Wits Basin Precious Minerals, Inc. engages in minerals exploration operations. The company holds interests in two gold exploration projects, FSC Project and Holdsworth Project. The FSC Project consists of approximately 140,000 hectares located in the Republic of South Africa adjacent to the major goldfields discovered at the Witwatersrand Basin. The FSC Project is operated by AfriOre International, Ltd. The Holdsworth Project consists of 19 contiguous, patented mining claims covering approximately 304 hectares. It holds exploration rights in the Holdsworth Project. Wits Basin has interests in mineral exploration projects in South Africa, Canada, and South America.
Bidding up on news today. ;D
Good uptrend...
Fundamentals :
Wits Basin Precious Minerals Inc. (OTCBB: WITM - http://finance.yahoo.com/q?s=WITM.OB ) Wits Basin Precious Minerals Inc. has received additional information being assembled by our consulting geologist Brian Alers. Mr. Alers reports, "Published and unpublished historic maps of the Bates-Hunter Gold Mine (located in Central City, Colorado) have been compiled into a longitudinal vein section which corroborates historic high-grade gold assays reported by E. M. Jones (1939)."
Information discovered so far includes 12 high-grade assays ranging from 1.04 oz per ton to 8.60 oz per ton. These types of grades would be consistent with a mine of this size, which produced approximately 750,000 oz of gold during its years of operations.
Continued searching is uncovering additional historical data about the workings of the Bates-Hunter and adjacent mines, which is being added to our database. A more complete compilation of the known vein structures is being constructed which allows for improved re-interpretation of the veins and their junctures and in particular the unexplored gaps between the known veins and what possibly could have been overlooked for decades. Shaft dewatering continues downward, exposing successively lower levels. This will allow the Company access for mapping and sampling the exposed historical workings and develop a diamond drilling program over the coming weeks, to test for unmined areas of known veins at depth as well as undiscovered high-grade lenses between known veins.
Vance White, CEO, states, "Recent progress has allowed us to better understand the magnitude of the water we are dealing with, as the dewatering process continues. It also provides us with specific targeted areas within and adjacent to the existing workings where we can concentrate our resources to define mineralization as shaft rehabilitation continues. Currently, the shaft has been dewatered to about the third level and we will be dewatering the drifts and stopes at this level in order to drill test the hanging and footwalls."
The Company is investigating the addition of a second shift to complete the rehabilitation quicker and advance the timeline for core drilling and future mining operations.
WITM is up 14% to $0.29 on no news.
I have been watching that stock because eliteG mentioned it in his thread on the $1M board. Anyone thinks this should be a good time to get in?
Hey Lucas, i know u like WITM, so i thought i would ask the News Gods for a pr for ya...so here it is :)
Wednesday, March 08 2006 7:08 AM, EST
Wits Basin to Initiate Early Drilling Plan; Dr. Clyde Smith Develops Parallel Vein Exploration Program
MINNEAPOLIS--(BUSINESS WIRE)--March 8, 2006-- Wits Basin Precious Minerals Inc. (OTCBB:WITM) has received an update from one of its consultants, Dr. Clyde Smith.
Dr. Smith stated, "A compilation of geologic data by Wits Basin's geologist, Mr. Brian Alers, presents evidence that at least three significant veins lie parallel to the Bates vein, the principal previously mined high-grade gold vein on the property. These three veins have remained unexplored. It is recommended that an underground drilling program be conducted at once to test these veins. In addition to testing the potential of these three veins in the upper levels of the Bates-Hunter Gold Mine, geologic information derived from this drilling program will contribute greatly to one of the goals of the project, that being to drill from surface across the entire Bates-Hunter vein system at depths beneath the 745 foot lower limit of previous mining. Mining of neighboring gold veins in the Central City District has demonstrated that high-grade gold ore exists to depths of at least 2,250 feet."
Wits Basin management believes these veins could produce even greater potential for ore than previously believed
Excerpts from reports of Geologist Brian Alers:
Additional Vein Structure:
"The discovery of additional gold-bearing veins at depth is very encouraging and indicates that more veins could be found at the Bates-Hunter Mine."
