| Wed 2 May 2007, 9:12 | | GBG - Great Basin - Good grades returned from Grea |
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GBG
GBG
GBG - Great Basin - Good grades returned from Great Basin gold`s first
metallurgical bulk sample from hollister development block
project in Nevada
GREAT BASIN GOLD LIMITED
(Incorporated in Canada and registered as an External Company in South Africa)
(Registration No. 2006/021304/10)
Share Code: GBG ISIN Number: CA3901241057
("Great Basin" or "the Company")
GOOD GRADES RETURNED FROM GREAT BASIN GOLD`S FIRST METALLURGICAL BULK SAMPLE
FROM HOLLISTER DEVELOPMENT BLOCK PROJECT IN NEVADA
May 1, 2007, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin" or the
"Company") (TSX: GBG; AMEX: GBN; JSE: GBGOLD) announces that it has treated its
first ore from its Hollister Development Block project by sending a 5,074-ton
bulk sample for treatment. The bulk sample was collected from drifting along
the high grade Clementine and Gwenivere veins in the underground workings at its
Hollister property on the Carlin Trend in Nevada.
The sample was sent to Newmont Mining Corporation`s Mill 6 facility, pursuant to
the terms of an "Agreement for Purchase and Sale of Ore". The sample had a
recovery grade of 0.418 oz (13.4 g/t) of gold per ton and 4.18 oz (134.4 g/t) of
silver per ton, containing 2,090 ounces of gold and 24,050 ounces of silver. As
per the agreement Great Basin Gold will be paid for respective gold and silver
recoveries of approximately 90% and 80%.
Great Basin Gold is carrying out an underground exploration and development
program, with the objective of advancing the project through to feasibility and
to production. A 2006 preliminary assessment of the project exploiting the
Clementine and Gwenivere high grade gold-silver vein systems indicated a robust
rate of return for a 520-ton per day operation utilizing toll milling. Before a
50% dilution and applicable recoveries, inferred resources for the project were
based on gold and silver grades of 1.29 oz/ton and 7 oz/ton, respectively.
Great Basin Gold President and CEO Ferdi Dippenaar commented: "Management is
pleased with the results of the first bulk sample for Hollister. The tonnages
mined were from start-up drifting and development activities. Future mining
methods will better reflect the diluted recovery grades for the vein systems.
The recovered grade of nearly one half ounce of gold and more than 4 ounces of
silver per ton is lower that that of the diluted inferred resource for the
deposit; however, these kinds of recoveries and payment on lower grades bodes
very well for the higher grades we anticipate for production. Drifting
continues and we expect an additional 5,000 tons to be shipped in a few months
time. In addition, a new resource estimate is underway based on the results from
the underground drilling program that was recently completed. Once this has
been done, all of the results will be incorporated in the assumptions for the
feasibility study which is due for completion by the end of June 2007. "
This news release has been reviewed by Johan Oelofse, SAIMM, the Chief Operating
Officer for Great Basin Gold, and a qualified person as described by National
Instrument 43-101.
For additional details on Great Basin and its gold properties, please visit the
Company`s website at www.greatbasingold.com or contact Investor Services at
(604) 684-6365 or within North America at 1-800-667-2114.
Ferdi Dippenaar
President and CEO
No regulatory authority has approved or disapproved the information contained in
this news release.
Cautionary and Forward Looking Statement Information
This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address possible future commercial production, reserve potential,
exploration drilling results, development, feasibility or exploitation
activities and events or developments that Great Basin expects to occur are
forward-looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, effect of and changes to government policies regarding
mining and natural resource exploration and exploitation, availability of
capital and financing, geopolitical uncertainty and political and economic
instability, and general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future performance and
those actual results or developments may differ materially from those projected
in the forward-looking statements. For more information on the Company,
Investors should review the Company`s annual Form 20-F filing with the United
States Securities and Exchange Commission and its home jurisdiction filings that
are available at www.sedar.com.
Date: 02/05/2007 09:12:16 Produced by the JSE SENS Department.
