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Similar successes have been achieved at Bathopele platinum mine near Rustenburg, while CMTI Group’s MT100 and MT1000 ULP equipment have been operating in Burnstone gold mine in Balfour, Mpumalanga.
Sibanye Gold is using the equipment to mine panels at heights of 1m, as opposed to the current 1.5m. By now being able to extract significantly more gold-bearing ore and reduce waste-rock extraction, the mine will increase its yields and reduce its waste-disposal costs.
Certainly, this is in line with Sibanye Gold’s recent announcement that it is researching technology to make its mining operations safer and more productive. The process is being driven by mining operational executive and mining engineer, Peter Turner, who has also highlighted the important contribution of remote-controlled ULP technologies.
CMTI Group’s MT100 has a maximum height of 420mm and a battery life of seven hours.
Burnstone was previously operated by Great Basin Gold up to 2012 when the mine was placed on care and maintenance and GBG went into liquidation. An option on the mine was acquired by Wits Gold who in turn was acquired by Sibanye Gold. In 2015 Sibanye Gold completed a feasibility study which envisaged production of 100 120koz/a over a 23 year mine life. Capital expenditure was estimated at R1.852 billion for life of mine production of 1.727 Moz of gold.
SOUTHGOLD PROPRIETARY LIMITED
>Southgold was a member of the Great Basin Gold (GBG) group of companies with its main business of mining exploration
>GBG was a Canadian company listed on the Toronto Stock Exchange
>Company is the owner of the Burnstone mine – Mpumalanga
>Southgold was placed under business rescue on 14 September 2012, pursuant to a voluntary resolution passed by the board of directors and Peter van den Steen was appointed as the business rescue practitioner
>Provision of post-commencement funding by secured lenders
One of the biggest and most complex business rescues brought under the new Companies Act of 2008 has come to a successful conclusion, in the process saving jobs and highlighting the important role that banks play in business rescue proceedings.
Southgold Exploration, which filed a resolution in 2012 placing itself in business rescue, had its business rescue plan approved by creditors on 11 July 2013, which ultimately resulted in the company terminating its business rescue on 1 July 2014 so that it could continue to operate.
Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
Court case over African miner’s collapse ends abruptly
Great Basin debentureholders drop lawsuit
Stockwatch Daily12 Jan 2017
By Mike Caswell
A LAWSUIT over the demise of Great Basin Gold Ltd. and its purported $1.3-billion (U.S.) in assets has come to an unspectacular conclusion in the Supreme Court of British Columbia. The debentureholders behind the suit have dropped the case. Each side will bear its own legal costs.
The lawsuit was brought by a group, led by Linden Advisors LP, that held $45.7-million in unsecured convertible debentures in Great Basin. The group lost most of its investment after Great Basin entered insolvency proceedings in 2012. The lawsuit sought damages from Great Basin’s former management, claiming that the company had misrepresented the value of its assets.
The case was being actively litigated and had been set for trial in September, 2017, but the matter came to a sudden end on Dec. 19, 2016. On that date, Linden and the other plaintiffs filed a consent order dropping the matter in its entirety. The order states that there will be no costs, which means that each side must pay its own legal fees.
The order concludes a case that Linden and two other investors filed on Aug. 14, 2014. The other plaintiffs were Crystalline Management Inc. and Wolverine Asset Management LLC. The defendants were former officers and directors of Great Basin. These included Ferdinand Dippenaar, the company’s president from August, 2005, to August, 2012. The suit also named Great Basin chairman Ron Thiessen.
The lawsuit sought to hold management accountable for what the debentureholders saw as a substantial misrepresentation of the value of the company’s assets. Linden said that it acquired Great Basin debentures in 2009, based on the value the company attributed to its two main projects, Hollister and Burnstone. The company had valued Burnstone between $414-million (U.S.) and $1.17-billion (U.S.), with a mine life of 19 years. After adding the value of Hollister, the company’s two main projects were worth $1.3-billion (U.S.), the suit stated.
After the initial investment, all seemed to be well, according to Linden. The Burstone project went into production in January, 2011, and the project’s reserves and mine life increased too. Meanwhile the Hollister project received a boost to its reserves as well. Alongside these purportedly positive developments, Mr. Dippenaar called the Burnstone a “world class project” that would produce into the future. The company expected Burnstone to start contributing cash flow in July, 2011.
There were no concerns throughout 2011 and into 2012 about the company’s cash position, Linden said. On Oct. 24, 2011, the company claimed to have enough working capital. It also increased its valuation of the Burnstone project, placing a $1.53-billion (U.S.) figure on the project. The company acknowledged some production delays, but in an April 3, 2012, earnings call Mr. Dippenaar assured investors that those issues were resolved. As the debentureholders understood things, the company was advancing without any troubles, the suit stated.
VANCOUVER, Dec. 21, 2017 /CNW/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") announces that its wholly-owned US-based subsidiary Pebble Limited Partnership (the "Pebble Partnership") has finalized documentation and will file for a US Clean Water Act 404 permit with the US Army Corps of Engineers on Friday, December 22, thereby initiating federal and state permitting for the Pebble Project under the National Environmental Policy Act ("NEPA").
"At the outset of 2017, we established three ambitious corporate objectives for Northern Dynasty and the Pebble Project," said Northern Dynasty President & CEO Ron Thiessen. "We committed to reaching a resolution with the US Environmental Protection Agency ("EPA") to restore the Pebble Project to normal course permitting, to re-partnering on the Pebble Project and to initiating permitting under NEPA. As we approach the end of the year, I'm proud to report that we will hit our mark on all three important milestones."
On May 12, 2017, Northern Dynasty announced a settlement agreement with EPA, whereby the federal agency agreed to initiate a process to withdraw its Proposed Determination under Section 404(c) of the Clean Water Act, thereby clearing the way for Pebble to apply for a CWA 404 permit with the US Army Corps of Engineers. On December 18, 2017, Northern Dynasty announced a framework agreement with First Quantum Minerals Ltd. ("First Quantum") (TSX: FM), which contemplates that an affiliate of First Quantum will subsequently execute a US$150 million option agreement with Northern Dynasty, which provides for a future right to acquire a 50% interest in the Pebble Partnership for a further investment of US$1.35 billion. Northern Dynasty has now received an initial US$37.5 million Early Option Installment Payment from First Quantum.
"We are very pleased to move the Pebble Project forward to the next important phase by initiating the NEPA permitting process this year, as we committed to do," said Tom Collier, Pebble Partnership CEO.
Just weeks later, a much larger problem ensued. On Sept. 19, 2012, Great Basin entered insolvency proceedings, in which it ultimately sold all of its assets. As Linden saw it, the true value of the company’s projects emerged through those proceedings. In May, 2013, Great Basin sold Hollister for $15-million and a 15-per-cent royalty, which was assigned to the company’s secured lenders. Meanwhile Burstone went for $7.25-million (U.S.) and the assumption of $170-million (U.S.) in debt. Linden said that this value was a mere fraction of what management had claimed the projects to be worth.
The lawsuit sought damages for negligent misrepresentation, a declaration that the directors and officers breached their duty, and a declaration that the debenture prospectus contained misrepresentations. In addition to Mr. Dippenaar and Mr. Thiessen, the defendants were: Lourens Van Vuuren, Willem Beckmann, Philip N. Bentley, Patrick Cooke, Terrence Barry Coughlan, Dhir Anu, David M.S. Elliott, Bheki Khumalo, Harry Wayne Kirk, Octavia Matloa, Philip Kotze, Joshua C. Ngoma, Johan Oelofse, Dana Roets, Gert J. Robbertze, Sipho A. Nkosi and Walter T. Segsworth.
The defendants each denied any wrongdoing. In his July 22, 2015, response to the suit, Mr. Dippenaar said that there was no guarantee of the company’s success, and its disclosure clearly indicated that fact. Exploration variables, lack of financing, as well as economic and market conditions could all affect its success, he contended.
Mr. Dippenaar also leaned heavily on the legal disclaimers in the prospectus. Those disclaimers specifically stated that investments in the company were speculative and involved a high degree of risk. Moreover, the debentures were unsecured obligations and there was no guarantee that the company could pay the interest and principal. At the time, the company had an 18-year history of losses and there was no guarantee it would be profitable.
“31 July 2017 excluding Burnstone”
https://thevault.exchange/?get_group_doc=245/1512555825-Sibanye-StillwaterIRmeetingpresentationDec201730Nov.pdf
Credit Suisse AG and Standard Chartered Bank as South African and English legal counsel in respect of the ongoing refinancing and debt and equity restructure of the South African mining company, Sibanye Gold Eastern Operations Pty Ltd (previously Southgold Exploration Pty Ltd).
Es gibt keine Neuigkeiten, und ja ihr letzter Satz wird
Leider stimmen
Is there any new news on this? Is there gold being mined there again? Is great basin still a publicly owned company by us the shareholders or has it been bought and its debt bought as well and we, the shareholders, are basically screwed and walk away with zero?