"New exposures on the 112-foot level show that the old time miners only mined the high-grade central portion of the Bates vein, and 5-6 feet of vein material may still exist in the hanging wall of major stopes. Just east of the shaft, on the 112-foot level, the Bates vein consists of a 2 to 8 inch thick coarse sulfide vein on the footwall of the zone, along with 8 feet of sheeted hanging wall veins which flank approximately 3 feet of mined material. The sulfide vein remains substantially untouched along the foot wall rib of the drift. The hanging wall veins consist of a parallel series of 2 to 4 inch thick limonitic clay and quartz rubble veins occurring about every foot or so between sericite, clay and pyrite altered wallrock. Historical mining seems to have focused on the extraction of only the richest 3 feet of veins immediately adjacent to the sulfide vein."
New Undeveloped Veins:
"Compilation of existing data suggests that structural features control the emplacement and geometry of the gold ore shoots and deposits in the Central City district of Colorado. In the immediate area of the Bates-Hunter Shaft, considerable potential exists for the discovery of additional zones and shoots within the extensions of 3 unexplored known veins which parallel to the Bates vein. The Gettysburg vein projection lies about 125 feet northwest of the Bates shaft, and has about 800 feet of unexplored strike length. The German vein projects southeast of the Bates shaft and may be only 40 feet away from the Bates vein footwall. The Gaston vein projects 200 feet southeast of the Bates shaft and has 1,200 feet of unexplored strike length."
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three 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 http://www.witsbasin.com.
Press Release Source: Wits Basin Precious Minerals Inc.
Wits Basin Updates Gold Assay Results
Wednesday April 5, 7:05 am ET
MINNEAPOLIS--(BUSINESS WIRE)--April 5, 2006--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) today releases their 5th consecutive set of assay results. Grades of ore for gold run as high as 1.126 ounces per ton and over 5 ounces per ton for silver. Vance White, CEO, commented, "We are very pleased to report these newest assay results from our Bates-Hunter project. This affirmation of continued positive assay results confirms our belief that the archival historical information is accurate." White continued, "Based on this archival data, the historical assays of the geologist, Williamson, showed an average grade of ore of 1.14 ounces over 64 samples. With this type of information, we believe this current vein may host well over 1 million ounces of gold."
Results as reported by Brian Alers (PGeol) include, "Rock chip samples from a vein exposed in a support pillar on the -163 level of the Bates-Hunter Gold Mine, contain up to 1.126 ounces of gold per ton and 5.55 ounces of silver per ton. A 1.9 foot wide channel sample across the pillar contained up to 0.426 ounces of gold per ton and 2.05 ounces of silver per ton. Trace element geochemistry results indicate that the vein contains very fine-grained gold and silver telluride minerals."
----------------------------------------------------------------------
Number Type Location Au Ag
(Gold) (Silver)
----------------------------------------------------------------------
BH-5072 Grab-HG 163 W 12 ft pil Underground 1.126 5.55
----------------------------------------------------------------------
BH-5073 Grab-HG 163 W 12 ft pil Underground 0.525 3.01
----------------------------------------------------------------------
BH-5074 Grab-HG 163 W 12 ft pil Underground 0.508 6.57
----------------------------------------------------------------------
BH-5075 1.9 ft channel 163 W 12 ft spil Underground 0.426 2.05
----------------------------------------------------------------------
BH-5076 2.9 ft channel 163 W 12 ft npil Underground 0.018 0.09
----------------------------------------------------------------------
BH-5077 1.9 ft channel 163 W 80 ft srib Underground 0.001 0.03
----------------------------------------------------------------------
BH-5078 Grab 163 SW 14 ft Underground 0.004 0.10
----------------------------------------------------------------------
Drilling Update
At the Bates-Hunter mine, the water level is currently below the 200 foot mark. Dewatering continues and the Company is preparing the drill station location needed to commence the underground core sample drilling. The target areas are the multiple parallel vein structures surrounding the Bates-Hunter vein. The current plans include fan drilling of at least 6 to 8 holes and to be able to report the results by the end of May 2006.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three 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 - News) visit our website at www.witsbasin.com.
Forward-Looking Statements and Risk Factors
Certain statements contained in this press release are forward-looking in nature and are based on the current beliefs and assumptions of our management. Words like "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-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K.
