Wits Basin Reports on the Preliminary Results of the Serrita Project.

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 27, 2004

Wits Basin Precious Minerals Inc., (OTCBB:WITM) is pleased to announce that it has completed a positive preliminary geological mapping and geochemical sampling exercise in the Serrita Project, which is located in Brazil, South America. The Serrita Project is one of four distinct mineral exploration properties owned by Brazmin Ltda., a wholly owned subsidiary of Wits Basin.

The town of Serrita, with a population of approximately 5,000, is located at the westernmost part of Pernambuco State. The Serrita Project is comprised of two regions, a north and south region, each of which covers approximately 10,000 hectacres. The Project can easily be reached by car, along the two-lane paved road federal BR232.

Our objective with the initial field inspection was to confirm the existence of various mineralized quartz veins. We sought to confirm access to some high-grade gold mineralization from the workings that have been silted up, which were generally considered left behind reject material. The results of 33 rock chip and channel samples were positive and confirm some potential of the area.

The preliminary report defines the samples extracted from the north Serrita region, which has had substantial garimpeiro (artesinal mining) activity over the years. Mr. Francisco Irineu Resende, an independent senior field geologist, prepared the report. The sample testing was preformed by the internationally recognized consultants ALS Chemex, and the results reported to us are as follows:

"High gold grades were confirmed in two localities: (1) at Garimpo Antonio do Leite, a 0.60m channel returned 44.0 g/t Au, 3.0 g/t Ag, 255 ppm Bi and 1,03% Cu; and (2) at Gameleira de Baixo, a chip sample returned 17.95 g/t Au and 33.1 g/t Ag.

Additional results obtained at Garimpo Baixio do Ouro, where a 1.0m channel gave 11.70 g/t Au. Furthermore, twelve other samples returned Au values in the range of 2.5 g/t to 7.4 g/t.

It is very important to note that the sampled zones generally represent the "barren" material from the garimpos areas and that at thinner zones, also for them, the exploitation is very difficult. That is the reason why at some places it is possible to see thin quartz veins adjacent to wider pits. So, it is logical to conclude that the mined zones are higher grade and thicker in relation to the sampled zones (both zones being contained within the north Serrita garimpo area).

In order to do so, a regional systematic sampling program should be underlined (undertaken), including specific grids in the garimpo areas. Careful detailed geological mapping is necessary in order to subsidize a future drilling program to test the depth and the continuity of the quartz veins.

Taking into account the observed garimpos mineralization, the possibility exists for a viable low tone high-grade prospect."

We intend to continue our limited exploration efforts of the north Serrita region and proceed with the preparation of a budget in order to make recommendations for future exploration work. We will include in our review, the south Serrita and the other three properties held by Brazmin.

About Wits Basin Precious Minerals Inc.

We are a precious minerals exploration company. We currently have interests in mineral exploration projects in South Africa (the FSC Project), in Canada (the Holdsworth Project) and in South America (Brazmin). Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM."

Wits Basin is headquartered in Minneapolis, MN with offices in Toronto, ON.

Risk Factors

Except for historical information contained herein, this news release also includes forward-looking statements. All statements regarding potential mineralization and reserves, exploration results and future objectives of ours, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. We are under no obligation to, and expressly disclaim any such obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

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. 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-K, quarterly reports on Form 10-Q and reports on Form 8-K.