The Company announced today that project investments to date by strategic partners to the Company relating to opportunities in the People’s Republic of China have cumulatively exceeded $60 million. The Company has been diligently working to maximize its opportunities in China through its joint venture China Global Mining Resources as described in the previously released shareholder letter dated May 26, 2009.
China Gold, LLC provided the Company initial project financing for its projects in China in the amount of $9.8 million. China Gold has continued to be a strong supporter and strategic partner to Wits Basin in its endeavors in China and globally, including through subsequent investments in the Company. Wits Basin also recently announced its completion of an additional round of project investing in China Global Mining Resources by its joint venture partner London Mining Plc.
“We are very pleased with the positive steps the Company has taken in these volatile economic times,” stated Wits Basin CEO Stephen D. King. “The total capital recently deployed by London Mining in our China Global Mining Resources Joint Venture of $45 million along with other strategic partners’ investments of over $15 million creates a benchmark of value by which to view our company.”
Additional initiatives are now underway with various assets the Company holds and we plan to make additional market updates on these in the near term.
About WITM Stock Profile Wits Basin Precious Minerals Inc.:
Wits Basin is a minerals exploration and development company. We own a past producing gold mine in Colorado known as the Bates-Hunter Mine, 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) 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 the Company 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 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.
Wits Basin Precious Minerals Inc.
CEO Stephen King, 612-490-3419
or
Investor
Relations, 866-739-0390
info@lhcom.bz