Exhibit 99.2

Press Release - October 28, 2003

         Wits Basin Precious Minerals Closes $1.208M Private Placement

MINNEAPOLIS, October 28 2003 - Wits Basin Precious Minerals Inc., (OTCBB: WITM)
f/k/a Active IQ Technologies, Inc. announced that it has completed a private
placement of an additional 4,832,000 units of its securities, resulting in gross
proceeds of $1,208,000. Each unit sold consisted of one share of common stock
and one-half of a one year warrant to purchase one share of common stock at a
price of $0.75 per share. Combined with the first closing announced October 14,
2003, Wits Basin raised a total of $2,522,500. The securities sold have not been
registered under the Securities Act of 1933, but were offered in reliance on the
exemption from registration pursuant to Section 4(2) of the Securities Act.

According to Wits Basin's CEO Vance White, "We are pleased that we have closed
on this round of financing, enabling uninterrupted progress in our FSC Project
in South Africa by providing sufficient cash to make the third and final payment
required in our joint venture of Active Hawk Precious Minerals LLC."

The operator of the FSC Project, AfriOre Limited, announced on October 8, 2003,
that they had "commissioned the first drillhole of an initial three drillhole
program at its FSC joint venture project in South Africa. The program is
anticipated to include some 6,200 metres of drilling and is aimed at
establishing the presence of stratigraphic units related to Witwatersrand gold
deposits, in the depth range of 1,200 metres to 1,500 metres below surface.
Previous drilling and geophysical mapping indicate that Witwatersrand rocks may
be preserved under Mesozoic cover rocks in the project area.

The first drillhole has been sited after a comprehensive analysis of data from
the recently completed aeromagnetic survey and the reprocessing of ground based
gravity data. The aeromagnetic survey utilized the latest three sensor
horizontal gradient technology to achieve a high resolution coverage over an
area of 1,231 square kilometres, which included 28,380 line kilometres, flown at
a 500 metre line spacing. The resulting data set has been combined with similar
data from AfriOre's previous aeromagnetic survey, which covered over an area of
290 square kilometres (10,000 line kilometres). The interpretation also
incorporated updated ground gravity data, covering an area of 8,530 square
kilometres, as well as information from AfriOre's comprehensive database of
historical drilling and seismic survey data.

The integrated geophysical interpretation has enhanced the signatures of the
various anomalies, which were identified in AfriOre's previous aeromagnetic
survey and which are postulated to indicate the magnetic shale units of the
Witwatersrand's West Rand Group. Elsewhere in the Witwatersrand basin, similar
anomalies occur below the upper Witwatersrand's Central Rand Group, the host
rocks to the mineralized gold reefs. In addition, gravity anomalies have also
been delineated parallel to the strike of the magnetic high anomalies and are
interpreted as possible manifestations of the Central Rand Group rocks.

Although the interpretation of these anomalies is not certain, the anomalies can
be traced through the cumulative 135 kilometres of strike of the three regional
targets, which were originally identified by AfriOre. Previous drilling of
similar magnetic anomalies elsewhere in the FSC Project Area has intercepted
West Rand Group rocks. The recently interpreted data has refined the
configuration of these three regional targets and it is now possible to more
accurately delineate five high priority targets in individual structural blocks
with a cumulative strike length of 60 kilometres. The aim of the initial program
is to drill within the higher priority targets to confirm the identity of the
rocks which cause the geophysical anomalies and to determine their stratigraphic
setting. The three drillholes will be drilled sequentially and the initial
drillhole will take some three months to complete."

Vance White also added "the historic Witwatersrand Basin is host to the world's
largest reserves of gold. It has produced OVER 1.5 BILLION ounces of gold during
the past 117 years and has an estimated one billion



ounces of gold in resources and reserves remaining. During this period over 100
mines have produced 3.9 billion tonnes of ore at an average grade of 9.5g/t
(0.29 oz/t)." He further went on to say that an old truism in the gold
exploration business is that you 'find gold where they mine it'. The FSC project
having the right address; the operating personnel of AfriOre associated with the
Project having excellent expertise and in excess of a collective 150 years
experience in the Witwatersrand Basin; and as we believe that we are in the
early stages of a bull market for precious minerals, specifically gold the
potential upside for the Project if proven out is enormous. We are extremely
pleased to be associated with the FSC Project and with the superb capability of
the AfriOre personnel."

AfriOre is listed on the Toronto Stock Exchange, under the symbol 'AFO' and
their website is at www.afriore.com.

ABOUT WITS BASIN PRECIOUS MINERALS INC.

Wits Basin (OTCBB: WITM) is actively participating in a joint venture for the
exploration of gold in the Republic of South Africa whereby it has the right to
earn a 35% equity interest in the FSC project by advancing US$2.1 million
(US$1.5 million has already been advanced) and has the right to earn an
additional 15% by advancing an additional US$1.4 million. Wits Basin is
headquartered in Minneapolis, MN with offices in Toronto, ON.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities of the Company.

Forward-Looking Statements

Except for historical information contained herein, this news release also
includes forward-looking statements. All statements regarding potential
mineralization and reserves, exploration results and future objectives of Wits
Basin, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements.

Risk Factors

The exploration for and development of mineral deposits involves significant
financial risks which even a combination of careful evaluation, experience and
knowledge may not eliminate. While the discovery of an ore body may result in
substantial rewards, few properties which are explored are ultimately developed
into producing mines. Major expenses may be required to establish ore reserves,
to develop metallurgical processes and to construct mining and processing
facilities at a site. It is impossible to ensure that the current programs
planned for the Corporation will result in a profitable commercial mining
operation. Also, see the Company's SEC reports for other risk factors.

Contact Information:

Wits Basin Precious Minerals Inc.
H. Vance White, CEO, 416.214.2250
or
Mark Dacko, CFO, 612.664.0570