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GBG
GBG
GBG - Great Basin - Great Basin Provides Update On Burnstone Mine Project
GREAT BASIN GOLD LIMITED
(Incorporated in Canada and registered as an External Company in South Africa)
(Registration No. 2006/021304/10)
Share Code: GBG & ISIN Number: CA3901241057
("Great Basin" or "the Company")
GREAT BASIN PROVIDES UPDATE ON BURNSTONE MINE PROJECT
June 2, 2010, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin" or the
"Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that it is making good
progress in the delivery of its capital projects at its Burnstone Project in
South Africa.
To date, the metallurgical plant construction project has made rapid progress
against an aggressive 15 month delivery time line. The project thus far has seen
intensive civil construction activities on-site and a multitude of simultaneous
assembly and refurbishment activities off site. The project is now entering the
stage where the heavy civil construction has largely been completed,
construction of various buildings is far advanced, and the off-site assembled
components are being delivered and installed.
Over the past month, the ball and semi autogenous grinding mill shells and heads
have been mounted in position, the pour of the 2 meter thick slab floor for the
silo has been completed, the cable racks and piping has started on the main pipe
racks, the cable trenching from the Eskom sub-station has been completed and is
ready to receive power, the construction of the Carbon-in-Leach tanks and
thickener has progressed to an advanced state.
The tailings facility project is progressing well, and will be ready to coincide
with commissioning of the plant.
Progress at the vertical shaft project is aimed at completing shaft bottom
arrangements, in order to continue with shaft equipping and commissioning. The
winder house construction has been completed and both winders are in an advanced
stage of installation, ahead of schedule.
The establishment of bulk electrical power to the Burnstone Mine is ongoing and
construction of the power line is progressing according to plan. Eskom remains
committed to supply the Burnstone Mine with bulk electrical power as per the
agreed schedule and according to the power demand build-up. The main
distribution substation at the Burnstone site is almost complete with the last
switchgear being installed this week and the receiving infrastructure being due
for completion as part of the Eskom line project.
The Burnstone Project has achieved a major milestone by effective compliance
with the compulsory 10% power savings initiative from Eskom, by the submission
of an "Energy Efficiency Certificate", indicating energy efficient designs and
components that are acknowledged by Eskom. This arrangement, a first according
to Eskom, and aligned with its forward looking energy saving policies, will
effectively avoid the punitive rates for not achieving the compulsory 10%
savings.
Ferdi Dippenaar, President and CEO, commented: "As at May 30, 2010, the decline
had progressed to within 20 meters of the vertical shaft, with the breakthrough
planned in the week of June 10, following the completion of shaft equipping on
shaft bottom and 41 Level Station. Approximately 2,130 meters of underground
on-reef development meters have been completed with Long Hole Stoping trials
continuing during May 2010. The project team at our Burnstone operation
continues to make good progress in delivering these strategically important
projects that, combined with the underground development and opening up of
production areas, form the critical path to delivery of the Burnstone Mine by
the end of June 2010."
Johan Oelofse, Pr.Eng., FSAIMM, Chief Operating Officer of Great Basin and a
qualified person, as defined by Canadian regulatory policy, has reviewed and
assumed responsibility for the technical information contained in this release.
For additional details on Great Basin and its gold properties, please visit the
Company`s website at 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
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 www.sedar.com.
Sponsor
Nedbank Capital
2 June 2010
Date: 02/06/2010 16:21:03 Produced by the JSE SENS Department.
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