| Mon 10 Nov 2008, 15:30 | | GBG - Great Basin - Great Basin Gold`s Hollister Project Completes Third Test |
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GBG
GBG
GBG - Great Basin - Great Basin Gold`s Hollister Project Completes Third Test
Batch At Newmont`s Midas Mill
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")
GREAT BASIN GOLD`S HOLLISTER PROJECT COMPLETES THIRD TEST BATCH AT NEWMONT`S
MIDAS MILL
November 10, 2008, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold"
or the "Company") (TSX: GBG; AMEX: GBN; JSE: GBG) today announced that it has
completed the third 2008 milling test batch at its Hollister Project, in
Nevada, USA.
Processing of the ore was completed in September and October 2008 at the
Midas mill of Newmont Mining Corporation ("Newmont"), located 20 miles from
Hollister. The Midas mill processed a test batch of 11,239 tons with a gold
head-grade over 1.428 ounces per ton and a silver grade of 11.61 ounces per
ton. Hollister Project realized net revenue of approximately $10 million
based on the split of payable metal, 80% to Hollister and 20% to Newmont.
The Midas mill recovers gold and silver using direct cyanidation, counter-
current decantation and a Merrill Crowe recovery system. The results of the
milling test batch were:
Processed Wet Tons 11,659
Processed Dry Tons 11,239
Gold Contained - 16,000
ounces
Silver Contained - 130,000
ounces
Gold Head Grade - 1.428
ounces/ton
Silver Head Grade - 11.61
ounces/ton
Recovered Gold - 14,000
ounces
Recovered Silver - 117,000
ounces
Gold Recovery - % 88
Silver Recovery - % 90
Improved recovery trends on the three test batches indicate that progress is
being made in optimizing the Midas circuit for the Hollister high-grade gold
and silver veins. This test batch agreement with Newmont was structured to
incentivize the highest practicable metal recovery from the Hollister ores.
Approximately 28,000 tons of Hollister ore have been processed, project-to-
date, in various off-site processing facilities under existing federal and
state permits for a small-scale operation during 2007 and 2008.
High-grades of the test batch are indicative of successful efforts at trial
stoping the Hollister Project narrow veins. The Project team is testing
various stoping methods to determine the most efficient and economical method
of extracting the high-grade veins. Clementine stopes are being trial-stoped
using cut and fill methods; Gwenivere stopes are being trial-stoped using a
combination of cut and fill methods as well as shrinkage stoping.
President and CEO Ferdi Dippenaar said: "The metallurgical results are
showing improvement and we will continue to test various process facilities
until we obtain an optimum recovery from the high-grade Hollister veins.
Test stoping results are also encouraging with the mining team proving their
ability to extract the high-grade veins with minimal dilution and high
efficiency. The Hollister Project is also maintaining an exceptional safety
performance record, recently completing one year without a lost-time
incident".
Johan Oelofse, Pr.Eng., FSAIMM, Chief Operating Officer of Great Basin Gold
and a qualified person has reviewed this release on behalf of the Company.
For additional details on Great Basin Gold Ltd. 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)11 301 1800
Michael Curlook in North America 1 888 633 9332
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.
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, continuity of
mineralization, uncertainties related to the ability to obtain necessary
permits, licenses and title and delays due to third party opposition,
geopolitical uncertainty, changes in government policies regarding mining and
natural resource exploration and exploitation, 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 40-F filing
with the United States Securities and Exchange Commission and its home
jurisdiction filings that are available at www.sedar.com.
Date: 10/11/2008 15:30:01 Produced by the JSE SENS Department.
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