Wits Basin Announces Results From Assays: Over 1 Oz. per Ton Gold Reported; Bates-Hunter Gold Mine in Colorado Proves Out Historical Data at Level Sampled.

MINNEAPOLIS -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to announce that the fire assay and multi-element geochemical results from the registered assay lab of Actlabs, Tucson Arizona, on 17 grab, channel and muck rock chip samples taken from accessible portions of the 112-foot level of the Bates-Hunter Gold Mine, Central City, Colorado, have been received.

In his report to the Company, consulting geologist Brian Alers reports, "The following assumptions are based on only 17 samples from one level of the Bates-Hunter mine and should be considered preliminary.

The highest fire assay from our sampling, BH-5004 was 1.03 ounce per ton gold and 3.6 ounce per ton silver from a grab sample of a 1-2 inch wide quartz-pyrite vein along the foot-wall of the Bates Vein.

The fire assay results confirm historic grade gold assay values and suggests that the value of intact vein material adjacent to major stopes in the upper portions of the Bates-Hunter mine could be approximately 1 ounce per of gold ton. The average gold assay for 64 vein samples shown on a vein section map for the Bates-Hunter mine prepared by Harry Williamson during the 1930's is 1.141 ounce per ton gold.

The limonitic clay-rich hanging-wall veins and white clay-sercite-pyrite bearing wall rocks did not contain significant gold values.

The preliminary trace element geochemical results indicate that the quartz-pyrite foot-wall veins contain elevated values of Gold (Au), Silver (Ag), Copper (Cu), Arsenic (As), Antimony (Sb), Lead (Pb), and 10-19% Sulfur (S). The limonitic clay-rich hanging-wall veins contain elevated values of Zinc (Zn), Vanadium (V), Phosphorus (P), and Tellurium (Te).

Telluride mineralization was not sampled on the 112-foot level of the Bates-Hunter mine. Only one sample, BH-5001, contained detectable tellurium (19 ppm). This indicates that hanging-wall veins may be a good place to look for telluride minerals, and tellurium values were increasing to the northeast.

The potential for the discovery of high-grade gold ore exists for these three identified potential target types at the Bates-Hunter mine: 1) untouched foot-wall and hanging-wall veins, 2) new undeveloped parallel veins, and 3) gold and silver telluride mineralization."

Additional Level Samples and Continued Rehabilitation

Vance White, CEO states, "These results confirm the presence of gold in the Bates-Hunter Gold Mine. We are working each day to get deeper into the mine where we believe grades may improve. We know that the original miners would have used rudimentary mining and recovery techniques to remove only visible ore or vein material. These so called "old-timers" did not have the benefit of the scientific testing and mining methods available today. This validation of grades on the first level, that was 'picked over' helps us to believe that additional validation should occur as we move deeper into the mine where higher grade ore has been recorded."

The project manager George Otten has worked with our staff geologist Brian Alers to recover additional samples, which are currently being assayed. Results will be released when available. Finally, our chief mining engineer, Glenn O'Gorman indicates continued progress on the dewatering and the rehabilitation towards the third level, which will allow for additional sampling and testing.

Repeating a quote from earlier releases, Wits Basin's CEO, Vance White stated, "We have always believed that the historic reports from this property were valid. The state and local records show that four million ounces of gold were mined from the immediate area surrounding the Bates-Hunter project, which produced in excess of 750,000 of those ounces."

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.