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Post by Franko10 ™ on Jan 19, 2006 11:26:54 GMT -5
January 19, 2006 07:30 AM US Eastern Timezone
Wits Basin Engages CEO of El Capitan Precious Metals to Guide Colorado Development
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 19, 2006--Wits Basin Precious Minerals Inc. (OTCBB:WITM) has signed a consulting agreement with Chuck Mottley to assist in the focused exploration and development of the Bates-Hunter Gold Mine in Colorado. He currently serves as CEO of El Capitan Precious Metals, Inc (OTCBB:ECPN) and brings with him a breadth of expertise that we at Wits Basin feel will assist us in many aspects of our business.
In 2005, the National Mining Association ("NMA") held their annual meeting in Washington, D.C. and elected Mr. Mottley to its Board of Directors. The NMA is the voice of the American mining industry and the only national trade organization that represents the interests of mining before Congress, the Administration, federal agencies, the judiciary and the media.
Vance White, CEO of Wits Basin stated, "This addition to our team only strengthens our ability to oversee this historic project." White continued, "People like Chuck are difficult to find and we are very fortunate to be able to utilize his guidance."
The Bates-Hunter Gold Mine
The Bates vein, in the area of the Bates-Hunter Gold Mine, was the second lode discovered in Colorado and helped spark the great Colorado gold rush of the mid 1800's. We believe that up to nine principal veins underlie and are now controlled by the Bates-Hunter property. These veins have historically produced approximately 750,000 ounces of gold to about 600 feet average depth below surface or in excess of 1,000 ounces per vertical foot in the immediate vicinity of the Bates-Hunter Gold Mine which was closed in 1936. At that time, the mine shaft was approximately 800 feet deep and we believe that ore recovery beyond that depth is possible. Historical and current geological assessments show potential for the Bates-Hunter controlled veins to extend downward beyond their current 800 foot maximum depth. Other comparative mines in the area reached depths in excess of 2,200 feet and were still in ore at the time of closure.
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
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.
Contacts
Wits Basin Precious Minerals Inc.
Stephen King, 612-490-3419
or
Vance White, 866-214-WITM(9486)
Wits Basin Engages CEO of El Capitan Precious Metals to Guide Colorado Development
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 19, 2006--Wits Basin Precious Minerals Inc. (OTCBB:WITM) has signed a consulting agreement with Chuck Mottley to assist in the focused exploration and development of the Bates-Hunter Gold Mine in Colorado. He currently serves as CEO of El Capitan Precious Metals, Inc (OTCBB:ECPN) and brings with him a breadth of expertise that we at Wits Basin feel will assist us in many aspects of our business.
In 2005, the National Mining Association ("NMA") held their annual meeting in Washington, D.C. and elected Mr. Mottley to its Board of Directors. The NMA is the voice of the American mining industry and the only national trade organization that represents the interests of mining before Congress, the Administration, federal agencies, the judiciary and the media.
Vance White, CEO of Wits Basin stated, "This addition to our team only strengthens our ability to oversee this historic project." White continued, "People like Chuck are difficult to find and we are very fortunate to be able to utilize his guidance."
The Bates-Hunter Gold Mine
The Bates vein, in the area of the Bates-Hunter Gold Mine, was the second lode discovered in Colorado and helped spark the great Colorado gold rush of the mid 1800's. We believe that up to nine principal veins underlie and are now controlled by the Bates-Hunter property. These veins have historically produced approximately 750,000 ounces of gold to about 600 feet average depth below surface or in excess of 1,000 ounces per vertical foot in the immediate vicinity of the Bates-Hunter Gold Mine which was closed in 1936. At that time, the mine shaft was approximately 800 feet deep and we believe that ore recovery beyond that depth is possible. Historical and current geological assessments show potential for the Bates-Hunter controlled veins to extend downward beyond their current 800 foot maximum depth. Other comparative mines in the area reached depths in excess of 2,200 feet and were still in ore at the time of closure.
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
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.
Contacts
Wits Basin Precious Minerals Inc.
Stephen King, 612-490-3419
or
Vance White, 866-214-WITM(9486)
