Great Basin Gold Ltd. (fka GBGLF)

[goldenpolarbear]

Southgold business rescue completed

BUSINESS NEWS / 4 July 2014, 08:00am
Dineo Faku

Burnstone is 100 percent owned by Southgold, which was previously held by JSE- and Toronto-listed Great Basin Gold.

Great Basin Gold filed for business rescue at Southgold in September 2012. The company invested $500 million (R5.4 billion) to develop the mechanised mine, but went into liquidation after running into financial difficulties.

Wits Gold became the winning bidder for Southgold Exploration from the business rescue practitioner.

Sibanye Gold, South Africa’s second-largest gold producer, exercised its option to acquire Southgold and Burnstone last year after buying Wits Gold for $7.4m and taking on $177.3m in bank debt owed. Sibanye has plans to spend R1 billion to develop the ore body.

The business rescue process started 22 months ago and was completed on Monday.

“The completion of the business rescue is huge. The mine was facing liquidation, which could have resulted in a hole in the ground and some scrap metal around it, as all licences and rights lapse when a mine is liquidated. This would have been another Aurora empowerment controversy,” Van den Steen said.

http://www.iol.co.za/business/news/southgold-business-rescue-completed-1714015

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

GREAT BASIN GOLD LIMITED INITIAL DECISION OF DEFAULT August 23, 2016

APPEARANCE: David S. Frye for the Division of Enforcement, Securities and Exchange Commission

BEFORE: Jason S. Patil, Administrative Law Judge

https://www.sec.gov/alj/aljdec/2016/id1050jsp.pdf