Wits Basin Announces on the Progress of Drilling Operations and the Discovery of Identical Cover Rocks to Those Located in the Witwatersrand Basin
MINNEAPOLIS--(BUSINESS WIRE)--Feb. 24, 2005--Wits Basin Precious Minerals Inc. (WITM - news) is pleased to report on further drilling results provided by the operator at the FSC Witwatersrand gold project in South Africa. AfriOre has informed us that drilling has progressed to a depth of 1,867 meters in Drillhole BH 48 and has produced encouraging results. BH 48 has intersected identical stratigraphy and structures in the cover rocks to those occurring in the area of the Witwatersrand Basin.
BH 48 is located some 25 kilometers from the nearest holes which were drilled previously by other exploration companies. Those holes intersected un-mineralized lower Witwatersrand stratigraphy in an area where upper Witwatersrand stratigraphy is not preserved. The geophysical interpretation for the prospecting area on which BH 48 was sited indicates the possible presence of a more complete succession of upper Witwatersrand stratigraphy, which hosts the mineralized gold reefs in the Witwatersrand Basin.
"This is the progress for which we have long held our hopes," said Vance White, CEO of Wits Basin. "I have long believed in the academic research and the years of effort to prove this research in a living laboratory. Finding good solid geology is positive, but to find the identical rock structure as those which host the cover rocks is a tremendous discovery."
Ongoing drilling and sidewall reinforcements
The encouraging results in BH 48 warrant further drilling at the project. Currently, consultants are assisting AfriOre in rectifying a sidewall problem close to the base of the hole. This sidewall issue will be repaired prior to continuing drilling. The aim of continued drilling will be of intersecting any gold mineralization that may be developed within any of the Witwatersrand stratigraphy that may be intersected as the drillhole progresses.
About Wits Basin Precious Minerals Inc.
Wits Basin is a minerals exploration company which holds interests in three gold and one base metal exploration project and currently does not claim to have any mineral reserves on any project. 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. For more information, visit the company's web site at: witsbasin.com.
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 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-K, quarterly reports on Form 10-Q and reports on Form 8-K.
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