Still Beyond FRUSTRATING! Regarding the Burnstone Gold Mine!
http://www.saimm.co.za/saimm-events/upcoming-events
“...Note: Business Rescue should generally end within three months, or an extended time as granted by Court on application by Practitioner
Beyond Frustrating http://web.archive.org/web/20120817013309/http://www.greatbasingold.com:80/burnstone.cfm
http://web.archive.org/web/20120817013305/http://www.greatbasingold.com/assets.cfm
http://web.archive.org/web/20130323111047/http://www.greatbasingold.com/burnstone_team.cfm
”... Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
“Without the input of the secured lenders, Credit Suisse and Standard Chartered Bank, in terms of advancing post-commencement financing and permitting the unsecured creditors a dividend that they would not otherwise have obtained, Southgold would have been forced to commence liquidation proceedings.”
South African company Southgold Exploration is a wholly-owned subsidiary of Toronto-based Great Basin Gold (GBG) Limited, which is an international mining company engaged in the exploration and development of gold properties. Southgold’s principal asset is the Burnstone mine in Mpumalanga.
During August 2012, GBG suspended active production at Burnstone in the hope of selling the mine in order to settle creditors. Seeking protection from creditors in the interim period, Southgold filed a resolution in 2012 placing itself in business rescue, and commenced proceedings under Canada’s Companies’ Creditors Arrangement Act, which is the equivalent of South Africa’s business rescue proceedings.
Standard Chartered Bank and Credit Suisse worked closely with the business rescue practitioner appointed to supervise Southgold, and advanced significant post-commencement financing to enable the successful business rescue, which included restructuring Southgold’s debt and equity.
According to Ms van Zuylen, “The restructuring had cross-border implications in that it involved the restructuring of debt owed to Canadian, Swiss and English creditors in addition to South African creditors.”
The restructuring involved banking and finance law, insolvency and restructuring law, corporate law, litigation and mining law issues. Documents were governed by English law and South African law (prepared by Bowman Gilfillan), and Cayman and Swiss law (drafted by local counsel).
The Bowman Gilfillan team comprised: Lionel Shawe and Lisa Botha (Banking and Finance), Claire van Zuylen and Sizwe Msimang (Insolvency and Restructuring law), Alistair Collins, Marc Pinchuck, Candace Hennessey, Johan de Wet, Ingrid Sinclair, Claire Tucker (Mining and Regulatory), and John Sahli and Clement Mkiva (Litigation).
today i bought gbg/btc bitcoin may be i have better luck there they could have all the penny market hell with them bunch of con artist from owners to
brokers i am loving it ( bitcoin )
Scherzkeks (-;
I strongly believe that it is not that critical, in my opinion it's at most 94%.
Machen sie sich keine zu großen Hoffnungen zu 95%
Ist unser Geld verloren
Did I lose all my money or do we have hope
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
Form 6-K Report of Foreign Private Issuer Pursuant to Rules 13a-16 or 15d-16 under the Securities Exchange Act of 1934Dated March 31, 2014 File Number: 001-35785
SIBANYE GOLD LIMITED(Translation of registrant’s name into English) Libanon Business Park1 Hospital Street (off Cedar Avenue) Libanon, Westonaria, 1780South AfricaIndicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
SIBANYE GOLD LIMITED (Reg. No. 2002/031431/06) (Incorporated in the Republic of South Africa) JSE Code: SGL ISIN Code: ZAE000173951 Issuer Code: SGL NYSE Code: SBGL (“Sibanye Gold” or the “Company”) FINANCIAL EFFECTS PERTAINING TO THE ACQUISITION OF WITS GOLD INCLUDING THE ACQUISITION OF SOUTHGOLD AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
Shareholders are referred to the Firm Intention announcement by Sibanye Gold to make
a cash offer to acquire the entire issued ordinary share capital of Witwatersrand
Consolidated Gold Resources Limited (“Wits Gold”) for a consideration of R11.55 per
Wits Gold share (“Proposed Transaction”), or a total consideration of approximately
R407 million (“Total Consideration”), incorporating the Company’s cautionary
announcement, which was jointly released by the Company and Wits Gold on SENS on
11 December 2013 and further cautionary announcements released on 28 January 2014
and 11 March 2014.
2. Southgold
Sibanye Gold wishes to advise that it has successfully concluded its detailed due
diligence investigation in relation to Southgold Exploration Proprietary Limited
(“Southgold”) and that it has taken the final decision to proceed with the acquisition of
Southgold subject to the implementation of the Proposed Transaction and the fulfilment
of certain outstanding conditions precedent listed below (the “Southgold Acquisition”).
Shareholders are referred to the Wits Gold announcement on 5 July 2013, where it was
announced that it had submitted a final binding offer (“the Offer”) to Mr Peter van den
Steen, the business rescue practitioner of Southgold, to acquire Southgold, the sole
owner of the Burnstone gold mine and assets (“Burnstone”) located in South Africa’s
Mpumalanga Province. The Offer was included in the business rescue plan that was
approved by creditors on 11 July 2013.
Summary of the key terms of the Offer: Wits Gold will acquire all of the issued share capital of Southgold together with all shareholder and inter-group loans against Southgold for a purchase price of R100; ··Reduction of Southgold total debt to US$177.3 million (“the Southgold Debt”) on the
following terms:oUpfront payment of US$7.25 million on transaction completion;
Back-ranked to new funding to be injected by Wits Gold and to be repaid
from the Burnstone mine’s free cash flow;oMoratorium on interest and capital repayments for 36 months from
transaction completion; oSouthgold Debt attracts interest at LIBOR +4%; oOption to settle outstanding balances at any time without penalty; and oSouthgold Debt ring-fenced to Southgold. ·Wits Gold to provide up to R 950 million of new funding by means of a loan (“Wits Gold Loan”), over time, as working capital to support the production plan; o Wits Gold Loan attracts interest at JIBAR +4%; o Wits Gold Loan to be repaid first: 90% free cash to Wits Gold Loan; 10% to Southgold Debt o On settlement of the Wits Gold Loan and interest, Southgold Debt will be repaid from free cash flow: ··70% to Wits Gold : 30% to Southgold Debt.
The Offer is still conditional upon the fulfilment of, or waiver by Wits Gold of conditions
precedent standard to a transaction of this nature, including but not limited to signature
of all definitive transaction agreements, obtaining all necessary regulatory approvals,
including, amongst others, the approval of the of the Department of Mineral Resources
and Wits Gold confirming that the acquisition of Southgold does not give rise to any
adverse tax consequences for Wits Gold and/or Southgold.
Neal Froneman, CEO of Sibanye Gold, commented that “The Burnstone mine has
largely been developed, with a significant amount already invested in the mine
infrastructure. Sibanye Gold is acquiring the assets on extremely favourable terms and
we are confident that this transaction, which is consistent with our strategy to extend the
operating life of the Company in order to support the dividend yield strategy, will
contribute positively to Sibanye Gold’s free cash flow and enhance its longer term
value.”
3. Closing of the Proposed Transaction Shareholders are advised that all conditions precedent to the Proposed Transaction have been fulfilled or waived and accordingly the Proposed Transaction will be
implemented in accordance with its terms and become effective on 14 April 2014. 4. Unaudited pro forma financial effects of the Proposed Transaction and the Southgold Acquisition Set out below is the unaudited pro forma financial effects of the Proposed Transaction and the Southgold Acquisition on Sibanye Gold.
Sibanye Gold announced on 21 August 2013, that it had entered into an agreement with
Gold One International Limited to acquire its 74% interest in Newshelf 1114 Proprietary
Limited group (“Newshelf”) which owns the Cooke underground and surface operations
(“Cooke Operations”). The consideration for the Cooke Operations will be approximately
150 million new Sibanye Gold ordinary shares, or such number of shares that represents
17% of Sibanye Gold’s issued share capital, on a fully diluted basis (“Consideration
Shares”), on the closing date of the transaction (“Cooke Transaction”). The key condition
precedent that is yet to be fulfilled is the approval of the Minister of Mineral Resources of
South Africa in terms of Section 11 of the Minerals and Petroleum Resources
Development Act.
The unaudited pro forma effects are prepared for illustrative purposes only and may not
fairly present Sibanye Gold’s results, financial position or changes in equity after the
Cooke Transaction, the Proposed Transaction and the Southgold Acquisition. It has been
assumed for the purposes of the pro forma financial effects that the Cooke Transaction,
the Proposed Transaction and the Southgold Acquisition took place with effect from 1
January 2013 for income statement purposes and on 30 June 2013 for the statement of
financial position.
The unaudited pro forma financial effects have been prepared by management of
Sibanye Gold and are the responsibility of the Board of Directors of Sibanye Gold.
Sibanye Gold has evaluated the Proposed Transactions and the Southgold Acquisition
separate from each other and the unaudited pro forma financial effects below reflects the
nature and impact of the two transactions separately.
