Great Basin Gold's Hollister Project Completes Third Test Batch at Newmont's Midas Mill
10 11월 2008 - 10:30PM
PR Newswire (US)
VANCOUVER, Nov. 10 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd.
("Great Basin Gold" or the "Company") (TSX: GBG; AMEX: GBN; JSE:
GBG) today announced that it has completed the third 2008 milling
test batch at its Hollister Project, in Nevada, USA. Processing of
the ore was completed in September and October 2008 at the Midas
mill of Newmont Mining Corporation ("Newmont"), located 20 miles
from Hollister. The Midas mill processed a test batch of 11,239
tons with a gold head-grade over 1.428 ounces per ton and a silver
grade of 11.61 ounces per ton. Hollister Project realized net
revenue of approximately $10 million based on the split of payable
metal, 80% to Hollister and 20% to Newmont. The Midas mill recovers
gold and silver using direct cyanidation, counter-current
decantation and a Merrill Crowe recovery system. The results of the
milling test batch were:
--------------------------------------------------- Processed Wet
Tons 11,659 ---------------------------------------------------
Processed Dry Tons 11,239
--------------------------------------------------- Gold Contained
- ounces 16,000 ---------------------------------------------------
Silver Contained - ounces 130,000
--------------------------------------------------- Gold Head Grade
- ounces/ton 1.428
--------------------------------------------------- Silver Head
Grade - ounces/ton 11.61
--------------------------------------------------- Recovered Gold
- ounces 14,000 ---------------------------------------------------
Recovered Silver - ounces 117,000
--------------------------------------------------- Gold Recovery -
% 88 --------------------------------------------------- Silver
Recovery - % 90 ---------------------------------------------------
Improved recovery trends on the three test batches indicate that
progress is being made in optimizing the Midas circuit for the
Hollister high-grade gold and silver veins. This test batch
agreement with Newmont was structured to incentivize the highest
practicable metal recovery from the Hollister ores. Approximately
28,000 tons of Hollister ore have been processed, project-to-date,
in various off-site processing facilities under existing federal
and state permits for a small-scale operation during 2007 and 2008.
High-grades of the test batch are indicative of successful efforts
at trial stoping the Hollister Project narrow veins. The Project
team is testing various stoping methods to determine the most
efficient and economical method of extracting the high-grade veins.
Clementine stopes are being trial-stoped using cut and fill
methods; Gwenivere stopes are being trial-stoped using a
combination of cut and fill methods as well as shrinkage stoping.
President and CEO Ferdi Dippenaar said: "The metallurgical results
are showing improvement and we will continue to test various
process facilities until we obtain an optimum recovery from the
high-grade Hollister veins. Test stoping results are also
encouraging with the mining team proving their ability to extract
the high-grade veins with minimal dilution and high efficiency. The
Hollister Project is also maintaining an exceptional safety
performance record, recently completing one year without a
lost-time incident". Johan Oelofse, Pr.Eng., FSAIMM, Chief
Operating Officer of Great Basin Gold and a qualified person has
reviewed this release on behalf of the Company. 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 http://www.sedar.com/. DATASOURCE:
Great Basin Gold Ltd. CONTACT: For additional details on Great
Basin Gold Ltd. and its gold properties, please visit the Company's
website at http://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
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