Wits Basin Announces the Xiaonanshan Iron Ore Mine in The Peoples Republic of China has Reopened
25.04.2013 | Business Wire
MINNEAPOLIS -- (BUSINESS WIRE) -- Wits Basin Precious Minerals Inc. (OTCBB: WITM) is pleased to announce that through the efforts of “The Anhui Zhonghai Mining and Trading Company” (AZHM&T Company), whom Wits Basin has contracted with, that the Xiaonanshan Mine, located in Anhui Provence of The Peoples Republic of China, has been reopened. Wits Basin owns a 75% equity interest in China Global Mining Resources (BVI) Limited, which owns the Xiaonanshan Mine.This development puts the Company ahead of its earlier announced schedule, which in turn allows the Company to work with AZHM&T Company and help develop their plans of ramping up production and establishing estimations for production, processing and revenue for the balance of 2013. The Company expects to have these estimations completed during the second quarter.
In addition, the Company is pleased to announce that an arbitration award won by the seller has been mutually and amicably resolved. The settlement is subject to non-disclosure and confidentiality terms.
Based on estimates, the Xiaonanshan Mine contains sufficient ore for more than 30 years of operation at the previous recovery rate. Current iron ore spot prices remain more than 50% higher than in 2010 when the mine last operated.
Wits Basin has posted photos of the mine’s current operations at http://witsbasin.com/photos.html
Furthermore, the Company has posted a detailed Q&A of FAQs on its website. Shareholders can submit questions by writing to: info@witsbasin.com.
About Wits Basin Precious Minerals Inc.:
Wits Basin is a minerals exploration and development stage company that owns a 75% equity interest in China Global Mining Resources (BVI) Limited, which owns the Xiaonanshan Mine, located in Anhui Provence of The Peoples Republic of China. 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 the Company 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 the Company's filings from time to time with the Securities and Exchange Commission.
Contacts
Wits Basin Precious Minerals Inc.
Al McLellan
+1 646-937-8790
info@witsbasin.com