| Tue 6 Apr 2010, 14:30 | | GBG - Great Basin Gold Ltd - Great Basin Gold obtains US$47 million credit |
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GBG
GBG
GBG - Great Basin Gold Ltd - Great Basin Gold obtains US$47 million credit
facility
GREAT BASIN GOLD LTD
(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 Gold")
GREAT BASIN GOLD OBTAINS US$47 MILLION CREDIT FACILITY
April 6, 2010, Vancouver, BC - Great Basin Gold Ltd, ("Great Basin" or the
"Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) today announced that it has
obtained final Credit approval for a US$47 million export finance facility
("the facility"), with the option to increase the facility through further
syndication.
The facility will be provided by Credit Suisse Ag and will have a maximum term
of 4 years from date of draw down, with interest and capital repayment
commencing 9 months after draw down. The facility will bear interest at a margin
of 4% over the USD LIBOR rate (currently 0.3%). The Company will have the option
to retire the loan 12 months after draw down at no additional costs. The
Burnstone project will be the guarantor for the facility.
The facility is only subject to the execution of customary loan and security
documentation and includes conditions precedent usual for facilities of this
nature. Execution of binding documentation and funding is targeted for on or
before April 30, 2010.
Ferdi Dippenaar, CEO and President commented; "The Company received more than
one financing offer and selected this facility which will provide us with
flexibility in the delivery of the Burnstone project. The project is at an
exciting phase of its development with good progress being made in the
construction of the metallurgical plant and the development of underground
infrastructure. Development on 41 Level of the vertical shaft has been completed
and the sinking of the last 26 meters to shaft bottom has commenced."
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) 11 301 1800
Michael Curlook in North America 1 (888) 633 9332
Barbara Cano at Breakstone Group in the USA 1 (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 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 40-F filing with the United States
Securities and Exchange Commission and its home jurisdiction filings that are
available at www.sedar.com.
06 April 2010
Johannesburg
Sponsor
Nedbank Capital
Date: 06/04/2010 14:30:06 Produced by the JSE SENS Department.
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