Notes:
(a) The “Before the Cooke Transaction, the Proposed Transaction and the Southgold Acquisition” financial information is based on Sibanye Gold’s reviewed consolidated
interim financial statements of Sibanye Gold for the six months ended 30 June
2013. Sibanye Gold has published provisional financial statements for the year
ended 31 December 2013, but to ensure comparability with available public
information for Wits Gold and the Cooke Operations Sibanye Gold’s reviewed
consolidated interim results for the six months ended 30 June 2013 is used.
(b) The financial information for Newshelf, in respect of the Cooke Transaction, and Wits Gold, in respect of the Proposed Transaction, is based on their respective
reviewed interim financial statements for the six months ended 30 June 2013.
(c) Transaction fees incurred and forecast for all the transactions have been included inthe financial effects. (d) The adjustment relates to the acquisition of the 74% interest in Newshelf, in exchange for the Consideration Shares. The number of Consideration Shares to be issued is based on 17% of Sibanye Gold’s issued share capital on a fully diluted basis as of 30 June 2013.
(e) The estimated consideration for the Cooke Transaction of R3 338 million, is based on the issue of 157 037 992 shares at an issue price of R21.70 per share, being
Sibanye Gold’s closing share price on 27 March 2014. The adjustment includes the
consolidation journals, eliminating the equity of Newshelf and recognising negative
goodwill of approximately R59 million on consolidation. Sibanye Gold has not re-
valued any of the assets or liabilities of Newshelf and used the values per the
Newshelf reviewed interim financial statements for the six months ended 30 June
2013 in determining the negative goodwill. Sibanye Gold would be required to do a
purchase price allocation in accordance with IFRS 3 Business Combinations (IFRS
3) once the transaction is completed. The final goodwill or negative goodwill amount
will be determined by using the actual consideration and the fair values of the assets
and liabilities acquired when the Cooke Transaction is concluded.
(f) The adjustment relates to basic and diluted earnings per share and headline and diluted headline attributable to Sibanye Gold shareholders resulting from the impact
of pro forma adjustments and the increase resulting from the impact of the increase
in the weighted average number of ordinary shares (from the issue of the
157 037 992 Consideration Shares, as described above). 100% weighting was
assumed for the share issue.
(g) The adjustment relates to net asset value and net tangible asset value per share resulting from the impact of pro forma adjustments and reflecting the increase in the
number of ordinary shares.
(h) The adjustment relates to the Proposed Transaction, the acquisition of the 100% interest in Wits Gold for the cash Total Consideration.
(i) The adjustment includes the consolidation journals, eliminating the equity of Wits Gold. Wits Gold does not constitute a business and the Proposed Transaction is considered to be outside the scope of IFRS 3 and is accounted for as an asset acquisition in which the cost of the acquisition is allocated between the individual
identifiable assets and liabilities based on their relative fair values. (j) The adjustment relates to the Southgold Acquisition.
(k) As Southgold was under business rescue for the six months ended 30 June 2013, Sibanye Gold’s management concluded that the inclusion of Southgold’s results for
the period would be misleading as it does not represent the true nature of the
business being acquired. The financial information, more specific the statement of
financial position, is based on Southgold’s reviewed interim financial statements for
the six months ended 30 June 2013 while the company was under business rescue.
(l) The adjustment includes the consolidation journals, eliminating the equity of Southgold. The Southgold Acquisition would meet the definition of a business
combination under IFRS 3 and would require apurchase price allocation in accordance with IFRS 3 once the transaction is completed.Sibanye Gold has calculated the fair value of the Southgold Debt as at 30 June 2013.
The fair value of the Southgold Debt is influenced by various factors as the debt will be repaid from free cash flows. In calculating the free cash flow, a gold price of R430 000/kg was
applied to the life of mine plan as accepted under the business rescue plan and
discounted applying US Dollar discount rate that reflects market assessments at 30
June 2013. The US Dollar fair value of the loan was then converted to Rand
applying the period exchange rate of R10.15/USD. Southgold’s carrying value of
property, plant and equipment is R856 million at 30 June 2013 after the company
has recognised an impairment loss of R3.9 billion in 2012. Applying the same
assumptions to the life of mine, the fair value of the property plant and equipment is
considered to be approximately R3 002 million. Sibanye Gold has not re-valued any
of the other assets and liabilities of Southgold and used the values per the
Southgold reviewed interim financial statements for the six months ended 30 June
2013 to calculate the negative goodwill of R1 784 million. As Southgold is acquired
for the nominal amount of R100.00, any fair value adjustment to property, plant and
equipment above R1 218 million will result in negative goodwill.
5. Withdrawal of cautionary Following the publication of the terms and financial effects of the transaction caution is
no longer required to be exercised by shareholders when dealing in their securities in the
Company.
Johannesburg
31 March 2014
Corporate adviser Qinisele Resources Proprietary Limited JSE Sponsor JP Morgan South African Legal Adviser Edward Nathan Sonnenbergs Canadian Legal Counsel Norton Rose Fulbright Canada LLP US Legal Counsel Linklaters LLP
background image SIGNATURES
Southgold business rescue completed
The Star Early Edition4 Jul 2014Dineo Faku
https://www.sec.gov/alj/aljdec/2016/id1050jsp.pdf
"...THE COMPLETION of business rescue of Southgold Exploration meant the Burnstone gold mine in Balfour, Mpumalanga, was likely to resuscitate the economy of the area, Peter van den Steen, the mine’s business rescue practitioner, said yesterday.
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.
Aurora was named the preferred bidder for Pamodzi’s liquidated Orkney and Grootvlei mines and was blamed for stripping the assets and selling them for scrap metal.
Van den Steen was roped in by Southgold to initiate the business rescue and proposed restructuring of the company’s debt and the sale of Burnstone.
The completion of the business rescue would allow Sibanye to develop Burnstone, James Wellsted, a Sibanye Gold spokesman, said yesterday.
Sibanye had completed a due diligence on the mine and needed to work on understanding the ore body before projections for production were made public. Approval for the plans from the executive committee were also outstanding, he said.
The company planned to use conventional mining methods and would mine only higher grade ore, unlike Great Basin, which planned to mechanise. “We are still developing our production plans and strategy, so any forecasts on issues like jobs and life of mine are pure speculation at this stage.”
Lara Kahn, a partner at Webber Wentzel, which represented Van den Steen, said this was the first and largest business rescue success in South Africa. The transaction was a real “shot in the arm” for business rescue.
She believed that South Africa could see a continued rise in business rescue transactions. “This is a real good news story for South African enterprises as the Southgold business rescue impacts both the mining industry and the financial sector.”
Great Basin Gold shares are currently suspended.
Great Basin Gold Ltd (GBGJ.J)
Related Topics: STOCKSSTOCK SCREENERMARKET DATABASIC MATERIALSGOLD
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SUMMARY
Name Age Since Current Position
Ronald Thiessen
64 2005 Independent Chairman of the Board
Ray Dombrowski
2012 Chief Executive Officer
Patrick Cooke
2012 Interim Chief Financial Officer, Director
Peter Gibson
2012 Chief Financial Officer
Dana Roets
2011 Chief Operating Officer
Willem Beckmann
2012 Vice President - Legal and Compliance
Philip Bentley
2010 Vice President - Geology and Exploration
Bheki Khumalo
2011 Vice President - Organizational Effectiveness
Dawid Mostert
46 2006 Vice President - Human Capital
Bernhard Zinkhofer
60 2011 Corporate Secretary
Joshua Ngoma
2009 Director
T. Barry Coughlan
71 1998 Independent Director
Anu Dhir
45 2011 Independent Director
Octavia Matloa
40 2011 Independent Director
Michael Curlook
Head - Investor Relations & Communications» Insider Trading
BIOGRAPHIES
Name Description
Ronald Thiessen
Mr. Ronald W. Thiessen is an Independent Chairman of the Board of Great Basin Gold Ltd., since December 6, 2005. He is a Chartered Accountant with professional experience in finance, taxation, mergers, acquisitions and re-organizations. Since 1986, Mr. Thiessen has been involved in the acquisition and financing of mining and mineral exploration companies. Mr. Thiessen is a director of Hunter Dickinson Inc. (“HDI”) and its wholly owned subsidiary, Hunter Dickinson Services Inc. (“HDSI”), a company providing management and administrative services to several publicly-traded companies and focuses on directing corporate development and financing activities. His other directorships includes: Amarc Resources Ltd., Anooraq Resources Corporation, Continental Minerals Corporation, Detour Gold Corporation, Farallon Mining Ltd., Great Basin Gold Ltd., Northern Dynasty Minerals Ltd., Quartz Mountain Resources Ltd., Rockwell Diamonds Inc., Taseko Mines Limited.
