Wits Basin Precious Minerals Inc. (OTCBB: WITM) is pleased to announce that the ticker symbol for its majority-owned subsidiary, Standard Gold, Inc. (OTCBB: SDGR), previously known as Princeton Acquisitions, Inc., has changed from PRAQ.OB to SDGR.OB, effective today.
The change in Standard Gold's ticker symbol follows its recent name change from Princeton Acquisitions. This was a result of its share exchange transaction with Hunter Bates Mining Corporation which was completed on September 29, 2009. The name change more accurately reflects Standard Gold's business purpose and plan to find, develop, produce and sell gold mine assets.
Wits Basin owns approximately 94 percent equity interest in Standard Gold.
About Wits Basin Precious Minerals Inc.
Wits Basin is a minerals exploration and development company. We own approximately 94 percent equity interest in Standard Gold, Inc. (formerly known as Princeton Acquisitions, Inc.), which holds title to the past producing gold mine in Colorado known as the Bates-Hunter Mine. We also own a 35 percent equity interest in Kwagga Gold (Barbados) Limited, which holds rights to the FSC gold project located in South Africa; a 50 percent equity interest in China Global Mining Resources (BVI) which owns an iron ore mine and processing plant in China, and certain rights in the Vianey silver project in Mexico. We do not claim to have any mineral reserves at the Bates-Hunter Mine, the FSC or the Vianey properties. 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 Wits Basin and its subsidiaries and other equity holdings, 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 Wits Basin's filings from time to time with the Securities and Exchange Commission. Wits Basin disclaims any obligation to update its forward-looking statements.
In addition, the exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves in connection with any of our projects and any estimates relating to possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves already discovered and recovered by others in the same region of the planned areas of exploration. Further, the cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks we face are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report.
Contacts:
Wits Basin Precious Minerals Inc.
Stephen King, CEO,
612-490-3419
or
Investor Relations, 866-739-0390
info@lhcom.bz