ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Year Ended December 31, 2007
Commission File Number: 1-12401
WITS BASIN PRECIOUS MINERALS INC
Of all the info on the 10K, my fav centres around BH. Last Nov the water level was unofficially reported @ 330 ft down - if I recall correctly? Now it is @ " Mine de-watering has recently reached a depth of approximately 410 feet below the mine shaft collar."
A streak of heavy sulphide ore is opened in the wall of the drift running west from the shaft. The length of the ore shoot could not be determined because the back of the drift is timbered and lagged. Samples taken over a length of forty feet where it was exposed showed values in gold of from .34 to 1.30 ounces per ton.
So to all the naysayers who have persistedly stated (Dow on RB - you're one but I think you did it without malice) that "WITM has nothing", I would strongly suggest it's time for you to re-evaluate.
Au as indicated (old Fred Jones, E.M., dated June 15, 1939 records) in a now de-watered shaft is one thing; Wits putting business plan in motion to update/prove out, then get at that asset, may be another.
The goal of our management in this area should be clear. Let's get moving thus set in motion actions to help shore up the (at times) shaky resolve of Longs by doing something constructive to concretely increase the value of this company (note that in my book, working on potential deals is less concrete than putting energy into physical things we already own -although technically speaking, we do not yet own BH). Mgnt get your act together - Dr Smith & Mr D King - have no idea where Vance, our chair fits in all this (besides Hawk) Wits mgnt challenge should have been crystal clear for some time now. Cabo should help.
Wits, do the right thing. I am getting tired of waiting. GLTA