| Thu 13 May 2010, 15:34 | | GBG - Great Basin - Great Basin completes holing of ventilation shaft and |
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GBG
GBG
GBG - Great Basin - Great Basin completes holing of ventilation shaft and
updates on delivery of mills at Burnstone
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 COMPLETES HOLING OF VENTILATION SHAFT AND UPDATES ON DELIVERY OF
MILLS AT BURNSTONE
May 13, 2010, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin" or the
"Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it reached yet
another milestone at its Burnstone mine development project in South Africa with
the completion of the raise boring phase, or holing, of the ventilation shaft.
The holing took place on May 12, 2010 and completes phase one of the ventilation
shaft project. This phase included the piloting and reaming of a 5.1-meter
diameter, 305-meter deep vertical ventilation shaft, which will act as an up-
cast shaft to provide sufficient ventilation for mining of blocks B and C,
planned to occur over the next approximately 3-year period.
The project was completed at a cost of CDN$2.36 million and took 12 months to
complete. Site establishment took place in May 2009, and drilling of a 381-mm
pilot hole commenced in September 2009. Actual reaming of the 5.1-metre diameter
hole started at the end of October 2009, and advanced at a planned rate of 3
metres per day to accommodate the removal of the raise bore chips, together with
material from underground production. The reaming process took approximately 6
months to complete. The second phase of the project consists of establishing
support by lining the first 90 meters of the shaft with shotcrete as well as
connecting three 720 kW surface fans. This second phase is scheduled to be
completed during June 2010, in line with the planned production build-up. The
shaft will provide adequate ventilation for the underground workings well into
the future.
Ferdi Dippenaar, President and CEO, commented: "The management team at our
Burnstone project continue to make good progress, reaching the various
milestones required to deliver the project within the remaining few weeks. In
the mill, construction is currently underway to enable the installation of the
Ball and Semi Autogenous Grinding (SAG) mill shells, which are planned for
delivery on-site between 17 and 21 of May 2010. The plate work on the
foundations has been completed as has the fitting of the bearings for the mills.
Construction of the steel walls of the leach tanks and steel works on the
thickener continues, and the silos are currently being equipped. Commissioning
of the metallurgical plant is on track for the end of June 2010."
Johan Oelofse, Pr.Eng., FSAIMM, Chief Operating Officer of Great Basin and a
qualified person, as defined by Canadian regulatory policy, has reviewed and
assumed responsibility for the technical information contained in this release.
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 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.
Johannesburg
Monday, 13 May 2010
Sponsor
Nedbank Capital
Date: 13/05/2010 15:34:01 Produced by the JSE SENS Department.
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