Wits Basin Reports on the Progress at Vianey Mine.

MINNEAPOLIS -- Wits Basin Precious Minerals Inc., (OTCBB:WITM) is pleased to provide the following update on the progress at the Vianey Mine Concession located in Mexico.

On June 28, 2006, Wits Basin closed on an option agreement with Journey Resources Corp., ("Journey") (TSX-V:JNY), whereby it may earn up to an undivided 50 percent interest in certain mining claims comprising the Vianey Mine (a prior producing silver mine). Journey is the recorded and beneficial owner of 100 percent of Vianey and the operator of the project.

The surface core drilling program has commenced at Vianey, for a total of approximately 3,000 meters. The drilling program has been designed to test the Vianey vein system at depths below the -75 meter level, over a strike length of 250 meters. Additional drilling will be directed at the disseminated mineralization hosted by breccia zones identified as the San Pedro and Twilight Zone. The NI 43-101 Technical Report prepared by Rodney A. Blakestad J.D., C.P.G., (The Vianey Mine - Guerrero State, Mexico, dated of October 18, 2004 and revised March 10, 2005) confirms the potential that known mineralized zones likely extend into the vicinity of the Vianey Mine. On-site examinations and available exploration data indicate a probability of discovering extensions to known silver-bearing veins on the property, both in the existing mine and the adjacent areas identified in the Blakestad Report. The design and overall management of the program is being provided by Journey's geologist Rodney A. Blakestad.

Mr. Jack Bal, President of Journey, commented, "The drilling contractor selected for the Vianey property is well known in the industry and we are confident in their equipment and expertise, with our main objective of the drill program being to increase the mineable tonnage."

Sample handling on site will be under industry-standard guidelines and laboratory analysis is being provided by ALS Chemex. Core samples are to be shipped to Guadalajara, Jalisco Mexico and initial results are expected by the middle of December 2006. The drill program is anticipated to carry on through into early January 2007.

In addition to drilling, a program of cleaning the underground workings on the main level ("Zero Level"), the -38 Level, the -50 Level, and the -75 Level has begun. This work is necessary to improve access throughout the mine and to prepare the ground for future production evaluation. Underground lighting has been established and a temporary hoist has been installed for these purposes.

Soon to be underway is the underground sampling of the ore shoots and stockpiles to further evaluate the potential for shipping previously mined vein material.

The Vianey property covers 5,022 hectares (approximately 12,400 acres) and has a silver-lead-zinc mineralization production history. The concession is located in the southern Mexican state of Guerrero, 250 kilometers south of Mexico City and 160 kilometers north of Acapulco. Less than 2 kilometers away is the town of Atzcala, with water, telephone and medical facilities, as well as a sufficient labor pool. There is existing electrical power at the mine and a major power line passes near the property.

The Vianey Mine is a poly-metallic (Zn-Pb-Cu sulphides) vein system with substantial silver and minor gold credits, situated in limestone-argillite-siltstone rocks of the Cretaceous Morelos-Guerrero Basin. Numerous poly-metallic veins, skarns, and replacement deposits occur in the district, usually associated with intrusive masses of granodiorite plutons and dikes. The Twilight Zone breccia and San Pedro breccia are mineralized zones within and adjacent to granodiorite igneous rocks, thus there is an important relationship between the sedimentary rocks, veins, breccias and intrusive rocks at Vianey Mine.

Dr. Clyde Smith, President of Wits Basin, commented: "The Vianey silver-lead-zinc deposit exhibits excellent potential for addition of significant tonnages of ore grade both on strike and at depth."

This press release has been prepared in-part by Rodney A. Blakestad, J.D., C.P.G., an Independent Qualified Person (QP) as defined by NI 43-101, on the Vianey project.

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) 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 Information for Wits Basin Precious Minerals Inc.