Ray Dombrowski
Patrick Cooke
Mr. Patrick Randal Cooke, B.Comm. (Wits), CA (SA), serves as Interim Chief Financial Officer, Director of Great Basin Gold Ltd. He has been appointed as Interim Chief Financial Officer of the Company effective August 16, 2012. Mr. Patrick Cooke received his chartered accountant designation in South Africa in 1981. As a Chartered Accountant he worked as a management consultant with one of the accounting companies as well as working for a merchant bank. Mr. Cooke was responsible for listing two companies on the main board of the Johannesburg Stock Exchange and was the Financial Director of a third JSE listed company. His industry experience is wide, having been involved in mineral resources, information technology, wholesale fast moving consumer goods, financial services and professional services companies. He was appointed a non-executive director of Sallies Limited in October 2009 and, with effect from February 1, 2010, was appointed Financial Director and Chief Operating Officer and with effect from 8 February 2011 was appointed Acting Chief Executive Officer. Effective 1 January 2012 Mr. Cooke resigned from Sallies Limited. Mr. Cooke has been appointed a non-executive director of Anooraq Resources Corporation with effect from 1 January 2012. His other directorships includes: Pangea DiamondFields PLC., Great Basin Gold Ltd., Sallies Ltd., Anooraq Resources Corp.
Peter Gibson
Dana Roets
Mr. Dana Roets is Chief Operating Officer of Great Basin Gold Ltd., since October 3, 2011. Dana Roets is a qualified Mining Engineer and an alumnus of the University of Pretoria (1986), who also holds an MBA through the University of Cape Town (1995). He started his mining career at Gold Fields’ St Helena Gold Mine in the Free State, and then spent two years as Manager Mining and General Manager at the Oryx Gold Mine. He was Managing Director of Kloof Mines before spending four years as Managing Director of Gold Fields’ Free State Mines and Vice President and Head of Operations at Beatrix Gold Mine. Subsequently, he spent a further three years as the Vice President: Technical Services and a year as Vice President and Head of Operations at the Kloof Gold Mine. He was appointed VP Corporate Development with Great Basin Gold in February 2010, before joining Anglo Platinum in mid-2011. He was instrumental in the development and application of Long Hole Stoping as mining method at company's Burnstone operations.
Willem Beckmann
Mr. Willem J. P. Beckmann serves as Vice President - Legal and Compliance of Great Basin Gold Ltd. He joined Great Basin Gold Limited in 2006 and is responsible for the Company’s legal and compliance, security, risk management and environmental functions. Mr. Beckmann is an accredited attorney, notary and conveyancer. He began his career as an officer in the South African Defence Force, where he gained experience in administrative law, the drafting of legislation and investigatory review techniques. He entered the gold mining industry in 2002 as Group Security Manager at Harmony Gold, before founding the company’s Legal and Compliance Department, overseeing the security, legal and enterprise-wide risk management functions. He obtained his B.Juris LLB from North West University in 1983.
Philip Bentley
Mr. Philip N. Bentley is Vice President - Geology and Exploration of Great Basin Gold Ltd. He joined Great Basin Gold Limited in September 2008. Mr. Bentley has more than 26 years experience in the mineral exploration and mining sector, gained mostly in sub-Saharan Africa, North and South America, and Australasia. He has operated from South Africa since 1984, working with companies such as Randgold Resources Ltd., Rand Mines / Randgold Exploration, Central African Gold plc, and Metallon Gold Corp. Mr. Bentley specializes in applied geology with respect to gold mineralization systems, as well as core exploration management, orebody evaluation, and project development. His qualifications include an MSc in Economic Geology (Victoria, NZ) and an MSc in Mineral Exploration (Rhodes, RSA).
Bheki Khumalo
Mr. Bheki Khumalo is Vice President - Organizational Effectiveness of Great Basin Gold Ltd., since October 2011. Mr. Khumalo began his career as a Clinical Psychologist from 1997 to 2003. He then studied for his LLB with the University of South Africa and was thereafter admitted as an attorney. As a practising Attorney he worked for Deneys Reitz now known as Norton Rose Group. He then joined BHP Billiton in 2007 and was later appointed as Executive Director for Hillside Aluminium Limited and Billiton SA Aluminium Limited until he joined Great Basin Gold. He holds a Masters degree in Clinical psychology and an LLB.
Dawid Mostert
Mr. Dawid J. Mostert is Vice President - Human Capital of Great Basin Gold Ltd., since March 1, 2006. He joined Great Basin Gold Limited as Vice President, Human Capital in March 2006. Mr. Mostert has more than 15 years’ experience in the mining sector. His past positions have included Human Resources Executive and Manager, Mine Manager (Elandsrand), Training and People Development Executive and Employee Relations Executive. In 2002 he was appointed an Executive of Harmony Gold, in which capacity he served on the Boards of The South African Mathematics Foundation and the Mining Qualifications Authority (Mining SETA). Mr. Mostert holds a Diploma in Labour Relations (DPLR) (Advanced Labour Law) and a MBA Degree from Wits University in South Africa.
Bernhard Zinkhofer
Joshua Ngoma
Mr. Joshua C. Ngoma, M.Eng., is a Director of Great Basin Gold Ltd., since July 15, 2009. He is a founding member and the current Chief Executive Officer of Tranter Holdings (Pty) Ltd. He holds a Bachelor of Engineering degree with honours in mining engineering from Camborne School of Mines in the UK and a Master of Engineering in Project Management from Pretoria University in South Africa and has spent most of his career in the mining industry. He served with ZCCM (Zambia Consolidated Copper Mines Ltd), Cementation Mining, De Beers and Sasol Mining before joining Eyesizwe Coal, where he served from Group Technical Manager to General Manager of the Matla Colliery. He later joined Anglo Platinum as the Group Manager: New Mining Technologies, where he was responsible for the development and implementation of the Group’s new mining technologies. His other directorships includes: Great Basin Gold Ltd.
T. Barry Coughlan
Mr. T. Barry Coughlan is an Independent Director of Great Basin Gold Ltd., since February 1998. Mr. Coughlan isis a self-employed businessman and financier active in the mineral resource business for over the past 30 years and has had global experience in the acquisition, financing, exploration and development of resources projects and publicly traded mining companies. His principal occupation is President and Director of TBC Ventures Ltd., a private investment company, which has participate in the development of resource projects in Canada, the USA, Africa and Mexico, Ireland, Poland and Guatemala. His other directorships includes: Farallon Resources Ltd., Great Basin Gold Ltd., Icon Industries Ltd., Quartz Mountain Resources Ltd., Taseko Mines Limited., Quadro Resources Ltd. (formerlyTri-Gold Resources Corp)., Amarc Resources Ltd., Creso Explorations Inc., Vatic Ventures Corp., Rathdowney Resource Corp.
Did they change the symble of Great Basin gold and what is it now
KERR MINES AWARDS KEY-CONTRACTS FOR-THE-2017 EXPLORATION PROGRAM AND PRE-FEASIBILITY STUDY
TORONTO, Aug. 8, 2017 /CNW/ - Kerr Mines Inc. ("Kerr" or the "Company") (TSX: KER, OTC: KERMF, FRA: 7AZ1) is pleased to announce that it has completed the tender process and has awarded the three key contracts to support the execution of the 2017 Copperstone Mine exploration program and pre-feasibility study.
Hard Rock Consulting ("HRC") of Colorado, has been appointed to conduct the Copperstone Mine pre-feasibility study, which is estimated to be completed by Q1 2018. The pre-feasibility study will be the basis for the decision to proceed towards production of the Copperstone Mine.
In addition, Godbe Drilling LLC ("Godbe") of Arizona, has been awarded the drilling contract, which includes both the surface and underground drilling programs.
DMC Mining Services Corporation ("DMC") of Utah, has been awarded the contract for underground development. The inclusion of the underground development allows the 2017 Copperstone Mine exploration program to access high-priority targets previously unavailable.
HRC is recognized for delivering expertise and providing value added service directly from the highly experienced principals to a variety of mining clients ranging from due diligence to full feasibility studies. This allows HRC to take a hands-on role in providing a cost-effective and prudent move forward strategy. Both Godbe and DMC have extensive experience in their core businesses and share a proven ability to achieve safe performance and deliver excellent results under a variety of conditions. These appointments establish a key milestone in the Company's development strategy by employing strong expertise in engineering, drilling and mine development, in order to advance the Copperstone Mine project towards a production decision.
A competitive bidding, evaluation and selection process was carried out by senior management, which led to these awards. "We are very pleased to have completed the process of selection of the engineering, drilling and mine development contractors, enabling Kerr to execute the 2017 Copperstone exploration program and pre-feasibility study. Detailed planning of the program is well underway and contractors are preparing to mobilize," said Martin Kostuik, President, Kerr Mines.
About Kerr Mines Inc.
Kerr Mines is a North American gold development and exploration company currently advancing the fully permitted past-producing Copperstone Mine project. Copperstone is a high-grade gold project located along the Walker Lane mineral belt in mining-friendly Arizona. The project demonstrates significant upside exploration potential within 12,000 acre a land package which includes a production history of over 500,000 ounces of gold. The Company's current focus is on maximizing Copperstone's potential by defining and expanding current resources and strengthening the mine's economics leading to a production decision.
