04/26/2006- Wits Basin Announces Update Apr 26, 2006 6:33:26 GMT -5
Post by Franko10 ™ on Apr 26, 2006 6:33:26 GMT -5
Wits Basin Announces Update to Colorado Drilling Program; Dr. Clyde Smith Unveils Drilling Program Strategies
Last Update: 7:26 AM ET Apr 26, 2006
MINNEAPOLIS, Apr 26, 2006 (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (WITM :wits basin precious minrls inc com) has received further details regarding the drilling program for the Bates-Hunter Gold Mine in Central City, Colorado.
Dr. Smith has submitted the following statement: "The Bates-Hunter project is now scheduled to begin both underground and surface diamond drilling (core) in the near term. The underground drill program will consist of several holes to be drilled from the 165 foot level. Underground drill targets are three veins known to lie parallel to and adjacent to the Bates-Hunter vein. Surface drilling will consist of holes to test the depth potential of the Bates-Hunter vein and parallel veins beneath the 745 foot level. It is expected that directional drilling from deeper levels in central holes will provide potential for multiple intercepts at depth."
As previously announced, Dr. Smith said, "A compilation of geologic data by Wits Basin's geologist, Mr. Brian Alers, presents evidence that at least three significant veins lie parallel to the Bates vein, the principal previously mined high-grade gold vein on the property. These three veins have remained unexplored. It is recommended that an underground drilling program be conducted at once to test these veins. In addition to testing the potential of these three veins in the upper levels of the Bates-Hunter Gold Mine, geologic information derived from this drilling program will contribute greatly to one of the goals of the project, that being to drill from surface across the entire Bates-Hunter vein system at depths beneath the 745 foot lower limit of previous mining. Mining of neighboring gold veins in the Central City District has demonstrated that high-grade gold ore exists to depths of at least 2,250 feet."
Wits Basin management believes these veins could produce even greater potential for ore than previously believed. Dr. Clyde Smith serves Wits Basin under a consulting agreement associated with Charles Mottley, CEO of El Capitan Precious Metals, Inc.
About Dr. Smith
Dr. Smith holds a B.A. from Carleton College, a M.Sc. from the University of British Columbia, and a Ph.D. from the University of Idaho. He is a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Smith has founded or co-founded five exploration companies and is responsible for the discovery of four deposits: the Jason lead-zinc-silver deposit, Yukon Territory, Canada; the Santa Fe gold deposit, Nevada; the North Lake gold deposit, Saskatchewan, Canada; and the Solidaridad gold-silver-copper deposit, Mexico. He is currently engaged in a gold-platinum project in Nevada and serves as the consulting geologist for El Capitan Precious Metals, Inc. on its El Capitan gold-platinum group metals project in New Mexico.
About Mr. Mottley
In addition to his active service as President and CEO of El Capitan Precious Metals, Inc. (ECPN :el capitan precious metals inc com) , Mr. Mottley serves as a member of the Board of Directors of The National Mining Association.
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. (WITM :
wits basin precious minrls inc com) 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.
SOURCE: Wits Basin Precious Minerals Inc.
For Wits Basin Precious Minerals Inc. Stephen King, 612-490-3419
Vance White, 866-214-WITM(9486) or Redwood Consultants, LLC Jens Dalsgaard, 415-884-0348 InvestorInfo@RedwoodConsultants.com Copyright Business Wire 2006 End of Story