| Wed 13 Feb 2008, 17:07 | | GBG - Great Basin - Great Basin Gold`s hollister development project encounters |
|
GBG
GBG
GBG - Great Basin - Great Basin Gold`s hollister development project encounters
exceptional grades on Central Clementine and Gwenivere Vein Exploration
Drifting
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")
Ste. 1500 Royal Centre,
1055 West Georgia Street,
PO Box 11117
Vancouver, BC Canada
V6E 4N7
Toll Free 1 800 667u2114
South Africa 27 (0) 11 884 1610
www.grtbasin.com
GREAT BASIN GOLD`S HOLLISTER DEVELOPMENT PROJECT ENCOUNTERS EXCEPTIONAL GRADES
ON CENTRAL CLEMENTINE AND GWENIVERE VEIN EXPLORATION DRIFTING
February 13, 2008, Vancouver BC - Great Basin Gold Ltd. ("Great Basin or the
"Company") (TSX: GBG; AMEX: GBN; JSE: GBG) announces that underground
development at its Hollister Mine development project continued to accelerate
in the fourth quarter of 2007 with 2,242 feet (683 m) of total development
being achieved.
Exploration drifting on the Clementine and Gwenivere vein systems continued
during the fourth quarter. The purpose of the vein exploration development has
been to explore the identified mineralized structures to confirm tenor of the
veins and provide bulk sample material for milling test runs. The following
table summarizes the 887 feet of exploration drifting in the fourth quarter
2007. The grade from sampling, averaged over a width equivalent to the
resource model, is compared to the grade from the resource estimate.
4th Quarter 2007 Hollister Project Reconciliation Summary Table
Undiluted Resource Model Compared to Actual Vein Samples over Equivalent Widths
Resource Model
Vein Drift Length Number Au/Ag Grades Ave. Vein
(feet) of (oz/t) Width
Samples (feet)
Central 3000 North 248 50 3.75/13.3 2.1
Clementine X-cut
West Drift
Central 3000 North 177 41 6.55/22.8 2.3
Clementine X-cut
East Drift
Gwenivere 3000 South X-cut 219 38 0.604/5.1 3.7
West Drift
Gwenivere 3000 South X-cut 243 44 0.344/1.9 2.8
East Drift
Table Continued
4th Quarter 2007 Hollister Project Reconciliation Summary Table
Undiluted Resource Model Compared to Actual Vein Samples over Equivalent Widths
Actual values assayed
Vein Drift Length Number Au/Ag Ave. Grade of Vein
(feet) of Grades Vein only -
Samples (oz/t) Width excluding
(feet) stock work
Au/Ag
(oz/t)
Central 3000 North 248 50 13.14/103.20 2.1 22.99/180.6
Clementine X-cut
West Drift
Central 3000 North 177 41 6.23/28.26 2.3 14.32/65.0
Clementine X-cut
East Drift
Gwenivere 3000 South X- 219 38 1.60/24.96 3.7 2.19/34.2
cut
West Drift
Gwenivere 3000 South X- 243 44 1.28/11.29 2.8 2.11/18.6
cut
East Drift
Assay results from 173 geologic face samples, taken at an average of one sample
for every 6 feet of drifting, collected while driving initial drifts in the
Central Clementine and Gwenivere veins were consistently found to be higher
grade than the resource model estimates. The resource model was developed for
use with the Hollister Project feasibility study, filed at www.SEDAR.com in
September 2007. Assaying procedure was standard fire assay using a gravimetric
finish. Results from individual samples were assayed as high as 161.9 oz/t
(5,037 g/t) Au and 1,015.4 oz/t (31,582 g/t) Ag. Metallic screen fire assaying
is in progress to confirm the original fire assays and to enhance the
accounting of coarse gold.
Underground drilling scheduled for the first quarter of 2008 is targeted to
delineate the up-dip and down-dip extension and strike extensions of both the
Clementine and Gwenivere high-grade ore zones.
-2-
The Hollister project is also developing authorized permanent infrastructure
including an exhaust and secondary access raise that will allow the project to
begin test stoping after the commissioning thereof. The raise is advancing on
schedule and will be completed during the first quarter of 2008. As planned
in the Feasibility Study, stoping of the Hollister vein systems will begin in
the second quarter of 2008.
Great Basin Gold President and CEO Ferdi Dippenaar said:
"This is an exciting development. We believe that the true potential of the
Hollister deposit will only be known through the systematic exploration and
development activities currently underway within the Hollister Development
Block area. This program follows Board approval of a US$14.4 million
exploration program in November 2007, the purpose being in-fill, surface and
strike and depth extension drilling.
The Hollister Management team is confident of delivering the project as
planned. Continued success with the advanced exploration program will result in
an update to the resource statement, which is expected to be completed during
the second quarter of 2008."
Deon van der Heever, Pr.Sci.Nat., of GeoLogix Mineral Resource Consultants
(Pty) Ltd is the qualified person, reviewing this news release on behalf of
Great Basin Gold.
Ferdi Dippenaar
President and CEO
Samples collected from the Hollister Project are stored in a secure facility
until picked up by Inspectorate America Corporation (Inspectorate) of Sparks,
Nevada. Vein samples are analyzed by either metallic screen or standard fire
assay procedures. For metallic screen analyses, vein sample preparation
consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh,
taking a 500 g sub-sample using a rotary splitter, and then pulverizing the 500
g sub-sample to 90% passing 150-mesh using a large capacity ring and puck
pulverizer. Gold and silver determinations are by metallic screen analysis,
with two 1 assay-ton (30 g) fire assays completed on the fine fraction; the
coarse fraction is fire assayed in its entirety. For standard fire assay, vein
sample preparation consists of drying and jaw-crushing the entire sample to 90%
passing 10-mesh, taking a 300 g sub-sample using a Jones splitter, and then
pulverizing the 300 g sub-sample to 90% passing 150-mesh using a large capacity
ring and puck pulverizer. A 30 g charge is fire assayed. All metal
determinations are by gravimetric finish. Vein samples analyzed by standard
fire assay will be re-assayed using metallic screen procedures. Laboratory
Quality Assurance/Quality Control (QA/QC) is monitored using coarse reject
blanks and assay standards, duplicate fire assays, and Inspectorate`s internal
standards and blanks. Coarse blanks (barren rhyolite or landscape marble) and
assay standards are inserted into the sample sequence as blind samples prior to
submitting the samples to the laboratory. Inspectorate also inserts assay
standards and blanks into the sample stream. QA/QC results are within
acceptable limits.
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 Gold
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, 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. Although feasibility work
has been done to confirm the mine design, mining methods and processing methods
assumed in the Feasibility Study, construction and operation of a mine depends
on securing environmental and other permits on a timely basis. 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.
Information Concerning Estimates of Measured, Indicated and Inferred Resources
This news release also uses the terms "measured resources", "indicated
resources" and "inferred resources". The Company advises investors that
although these terms are recognized and required by Canadian regulations (under
National Instrument 43-101 Standards of Disclosure for Mineral Projects), the
U.S. Securities and Exchange Commission does not recognize them. Investors are
cautioned not to assume that any part or all of the mineral deposits in these
categories will ever be converted into reserves. In addition, `inferred
resources` have a great amount of uncertainty as to their existence, and
economic and legal feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis
of feasibility or pre-feasibility studies, or economic studies except for
Preliminary Assessment as defined under 43-101. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is economically or
legally mineable.
Date: 13/02/2008 17:07:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
