| Thu 11 Oct 2007, 14:45 | | GBG - Great Basin Gold - Excellent grades returned |
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GBG
GBG
GBG - Great Basin Gold - Excellent grades returned from Great Basin Gold`s
second metallurgical bulk sample from hollister project in Nevada
Great Basin Gold Limited
(Incorporated in Canada and registered as an
External Company in South Africa)
(External Company Registration number 2006/021304/10)
Share code: GBG & ISIN: CA3901241057
("Great Basin Gold")
Ste. 1500 Royal Centre,
1055 West Georgia Street,
PO Box 11117
Vancouver, BC Canada
V6E 4N7
Toll Free 1 800 667?2114
South Africa 27 (0) 11 884 1610
www.grtbasin.com
EXCELLENT GRADES RETURNED FROM GREAT BASIN GOLD`S SECOND
METALLURGICAL BULK SAMPLE FROM HOLLISTER PROJECT IN NEVADA
October 11, 2007, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin" or the
"Company") (TSX: GBG; AMEX: GBN; JSE: GBGOLD) announces that it has treated its
second bulk ore sample from the Hollister Project. The 3,100 ton bulk sample
was collected from trial mining development 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 the Jerritt Canyon process
facility for milling and gold recovery. The sample had a head grade of 0.708 oz
(24.28 g/t) of gold per ton and 6.0 oz (205.72 g/t) of silver per ton,
delivering 1,976 ounces of gold and 14,835 ounces of silver, or a total of 2,246
equivalent gold ounces1. Under the terms of our toll treatment agreement with
Jerritt Canyon, Great Basin Gold will be paid for the gold and silver metal
recoveries.
Great Basin Gold is carrying out an underground exploration and development
program, in line with the feasibility completed in July 2007. The feasibility
study of the project which includes the exploitation of the Clementine and
Gwenivere high grade gold-silver vein systems indicated a robust rate of return
for a 400-ton per day operation utilizing toll milling. Mineral reserves for
the project were based on gold and silver head grades of 1.03 oz/ton (35.32 g/t)
and 5.71 oz/ton (195.78 g/t), respectively.
Great Basin Gold President and CEO Ferdi Dippenaar commented: "Management is
pleased with the improved results of the second bulk sample for its Hollister
Project. The tonnages mined were from start-up drifting and continued
development activities. Improved mining methods better reflect the head grades
for the vein systems, with grades improving by 69% from 0.418 oz/ton (14.33 g/t)
for the first bulk sample to the 0.708 oz/ton (24.27 g/t) for the current bulk
sample. Great Basin Gold planned to produce some 6,000 oz of gold equivalent
during 2007, as part of the preparation to put the mine into production in 2008.
To date, a total of 4,773 gold equivalent oz has been produced. We expect to
make further improvements when full scale stoping activities commence."
This news release has been reviewed by Johan Oelofse, FSAIMM, the Chief
Operating Officer for Great Basin Gold, and a qualified person as described by
National Instrument 43-101.
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
1 Gold equivalent is based on metal prices of US$550/oz for gold and US$10/oz
for silver and recoveries of 90% for gold and 80% for silver.
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: 11/10/2007 14:45:05 Produced by the JSE SENS Department.
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