MINNEAPOLIS--(BUSINESS WIRE)--Wits Basin Precious Minerals Inc. (OTCBB:WITM - News) is pleased to announce that it is nearing the successful completion of the business development plan it implemented in the fall of 2006 for the Bates-Hunter Mine in Central City, Colorado. The accomplishments to date include:

• Intersections of gold mineralization with fire assay results of more than 1.10 opt Au.
• The completion of more than 80% of the 8,000-foot surface drill program. The remaining 20% of surface drilling will include drilling of targets immediately adjacent to known areas of mineralization.
• The creation of a well-developed geological understanding of the distribution of potential ore shoots in the area of the Bates-Hunter property.
• Underground samples taken from the mine have assays ranging from nil to over 6.0 opt Au, including the following: 1.03 opt Au (BH-5004, grab), 3.15 opt Au (BH-5051, grab) and two others in excess of 2 opt Au (BH-5052, muck and BH-5055, muck). Please visit the Wits Basin website at www.witsbasin.com for the complete assay tables for the underground samples (http://witsbasin.com/Assay-Results-from-the-BH-Mine.pdf).

Wits Basin President Dr. Clyde Smith said, "Recent drill results have demonstrated that several potential ore grade gold veins occur at depth on the Bates-Hunter property. Although gold vein intercepts to date are narrow, on-going refined geological modeling continues to point to locations of potential ore shoots in the veins. These locations are attractive drill targets. The 3-D video model that has been created reflects the high quality of computer graphics that are being employed during this first modern exploration program in the Central City Gold District."

The figures referenced below are critical to understanding these results

To review the progress of the work accomplished at the Bates-Hunter Mine, the Company has released an updated animated video of a 3-D working model of the Bates-Hunter Mine and the accompanying cross-section slides that comprise the video.

• To view the video, click here (http://witsbasin.com/images/BATES-HUNTER-3D-ANIMATION-2007112 8.avi). (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

• To view Figure 1 containing the results of the surface drill program, click here (http://witsbasin.com/images/BH20071129Figure_1.jpg).
• To view Figure 2, a diagram of the Bates Vein Section, click here (http://witsbasin.com/images/BH20071129Figure_2.jpg).
• To view Figure 3, a cross section of diamond drill hole BH-06-02, -03 and -04, click here (http://witsbasin.com/images/BH20071129Figure_3.jpg).
• To view Figure 4, a cross section of diamond drill hole BH-07-07 and -08, click here (http://witsbasin.com/images/BH20071129Figure_4.jpg).

Dewatering Progress

The Company has been actively involved in monitoring the successful discharge of water from the mine. The quality of the discharged water has been found to be cleaner than the creek water into which it feeds. The water level in the mine is now below 300 feet and continues to progress. The Company intends to continue underground sampling on all levels of the mine as rehabilitation and dewatering continues.

“Based on our work at the Bates-Hunter Mine, we believe the Company has a project which contains far greater upside potential than what is reflected in market valuations,” said Wits Basin CEO Stephen King.

“Combined with the historical documents we have on this property, we believe that the probability of potential economic viability of the project increases with every increase in the price of gold. The drill core samples we have assayed to date show gold mineralization in several veins. It is my belief that this property will develop a substantial resource of commercially recoverable gold,” said King.