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements, including current expectations on the timing of the commencement of production and the rate of production, if commenced. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Kerr Mines' business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Kerr Mines assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release and no stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Kerr Mines Inc.
Ontario Securities Commission Commission des valeurs mobilières de l’Ontario
Issuer Name
Nom d'émetteur assujetti
Great Basin Gold Ltd.
In Default En défaut
Nature of Default Nature du défaut
1a, 1b, 1c, 1e, 3
Cease Traded
Ordonnance d'interdiction d'opérations
Yes/Oui
Order Date
Date de l'ordonnance (YYYY/MM/DD)
2013/09/03
Ron Thiessen, President & CEO
An accredited public accountant with more than 25 years of corporate development experience, Ron Thiessen is President and CEO of Northern Dynasty Minerals Ltd. and a Director of the Pebble Partnership. Mr. Thiessen leads Northern Dynasty's corporate development and financing activities and is CEO of Hunter Dickinson Inc.
http://www.greatbasingold.com/board_of_directors.cfm
Marchand Snyman, Chief Financial Officer
Marchand Snyman is a chartered accountant with more than 14 years of experience in corporate finance, 12 of which have been in the mining industry working on international projects. Mr. Snyman is responsible for financial/corporate management and financing activities at Northern Dynasty Minerals Ltd. and is Chief Operating Officer for Hunter Dickinson Inc.
Scott Cousen, Director
Scott Cousens is a Director of Northern Dynasty Minerals, as well as Director of Capital Markets for Hunter Dickinson Inc. Mr. Cousens oversees all investor relations programming within the HDI associated companies, with a focus on the development of relationships with the international investment community.
Gordon Fretwell, Director
Gordon Fretwell is a Director of Northern Dynasty Minerals and holds Bachelor of Commerce and Bachelor of Law degrees. Formerly a partner in a large Vancouver law firm, Mr. Fretwell has, since 1991, been a self-employed solicitor (Gordon J. Fretwell Law Corporation) in Vancouver practicing primarily in the areas of corporate and securities law.
http://www.northerndynastyminerals.com/ndm/Home.asp
Ronald Thiessen was appointed a Director of Great Basin Gold Limited in 1993 and Chairman in 2006. He is a Chartered Accountant with professional experience in finance, taxation, mergers, acquisitions and re-organizations. Since 1986, he has been involved in the acquisition and financing of mining and mineral exploration companies.
Mr. Thiessen is the current CEO and a board member of Hunter Dickinson Inc., a private company providing management and administrative services to several publicly-traded companies and focuses on directing corporate development and financing activities. He also holds directorships and offices at companies that include Amarc Resources, Anooraq Resources, Detour Gold and Northern Dynasty Minerals.
http://www.forbes.com/profile/ronald-thiessen/
Russell Hallbauer, Director
Russell Hallbauer is a Director of Northern Dynasty Minerals. A Registered Professional Engineer with the Association of Professional Engineers of British Columbia, he has been a member of the Canadian Institute of Mining and Metallurgy since 1975 and is a director and former chairman of the Mining Association of B.C. Mr. Hallbauer is CEO of Taseko Mines Limited and a Director of Hunter Dickinson Inc.
Peter Mitchell, Director
Peter Mitchell is a Director of Northern Dynasty Minerals. He is a Chartered Accountant and has been extensively involved in leading and managing growth in private equity portfolio companies through acquisitions, integrations and greenfield initiatives as well as all related financing activities. Mr. Mitchell is Senior VP and CFO of Coeur Mining, Inc.
Wayne Kirk, Director
Wayne Kirk is a Director of Northern Dynasty Minerals. Now retired, Mr. Kirk received a law degree from Harvard University in 1968 and is a former California State Attorney and Professional Consultant. Mr. Kirk also has over 10 years senior executive experience in the mining industry.
Stephen Scott, Director
Stephen Scott is a Director of Northern Dynasty Minerals and has over 20 years of experience in the mining industry, encompassing both international and domestic assignments. He is currently General Manager Commercial, Rio Tinto Exploration, Project Generation Group, a position that he has held since 2005. Between 2000 and 2005, Mr. Scott held other senior managerial positions within the Rio Tinto plc group.
Ken Pickering, Director
Ken Pickering is a Director of Northern Dynasty Minerals. He is a Professional Engineer and mining executive with 40 years of experience in a variety of capacities in the natural resources industry. He has led the development, construction and operation of world-class mining projects in Canada, Chile, Australia, Peru and the United States, focusing on operations, executive responsibilities and country accountabilities.
Burnstone is located in the South Rand Goldfield of the Witwatersrand Basin near the town of Balfour, approximately 75km east of Johannesburg in the Mpumalanga province of South Africa.
Sibanye acquired the Burnstone assets in April 2014, comprising two shaft complexes, namely the surface portal and mechanised vehicle access decline and the vertical shaft (shaft bottom at 495m below surface), as well as a 125,000tpm gold processing plant, the tailings storage facility and surface infrastructure to support a producing operation, albeit with areas still to be constructed.
Burnstone had previously produced approximately 38,000oz of gold before being placed on care and maintenance in mid-2012.
The Burnstone project feasibility study was approved by the Board for project execution in November 2015. The project is planned with a five-year build-up to steady-state production by 2021, then averaging 120,000oz annually for nine years till the end of 2029. Thereafter a 10-year period of decreasing but profitable production supports an initial 26-year life-of-mine plan, yielding 2.05Moz of gold production. This initial LoM plan was limited to approximately 60% of the total Burnstone resource as the mine design and schedule in the feasibility study were limited to mineable reserves within a 3km radius of the shaft infrastructure.
First gold production is planned in the second half of 2018 when there is sufficient on-reef development stockpiled (2.5 years) to start up the metallurgical plant, albeit at a reduced milling capacity. The full production run rate is planned to be achieved in 2021 and the total LoM project capital is estimated at R1,852 million (in 2015 terms).
In 2015, concurrent with completing the feasibility study, R272 million was spent on completing the mine-dewatering and permanent pumping infrastructure, re-aligning the shaft steelwork for rock-hoisting, and completing approximately 2km of development to commence accessing the orebody. The development was completed utilising the existing mechanised development machines which were first refurbished before being put back into production. Three development fleets of equipment were in production by year end.
In 2016, R531 million was spent in the first full year of the feasibility study build-up where the expenditure provided for:
·4,950m of development. In the fourth quarter, with all development fleets in production, 1,915m of the planned 2,100m was produced and the team’s performance has steadily improved
·mine infrastructure running costs
·planned project capital infrastructure
·procurement of additional mechanised mining fleets and ancillary support vehicles
The budget for 2017 has been revised to R400 million – compared to an initial budget of R672 million – to deliver 6,000m of access development (this is a reduction from the feasibility study’s 8,300m of access development) and to run the mine in support of this revised plan and defer certain project infrastructure.
Table of Contents
As a result of the recent strength in the rand and its impact on operating margins for the gold industry, organic project capital expenditure has been reviewed. This includes a review of the planned 2017 capital profile at the UG2 project at Rustenburg, the Burnstone project and the West Rand Tailings Retreatment Project (WRTRP). Certain projects may be deferred or placed on care and maintenance until commodity prices sustainably improve and/or exchange rate volatility has subsided.
Nagoya, I am far more positive about http://kerrmines.com/release/?id=122654
Good luck,
GPB
PS "...TORONTO, June 29, 2017 /CNW/ - Kerr Mines Inc. ("Kerr" or the "Company") (TSX: KER, OTCQB: KERMF, FRA: 7AZ1) announces that it has closed the first tranche of a non-brokered private placement previously announced on June 15, 2017 and June 21, 2017, which was oversubscribed, raising gross proceeds of $8,000,000 (the "Offering")...."
Why the positivity and the news expectations....do you have any DD to share. Thanks in advance
GBGLF
I am the same opinion. I am much optimistic for this year.
May be will have good news this week usually we do after the 4th of July
What are we waiting for when is it going to start trading again
It waits till Burnstone starts the production.
Why only Hollister legal action by C.S.? Why no South Africa? https://www.pressreader.com/canada/stockwatch-daily/20160831/281479275846850
Beyond Frustrating http://web.archive.org/web/20120817013309/http://www.greatbasingold.com:80/burnstone.cfm
http://web.archive.org/web/20120817013305/http://www.greatbasingold.com/assets.cfm
http://web.archive.org/web/20130323111047/http://www.greatbasingold.com/burnstone_team.cfm
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
http://www.miningweekly.com/article/successful-southgold-business-rescue-precedent-setting-lawyer-2014-07-03
http://www.blakes.com/English/WhoWeAre/FindPerson/Pages/Profile.aspx?EmpID=101619&format=PDF
http://services.bowman.co.za/Brochures/PracticeAreas/Restructuring/Restructuring.pdf
Nagoya, I have been doing well with Kerr Mines...
