| Thu 21 Dec 2006, 16:23 | | GBG - Great Basin - Great Basin Gold Exploration & |
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GBG
GBG
GBG - Great Basin - Great Basin Gold Exploration & Development Programs
Progressing as planned
GREAT BASIN GOLD LIMITED
(Incorporated in Canada and registered as an External Company in South
Africa)
(External Company Registration No. 2006/021304/10)
Share Code: GBG
ISIN Number: CA3901241057
("Great Basin" or "the Company")
GREAT BASIN GOLD EXPLORATION & DEVELOPMENT PROGRAMS PROGRESSING AS PLANNED
Great Basin announces an updated on the progress of programs at the
Hollister Development Block (HDB) Project at its Hollister gold-silver
property on the Carlin Trend in Nevada, USA and the Burnstone Project in
the Witwatersrand Basin in South Africa.
To the end of November at the HDB Project in Nevada, all planned advances
on the decline and the lateral drifting have been completed, and all
planned diamond drill stations have been established. A total of 7,045
feet of underground development has been completed, including over 200 feet
of drifting along the Gwenivere vein. In addition, approximately 73% of
the 55,000-foot (15,250 meters) underground diamond drilling program,
designed to define the mineral resources for the feasibility study, is
completed. A total of 40,300 feet (12,280 meters) have been drilled in 112
drill holes.
Hecla Mining Company is earning a 50% interest in the HDB Project, a
portion of the Hollister property, by funding and operating a two-stage
exploration and development program designed to take the HDB Project
through feasibility and potentially to commercial production. Scheduled
completion of the feasibility study is in the second quarter of 2007.
Concurrently at the Burnstone project in South Africa, excavation of a
planned 2,180-meter decline to access a bulk sample began at the end of
August 2006 and has been advanced some 346 meters. Training programs for
site personnel have been very successful, resulting in a consistent
increase in the rate of advance for the decline. Surface infrastructure to
support the mining activities has also been established, and a seamless
transition from the bulk sampling program to mining operations is expected
once a mining license has been received.
A program designed to upgrade the mineral resources in Area 1, which form
the basis for production as described in the May 2006 Burnstone Feasibility
Study, is also now about 90% complete. An additional 5,720 meters in five
holes were drilled in 2006 for this purpose. Assay results have been
received for six of the 15 holes, and a new estimate will be completed in
the first quarter of 2007 once all results have been compiled.
Exploration drilling, designed to increase confidence in the mineral
resources in Area 2, located south of Area 1 on the Burnstone property, is
also approximately 90% complete. Ten holes, totalling 6,120 meters, were
drilled. Results from this drilling program could result in an expanded
and optimized mine plan for Burnstone.
Gernot Wober, P.Geo., a qualified person and Exploration Manager of Great
Basin Gold Ltd., is monitoring the program on behalf of Great Basin and has
reviewed this news release. For more information on Great Basin and its
projects, please visit the Company`s website at www.greatbasingold.com or
call Investor Services at 604-684-6365 or within North America at 1-800-667-
2114.
Ferdi Dippenaar
President and CEO
Sponsor
JPMorgan
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
("the Company") 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, delay in the completion of the feasibility study, 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.
21 December 2006
Date: 21/12/2006 16:23:01 Produced by the JSE SENS Department.
