| Thu 27 Nov 2008, 15:30 | | GBG - Great Basin Gold Limited - Great Basin Gold`s Hollister project signs ore |
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GBG
GBG
GBG - Great Basin Gold Limited - Great Basin Gold`s Hollister project signs ore
purchase agreement with Newmont
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 SIGNS ORE PURCHASE AGREEMENT WITH NEWMONT
November 27, 2008, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold" or
the "Company") (TSX: GBG; AMEX: GBN; JSE: GBG) today announced that it has
signed an Ore Purchase Agreement with Newmont Mining Corporation ("Newmont")
whereby Newmont will purchase approximately 15,000 tons of bulk sample extracted
from the Company`s Hollister Project, in Nevada, USA.
The 15,000 ton bulk sample was produced from the Hollister Project`s ongoing
trial mining initiative and sold to Newmont for processing, as part of the
Company`s metallurgical test work and processing optimization of the Hollister
ore. It is expected that the ore will yield an average grade of 1.3 oz/ton of
gold and 9 - 12 oz/ton of silver.
Shipping of the ore commenced earlier this week and processing of the 15,000
tons will be completed by the end of December 2008. The Ore Purchase Agreement
further states that Newmont shall be responsible for all costs associated with
the transportation and processing of the 15,000 tons with Great Basin Gold being
paid a total of US$470/oz per recovered gold ounce.
President and CEO Ferdi Dippenaar said: "The Ore Purchase Agreement will not
only allow the Company to further refine its understanding and definition of the
most efficient mining and processing methodologies for Hollister, but also
allows the Company to realize revenue which is important to ensure the
sustainability of the project. The Company is busy reviewing its options for
the processing of ore to be produced at the Hollister Project."
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: 27/11/2008 15:30:01 Produced by the JSE SENS Department.
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