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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Business Summary: Wits Basin Precious Minerals, Inc., together with its subsidiaries, engages in the exploration and development of mineral properties in South Africa, Mexico, and Colorado.
 
Address
  900 IDS Center
  80 South 8th Street
  Minneapolis , MN 55402-8773
  Phone: 612-349-5277
  Website: http://www.witsbasin.com
Auditor
  Carver Moquist & O'Connor
Transfer Agent
  Computershare Trust Co., Inc.
Employees:  15
ShareHolders:  4400
Founded:  1992
Domicile:  Minnesota
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Wits Basin Precious Minerals, Inc., together with its subsidiaries, engages in the exploration and development of mineral properties in South Africa, Mexico, and Colorado. The company holds interest in the FSC project, a gold exploration project located adjacent to the Witwatersrand basin in South Africa; the Bates-Hunter mine located in Central City, Colorado; and a 50% interest in the Vianey Mine Concession located in the state of Guerrero, Mexico. It also holds an option to acquire interests in a nickel mining property and three iron ore mining properties located in the People's Republic of China. The company, formerly known as Active IQ Technologies, Inc., was founded in 1992 and is based in Minneapolis, Minnesota.
History:  INCORPORATED in Minnesota Jan. 31, 2001, as AIQ Acquisition Corp., a wholly owned subsidiary of Meteor Industries, Inc. (former parent). On Apr. 30, 2001, merged former parent on a share-for-share basis. Name was changed from AIQ Acquisition Corp. to Active IQ Technologies, Inc. Apr. 30, 2001; and to Wits Basin Precious Minerals Inc. July 9, 2003. Former parent was incorporated in Colorado Dec. 22, 1992. Effective Dec. 31, 2000, former parent contributed substantially all of its assets, liabilities relating to its petroleum distribution business to Meteor Enterprises, Inc., its wholly-owned subsidiary. On Apr. 30, 2001, the company sold all of its interest in Meteor Enterprises, Inc. for $5,500,000. April 30, 2001, acquired activeIQ Technologies, Inc. (incorporated in Minnesota Apr. 11, 1996) by merging it with and into MI Merger, Inc., a wholly owned subsidiary, on a share-for-share basis (for an aggregate 4,385,911 Common shares). activeIQ Technologies, Inc. subsequently changed its name to AIQ, Inc. June 6, 2001, acquired Red Wing Business Systems, Inc. for 400,000 Common shares and $1,600,000 cash.
 
Subsidiaries:
Active Hawk Minerals LLC
AIQ, Inc.
Champion Business Systems, Inc.
Gregory Gold Producers, Inc.
Red Wing Business Systems, Inc.
Wits-China Acquisition Corp.
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2007  9
  2006  12
  2005  95
 
Research and Development Expenditures, thousand. US Dollars
  Year  Amount
  2003  0
  2002  134
  2001  563
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Management
OfficersPosition
 H. Vance WhiteChairman
 Clyde L. SmithPresident
 Stephen D. KingChief Executive Officer & Investor Relations Contact
 Mark D. DackoSecretary, Chief Financial Officer & Chief Accounting Officer

Directors
 Stephen D. King
 Norman  Lowenthal
 Joseph  Mancuso
 Donald S. Stoica
 H. Vance White
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Capitalization as of 03/31/2008:
 
 Authorized SharesOutstanding Shares
Common $0.01 par300,000,000120,460,866
 
LONG TERM DEBT: None.
 
Common $0.01 par
 
Stockholders:  03/24/2008, 4400.
Transfer Agent:  Computershare Trust Co., Inc.   Golden , CO
 
OTC Bulletin Board( Primary): WITM
 
ExchangeYearHighLow
OTC Bulletin Board20071.29000.1500
OTC Bulletin Board20060.57000.1350
OTC Bulletin Board20050.50000.0700
OTC Bulletin Board20041.34000.1700
OTC Bulletin Board20031.71000.0700
NASDAQ Small Cap20024.95000.1900
NASDAQ Small Cap20016.00001.7500
NASDAQ20007.62502.2500
NASDAQ19994.25002.3750
NASDAQ19984.50002.4375
 
RECENT DIVIDENDS: Common $0.01 par: No cash.
 
