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Market: TSX, JSE
Sector: Gold Mining
Epic: TSX-GBG
News: Latest news
Web Site: Great Basin Gold
Other Articles: 12-02-201002-11-200917-06-2009

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Great Basin Gold

Great Basin Gold

Great Basin Gold is developing mining assets in two of the world's richest gold environments -- the Witwatersrand Basin of South Africa and the Carlin Trend of Nevada, USA, positioning the Company to grow substantially in value as it progresses towards its goal of becoming a low-cost mid-tier gold producer.
Tuesday, March 24, 2009

Great Basin Gold making good progress on Burnstone and Hollister projects

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Great Basin Gold Ltd said it is making good progress on its flagship projects, with adequate funding in place to deliver its Burnstone project in South Africa and the trial of mining methods at the Hollister property in Nevada producing successful results.

The company is expecting early stage production from Burnstone in the second quarter of 2009, with the project planned to be in commercial production by end of June 2010. This would include the completion of the access decline, commissioning of the vertical shaft as well as the commissioning of the metallurgical plant.

Trial stoping continues on the Gwenivere and Clementine veins at Hollister, with a total of 24,546 tons being extracted during the fourth quarter ending December 31 2008 compared to 9,873 tons for the 3rd quarter. For the financial year, a total of 33,830 tons at a head grade of 1.6 gold equivalent ounces per ton was milled resulting in a net 38,465 gold equivalent ounces being recovered.

For the financial year, CDN$29.1 million in revenue was generated from Hollister.

Positive surface exploration results continued with follow up drilling in the newly discovered vein system in the Hatter Graben at the Hollister property. Although the company has cut back on all exploration expenditures, it is anticipated that exploration in this area will continue.

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