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Additional Information
Market: TSX, AMEX, JSE
Sector: Gold Mining
EPIC: GBG
Latest Price: 1.04  (-0.95% Descending)
52-week High: 2.78
52-week Low: 0.90
Market Cap: 494.24M
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Great Basin Gold
www.grtbasin.com

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.

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Great Basin Gold makes progress in Burnstone project funding

10th Jun 2009, 3:39 pm
Great Basin Gold makes progress in Burnstone project funding

Great Basin Gold Ltd (TSX: GBG) it has granted a mandate to Investec Bank Ltd for the arranging of project funding for the company's Burnstone project in South Africa.

The facility consists of a Rand850 million senior debt facility and a Rand180 million standby debt facility to cover potential cost overruns.

Significant progress has been made in the finalization of a syndicate of banks for this purpose, with final credit approvals already obtained by some of the envisaged participants and in-principle approvals by the other potential syndicate members, the company said.

Great Basin Gold needs to put up approximately 55 percent of the total Burnstone project cost. The estimated required equity contribution by the company amounts to Rand1.075 billion of which Rand560 million has been spent to March 31 2009.

Development of the Burnstone project is well underway with multiple access points to the mining blocks currently being established to allow for the build up in reef tonnage available for production in the second half of 2009. The current project schedule indicates June 30, 2010 as the date for mill commissioning and first revenue to be generated in the subsequent months.

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