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  • tranthor2004 tranthor2004 Apr 25, 2013 2:51 PM Flag

    Mine Opening Press Release

    "Wits Basin Precious Minerals Inc. (WITM) is pleased to announce that through the efforts of “The Anhui Zhonghai Mining and Trading Company” (AZHM&T Company), whom Wits Basin has contracted with, that the Xiaonanshan Mine, located in Anhui Provence of The Peoples Republic of China, has been reopened. Wits Basin owns a 75% equity interest in China Global Mining Resources (BVI) Limited, which owns the Xiaonanshan Mine.
    This development puts the Company ahead of its earlier announced schedule, which in turn allows the Company to work with AZHM&T Company and help develop their plans of ramping up production and establishing estimations for production, processing and revenue for the balance of 2013. The Company expects to have these estimations completed during the second quarter.

    In addition, the Company is pleased to announce that an arbitration award won by the seller has been mutually and amicably resolved. The settlement is subject to non-disclosure and confidentiality terms.

    Based on estimates, the Xiaonanshan Mine contains sufficient ore for more than 30 years of operation at the previous recovery rate. Current iron ore spot prices remain more than 50% higher than in 2010 when the mine last operated."

    The news I find most intriguing is below:

    "In addition, the Company is pleased to announce that an arbitration award won by the seller has been mutually and amicably resolved. The settlement is subject to non-disclosure and confidentiality terms."

    This would indicate that Lu (sp) has been satisfied and this issue of mine ownership/selling has been resolved.

    Now if they can put out some financials in the next few months we could see some s/p appreciation.

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