Bates-Hunter Gold Mine Development Team Continues with Site Preparations as Wits Basin Prepares for Exploration Program.

MINNEAPOLIS -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to provide an update on the Bates-Hunter Gold Mine exploration project.

Final processes near completion

Our development team, that of Glenn O'Gorman, our mining engineer and George Otten, our on-site project manager have reported that the hydro installation and municipal hookups are in their final stages for the water treatment plant (which is located at the Bates-Hunter project in Central City, Colorado) and should be complete within the next week or so, at which time, dewatering of the existing shaft and mine workings will commence.

The Bates-Hunter Gold Mine and the Golden Gilpin Mill are covered by current mining permits and a water discharge permit. These permits will allow us to dewater and begin the rehabilitation of the mine shaft and prepare for a scoping study to be completed.

"The team on site has had very productive work flow these last few weeks" said Mr. O'Gorman. "George and his team are handling dozens of simultaneous details as we work through all needed steps for this mine to be dewatered and the scoping studies engaged. We expect this pace to continue for the near term as we close in on the efforts needed to get into the exploration phase of this historic site."

Vance White, CEO, observed, "The opportunity at this site should not be underestimated. The entire area was at one time, rich in ore production and there remain a number of waste dumps and/or tailings that may have ore grades in commercially profitable quantities. The fact that the Bates-Hunter shaft only goes to approximately 800 feet in depth has us very excited by the possible prospect of ore recovery beyond that depth. We believe that up to another eight veins in the project may also have great potential."

The Bates vein, in the area of the Bates-Hunter Gold Mine, was the second lode discovered in Colorado and helped spark the great Colorado gold rush of the mid 1800's. We believe that up to nine principal veins underlie and are now controlled by the Bates-Hunter property. These veins have historically produced approximately 750,000 ounces of gold to about 600 feet average depth below surface or in excess of 1,000 ounces per vertical foot in the immediate vicinity of the Bates-Hunter Gold Mine which was closed in 1936. At that time, the mine shaft was approximately 800 feet deep. Other comparative mines in the area reached depths in excess of 2,200 feet and were still in ore at the time of closure. Historical and current geological assessments show potential for the Bates-Hunter controlled veins to extend downward beyond their current 800 foot maximum depth.

About Wits Basin Precious Minerals Inc.

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

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.