|
GBG
GBG
GBG - Great Basin - Great Basin Gold Concludes Agreement To Purchase
An interest in Of Rusaf Gold Limited
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")
1020 - 800 West Pender Street
Vancouver, BC Canada V6C 2V6
Tel: 604 684 6365
Fax: 604 684 8092
Toll Free 1 800 667 2114
www.greatbasingold.com
GREAT BASIN GOLD CONCLUDES AGREEMENT
TO PURCHASE AN INTEREST IN OF RUSAF GOLD LIMITED
June 13, 2007 Vancouver, BC - Great Basin Gold Ltd. (TSX: GBG; AMEX:
GBN; JSE: GBGOLD) announces that it has entered into an agreement with
Vancouver based Rusaf Gold Ltd. ("Rusaf") whereby Great Basin Gold can
purchase 37% of the fully diluted equity shares of Rusaf for total
consideration of CDN$12.0 million, payable CDN$8.0 million cash and
CDN$4.0 million in Great Basin Gold common shares. The transaction will
occur in two tranches and the number of shares will be determined by
using the volume weighted average closing price on the TSX for the 10
trading days immediately preceding the second tranche closing targeted
for June 30, 2007.
Great Basin Gold also retains a pre-emptive right to maintain its
interest on future Rusaf equity offerings, has a right of first refusal
in connection with any joint venturing or other disposals of Rusaf`s
mineral properties and is entitled to representation on Rusaf`s board.
Rusaf is a Canadian registered exploration company, operating from Dar
Es Salaam, Tanzania, with 100% owned subsidiary companies that hold
prospecting rights to properties in Tanzania and Russia. Rusaf holds a
number of properties including:
- an area of approximately 3,000 square kilometres in the Lupa
goldfield in South Western Tanzania, at which a drilling program
was initiated in November 2006;
- ground approximately 100 kilometres east of Mbeya in the Lupa
South goldfield in Tanzania;
- ground in the Lake Victoria region of the Geita Archean Greenstone
Belt in Tanzania; and
- the Kurils project on the Russian Island of Iturup. Following the
results from a trench sampling and assay program confirming the
presence of a high grade gold deposit and the continuity of the
mineralization, Rusaf plans to utilize part of the proceeds from
this financing to fund a drilling program targeting the shallow
epithermal deposit.
President and CEO Ferdi Dippenaar said: "The purchase of the Rusaf
shares enhances Great Basin Gold`s strategic objective of creating
value and delivering growth through pursuing gold mining opportunities
in Africa, North America and Russia/Central Asia, these being the three
regions in which we have already established a presence or acquired
interests. Rusaf provides a good strategic fit as they have extensive
land packages and active exploration programs in these regions, as well
as considerable in-house operational expertise."
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 contemplate completion of one or
more strategic investments 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.
Investors are cautioned that any such statements are not guarantees of
future performance and there is no certainty of completion of these
transactions at the time of announcement. Hence, actual results or
developments may differ materially from those projected in the forward-
looking statements or nay not happen at all. 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.
13 June 2007
Sponsor
Nedbank Capital
Date: 13/06/2007 16:29:48 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
