Wits Basin Announces Progress of Strategic Plans for Colorado Gold Property

Wits Basin Precious Minerals Inc. provide the following update regarding the Bates Hunter Mine, a gold mine the Company owns in Central City, Colorado.

In February 2008, the Company communicated plans to consider a gold strategy. Further to that announcement, we have created a Colorado gold division named Standard Gold of which Wits Basin will be the majority shareholder.

At the Bates Hunter Mine, we have begun calculations on blocking, identifying and exploring ore and ore grades according to the NI 43-101. We are also positioned to begin due diligence in order to establish our own concentration facility on some nearby land. We intend to proceed with sample production from the property, with updates to be made as they are available.

“We’ve conducted both surface and underground exploration during the last two years and have now developed a fairly extensive geological picture for the area closest to the existing mine,” stated Dr. Clyde L. Smith, President of Wits Basin. “Further exploration from underground is warranted and a by-product of this continued exploration and sampling will be pilot production. We are assembling the management team and plan to update the market in the near term concerning these developments.”

“This first step of creating Standard Gold as a gold-only division will allow us to examine ways to further maximize shareholder value,” said Wits Basin CEO Stephen D. King. “We look forward to providing additional information regarding management and operations as this division begins to actively pursue the production samples and exploration development.”