Wits Basin Precious Minerals, Inc. is a precious minerals exploration company. During the year ended December 31, 2003, the Company held interests in two mineral exploration projects, one in South Africa and one in Canada. Wits Basin's primary holding is a right to earn up to a 50% passive interest in Kwagga, which holds the rights and interests in the FSC Project, an exploration project covering 140,000 hectares adjacent to the Witwatersrand goldfields in South Africa. The Company also owns the exploration rights of the Holdsworth Project, a property consisting of 19 contiguous mining claims covering approximately 304 hectares, located in the Wawa area near the village of Hawk Junction, Ontario. On February 6, 2004, Wits Basin completed the acquisition of Brazmin Ltda, a precious minerals company located in Rio de Janeiro, Brazil. In August 2004, the Company sold Brazmin back to its prior owner, Argyle Securities Limited.