Unassociated Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 5, 2006

WITS BASIN PRECIOUS MINERALS INC.

(Exact Name of Registrant as Specified in Charter)

Minnesota

(State or Other Jurisdiction

of Incorporation)

1-12401

(Commission

File Number)

84-1236619

(IRS Employer

Identification No.)

80 South 8^th Street, Suite 900

Minneapolis, Minnesota

(Address of Principal Executive Offices)

55402-8773

(Zip Code)

612.349.5277

(Registrant’s telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01. Entry into a Material Definitive Agreement.

Effective June 5, 2006, the Registrant’s Board of Directors (the “Board”) authorized a management services agreement with Hawk Precious Minerals Inc., a Canadian publicly-held company (“Hawk”), whereby Hawk will provide certain management and administrative services to the Registrant. The agreement expires on December 31, 2006 and requires a single payment of US$50,000. H. Vance White, our chief executive officer and director, is also an officer and director of Hawk.

The foregoing is qualified in its entirety by reference to the Management Services Agreement, which is being filed as Exhibit 10.1 to this Current Report on Form 8-K; and such exhibit is incorporated herein by reference.

Item 8.01. Other Events.

Effective June 5, 2006, the Board authorized a cash bonus to be paid to its President, Stephen D. King, of $75,000 for his efforts in securing capital funding on behalf of the Registrant.

Item 9.01. Financial Statements and Exhibits.

Exhibit	Description of Document
10.1	Management Services Agreement dated June 5, 2006 between the Registrant and Hawk Precious Minerals Inc.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	Wits Basin Precious Minerals Inc.

Date: June 8, 2006	By:	/s/ Mark D. Dacko
		Mark D. Dacko
		Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description of Document
10.1	Management Services Agreement dated June 5, 2006 between the Registrant and Hawk Precious Minerals Inc.