| Mon 18 Feb 2008, 7:53 | | GBG - Great Basin Gold Limited - Great Basin Clarifies Rusaf gold acquisition |
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GBG
GBG
GBG - Great Basin Gold Limited - Great Basin Clarifies Rusaf gold acquisition
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 1 800 667?2114
South Africa 27 (0) 11 884 1610
www.grtbasin.com
GREAT BASIN CLARIFIES RUSAF GOLD ACQUISITION
February 15, 2008, Vancouver, BC - Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN;
JSE: GBG) advises that, further to its February 14, 2008 news release announcing
its proposed acquisition of Rusaf Gold Ltd., the acquisition terms also provide
for additional Great Basin shares to be issued in the first 3 years from
closing, contingent upon gold discoveries involving more than 500,000 ounces on
certain mineral prospects currently held by Rusaf. In the event of such
discoveries, Great Basin will issue shares valued at the higher of current or
then-prevailing market price to the former Rusaf shareholders on the basis of
valuing these gold ounces (including equivalent metals) at US$15/oz for inferred
resources and US$40/oz for measured and indicated resources (subject to a
minimum average cut-off grade of 1.5 grams per tonne or 0.04 oz per ton). Great
Basin has also agreed to spend between $7 million and $20 million in exploring
Rusaf`s properties during this period depending on independent advice as to the
likelihood of exploration success.
The Rusaf acquisition is subject to the approval of Rusaf shareholders, certain
judicial orders, as well as Toronto Stock Exchange and other regulatory
approvals. Assuming all such conditions are met in the ordinary course, the
parties are targeting completion for the second calendar quarter.
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 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. 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
Great Basin`s Gold`s public filings in Canada will use the terms "measured
resources", "indicated resources" and "inferred resources". Great Basin 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: 18/02/2008 07:53:08 Produced by the JSE SENS Department.
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