Great Basin Gold's Hollister Project signs Ore Purchase Agreement with Newmont
27 11월 2008 - 10:30PM
PR Newswire (US)
VANCOUVER, Nov. 27 /PRNewswire-FirstCall/ -- Great Basin Gold Ltd.
("Great Basin Gold" or the "Company") (TSX: GBG; AMEX: GBN; JSE:
GBG) today announced that it has signed an Ore Purchase Agreement
with Newmont Mining Corporation ("Newmont") whereby Newmont will
purchase approximately 15,000 tons of bulk sample extracted from
the Company's Hollister Project, in Nevada, USA. The 15,000 ton
bulk sample was produced from the Hollister Project's ongoing trial
mining initiative and sold to Newmont for processing, as part of
the Company's metallurgical test work and processing optimization
of the Hollister ore. It is expected that the ore will yield an
average grade of 1.3 oz/ton of gold and 9 - 12 oz/ton of silver.
Shipping of the ore commenced earlier this week and processing of
the 15,000 tons will be completed by the end of December 2008. The
Ore Purchase Agreement further states that Newmont shall be
responsible for all costs associated with the transportation and
processing of the 15,000 tons with Great Basin Gold being paid a
total of US$470/oz per recovered gold ounce. President and CEO
Ferdi Dippenaar said: "The Ore Purchase Agreement will not only
allow the Company to further refine its understanding and
definition of the most efficient mining and processing
methodologies for Hollister, but also allows the Company to realize
revenue which is important to ensure the sustainability of the
project. The Company is busy reviewing its options for the
processing of ore to be produced at the Hollister Project." 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: 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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