here (http://www.witsbasin.com/images/BATES_HUNTER_3D_MODEL_11-30-2007.avi)
Screen shots of the video
are available as a pdf file here (http://www.witsbasin.com/
images/BATES_HUNTER_3D_MODEL_12-01.pdf);
the contents include:
- Page 1: Basic User
Instructions
- Page
2: Results of Surface Drill Program
- Page 3: Bates Vein Section
- Page 4: Cross Section:
DDH BH06-02, 03, & 04
- Page 5: Cross Section
DDH BH07-07, 08
- Page
6: Unnamed (Pages 3, 4, and 5 combined)
- Page
7: Gold Assays Greater than 0.1 OPT
- Page 8: Highest Grade Gold Intercept
- Page
9: Bates Veins: >0.1 OPT Gold Values and Intense Hydrothermal
Alteration
- Page
10: Adjacent Sulfide Veins Have Ore Grade Gold Values
- Page
11: Adjacent Sulfide Veins have >0.1 OPT Gold Values
- Page
12: Modern & Historic High Grade Gold Assays
- Page
13: The Bates-Hunter is one of many historic gold producing mines in
the Central City Area
- Page
14: Created by JMS Geologic LLC
About the Bates-Hunter Mine
The Bates-Hunter Mine is
located in Central City, Colorado, approximately 35 miles west of
Denver. The Bates Vein was the second lode discovered in Colorado and
helped spark the great Colorado gold rush of the mid-1800s. Famous for
production from high-grade gold ore shoots, it has been estimated that
more than 4,000,000
ounces of gold were produced in the Central City
Mining District between 1859 and 1947, with approximately 95% of
production prior to 1904. During the early 1930's, the mine was still in
production but was shut down due to litigation between the mine owner and
operator. In 1942, a
WWII production limitation order (#208) effectively shut down gold mining
in the area and throughout Colorado and the United States. The nine
principal veins that underlie and are controlled by the Bates-Hunter
property have historically produced approximately 750,000 ounces
of gold. A 1930’s report from the 745-foot level included an average of
27 samples that assayed 1.37 ounces per ton gold.
About Wits Basin
Precious Minerals Inc.
We are a minerals exploration and
development company holding interests in three 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
The statements included in this
press release concerning predictions of economic performance and
management's plans and objectives constitute forward-looking statements
made pursuant to the safe harbor provisions of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. This press release contains forward-looking
statements that involve risks and uncertainties that could cause actual
results to differ materially. 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. These risks and
uncertainties include, among others, the Company's ability to obtain or
maintain regulatory approvals; the Company's ability to obtain necessary
financing; the outcome of the Company’s litigation with Easyknit; the
Company's ability to complete the various mining project acquisitions in
the People's Republic of China, which are subject to execution of final
documentation, completion of due diligence and receipt of necessary
financing; and other risks and uncertainties described in the Company's
filings from time to time with the Securities and Exchange Commission
(the "SEC"). The Company disclaims any obligation to update its
forward-looking statements.
In addition, 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 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 already discovered and recovered by others in the same region of
the planned areas of exploration. Further, 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 we face 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.
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