Hoping for the best but ready, as always, for a strong reality check...
http://kerrmines.com
http://kerrmines.com/wp-content/uploads/Kerr-Mines-Corporate-Presentation-2017-04-23.pdf
"....Claudio Ciavarella
Chief Executive Officer & Director
Mr. Ciavarella earned his Bachelor of Business Administration from Wilfrid Laurier University’s School of Business and Economics, where he graduated Honours with Distinction...."
Claudio owns 14% of this company so if it fails; he will lose a massive amount of change along with Fahad Al Tamimi
Luckily, I started buying the Kerr shares at the .05 level so...
Cheers,
GPB
PS I am still incredibly frustrated about the complete lack of a proper business rescue regarding Great Basin Gold and feel cheated... No, we were cheated... I expected more from the South African Judicial system... I will not invest in... and I learned my lesson...
Kibo Mining plc (“Kibo Mining”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, would like to draw shareholdersÕ attention to the announcement released by Opera Investments plc (“pera”) at 8am today regarding the proposed transaction by Opera to acquire the Imweru
and Lubando Gold Projects (the “Assets”) from Kibo Mining (“the Proposed Transaction”). Opera has conditionally agreed to acquire Kibo Gold Limited (ÒKibo GoldÓ), through which the Imweru and Lubando gold projects in Tanzania are held, from Kibo Mining for a total consideration of £3.66 million (the “Acquisition”).
Great job once again former GBG mgmt,....NOT
Is there any chance that we can sell our shares in future?
SHANTA belonged to GBG, it was gifted for peanuts.
Look at how they've been mining.....
Shanta Gold's underground potential comes to the fore
13:17 20 Apr 2017
New Luika comprises nine deposits in the south of Tanzania
Underground mining will be the future
An ambitious expansion of the New Luika gold mine in Tanzania by Shanta Gold Limited (LON:SHG) seems to be well on track if a first quarter update is a guide.
Gold produced rose 7% to 20,416 ounces in the March quarter compared to the preceding three months, while cash generated was US$6.6mln.
Underground mining at New Luika also got underway with 15,171 tonnes of underground ore processed at a grade of 10.61 g/t.
Commercial production is on schedule for the end of this quarter said Toby Bradbury, chief executive.
Cash costs rose to US$553 per ounce but remain very competitive with other similar scale mines and compare to a gold price currently of around US$1,250 per ounce.
CLICK HERE: For a daily round-up of all the Proactive news …
New mine plan for the next stage at New Luika
Shanta recently published a revised mine plan for New Luika that increases production by 39% to 500,000 by 2023 based on reserves at deposits nearby.
The plant will be extended by four years to maximise its value and mine life while the plan includes additional open pit reserves at Elizabeth Hill and further underground reserves at Ilunga.
“The plan provides for a longer mine life, increased production and most importantly, greater returns for all Shanta stakeholders,” said Bradbury.
"Considerable depth has been added to an already robust business case due to our delivery over the past 18 months and we will look to extend the planning horizon for the New Luika operation again in future.”
Why is it important to extend New Luika’s life?
One of the issues for investors has been the mine life was relatively short and the focus to underground exploration is designed to rectify that.
New Luika comprises nine deposits in the south of Tanzania.
Two of these, Bauhinia Creek and Luika, are the current source of the ore being processed.
The pit at Bauhinia Creek has a remaining life of around two years, after which it will be replaced by underground mining.
High-grade ores from the underground mine will be mixed with lower grade ores from open pits and by mid-2017 around 70% of gold will be mined underground.
Satellites key to longer term development
Ilunga and Elizabeth HIll aare set to be the first of the satellites to be developed.
"Ilunga is a good grade, close to the plant and is likely to contribute to a meaningful increase in the mining reserve which in turn enhances shareholder value."
Bradbury added that the majority of the Ilunga ounces will form part of an underground operation that would start as the Luika deposit is depleted in around 2020.
"The potential of this high grade extension creates the option to blend with, among others, the upgraded Elizabeth Hill Reserve declared earlier this year and thus extend the mine life by a number of years with a lot more prospective exploration still in play."
Promising start to move underground
Bradbury added the first quarter 2017 had been a promising start to the year, with a greater margin than planned and putting it on track to meet 2017 guidance of 80-85,000oz at all-in costs between US$800-850/ oz.
“Due to the move underground, the company anticipates Q2 2017 gold production to be its lowest quarter for 2017, as it moves through the ramp-up process of the underground production."
http://www.proactiveinvestors.co.uk/companies/news/163661/shanta-gold-s-underground-potential-comes-to-the-fore-163661.html
Seems fitting that the Bellagio goes up in flames.
https://www.usatoday.com/story/news/nation-now/2017/04/14/fire-breaks-out-bellagio-hotels-roof/100455980/
Have a Happy Easter. Maybe our dreams will rise again.
NEAL FRONEMAN: We have traditionally spent between R3 billion and R3.5 billion on what we call stay-in-business capital. Again, in 2017 of that R4 billion probably about R3.5 billion is stay-in-business capital, so it’s all reserved development, it’s maintenance and so on. So that’s necessary to sustain the business you have. We’ve got a couple of projects that we will be spending money on this year, Burnstone, there’s about R400 million there and there’s some drop-down projects at Kloof and Driefontein, so those are considered growth projects, they would make up the balance. So there’s about R500 million that goes into those projects and you have to spend that sort of money to create sustainability. We see Sibanye being a 1.5 million producer for probably at least the next five to ten years. It’s very dependent on gold price, if the rand/gold price is lower than what we’ve just discussed then we’re going to have to take unprofitable ounces out of production. The best way to look at it, however, is we have a 30-odd million ounce reserve and if we do 1.5 million ounces/year we have 20 years of life. So we have really turned Sibanye from a company that had five, six or maybe seven years of life into a company that has got at least 20 years of life just in the gold division.
WARREN THOMPSON: Just as an aside for those investors familiar with the Burnstone project, which was previously run by Great Basin Gold, just tell us what you’re expecting in terms of production from that this year and potentially next year?
NEAL FRONEMAN: Well, it’s a completely new project, it’s the same Burnstone project, as you say, that was owned by Great Basin Gold but we have started almost with a blank sheet. Effectively what we bought is a mine with just a bit of infrastructure. It will take another two years to do the underground development and that’s about another R1 billion of capital investment. Burnstone will be a much smaller higher grade mine than what Great Basin modelled, we’ve redone all the borehole drilling, all the borehole logs have been redone and checked, a new geological model has been developed and, of course, a new mine plan.
WARREN THOMPSON: Great, we look forward to seeing how that develops. But in the meantime obviously 2016 I think was the year of the deals that you had done both executing Aquarius, as well as the Rustenburg operations and you announced today that the Rustenburg operations had turned the corner in terms of operating profit, it had made a small profit for November and December, and you alluded to replanning the Rustenburg operations, just give us an update as to what you’re doing there and how you expect that operation to perform.
Leider stimmt Ron Thiessen uns mit einem schrecklichen finanziellen Durcheinander. Widerlich!
Wir können nur hoffen und warten, wir haben keine
Andere Chance
Beyond frustrating http://static.gowebcasting.com/documents/files/events/event_00000060_pmFfj1wu.pdf
BURNSTONE MINE, SOUTH AFRICA
• 100% ownership and all licences granted
• pre-production development commenced
• P&P Au reserves of 4.1 Moz, M&I Au resources of 11.6 Moz 1
• Phase 1 Life of Mine average annual Au production of 254 000oz2 at cash
costs of US$319/oz over 19 year L.O.M.
• Capex of US$235 million with US$147 million spent to December 31, 2009
and US$88 million to be spent by June 2010
Source: October 20, 2009 Burnstone Technical Report by D. van der Heever, J. Oelofse and P. Bentley; and February 18, 2009 Hollister Technical Report by J. Oelofse, P. Bentley, And D. van der Heever
Why are these pathetic GBG ... even mentioned on the JSE in 2017 ?
http://www.sharenet.co.za/free/jsenames.phtml?scheme=default
Hmmm?
http://www.sharenet.co.za/v3/press.php?scode=GBG
GREAT BASIN GOLD LTD GBG 1777 14 GBGOLD
Still beyond FRUSTRATED with this financial debacle....
GPB
Eine Frage weis jemand die Mail Adresse von
Peter François van Steen ?
Danke
Restoring a company is not the only route to business rescue in South Africa ( omas, 2014). Trade sales of companies as a means of repaying creditors are gaining ground in South Africa (Moosa cited in omas, 2014). Southgold Exploration Pty Ltd (Southgold) is one example of a company which was rescued by a trade sale.
SOUTHGOLD AND THE GOING CONCERN ASSUMPTION2
Southgold is a South African mining and exploration company that voluntarily entered business rescue proceedings on 14 September 2012 when the board of directors determined that Southgold was nancially distressed.
SOUTHGOLD OPERATIONS AND BUSINESS RESCUE
Southgold was a wholly-owned subsidiary of Great Basin Gold Ltd, a public company which was listed on the Johannesburg, New York and Toronto Stock Exchanges. Southgold’s principal asset was the Burnstone mine (the Mine) located in the Mpumalanga province. Southgold had been awarded a renewable licence during 2009 by the Department of Mineral Resources and commercial mining and production of gold ore commenced in 2011.
