0001144204-13-068344.txt : 20131220 0001144204-13-068344.hdr.sgml : 20131220 20131220114244 ACCESSION NUMBER: 0001144204-13-068344 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131216 ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131220 DATE AS OF CHANGE: 20131220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WITS BASIN PRECIOUS MINERALS INC CENTRAL INDEX KEY: 0000912875 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 841236619 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12401 FILM NUMBER: 131290507 BUSINESS ADDRESS: STREET 1: 80 SOUTH 8TH STREET STREET 2: SUITE 900 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: (612)349-5277 MAIL ADDRESS: STREET 1: 80 SOUTH 8TH STREET STREET 2: SUITE 900 CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: ACTIVE IQ TECHNOLOGIES INC DATE OF NAME CHANGE: 20010702 FORMER COMPANY: FORMER CONFORMED NAME: METEOR INDUSTRIES INC DATE OF NAME CHANGE: 19960313 8-K 1 v363343_8-k.htm FORM 8-K

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): December 16, 2013

WITS BASIN PRECIOUS MINERALS INC.

(Exact name of registrant as specified in its charter)

Minnesota

(State or Other Jurisdiction of Incorporation)

1-12401	84-1236619
(Commission File Number)	(IRS Employer Identification No.)

80 South Eighth Street, Suite 900

Minneapolis, MN 55402

(Address of principal executive offices) (Zip Code)

(612) 349-5277

(Registrant’s telephone number, including area code)

N/A

(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 8.01

Other Events.

On December 18, 2013, Wits Basin Precious Minerals Inc. (the “Company”) was notified by the U.S. Securities and Exchange Commission (the “Commission”) that a temporary suspension of trading of the Company’s common stock was enacted. The suspension became effective at 9:30 a.m. EST on December 18, 2013 and terminates at 11:59 p.m. EST on January 2, 2014. The Commission ordered the temporary suspension due to a lack of current and accurate information since the Company has not filed certain periodic reports with the Commission since its report on Form 10-Q for the quarter ended September 30, 2010. The Company continues to utilize its limited resources towards its equity interest in the China iron ore mine.

The Company owns a 75% equity interest in China Global Mining Resources (BVI) Limited, which owns China Global Mining Resources (Hong Kong), which owns the Xiaonanshan Iron Ore Mine (the “XNS”), located in Anhui Provence of the People’s Republic of China. The Company has been informed that the XNS and CGMR (HK) Annual Financial Audits are continuing and should be completed during the first quarter of 2014. Once the XNS and CGMR (HK) audits have been achieved, then the audit process of CGMR (BVI) and the Company will commence. Upon completion, the Company should then be able to update its periodic reports with the Commission.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.		Description

99.1		Press Release dated December 16, 2013

SIGNATURE

Pursuant to the requirements of the Securities 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: December 20, 2013	By:	/s/ Mark D. Dacko
		Mark D. Dacko
		Chief Financial Officer

EX-99.1 2 v363343_ex99-1.htm EXHIBIT 99.1

Wits Basin Updates Progress at the Xiaonanshan Iron Ore Mine

December 16, 2013

MINNEAPOLIS—(BUSINESS WIRE)—Wits Basin Precious Minerals Inc. (Pink Sheets:WITM) provides the following updates from China Global Mining Resources (BVI) Limited (“CGMR (BVI)”):

Production and sales at the Xiaonanshan Iron Ore Mine (“XNS”).

Annual Financial Audits and SEC reporting.

Production and Sales

Residual raw iron ore production as a result of the rehabilitation program being conducted at XNS was 73,260 tonnes in November 2013 compared to 60,190 tonnes in October 2013. This represents an increase of 13,070 tonnes or 21.7% and is more than 50% higher than the forecast of 40,000 tonnes.

XNS as a result sold 20,932 tonnes of 62%+ Fe concentrate in November 2013 compared to 17,197 tonnes in October 2013. With a fixed direct cost of CNY350 ($57 USD) per tonne and an average sales price of CNY800 ($130 USD) sales equaled approximately USD $2,731,000 with a gross profit of approximately USD $1,536,000 was thus achieved during November 2013.

Annual Financial Audits for XNS, CGMR, and SEC Reporting

The preparation of the XNS and CGMR (HK) Annual Financial Audits, as previously reported, continues and should be completed during the first quarter of 2014. Once the XNS and CGMR (HK) audits have been achieved, then the audit process of CGMR (BVI) and WITM will commence. Upon completion, Wits Basin will then be able to update its SEC regulatory filings.

About Wits Basin Precious Minerals Inc.

Wits Basin is a minerals exploration and development stage company that owns a 75% equity interest in CGMR (BVI), which owns the Xiaonanshan Mine, located in Anhui Provence of the People’s Republic of China. Our common stock trades on the Over-the-Counter Pink Sheets under the symbol “WITM.” To find out more about Wits Basin Precious Minerals Inc. (WITM) visit our website at www.witsbasin.com.

Forward-Looking Statements and Risk Factors

Certain statements included in this press release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. These risks and uncertainties relate to the Company and its subsidiaries, and include, among others, the ability to obtain or maintain regulatory approvals; the risks relating to the completion of mine rehabilitation work and ongoing mining activities; market pricing of iron ore; the ability to obtain necessary financing; and other risks and uncertainties described in the Company's prior press releases and filings from time to time with the Securities and Exchange Commission.

Contact:

Wits Basin Precious Minerals Inc.

Al McLellan, +1 646-937-8790

info@witsbasin.com

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