Message #42 From:
NewsBot Date: March 1, 2007 04:01:00 AM
WITM News Wits Basin Commences Operations in Hong Kong
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to announce the commencement of operations in Hong Kong, headed up by William B. Green, the president of Wits Basin’s China subsidiary.
Mr. Green stated, “We are pleased to open our China operations in conjunction with our joint venture partner, SSC Mandarin Financial Services Ltd. Our location at One IFC in the Central Business District allows us access to the SSC staff and conveniences associated with this location. In addition to SSC Mandarin, we have engaged both legal and financial firms to guide us through the proposed merger with Easyknit Enterprises Holdings Limited. The legal firm selected for this work is Baker & McKenzie and Quam Capital has been selected as the financial advisor. Beyond the merger, our due diligence is underway for certain cash flow properties in People’s Republic of China (“PRC”).”
For information on the firms that have been engaged, please see their web sites:
Baker & McKenzie is a major international law firm with a network of over 70 office locations in 38 countries around the world. In particular, it has an active mergers and acquisitions practice, including those involving listed companies in Hong Kong and China.
About Quam Capital
Quam Capital’s geographical focus is Hong Kong and China, with a particular emphasis on assisting Hong Kong and PRC corporations in accessing Hong Kong markets and capital, and advising western corporations on entry strategies into mainland China.
About SSC Mandarin Financial Services Ltd.
SSC Mandarin is a financial services group focusing on PRC and the SE Asia markets for their international capital markets’ fund raising and IPOs. SSC Mandarin has offices in Hong Kong, Beijing, Shanghai, Hangzhou, and Shenzhen of PRC, Singapore and Johannesburg.
We are a minerals exploration and development company holding interests in four exploration projects and currently do not claim to have any mineral reserves on any project. 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) visit our website at www.witsbasin.com.
Forward-Looking Statements and Risk Factors
The statements included in this press release concerning predictions of economic performance and management’s plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. This press release contains 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 include, among others, the Company’s ability to obtain or maintain regulatory approvals; the Company’s ability to obtain necessary financing; the Company’s ability to enter into and meet all the conditions to consummate the proposed merger agreement, and other risks and uncertainties described in the Company’s filings from time to time with the Securities and Exchange Commission. The Company 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 on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.
The proposed merger with Easyknit and joint venture with SSC Mandarin are subject to various contingencies, including negotiation and execution of definitive documentation, completion of due diligence, receipt of required regulatory approvals, and board and shareholder approvals by both parties.
