Wits Basin Reports That Additional Drill Sites Are Being Reviewed with Consideration to Adding Drill Rigs to the FSC Project in South Africa
MINNEAPOLIS--(BUSINESS WIRE)--March 3, 2004--
Wits Basin Precious Minerals Inc., (WITM - news) is pleased to announce that it has been advised by the FSC Project operator AfriOre (AFO - news) that "drilling of the first of three stratigraphic and range-finding drillholes at the FSC project area continues to make good progress and the drillhole has reached a depth of 1,923 metres. Examination of the core has confirmed a number of stratigraphic features that are consistent with the geophysical models developed prior to siting the drill hole. This information will enable the ongoing exploration to be more focused in the higher potential areas. In addition, a pilot magneto-telluric survey has been conducted and the results received have enhanced the interpretation of the aeromagnetic and seismic data.
As a result of the initial success, the magneto-telluric survey has been extended to assist with the siting of further drillholes. Additional drill sites are currently being reviewed and selected and it is possible that additional drilling rigs may be deployed."
About Wits Basin Precious Minerals Inc.
We are a precious minerals exploration company. We currently have interest in three projects: the FSC Project in South Africa (in which we are a passive investor), the Holdsworth Property near Wawa, Ontario, Canada and the 4 properties of Brazmin located in South America. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." Wits Basin is headquartered in Minneapolis, MN with offices in Toronto, ON.
Risk Factors
Except for historical information contained herein, this news release also includes forward-looking statements. All statements regarding potential mineralization and reserves, exploration results and future objectives of ours, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. We are under no obligation to, and expressly disclaim any such obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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. 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-K, quarterly reports on Form 10-Q and reports on Form 8-K.
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