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Wits Basin Precious Minerals Inc. (OTCBB: WITM) is a minerals exploration and development company that holds an impressive property portfolio.
Wits Basin has the rights to purchase the Bates-Hunter Gold Mine in Central City, CO. Discovery of gold at the mine kicked off the Colorado gold rush in 1859. The mine, which has been dormant since 1936, is located in a mining district that historically has produced more than 4 million ounces of gold, with 25% coming from the area immediately surrounding the Bates-Hunter mine. Wits Basin's property controls the nine principal veins underlying the mine, which have historically produced about 750,000 ounces mined to an average depth of 600 feet. Drilling in the 1990s confirmed grades of 0.48 ounces over 10-foot widths with veins running from a couple of feet to 20 feet wide. Workings down to the 800-foot level confirm that the gold veins continue to depth. Similarly mineralized properties in the region have been mined to 2,400 feet in depth. If even one vein at the Bates-Hunter continues to a depth of 2000+ feet, the mine could host more than a million ounces of gold. Similar strike lengths on the other Bates-Hunter veins would multiply this by up to a factor of 10.
Wits Basin currently owns 35% of the issued and outstanding shares of capital stock of Kwagga Gold, a wholly-owned subsidiary of AfriOre International. Wits Basin recently executed an agreement with AfriOre whereby Wits Basin may acquire the remaining 65% equity interest of Kwagga. Kwagga holds exploration rights to the FSC Project which is adjacent to the main Witwatersrand Basin, the most prolific gold producing region in the world. The Basin’s seven gold fields have produced more than 1.5 billion ounces of gold since the late 1800s and is still believed to contain more than 1 billion ounces. Kwagga has accumulated data that appears to support the theory that the FSC Project area could contain a southern extension of the main Witwatersrand Basin’s gold producing mineralogy. The possibility exists for the FSC Project to host 100 million ounces of gold with a value in the billions.
The 44-hectare Vianey Mine Concession is located in the southern Mexican state of Guerrero. Wits Basin is a 50/50 joint venture partner with Journey Resources Corporation which owns two mineral concessions totaling 5,022 hectares. The property has a silver-lead-zinc mineralization production history.
Wits Basin’s subsidiary, China Global Mining Resources (CGMR) holds rights to acquire interests in iron ore mining properties and a nickel mine located in the People’s Republic of China. To date, two Wholly Foreign Owned Enterprises (WFOEs) have been approved by the Government of the PRC for two of the iron ore properties. Wits Basin would acquire a 100% interest in Maanshan Zhaoyuan Mining which is comprised of two operating iron mines and a processing plant. It is estimated that the total iron ore available for extraction from these two mines is approximately 95 million tons. Wits Basin has an option to purchase an initial 51% interest and retains the right to earn an additional 44% in Changjiang Mining, which owns the exploration rights of the Lao Wan Iron Deposit, covering approximately 17.78 square kilometers in Yuan County, Hubei Province. Wits Basin has also entered into a joint venture agreement relating to the Xing Wang Nickel Mine located in the Qinghai Province for which Wits Basin would earn a 40% interest and the right to acquire an additional 40% interest.
Wits Basin's exceptionally strong management team includes professionals with over 150 combined years of business, mining and technical experience. Chairman Vance White also serves as president of Hawk Uranium. From 1993 to 1995 he was president of AfriOre Limited, the Company's partner in its South African project. He also served as president of Mid North Engineering Services and the Dickenson Mines Group. President and Director Stephen King is also CEO of SDK Investments, a financial advisory firm based in Atlanta, Georgia. He has extensive corporate finance and real estate experience. CFO and Director Mark Dacko previously served as controller and secretary of several publicly traded companies, including Active IQ and Popmail.com. Director Norman Lowenthal is a South African businessman and vice chairman of the Taylor Companies, a Washington, D.C.-based private bank. He is past-chairman of the Johannesburg Stock Exchange and is currently a member of the exchange's Securities Regulation Panel. Director Dr. Joe Mancuso, the founder and CEO of CEO Clubs, Inc., is an accomplished author and speaker focusing on business-related topics. He launched CEO Clubs in 1978 and has founded seven other businesses. Chief Geologist Clyde Smith, Ph.D. is a registered Professional Engineer. He has founded or co-founded five exploration companies and is responsible for the discovery of four deposits. CGMR President William B. Green has lived and worked in Asia for more than 15 years. A graduate of the University of Pennsylvania's Wharton School of Business, he speaks Mandarin and Cantonese Chinese.
Why invest in Wits Basin?
--Wits Basin has a strong and diverse portfolio of projects in South Africa, Colorado, Mexico and is currently working on projects in China.
--The management team has 150+ years combined business experience.
--There is an increasing demand worldwide for metals and metal prices are on the rise. |
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