Contact:
Wits Basin Precious Minerals Inc., Minneapolis
Stephen King, 612-490-3419
or
Vance White, 866-214-WITM(9486)
or
Redwood Consultants, LLC
Jens Dalsgaard, 415-884-0348
[email protected]--------------------------------------------------------------------------------
Source: Wits Basin Precious Minerals Inc.
Looks like this one trades with nice volume most of the time.
I do not hold any shares.
But that does not mean I can't. :D
Volume: 2,044,493
Avg Vol (3m): 633,219
http://biz.yahoo.com/pz/061130/109547.html
http://biz.yahoo.com/bw/061204/20061204005442.html?.v=1
Press Release Source: Wits Basin Precious Minerals Inc.
Wits Basin Announces Business Development Update
Monday January 22, 9:11 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) provides the following information regarding the development of its business.
Quarterly Milestone Achievements
First Quarter:
Dr. Clyde Smith becomes an outside consultant to the Company
The Bates-Hunter Gold Project, Colorado, assay results help to confirm data from historical records
Second Quarter:
Wits Basin has warrants exercised, resulting in gross proceeds of approximately $3.9M
The Company began its due diligence, required to be completed by June 30, 2006, for the Vianey Silver-Lead-Zinc Project, Mexico
Vianey due diligence completed and option to earn up to 50% of project acquired on June 28, 2006
Third Quarter:
Purchase agreement for the Bates-Hunter Gold Project using a "cash-flow" mortgage announced
Bates-Hunter surface drill program underway
Dr. Clyde Smith is appointed the President of the Company
Fourth Quarter
"New Order" five-year permit issued by government for the Wits Basin-AfriOre International Ltd. joint venture on the FSC Gold Project, South Africa
Wits Basin earns initial 25% of Vianey Project
Vianey assay results released
Wits Basin announces Memorandum of Understanding (MOU) for merger discussions with EasyKnit (EK) Enterprises, Hong Kong
As we continue to move forward in 2007 our operating focus will be on three projects and the MOU discussions with EK will be fully explored.
The important work to be accomplished by the commencement of the surface drilling at the Bates-Hunter Gold Project is underway. We see the value creation at this project being developed as follows:
1. The search for a significant gold ore body is the purpose of the surface deep drilling program now in progress. Over 2,000 feet of an 8,000 foot drill program have been completed. The drillers returned to the site the second week of January after a three-week holiday break.
2. De-watering and rehabilitation of the mine will allow for an underground drilling program that will test additional veins adjacent to the Bates Vein.
3. If gold ore reserves are located in adjacent veins, early production could follow.
4. Discovery of significant gold ore bodies could attract a major company partner or buyer of this asset.
5. Other local area property opportunities will be explored as they develop.
6. Mutually agreed closing date extension till May 31, 2007 to allow increased water treatment benefits for our property and the surrounding area.
On the Vianey Silver-Lead-Zinc Project, drilling for phase one has recently been completed and mine re-habilitation work is underway to create conditions needed for additional exploration, development and potential production. The phase one core drilling assay reports are being finalized by Rodney Blakestad, the project Consulting Geologist, and will then be reviewed by Dr. Smith. These reports are expected to be released in the near term. The Phase two underground drilling is planned to be underway with a target date of completion prior to September 2007. Wits Basin intends to exercise its option to acquire the next 25% of its joint venture with Journey Resources Corp. of Vancouver, B.C., bringing its ownership to 50%.
The FSC Gold Project in South Africa is now preparing for drilling. With the announced sale of our joint venture partner, AfriOre, we are in discussions with the planned new partner to determine timing and next steps to earn our additional 15% through the next phase of exploration drilling.
MOU with EasyKnit
Three company directors are currently en route to Hong Kong to meet with the board of EasyKnit Enterprises to discuss the terms of the potential merger. Wits Basin has engaged the services of Troutman Sanders, an Atlanta-based law firm with Hong Kong offices, to be special counsel for the purpose of reviewing any and all needed steps to completing a merger. We expect to complete this trip on or about February 5, 2007.
