Wits Basin Reports on Re-Interpretation of Initial Drillhole Data at South African FSC Project; Searching for a New Goldfield
MINNEAPOLIS--(BUSINESS WIRE)--June 30, 2004--Wits Basin Precious Minerals Inc. (WITM - news) Wits Basin is pleased to announce that its FSC Joint Venture partner AfriOre Limited (AFO - news) ("AfriOre") has reported "that the re-interpretation of data from the recently completed Drillhole 47 at the FSC project, has confirmed the position of two priority targets within structural blocks, which are defined by geophysical and drilling data.
In its report AfriOre states, "The recent drilling has proved very successful as a range-finding technique and in enhancing the structural model. The work has also assisted in identifying the priority targets, which are considered to have highest potential to intersect Witwatersrand rocks within the FSC basin. AfriOre's management and their Witwatersrand basin consultants are very encouraged by the potential of the drilling targets identified. Drillhole 47 has confirmed the existence of a major Proterozoic basin, with the intersection of Ventersdorp and Transvaal cover rocks that play an important role in the preservation of Witwatersrand rocks elsewhere in the known Witwatersrand goldfields. Furthermore, the stratigraphy intersected has significantly increased confidence in the extensive geophysical database, thereby improving the process of selection of priority targets.
"Information gained from Drillhole 47 has added to the understanding of structural features, which define the position of the FSC basin margin at the time of deposition of Witwatersrand rocks. In the main Witwatersrand basin similar structures are closely associated with the goldfields. In particular, certain geological structures are similar to those associated with the Welkom goldfield." The Welkom goldfield has produced some 175 million ounces since its initial find in the late 1930's with an additional 150 million ounces in reserves.
AfriOre further reports that, "The re-interpretation of the FSC basin's structural model has been based on available seismic, magnetic, gravity and drilling data. As a result of this reinterpretation, the range-finding program will continue with further drilling and an enhanced probability of intersecting Witwatersrand rocks in the redefined priority areas.
"Two drillhole sites have been selected and are located where the potential for the preservation of upper Witwatersrand rocks is considered by management to be the highest. The targets are within structural blocks, which based on geophysical data have potential strike extents of some 30 kilometers and 20 kilometers respectively and in which the depth of the target stratigraphy is estimated to be at depths of between 1,100 and 1,700 meters.
"Applications and prospecting permits have been submitted and all measures are being taken to ensure recommencement of drilling by the end of July."
About Wits Basin Precious Minerals Inc.
Wits Basin is a precious minerals exploration company. In addition to the FSC Project, Wits basin has exploration interests in five properties: the Holdsworth Property near Wawa, Ontario, Canada and the four properties located in South America held by its subsidiary, Brazmin Ltda. Wits Basin's common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." Wits Basin is headquartered in Minneapolis, MN with an office in Toronto, ON.
Forward-Looking Statements and Risk Factors
Certain statements contained in this press release that are forward-looking in nature are based on the current beliefs and assumptions of our management. When used in this press release, the words "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. 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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