ATLANTA, Sept. 28, 2006 (PRIMEZONE) -- Wits Basin Precious Minerals, Inc. (OTCBB:WITM) announced that the company is now profiled on Market-Pulse.com. Wits Basin is a minerals exploration and development company. Together with its subsidiaries, WITM engages in the exploration and development of properties in South Africa (FSC), Colorado (Bates-Hunter), and Mexico (Vianey). The Bates-Hunter property held by Wits Basin Precious Minerals is a past-producing gold mine that experts believe may still contain more than a million ounces of gold. The FSC Project, containing more than 300,000 acres, may host an extension of the famed, gold-rich Witwatersrand Basin. Market Pulse's profile focuses on Wit Basin's projects, the markets, its management team, recent developments and the future. Individuals interested in more information on the company can view the profile at http://www.market-pulse.com/witmprofile.htm.
Wits Basin recently announced commencement of its initial surface drill program at the Bates-Hunter project at Central City, Colorado. The company has contracted for a minimum of 8,000 feet of drilling. The initial target is the Hartford vein, including core drilling to 1,000 feet below the surface. This is below the lowest level of the historic mine which terminated at about 800 feet. It is possible to hear results of early drilling within the next 60 days. The program targets veins they believe continue from the surface extending the length of the historic mine and appear to increase in grade with depth. This is important as the company believes drilling may expand the resource many times over the historic mine. WITM could report drill results that support an increase in the deposit and economic potential of the project. This may generate interest among major operators who are looking for multi-million ounce gold deposits in the U.S.
According to Bernard R. Schmitt, CEO of Market Pulse, "We are very excited to introduce Wits Basin Precious Minerals, Inc. to the investment community. Wits Basin has made excellent fundamental strides over the last few months. WITM is poised to become a significant player in the metals and mining industry." Schmitt also noted that, "Wits Basin controls a 35% mineral rights interest -- with the right to earn up to 50% -- adjacent to the Witwatersrand Basin, the most prolific gold producing region in the world. The basin includes seven gold fields that have produced 35% of the world's gold -- more than 1.5 billion ounces since the late 1800s and still containing more than 1 billion ounces. This little known company could be the next discovered gem in this industry."
Vance White, Chairman of Wits Basin stated, "The future of the Bates-Hunter mine looks very promising for the company. With the current price of gold above $600 per ounce, we believe this mine could produce significant cash flow for the company."
Wits Basin Precious Minerals Inc. recently announced it will host an investor conference call on Thursday, September 28, 2006, to begin at 4:15 P.M. Eastern Time. Stephen King, CEO of Wits Basin stated, "We have a commitment to our shareholders as well as the investment community for high level disclosure and communication, and for that reason we are looking forward to discussing our progress and developments with our shareholders and the investment community."
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in five 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. visit our website at www.witsbasin.com.
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