Liquidity Sources and Capital Needs
From the end of the 3rd Quarter until now, the company has collected proceeds from warrant exercises of approximately $1,000,000 and has commitments for approximately $600,000 more. There have been expressions of intent to exercise an additional $1,200,000 of warrants (not yet registered) in the first half of 2007. Unused project related standby financing remains at $1,000,000.
Our current immediate project payments planned during the 1st and 2nd quarter will include $500,000 for FSC, $400,000 for Vianey and an estimated $575,000 for Bates-Hunter. Corporate expenses for the 1st and 2nd quarter are estimated to be $400,000.
The Company believes the above described sources of liquidity will be sufficient to fund operations through the end of the 2nd quarter 2007 without raising capital.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in five 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 - News) 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 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. 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.
Contact:
Wits Basin Precious Minerals Inc.
Lighthouse Communications, 1-866-739-0390
or
Vance White, Chairman, 1-416-214-2250
or
Stephen King, CEO, 1-612-490-3419
--------------------------------------------------------------------------------
Source: Wits Basin Precious Minerals Inc.
"WITM.OB" Threads have been Merged.
Please use the search before starting new threads on a Stock Pick.
Chances are a thread already exist.
So why not post whatever you have to comment about on that pick to that thread.
"Simplicity" My fellow traders. ;D
All history on a stock pick in 1 thread is awesome. ;)
Just trying to get threads together,so we don't have a numerous amount floating around on the same stock. :(
Thank You....and good luck with all your trades....make some $$$ ;)
Hello ;D
Wits Basin Enters into a LOI to Acquire PRC Mining Property
BusinessWire - March 13, 2007 6:13 AM ET
Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to announce that it has entered into a letter of intent to purchase a 100% interest in "Maanshan Mining" (as described below) located in the People's Republic of China (PRC). Maanshan Mining estimates its 2007 free cash flow will be in excess of US$15,000,000.
Wits Basin has obtained a financing commitment for up to US$20,000,000 to be used as a down payment on the purchase. The balance of the purchase price is to be paid for in equity securities upon completion of the merger with Easyknit Enterprises Holdings Limited (SEHK: 616). The final terms of the equity issuance will be based upon completed due diligence but is estimated to be less than five percent of the outstanding share balance of the merged companies. Consummation of the purchase will require shareholder approval and is subject to various other conditions, including completion of definitive documentation.
The timing for the submission to shareholders for a vote will occur after March 31, 2007 in order to allow completion of definitive merger documents with Easyknit as well as completion of required due diligence on the Maanshan Mining properties.
About Maanshan Mining
Maanshan Mining is comprised of two operating iron mines-the Xiao Nan Shan Iron Deposits ("Xiao Nan Shan") and the Ma Tang Iron Deposits ("Ma Tang"), and a processing plant-the Nanjing Sudan Processing Plant. The principal business of Maanshan Mining is mining, the processing and selling of iron ore and concentrates. Maanshan Mining estimates that the total iron ore available for extraction from the two mines is approximately 95 million tons, with Xiao Nan Shan at approximately 73 million tons and Ma Tang at approximately 22 million tons. Maanshan Mining believes that these extraction estimates are sufficient to allow for mining activities, under the proposed production targets, to continue for approximately 15 years. The proximity of the two mines to its markets avails Maanshan's customers to favorably low transportation costs, especially in comparison with those of imported iron ore.
Maanshan Mining completed a new production line in June 2006, which has increased overall production of iron ore concentrates by 150% to 250,000 tons from 100,000 tons per annum previously. Furthermore, Maanshan Mining plans to increase the production capacity of its mining operations and processing capability to produce 600,000 tons of iron ore concentrates in 2007 and 1,000,000 tons of iron concentrates in 2008. This proposed increased production scale could provide tremendous growth in Maanshan Mining's financial position for 2007 and going forward.
Imports of iron ore by China in 2005 increased to 275 million tons, an increase of one-third as compared to 208 million tons imported in 2004. China continues to be the largest net importer of iron ore and it is expected that China's demand for iron ore will only increase.
Very bullish looking stock, Im in too laonda :)
>:D >:D
bullish chart IMHO
Anybody has any idea where is this one going?