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Annual Report
 
Income Statement
  20072006
Operating expenses:
General and administrative6,953,5914,963,481
Exploration expenses2,755,4911,958,229
Depreciation and amortization16,05021,214
Merger transaction costs1,238,619--
Loss on impairment of Kwagga Gold--120,803
Loss (gain) on sale of mining properties (95,820)--
Total operating expenses10,867,9317,063,727
Loss from operations (10,867,931)(7,063,727)
Other income (expense), net70,11731,122
Interest expense (1,061,383)(1,858,082)
Net loss $(11,859,197)$(8,890,687)
Basic and diluted net loss per common share$(0.11)$(0.11)
Basic and diluted weighted average common shares outstanding105,146,86482,503,278
 
Balance Sheet
  20072006
Assets
Current assets:
Cash$130,481$85,910
Receivables--10,323
Investment--21,241
Prepaid expenses91,03053,815
Total current assets221,511171,289
Property and equipment, net73,20680,087
Advance payments on equity investments7,000,000--
Debt issuance costs, net16,415--
Total Assets$7,311,132$251,376
Liabilities and Shareholders' Equity (Deficit)
Current liabilities:
Convertible notes payable, net of original issue discount $9,843,283--
Short-term notes payable, net of original issue discount234,220--
Accounts payable229,29268,622
Accrued interest514,286--
Other accrued expenses793,782143,000
Total current liabilities11,614,863211,622
Common stock, $.01 par value1,139,825947,477
Additional paid-in capital51,147,31342,954,263
Stock subscriptions receivable --(932,600)
Warrants outstanding5,710,3837,515,487
Accumulated deficit (22,932,460)(22,932,460)
Deficit accumulated during the exploration stage, subsequent to April 30, 2003(39,368,792)(27,509,595)
Accumulated other comprehensive loss --(2,818)
Total shareholders' equity (deficit) (4,303,731)39,754
Total Liabilities and Shareholders' Equity (Deficit)$7,311,132$251,376
Common Shares 113,982,53394,747,739
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Interim Report   
 
Data Not Available
 
 
 
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Pro Forma Report   
 
Data Not Available
 
 
 
 
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Wits Basin Precious Minerals Inc.
Symbol:  WITM


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Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2007   1Nil
  2007   2Nil
  2007   3Nil
  2007   4Nil
  2007   Full Year Nil
  2006   1Nil
  2006   2Nil
  2006   3Nil
  2006   Full Year Nil
  2005   1Nil
  2005   2Nil
  2005   3Nil
  2005   Full Year Nil
  2004   1Nil
  2004   2Nil
  2004   3Nil
  2004   4Nil
  2004   Full Year Nil
  2003   1130,000
  2003   2Nil
  2003   3Nil
  2003   Full Year 130,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2008   1(2,670,000)
  2008   2(3,800,000)
  2007   1(2,240,000)
  2007   2(3,130,000)
  2007   3(2,200,000)
  2007   4(4,290,000)
  2007   Full Year (11,860,000)
  2006   1(1,950,000)
  2006   2(2,270,000)
  2006   3(2,530,000)
  2006   Full Year (8,890,700)
  2005   1(1,690,000)
  2005   2(1,880,000)
  2005   3(1,310,000)
  2005   Full Year (5,730,700)
  2004   1(1,510,000)
  2004   2(1,540,000)
  2004   3(610,000)
  2004   4(2,700,000)
  2004   Full Year (6,357,200)
  2003   1(500,000)
  2003   260,000
  2003   3(290,000)
  2003   40
  2003   Full Year (2,505,100)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2008   1(.02)
  2008   2(.03)
  2007   1(.02)
  2007   2(.03)
  2007   3(.02)
  2007   4(.04)
  2007   Full Year (.11)
  2006   1(.03)
  2006   2(.03)
  2006   3(.03)
  2006   Full Year (.11)
  2005   1(.03)
  2005   2(.03)
  2005   3(.02)
  2005   Full Year (.09)
  2004   1(.05)
  2004   2(.05)
  2004   3(.02)
  2004   4(.07)
  2004   Full Year (.19)
  2003   1(.04)
  2003   2Nil
  2003   3(.02)
  2003   4.00
  2003   Full Year (.16)
 
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