Wits Basin Precious Minerals Inc. (WITM.pk; the “Company”) updates the status of its answer and counterclaim to London Mining plc’s (AIM Stock Exchange, London, Symbol: LOND) filed action in Hennepin County District Court, Minnesota on December 19, 2011. Yesterday, there was a scheduling conference held by the State Court of Minnesota. As the case file is updated by the court, those viewings can follow the progress of the case by logging on to:
|Click the Civil Court Case and then put in the case #:|
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.