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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 G6DAOTZk0hlKcOhmJ89hHzc0sdVijzMfUSMHxHZ7bMTJqHu8QUTl3wZb+/N2hvlt
 EuDNp7Z9ADs6gEYfGXy69g==

<SEC-DOCUMENT>0001179110-03-011493.txt : 20031201
<SEC-HEADER>0001179110-03-011493.hdr.sgml : 20031201
<ACCEPTANCE-DATETIME>20031201132437
ACCESSION NUMBER:		0001179110-03-011493
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030304
FILED AS OF DATE:		20031201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WITS BASIN PRECIOUS MINERALS INC
		CENTRAL INDEX KEY:			0000912875
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO & HOME SUPPLY STORES [5531]
		IRS NUMBER:				841236619
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		800 NICOLLET MALL
		STREET 2:		SUITE 2690
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		(612)664-0570

	MAIL ADDRESS:	
		STREET 1:		800 NICOLLET MALL
		STREET 2:		SUITE 2690
		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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			OLAH D BRADLY
		CENTRAL INDEX KEY:			0000936713

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12401
		FILM NUMBER:		031029498

	BUSINESS ADDRESS:	
		STREET 1:		601 CARLSON PARKWAY
		STREET 2:		SUITE 1500
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		9524495000

	MAIL ADDRESS:	
		STREET 1:		601 CARLSON PARKWAY
		STREET 2:		SUITE 1500
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-03-04</periodOfReport>
<notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000912875</issuerCik>
        <issuerName>WITS BASIN PRECIOUS MINERALS INC</issuerName>
        <issuerTradingSymbol>WITM</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000936713</rptOwnerCik>
            <rptOwnerName>OLAH D BRADLY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>5950 COUNTY ROAD 101</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLYMOUTH</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55446</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>1</isOther>
<officerTitle></officerTitle>
<otherText>no longer a 10% holder</otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock, $.01 par value</value>
</securityTitle>
<transactionDate><value>2003-03-04</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
<footnoteId id="F1"></footnoteId>
</transactionCoding>
<transactionAmounts><transactionShares><value>292500</value>
</transactionShares>
<transactionPricePerShare><value>.20</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode><value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>432800</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeHolding><securityTitle><value>Common Stock, $.01 par value</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>165000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Spouse</value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
<nonDerivativeHolding><securityTitle><value>Common Stock, $.01 par value</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>15000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Irrevocable Trust</value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable><derivativeHolding><securityTitle><value>Warrants</value>
</securityTitle>
<conversionOrExercisePrice><value>37.5</value>
</conversionOrExercisePrice>
<exerciseDate><value>2000-04-20</value>
</exerciseDate>
<expirationDate><value>2005-04-20</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>1167</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>1167</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Warrants</value>
</securityTitle>
<conversionOrExercisePrice><value>5.5</value>
</conversionOrExercisePrice>
<exerciseDate><value>2001-04-30</value>
</exerciseDate>
<expirationDate><value>2006-04-30</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>203334</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>203334</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Warrants</value>
</securityTitle>
<conversionOrExercisePrice><value>5.5</value>
</conversionOrExercisePrice>
<exerciseDate><value>2001-04-30</value>
</exerciseDate>
<expirationDate><value>2006-04-30</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>110000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>110000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Spouse</value>
</natureOfOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Warrants</value>
</securityTitle>
<conversionOrExercisePrice><value>5.5</value>
</conversionOrExercisePrice>
<exerciseDate><value>2001-04-30</value>
</exerciseDate>
<expirationDate><value>2006-04-30</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>10000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>10000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Irrevocable Trust</value>
</natureOfOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Stock Options - Right to buy</value>
</securityTitle>
<conversionOrExercisePrice><value>15</value>
</conversionOrExercisePrice>
<exerciseDate><value>1999-08-19</value>
</exerciseDate>
<expirationDate><value>2004-11-09</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>3333</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>3333</value>
<footnoteId id="F2"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Employee Stock Options</value>
</securityTitle>
<conversionOrExercisePrice><value>1</value>
</conversionOrExercisePrice>
<exerciseDate><value>2002-07-01</value>
</exerciseDate>
<expirationDate><value>2007-12-31</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>100000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>100000</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
</derivativeTable>
<footnotes><footnote id="F1">Conversion of severance payment to Common Stock</footnote>
<footnote id="F2">Represents correction of typographical error in previous filings.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ D. Bradly Olah</signatureName>
<signatureDate>2003-12-01</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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