Wits Basin Completes Share Exchange Transaction and Forms a Stand-Alone Gold Company

Wits Basin Completes Share Exchange Transaction and Forms a Stand-Alone Gold Company

Wits Basin Precious Minerals Inc. announce the completion of a share exchange transaction with Princeton Acquisitions, Inc., a Colorado corporation, and Hunter Bates Mining Corporation, a Minnesota corporation, which was previously a wholly-owned subsidiary of Wits Basin, in which all of the Hunter Bates shareholders exchanged their equities for newly issued Princeton equities. As a result of the transaction, Princeton is now the sole owner of the equity of Hunter Bates, which holds title to the Colorado property known as the “Bates-Hunter Mine.” With the completion of the share exchange, Princeton has adopted the business model of Hunter Bates and as such, has become a stand-alone minerals exploration and development company, with its focus on U.S. gold projects. Currently, Wits Basin holds approximately 94 per cent of the issued and outstanding shares of Princeton common stock after the completion of the share exchange.

Princeton is a public reporting company which is quoted on the Over-the-Counter Bulletin Board under the symbol “PRAQ.” Princeton anticipates formally changing its corporate name to “Standard Gold.”

Gold is reaching new highs in market price and this opportunity is both historic and relevant to Princeton’s new business model. The Central City, Colorado mining district is where millions of ounces of gold and more than 100,000,000 million ounces of silver have been mined. Certain indications point to the possibility of a return to inflation, a weakening of the U.S. Dollar and a general economic malaise which has led to higher gold prices in the past.

To take advantage of this possible confluence of these circumstances, Princeton is developing a strategy on how to proceed with further sampling of the Bates-Hunter Mine properties, initiation of a pilot production program from the existing shafts and the building of a milling facility nearby.

Wits Basin President Dr. Clyde L. Smith said, “We have been conducting both surface and underground exploration for the last two years and have developed a fairly extensive geological picture for the area closest to the existing mine shaft. Further exploration from underground is warranted and a by-product of this continued exploration and sampling could result in the implementation of a limited pilot production program. We are assessing the personnel to create a management team and the proper capital funding required to carry out a sustainable exploration plan and expect to update the market in the near term concerning these developments.”

“This first step of placing a valuable asset into a stand-alone publicly-traded company allows shareholders who wish to be in a U.S. gold-only asset to do so. We will continue to provide information regarding management and operations on a timely basis,” stated Wits Basin CEO Stephen D. King.

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