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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (44760)	10/8/2009 8:55:50 PM
From: LoneClone	Read Replies (1) \| Respond to of 197275

Wits Basin Completes Share Exchange Transaction and Forms a Stand-Alone Gold Company Thu Oct 8, 7:11 AM ca.news.finance.yahoo.com MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB: WITM.OB) is pleased to announce the completion of a share exchange transaction with Princeton Acquisitions, Inc., a Colorado corporation, and Hunter Bates Mining Corporation, a Minnesota corporation, which was previously a wholly-owned subsidiary of Wits Basin, in which all of the Hunter Bates shareholders exchanged their equities for newly issued Princeton equities. As a result of the transaction, Princeton is now the sole owner of the equity of Hunter Bates, which holds title to the Colorado property known as the “Bates-Hunter Mine.” With the completion of the share exchange, Princeton has adopted the business model of Hunter Bates and as such, has become a stand-alone minerals exploration and development company, with its focus on U.S. gold projects. Currently, Wits Basin holds approximately 94 per cent of the issued and outstanding shares of Princeton common stock after the completion of the share exchange. Princeton is a public reporting company which is quoted on the Over-the-Counter Bulletin Board under the symbol “PRAQ.” Princeton anticipates formally changing its corporate name to “Standard Gold.” Gold is reaching new highs in market price and this opportunity is both historic and relevant to Princeton’s new business model. The Central City, Colorado mining district is where millions of ounces of gold and more than 100,000,000 million ounces of silver have been mined. Certain indications point to the possibility of a return to inflation, a weakening of the U.S. Dollar and a general economic malaise which has led to higher gold prices in the past. To take advantage of this possible confluence of these circumstances, Princeton is developing a strategy on how to proceed with further sampling of the Bates-Hunter Mine properties, initiation of a pilot production program from the existing shafts and the building of a milling facility nearby. Wits Basin President Dr. Clyde L. Smith said, “We have been conducting both surface and underground exploration for the last two years and have developed a fairly extensive geological picture for the area closest to the existing mine shaft. Further exploration from underground is warranted and a by-product of this continued exploration and sampling could result in the implementation of a limited pilot production program. We are assessing the personnel to create a management team and the proper capital funding required to carry out a sustainable exploration plan and expect to update the market in the near term concerning these developments.” “This first step of placing a valuable asset into a stand-alone publicly-traded company allows shareholders who wish to be in a U.S. gold-only asset to do so. We will continue to provide information regarding management and operations on a timely basis,” stated Wits Basin CEO Stephen D. King. About Wits Basin Precious Minerals Inc. Wits Basin is a minerals exploration and development company. We own approximately 94% equity interest in Princeton Acquisitions, who holds title to the past producing gold mine in Colorado known as the Bates-Hunter Mine. We also own a 35% equity interest in Kwagga Gold (Barbados) Limited, which holds rights to the FSC gold project located in South Africa; a 50% equity interest in China Global Mining Resources (BVI) which owns an iron ore mine and processing plant in China, and certain rights in the Vianey silver project in Mexico. We do not claim to have any mineral reserves at the Bates-Hunter Mine, the FSC or the Vianey properties. 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.OB) visit our website at www.witsbasin.com. Forward-Looking Statements and Risk Factors Certain statements included in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. 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. These risks and uncertainties relate to Wits Basin and its subsidiaries, and include, among others, the ability to obtain or maintain regulatory approvals; the ability to obtain necessary financing; and other risks and uncertainties described in Wits Basin's filings from time to time with the Securities and Exchange Commission. Wits Basin disclaims any obligation to update its forward-looking statements. In addition, 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 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 already discovered and recovered by others in the same region of the planned areas of exploration. Further, 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 we face 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. Wits Basin Precious Minerals Inc. CEO Stephen King, 612-490-3419 Investor Relations, 866-739-0390 info@lhcom.bz