Merger News. Good Luck
Wits Basin Executes Definitive Merger Documents
Friday April 20, 7:34 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce that it has finalized and executed the definitive documents regarding the announced merger with Easyknit Enterprise Holdings Limited (SEHK:616 - News).
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The exchange will grant a minimum of 21 shares of Easyknit for each share of Wits Basin. Any additional payment of Easyknit shares may be used for the purpose of exercised warrants, options, transaction and fee expenses, and ongoing financing costs.
The rules of the Hong Kong Stock Exchange regarding a material acquisition require the trading of the Easyknit shares to be suspended until the Hong Kong Stock Exchange permits resumption of trading.
Pursuant to the terms of the merger, Easyknit will file immediately with the depository trustee to commence the initiation of the ADR program. The ADR program will enable our North American shareholders to have a North American exchange available to them to buy and sell their respective shares after completion of the merger. The Company intends to implement the ADR program in conjunction with the merger.
Both companies have agreed to use good faith and best efforts to complete the merger. The merger documents require a break fee of US$30M dollars for any arbitrary termination of the merger by either party.
Interesting... :o
Wits Basin Precious Minerals Inc (WITM)
Mining bet a running today...
Business Overview:
BRIEF: For the three months ended 31 March 2007, Wits Basin Precious Minerals, Inc. reported no revenue. Net loss rose 15% to $2.2M. Revenues reflect the Company being in the development stage. Higher loss reflects an increase in exploration expenses due to additional drill rigs at the Bates-Hunter & Vianey projects, higher general & administrative expense, increased depreciation & amortization expense and higher merger transaction cost. http://www.witsbasin.com/
BUSINESS SUMMARY :
Wits Basin Precious Minerals, Inc. and its subsidiaries engage in the exploration and development of mineral properties in South Africa, Canada, Mexico, and Colorado, the United States. It holds a 35% indirect interest in the FSC Project, a gold exploration project located adjacent to the Witwatersrand basin in South Africa. The company also owns exploration rights in the Holdsworth project located near the village of Hawk Junction, Ontario, Canada; and in the Bates-Hunter mine, which is located approximately 35 miles west of Denver, Colorado. In addition, it owns a 25% interest in the property, known as the Vianey Mine Concession located in the state of Guerrero, Mexico. Further, Wits Basin Precious Minerals holds interests in the MacNugget Claims, a volcanogenic massive sulphide base metals project located in northern Ontario, Canada. The company was incorporated in 1992 as Meteor Industries, Inc. and changed its name to Active IQ Technologies, Inc. in 2001. Further, it changed its name to Wits Basin Precious Minerals, Inc. in 2003. Wits Basin Precious Minerals is headquartered in Minneapolis, Minnesota.
Support @ 0.85...0.76...0.66
Resistance @ 0.96...$1.05...$1.17...$1.25
52wk Range: 0.24 - 1.29
Volume: 1,244,342
Avg Vol (3m): 425,254
Technicals
Percentage Gainer
Rectangle (Continuation) Pattern
A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. The pattern is easily identifiable by two comparable highs and two comparable lows. The highs and lows can be connected to form two parallel lines that make up the top and bottom of a rectangle. Rectangles are sometimes referred to as trading ranges, consolidation zones or congestion areas.
There are many similarities between the rectangle and the symmetrical triangle. While both are usually continuation patterns, they can also mark trend significant tops and bottoms. As with the symmetrical triangle, the rectangle pattern is not complete until a breakout has occurred. Sometimes clues can be found, but the direction of the breakout is usually not determinable beforehand.
Rectangles represent a trading range that pits the bulls against the bears. As the price nears support, buyers step in and push the price higher. As the price nears resistance, bears take over and force the price lower. Nimble traders sometimes play these bounces by buying near support and selling near resistance. One group (bulls or bears) will exhaust itself and a winner will emerge when there is a breakout. Again, it is important to remember that rectangles have a neutral bias. Even though clues can sometimes be gleaned from volume patterns, the actual price action depicts a market in conflict. Only until the price breaks above resistance or below support will it be clear which group has won the battle.
