Wits Basin Provides Update on Iron Ore Joint Venture in China

MINNEAPOLIS--(Business Wire)--
Wits Basin Precious Minerals Inc. (OTCBB:WITM) is pleased to announce that the
China Global Mining Resources (CGMR) Joint Venture with London Mining Plc
intends to finance the Xiaonanshan Mining Company integration and the
acquisition of the Matang Mine from third party funding. CGMR has appointed ABN
AMRO Bank N.V., Hong Kong Branch, a subsidiary undertaking of The Royal Bank of
Scotland Group plc, to advise on a fundraising which may, in the longer term,
involve a public listing of CGMR.

About Wits Basin Precious Minerals Inc.

Wits Basin is a minerals exploration and development company. We own
approximately 94% equity interest in Princeton Acquisitions, who holds title to
the past producing gold mine in Colorado known as the Bates-Hunter Mine. We also
own a 35% equity interest in Kwagga Gold (Barbados) Limited, which holds rights
to the FSC gold project located in South Africa; a 50% equity interest in China
Global Mining Resources (BVI) which owns an iron ore mine and processing plant
in China, and certain rights in the Vianey silver project in Mexico. We do not
claim to have any mineral reserves at the Bates-Hunter Mine, the FSC or the
Vianey properties. 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 included in this press release may constitute forward-looking
statements that involve risks and uncertainties that could cause actual results
to differ materially. 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. These risks and uncertainties relate to Wits Basin and its
subsidiaries, and include, among others, the ability to obtain or maintain
regulatory approvals; the ability to obtain necessary financing; and other risks
and uncertainties described in Wits Basin's filings from time to time with the
Securities and Exchange Commission. Wits Basin disclaims any obligation to
update its forward-looking statements.

In addition, 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 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
already discovered and recovered by others in the same region of the planned
areas of exploration. Further, 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 we face 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.

Wits Basin Precious Minerals Inc.
CEO Stephen King, 612-490-3419
or
Investor Relations, 866-739-0390
info@lhcom.bz

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