During August 2012, operations at the Mine were suspended due to Great Basin Gold Ltd’s review of the liquidity position of the company. e parent company decided to dispose of the Southgold operations in order to settle the various amounts owing to creditors. In an attempt to seek protection from its creditors, Southgold was placed into business rescue. is was especially important for Southgold as, if the company had been liquidated, the mining right would revert to the South African government. e licence to mine was substantially the entire value of Southgold and without the licence there was no operation of which to dispose.
At a board meeting on 14 September 2012, the directors concluded that Southgold was nancially distressed and voluntarily commenced business rescue proceedings in terms of Chapter 6 of the Act. Shortly after commencing business rescue proceedings, the parent company obtained a loan for USD35 million to service working capital requirements of the Burnstone mine and Hollister mine (a mining operation in the United States of America); of which USD11 million was utilised for the orderly suspension of the Burnstone operations and the placement of Southgold’s assets under care and maintenance.
During the last quarter of 2012, JP Morgan was appointed as a transactional advisor and the process for locating a buyer for Southgold or the Mine was commenced. Of the numerous pre- bid letters submitted, ve potential buyers were identi ed but it was ultimately Witswatersrand Consolidated Gold Resources (Wits Gold) that was identi ed as the buyer in the business rescue plan released by the parent company on 8 July 2013.
The business rescue plan incorporated the sale of the entire share capital to Wits Gold. e initial capital outlay required by Wits Gold amounted to USD7.5 million which was described as a ‘magic deal’ by the CEO of Wits Gold at an e ective 10 cents-to-the-dollar (Creamer, 2013). e business rescue plan also provided for the settlement of the amounts owed by Southgold to secured and unsecured creditors prior to the sale to Wits Gold.
SOUTHGOLD AS A GOING CONCERN From the date that the board made the decision to cease operations at the Mine, they intended to sell the operations of Southgold. e loan acquired by the parent company and allocated to Southgold was to maintain the Mine, rather than to continue operations at the Mine. When the business rescue proceedings commenced, the process of nding a suitable buyer for either Southgold or the Mine, presumably whichever would fetch the highest amount, was immediately initiated. Business rescue was initiated by the board because they were avoiding being liquidated before any sale could occur due to the dismal liquidity position of Southgold. It is evident from the facts identi ed that there was never any intention to salvage the operations of Southgold but rather to generate a better return to creditors in the ultimate winding-up of the operations at the Mine. While Southgold acted in accordance with the Act when ling for business rescue, the economic reality was that if the company had not led for business rescue, it would have been liquidated.
The going concern assumption in the Conceptual Framework speaks both to intention and the need to curtail operations. Southgold has suspended operations and the parent company intended to dispose of the operations. Therefore, the underlying assumption of going concern that the company would continue in operations in the foreseeable future was not satisfied.
While Southgold is used as an example, the conclusions drawn cannot be said to apply to every company entering business rescue. However, Southgold was acting in accordance with the secondary objective of the definition of business rescue contained in the Companies Act in entering business rescue, as other businesses have done, yet there was never any intention to continue operations in the foreseeable future.
CONCLUSION
It has been argued that when a company commences business rescue, there needs to be close consideration of whether the company is, in fact, a going concern and whether the company should apply IFRS when presenting nancial information. Southgold entered business rescue to seek protection from its creditors but the intention to dispose of operations at the Mine were not actually a ected by the decision to enter business rescue proceedings. Southgold is only one example of other cases that provide evidence of the use of business rescue as a prolonging of the ultimate winding-up of operations of the company, a glori ed liquidation. Companies applying business rescue in accordance with the second objective should not be applying IFRS, as the ultimate intention of the objective is to wind-up operations rather than continue operations.
The fact that current business rescue legislation allows for this to occur indicates aws in the system. However, as business rescue becomes more established and more Court orders are handed down, it is hoped that the system will be used more for what it is actually intended to do: rescue a company from ceasing operations due to financial turmoil and enabling the company to continue as a going concern.
It is incorrect to suggest that business rescue will never nd success in South Africa. The legal regime is still new and as practitioners become more experienced, it is probable that the dismal success rate will start to increase and statistics will show more companies coming out of business rescue proceedings as successfully rescued businesses. However, until this time, companies entering business rescue cannot indisputably stipulate that they satisfy the going concern assumption.
As there is currently no IFRS which sets out the accounting for a company that does not satisfy the going concern assumption, each company needs to establish what the information needs of the users of the nancial statements are in order to know what information to present. The company should aim to present the economic reality of being in business rescue proceedings that is largely influenced by the business rescue plan, the future of the company..."
How many "Business Rescues" has Peter been doing and most importantly
have they been successful?
http://optimumcoalbusinessrescue.co.za/wordpress/wp-content/uploads/2016/04/Business-Rescue-Paln-OCH-31-March-2016.pdf
BUSINESS RESCUE PLAN
OF
OPTIMUM COAL HOLDINGS PROPRIETARY LIMITED
(REGISTRATION NUMBER: 2006/007799/07)
(IN BUSINESS RESCUE)
prepared
by
Piers Michael Marsden
Matuson & Associates
and
Petrus Francois van den Steen
V-Squared Business Rescue Services
Is this another one like GBG that takes in the midsection without any lawsuits or payback.
goldenpolarbear Monday, 03/25/13 06:02:49 PM
Re: None
Post #
4744
of 14228 Go
We love "Peter" Petrus Francois Van Den Steen, great work!
It was recently stated "...2.4. Peter was very confident that a proper bid will be received, especially as the potential bidders are reputable mining companies that will meet the required criteria to purchase the mine or the company..." during a BR meeting.
www.greatbasingold.com/businessrescue/meetings/CreditorsMeeting_30_January_2013.pdf
Well love may be a little too strong but he may deserve a Golden Polar Bear hug?
www.greatbasingold.com/businessrescue/extention/3_LetterregardingCreditorsconsent.pdf
Please Read This!
www.greatbasingold.com/businessrescue/extention/2_ReplylettertoCreditors.pdf
This looks like a DEAD horse. At a Sibanye meeting months ago it was stated GBGLF shareholders would only see zeros...
Hoping for some incredibly slim sliver of ...
Not looking good at all ...
Once they reopen Burnstone if these DEAD shares do not bounce we are looking at zeros ...
Beyond FRUSTRATED,
GPB
PS I am disgusted with how this has presently played out for all GBGLF investors...
"...South Africa: South Gauteng High Court, Johannesburg
http://www.saflii.org/za/cases/ZAGPJHC/2013/33.html
Quote:
CREDIT SUISSE GROUP AG........................................First Intervening Party
STANDARD CHARTERED BANK..............................Second Intervening Party
(Reg. No.: 2003/020177/10)
IN RE:
The Ex Parte application of:
PETRUS FRANCOIS VAN DEN STEEN N.O..............First Applicant
SOUTH GOLD EXPLORATION (PTY) LIMITED
(in business rescue).......................................................Second Applicant
JUDGEMENT
Rautenbach AJ:
1. This application came before me as an Ex Parte application on the unopposed roll of the Motion Court of this division. There are two applications before this Court.
2. The first application is an application by the Credit Suisse AG and Standard Chartered Bank respectively as the First and Second Intervening Parties seeking leave to intervene in the main application brought by the First and Second Applicants.
3. The second application is the application by the First and Second Applicants seeking an order in the following terms:
3.1. Declaring that the Second Applicant has complied with sections 129(3) and 129(4) of the Companies Act, 71 of 2008 and is accordingly in business rescue under the supervision of the First Applicant, pursuant to a resolution filed at the Companies and Intellectual Property Commission on 14 September 2012.
4. At the hearing of the matter my attention was specifically drawn to section 129 of the Companies Act, 71 of 2008 and more specifically to sub-sections (3) and (4) which read as follows: ..."
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
Wir können diese toten GBGLF-Aktien nicht verkaufen ...
Noch kaufen ...
Was für eine finanzielle Katastrophe ...
Wir müssen Geduld haben , aber unsere Geduld wir belohnt werden
Ganz sicher
Where is the GBGLF business rescue... How were the shares restructured? If at all?
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Southgold was a member of the Great Basin Gold (GBG) group of companies with its main business of mining exploration
>GBG was a Canadian company listed on the Toronto Stock Exchange
>Company is the owner of the Burnstone mine – Mpumalanga
>Southgold was placed under business rescue on 14 September 2012, pursuant to a voluntary resolution passed by the board of directors and Peter van den Steen was appointed as the business rescue practitioner
>Provision of post-commencement funding by secured lenders
http://www.tma-sa.com/events/tma-sa-conference-2015/80-13-35-pm-jared-n-and-eric-l-werksmans-attorneys/file.html
Quote:
SOUTHGOLD PROPRIETARY LIMITED
>Conclusion of a restructuring and support agreement between the business rescue practitioner, the secured lenders and the noteholders
>Transaction structured as a –
>restructure of Southgold’s shares in certain subsidiaries
>transfer of intra-group assets to Southgold
>sale of the shares in Southgold to Wits Gold for R1
>restructure of Southgold’s debt and security to the secured lenders. Debt to be repaid over time
>payment by the secured lenders and Wits Gold of amounts to be made available for payment to noteholders and trade creditors upon closing of the transaction
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
One of the biggest and most complex business rescues brought under the new Companies Act of 2008 has come to a successful conclusion, in the process saving jobs and highlighting the important role that banks play in business rescue proceedings.