Wits Basin Provides Merger Update Information
Wednesday July 18, 7:18 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce that the Hong Kong Securities and Futures Commission has confirmed that the holders of record of Wits Basin shares will not be required to make a mandatory offer under the Hong Kong Code of Takeovers and Mergers to purchase all of the shares of Easyknit Enterprise Holdings Limited (SEHK:616 - News) as a result of, or in connection with, the proposed merger with Easyknit. The Hong Kong Securities and Futures Commission's confirmation satisfies a key condition for the merger.
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Easyknit Enterprises issued an announcement in Hong Kong on the merger on July 17, 2007. Trading of Easyknit Enterprises shares on the Hong Kong Stock Exchange resumed on July 18, 2007.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three 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 - News) visit our website at www.witsbasin.com.
Nice base, good voume...opinions?
news today...Mr.Mancuso appears to be a positive addition to the Board...volume agrees. Put on watch.
http://biz.yahoo.com/bw/070928/20070928005082.html?.v=1 (http://biz.yahoo.com/bw/070928/20070928005082.html?.v=1)
Wits Basin Announces New Director, Dr. Joe Mancuso
Friday September 28, 7:28 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce that Dr. Joe Mancuso, founder and CEO of CEO Clubs, Inc. has been appointed to serve as a member of the Board of Directors.
"We are extremely pleased to add Dr. Mancuso to our Board of Directors," stated Stephen D. King, CEO of Wits Basin. "Not only does he have tremendous relationships and contacts in the United States, but he also brings many government and business relationships from within the People's Republic of China. The recent rapid growth of chapters and members in the PRC may be a valuable asset to assist our opportunities in China." CEO Clubs has more than 5,000 current and past members in the United States. Current chapter rosters in the PRC now number nearly 2,000 members.
Dr. Mancuso brings a wealth of knowledge to the board. He is an accomplished author having edited or written 24 books and numerous articles on business-related topics. He has also been publishing the CEO Clubs' monthly Chief Executive Officer's Newsletter since 1978. He is a proficient speaker, having addressed groups of up to 2,000 people in over 300 American cities and 40 foreign countries. Moreover, Dr. Mancuso has founded seven businesses. He has traveled to China frequently in the last two years and brought more than 200 CEOs with him on the trips. He is a friend of many high-ranking Chinese CEOs and government leaders.
Dr. Mancuso holds an Electrical Engineering degree from Worcester Polytechnic Institute (WPI) in Massachusetts and an MBA from the Harvard Business School. His doctorate is from Boston University in Educational Administration. He was the Chairman of the Management Department at WPI before launching CEO Clubs. He lives in Manhattan with his wife and business partner Karla and their two children. He also has three married daughters who have given him six grandchildren.
About CEO Clubs
CEO Clubs, Inc. (www.ceoclubs.org) is one of the world's largest and oldest non-profit membership associations dedicated to the continuing education of entrepreneurial managers. Its members are a worldwide group of CEOs who run businesses with a sales range of $2,000,000 to more than $250,000,000 in annual sales each.
CEO Clubs recently opened a new office tower in Beijing overlooking Tiananmen Square. Click here to see a picture of it: http://www.ceoclubs.org/main/china.htm#newhq.
About Wits Basin Precious Minerals Inc.
We are a minerals exploration and development company holding interests in three 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 - News) visit our website at www.witsbasin.com.
bubble burst?
http://biz.yahoo.com/e/070927/witm.ob8-k.html (http://biz.yahoo.com/e/070927/witm.ob8-k.html)
Form 8-K for WITS BASIN PRECIOUS MINERALS INC
--------------------------------------------------------------------------------
27-Sep-2007
Change in Directors or Principal Officers, Amendments to Article
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 22, 2007, Wits Basin Precious Minerals Inc. (the "Registrant") appointed Joe Mancuso, Ph.D., to serve as a member of Registrant's board of directors. In 1977, Dr. Mancuso, age 66, founded The Chief Executive Officers Club, Inc., a non-profit organization with chapters in the United States and abroad that is dedicated to the continuing education of entrepreneurial managers, and has served as its Chief Executive Officer since that time. In 1977, Dr. Mancuso also founded the Center for Entrepreneurial Management, Inc., a non-profit organization. Dr Mancuso has edited or written 24 books and numerous articles on business-related topics, and has been publishing The CEO Clubs' monthly Chief Executive Officer's Newsletter since 1978. He is a proficient speaker, having addressed groups of up to 2,000 people in over 300 American cities and 40 foreign countries. Dr. Mancuso received a Ph. D. in Educational Administration from Boston University, an MBA from the Harvard Business School, and a degree in Electrical Engineering degree from Worcester Polytechnic Institute in Massachusetts.
