-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EdAQlIQ/0mgmXCoTfjBkkhuzz6dWOCCkrIMxKBhOXYV4xqDPH6uodHEWAZh0Dej5
 jJf284A3YAce3OiToaRQDg==

<SEC-DOCUMENT>0001179110-06-018801.txt : 20060921
<SEC-HEADER>0001179110-06-018801.hdr.sgml : 20060921
<ACCEPTANCE-DATETIME>20060921120113
ACCESSION NUMBER:		0001179110-06-018801
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060915
FILED AS OF DATE:		20060921
DATE AS OF CHANGE:		20060921

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SMITH CLYDE L
		CENTRAL INDEX KEY:			0001375922

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12401
		FILM NUMBER:		061101546

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		604-943-8405

	MAIL ADDRESS:	
		STREET 1:		#106 - 1680 56TH STREET
		CITY:			DELTA
		STATE:			A1
		ZIP:			V4L 2L6

ISSUER:		

	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

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-09-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000912875</issuerCik>
        <issuerName>WITS BASIN PRECIOUS MINERALS INC</issuerName>
        <issuerTradingSymbol>WITM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001375922</rptOwnerCik>
            <rptOwnerName>SMITH CLYDE L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>#106-1680 56TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DELTA</rptOwnerCity>
            <rptOwnerState>A1</rptOwnerState>
            <rptOwnerZipCode>V4L 2L6</rptOwnerZipCode>
            <rptOwnerStateDescription>BRITISH COLUMBIA, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $.01 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>/s/ Clyde L. Smith</signatureName>
        <signatureDate>2006-09-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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