| Thu 27 Sep 2007, 15:12 | | GBG - Great Basin Gold Limited - Great Basin Gold |
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GBG
GBG
GBG - Great Basin Gold Limited - Great Basin Gold Independent of Hunter
Dickinson Group
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 GOLD INDEPENDENT OF HUNTER DICKINSON GROUP
September 27, 2007, Vancouver BC - Great Basin Gold Ltd ("Great Basin" or the
"Company") announced today that it had reached an agreement with the Hunter
Dickinson Inc. (HDI) in terms of which the management contract that existed
between the parties since December 31, 1996, has been terminated. Great Basin
Gold agreed to a termination fee of C$350,000, which will be funded through the
issue of 135,659 Great Basin common shares to HDI. The shares will be issued at
C$2.58, being the 30 day volume weighted average price trading on the TSX
preceding August 31, 2007, being the effective date of the cancellation of the
agreement.
President and CEO, Ferdi Dippenaar said: "We have had an excellent relationship
with the team from HDI, and will continue to make use of some of their services,
albeit on an ad hoc basis. As Great Basin Gold has grown and built its own
capacity and skills, its dependence on the range of services supplied by HDI has
decreased over the past year. Great Basin Gold is at an interesting phase of its
development and is making good progress with its two development projects,
thereby transforming the company from an advanced explorer to an emerging gold
producer."
Great Basin Gold has two advanced stage gold projects in two of the world`s best
known gold environments. In addition to its Burnstone Gold Project in South
Africa`s Witwatersrand Goldfield, the Company holds a 100% interest in the
Hollister Property on the Carlin Trend in Nevada, USA.
Ferdi Dippenaar
President and CEO
For additional details on Great Basin and its gold properties, please visit the
Company`s website at www.grtbasin.com or contact Investor Services:
Tsholo Serunye in South Africa 27 (0) 11 884 1610
Melanee Henderson in North America 1 800 667-2114
Barbara Cano at Breakstone Group in the USA (646) 452-2334
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 ("the Company") 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. No guarantees can be given that the required
permitting and/or licensing will be approved. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, and continued
availability of capital and financing, 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 Commission and its
home jurisdiction filings that are available at www.sedar.com.
27 September 2007
Sponsor
Nedbank Capital
Date: 27/09/2007 15:12:06 Produced by the JSE SENS Department.
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