In consideration of Dr. Mancuso's agreement to serve on the board, and his future service on the board, on September 24, 2007,
the Registrant awarded Dr. Mancuso a ten-year option to purchase up to 2,000,000 shares of Registrant's common stock at an exercise price of $0.30 per share, the closing price of the Registrant's common stock on the prior business day. The option
vests in equal biannual installments of 250,000 shares each over four years, with the first installment vesting March 24, 2008. Dr. Mancuso has been appointed to the board's compensation committee.
Item 5.03 Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On September 24, 2007, the Registrant filed amended and restated articles of incorporation which
increased the number of shares of capital stock the Registrant is authorized to issue from 150,000,000 to 300,000,000 shares, all of such additional shares constituting undesignated capital stock. The amended and restated articles also reflected a change to update the address of our current registered office and deletions to certain references in our prior articles of incorporation that were outdated and unnecessary, including references to our Series B Convertible Preferred Stock, none of which are currently outstanding, and unnecessary information relating to our initial incorporator.
A copy of our amended and restated articles of incorporation is attached hereto as Exhibit 3.1 hereto, and is incorporated herein by reference.
Item 8.01 Other Events.
The Registrant's 2007 Annual Meeting was held on September 21, 2007 in Minneapolis, Minnesota. In addition to the approval of the amendment to Registrant's Articles of Incorporation as described above under Item 5.03, the Registrant's stockholders elected Mark D. Dacko, Stephen D. King, Norman D. Lowenthal and H. Vance White as directors, each to serve until the Registrant's 2008 annual meeting of stockholders or until his successor is elected and qualified.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
3.1 Amended and Restated Articles of Incorporation
(effective as of September 24, 2007).
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This Current Report shall not constitute an offer to sell or the solicitation of an offer to purchase any securities. An offer of securities in the United States pursuant to a business combination transaction will only be made through a prospectus which is part of an effective registration statement filed with the Securities and Exchange Commission (the "SEC"). In connection with the Registrant's proposed merger with Easyknit, as previously disclosed by the Registrant in certain of its filings with the SEC, Easyknit will file a registration statement on Form F-4, which will include a proxy statement of Wits Basin that also constitutes a prospectus of Easyknit, and other documents with the SEC. Such registration statement, however, is not currently available.
SHAREHOLDERS OF WITS BASIN ARE URGED TO READ THE DEFINITIVE REGISTRATION STATEMENT ON FORM F-4 AND OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT/PROSPECTUS THAT WILL BE
PART OF THE DEFINITIVE REGISTRATION STATEMENT ON FORM F-4, WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The final proxy statement/prospectus will be mailed to shareholders of Wits Basin. Investors and security holders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing relevant information about Wits Basin and Easyknit without charge, at the SEC's website (http://www.sec.gov) once such documents are filed with the SEC. Copies of the proxy statement/prospectus will also be available, without charge, once they are filed with the SEC by directing a request to Wits Basin's Investor Relations at Lighthouse Communications (866) 739-0390 or
[email protected].
Easyknit and Wits Basin, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Wits Basin's shareholders with respect to the proposed merger. Information about Easyknit's directors and executive officers will be available in Wits Basin's proxy statement to be filed with the SEC as referenced above. Information about Wits Basin's directors and officers will be available in Wits Basin's proxy statement to be filed with the SEC as referenced above, and is currently available in Wits Basin's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006 filed with the SEC on April 16, 2007 and other public filings with the SEC made by Wits Basin. Other information about the participants in the proxy solicitation and a description of their direct and indirect interests (by security holdings or otherwise) will be contained in the proxy statement and other relevant materials after they are filed with the SEC.
The statements included in this Current Report on Form 8-K 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 Current Report 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, without limitation, the parties' ability to consummate or terminate the merger, and other risks and uncertainties described in the Registrant's filings from time to time with the SEC.
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