Wits Basin to Initiate Early Drilling Plan; Dr. Clyde Smith Develops Parallel Vein Exploration Program.

MINNEAPOLIS -- Wits Basin Precious Minerals Inc. (OTCBB:WITM) has received an update from one of its consultants, Dr. Clyde Smith.

Dr. Smith stated, "A compilation of geologic data by Wits Basin's geologist, Mr. Brian Alers, presents evidence that at least three significant veins lie parallel to the Bates vein, the principal previously mined high-grade gold vein on the property. These three veins have remained unexplored. It is recommended that an underground drilling program be conducted at once to test these veins. In addition to testing the potential of these three veins in the upper levels of the Bates-Hunter Gold Mine, geologic information derived from this drilling program will contribute greatly to one of the goals of the project, that being to drill from surface across the entire Bates-Hunter vein system at depths beneath the 745 foot lower limit of previous mining. Mining of neighboring gold veins in the Central City District has demonstrated that high-grade gold ore exists to depths of at least 2,250 feet."

Wits Basin management believes these veins could produce even greater potential for ore than previously believed

Excerpts from reports of Geologist Brian Alers:

Additional Vein Structure:

"The discovery of additional gold-bearing veins at depth is very encouraging and indicates that more veins could be found at the Bates-Hunter Mine."

"New exposures on the 112-foot level show that the old time miners only mined the high-grade central portion of the Bates vein, and 5-6 feet of vein material may still exist in the hanging wall of major stopes. Just east of the shaft, on the 112-foot level, the Bates vein consists of a 2 to 8 inch thick coarse sulfide vein on the footwall of the zone, along with 8 feet of sheeted hanging wall veins which flank approximately 3 feet of mined material. The sulfide vein remains substantially untouched along the foot wall rib of the drift. The hanging wall veins consist of a parallel series of 2 to 4 inch thick limonitic clay and quartz rubble veins occurring about every foot or so between sericite, clay and pyrite altered wallrock. Historical mining seems to have focused on the extraction of only the richest 3 feet of veins immediately adjacent to the sulfide vein."

New Undeveloped Veins:

"Compilation of existing data suggests that structural features control the emplacement and geometry of the gold ore shoots and deposits in the Central City district of Colorado. In the immediate area of the Bates-Hunter Shaft, considerable potential exists for the discovery of additional zones and shoots within the extensions of 3 unexplored known veins which parallel to the Bates vein. The Gettysburg vein projection lies about 125 feet northwest of the Bates shaft, and has about 800 feet of unexplored strike length. The German vein projects southeast of the Bates shaft and may be only 40 feet away from the Bates vein footwall. The Gaston vein projects 200 feet southeast of the Bates shaft and has 1,200 feet of unexplored strike length."

About Wits Basin Precious Minerals Inc.

We are a minerals exploration and development company holding interests in three 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.