Southgold Exploration, which filed a resolution in 2012 placing itself in business rescue, had its business rescue plan approved by creditors on 11 July 2013, which ultimately resulted in the company terminating its business rescue on 1 July 2014 so that it could continue to operate.
Claire van Zuylen, Partner at pan-African corporate law firm, Bowman Gilfillan, which acted for Standard Chartered Bank in London and Credit Suisse (AG), commented, “The restructuring will result in some 2 000 employees, who were initially retrenched in 2012 when the Burnstone mine went into care and maintenance, being re-employed at the mine when operations re-commence.
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https://www.sec.gov/litigation/admin/2016/34-78363.pdfGreat Basin Gold Limited
ABOUT THE COMPANY
Great Basin Gold Limited is an international mining company with two emerging mines in the world's richest gold regions: the Hollister Mine on the Carlin Trend in Nevada and the Burnstone Mine in the Witwatersrand Basin, South Africa. These assets, combined with exploration activities in Tanzania and Mozambique, make Great Basin Gold an exceptionally well positioned investment opportunity.
Burnstone Mine is the first greenfield operation to come online in the Witwatersrand Basin in 30 years, commencing production at a time of record high gold prices and increasing demand. The Hollister Property presents one of the highest-grade deposits entering production today, with prolific potential to increase resources through further exploration of the surrounding area. Lead by a multidisciplinary team of respected industry veterans, Great Basin Gold is poised to transition into a significant commercial producer with excellent growth possibilities.
Great Basin Gold Limited is an international mining company engaged in exploration, development and operation of high-quality gold properties, all while building shareholder value and sustainable communities. The company is currently focused on its two emerging flagship mines in the world's richest gold-producing regions, the Hollister gold mine and associated operations located on the Carlin Trend in Nevada, USA and the Burnstone gold mine located in the Witwatersrand Basin goldfield of South Africa. Together, these operations comprise a total resource base of 23.4M Au oz and 7.3M Au oz reserves.
Great Basin Gold is evolving into a leading mid-tier gold producer through a well-defined strategy of:
Great Basin Gold also has prospective exploration projects in both Mozambique and Tanzania.
Canadian Imperial Bank of Commerce
400 Burrard Street
Vancouver, British Columbia
Canada V6C 3A6
Computershare Trust Company of Canada
4th Floor, 510 Burrard Street
Vancouver, British Columbia
Canada V6C 3B9
McMillan LLP
Royal Centre, 1055 West Georgia St
Suite 1500, PO Box 11117
Vancouver, BC V6E 4N7
Canada
PricewaterhouseCoopers Inc
2 Eglin Road,Sunninghill 2157
Private Bag x36
Sunninghill 2157
South Africa
Great Basin Gold Limited, incorporated in Canada - Reg no: 436691
Registered & Operational Offices:
138 West Street, Sandton 2146, South Africa
1108-1030 West Georgia Street
Vancouver BC, Canada, V6E 2Y3
The Board of Directors of the Company has adopted these Corporate Governance Guidelines to assist the Board in the exercise of its responsibilities:
Corporate Governance Policies and Procedures Manual
JSE Annual Compliance Certificate 2011
NYSE Amex Corporate Governance Certification Form 2010
Shareholder's Rights Plan Agreement
Great Basin Gold is continuing to increase its resource base through focused exploration programs. Over and above continued activities at the Hollister and Burnstone properties, greenfields exploration is also being undertaken in Tanzania and Mozambique.
The Witwatersrand Basin deposits, such as that found on the Burnstone Property, generally represent gold concentrations, called placer deposits (or "reefs", in local mining terminology), hosted within coarse-grained sediments (conglomerates) deposited in braided stream channels on broad river plains. Economic gold concentrations commonly extend for several km down the dip, and for up to 50 km (30 mi) along strike of the sedimentary rock units. Gold occurs as detrital grains in nugget-like shapes and secondary (re-crystallized) grains, ranging in size between 0.005 and 0.5 mm diameter.
The Witwatersrand Basin has been affected by several structural events. Many studies now differentiate between deformation that was taking place during deposition of the Witwatersrand sediments and subsequent deformation. Deformation that occurred during the deposition of the sediments played a key role in the distribution and thickness of the host rocks as well as the occurrence of the gold-bearing reefs. Later faulting and buckling of the sequence determined which parts of the basin remained buried, and the depths to mineable horizons.
The South Rand area is located in the north eastern part of the Witwatersrand Basin. In the South Rand, the Witwatersrand sequence is thinner than in other parts of the Basin. The West Rand Group, comprising about 1,500 m (4,920 ft) of alternating quartz arenite and shale units, unconformably overlies the Archaean granite-greenstone basement rocks. The overlying Central Rand Group strata are approximately 900 m (2,950 ft) thick and include the Kimberley Reef horizon, which is the main gold-bearing unit on the Burnstone Property. The Johannesburg Subgroup, including the Bird amygdaloidal lava and the Kimberley shale, is about 300 m (985 ft) thick. The Turffontein Subgroup is approximately 600 m (1,970 ft) thick and is made up of a sequence of quartz arenites and conglomerates that correlate with the Elsburg Formation.
An 18-km (11-mi) long northwest-southeast gold trend has been outlined on the Burnstone Property that appears to be associated with a large, ancient, braided channel system extending over the property. Drilling has also shown that two northwest-southeast trending sub-parallel faults, spaced four km apart, have uplifted the central portion of the gold corridor. As a result, a substantial portion of the gold-bearing horizon along the main deposit trend lies between 250 and 750 m (820-2,640 ft) in depth, which is relatively shallow for Witwatersrand gold deposits. The average thickness of the reef is 35 cm.
GeologyThe Hollister Property is located at the intersection of the Carlin Trend and the Northern Nevada Rift. The Carlin trend is a northwest trending, 50-mile long metallogenic corridor, which hosts significant opencast and underground operations that have produced in excess of 70 million ounces of gold. Carlin Trend-type mineralization is 38-43 Myrs (Eocene) in age. The Northern Nevada Rift is a north - northwest trending structural feature made up of bimodal volcanic rocks that host Miocene-aged (13-15 Myr) low sulphur-type epithermal gold deposits such as Midas, Mule Canyon, Buckskin National and Hollister. The Paleozoic stratigraphy and Eocene magmatic pulse that is critical to the development of Carlin-type deposits to the southwest are in evidence at Hollister, as are the Miocene mineralizing events. The Hollister stratigraphic section includes Ordovician sedimentary rocks intruded by mid-Eocene plutons and unconformably overlain by a veneer of Miocene volcanic and volcano-sedimentary rocks. Devonian sedimentary rocks have been intersected at a depth below the Ordovician sediments under the Roberts Mountain Thrust.
Epithermal gold mineralization at the Hollister Property occurred in the early Miocene (15.1 Myr) and is directly related to right - lateral wrench tectonics associated with the Northern Nevada Rift, where it over-prints the Carlin Trend. The Hollister Property hosts a low-sulfidation Au-Ag epithermal system characterized by banded quartz veins with electrum, native gold and silver selenides. To date over 40 mineralized veins have been modeled in the main Clementine-Gwenivere vein systems. The veins are narrow (1-3 feet wide), and commonly display colliform banding, brecciation and silicification features indicative of multiple pulses of fluid movement. The low-sulphur epithermal vein systems form as part of a geothermal system around the interface of hot volcanic derived hydrothermal fluids and cold meteoric water influx. Similar active systems such as Yellowstone National Park (Wyoming) and the Taupo Volcanic Zone (New Zealand) demonstrate many of the features observed at Hollister.
Although mineral resources and reserves are delineated on the epithermal vein system hosted in Ordovician metasedimentary host rocks, continued exploration of the orebody has delineated zones of disseminated gold mineralization in the overlying Tertiary volcanic, within which restricted structures host zones up to 100 oz per ton Au. These super high grade Blanket Zones are being accessed and developed as a separate ore source, and have to date have been tested metallurgically at a separate whole ore roasting facility.
Some of the primary geological elements of the sediment-hosted gold deposits of the Carlin Trend are present at the Hollister Property, including Eocene intrusive rocks and lower-plate carbonate rocks. The Hatter stock (a grandioritic intrusive) at the Hollister Property has been dated at 39 Ma and is similar to 39 Ma biotite-feldspar porphyry dikes occurring in the Goldstrike area 5 miles SE in the Carlin trend. The main pulse of gold mineralization on the Carlin Trend is dated at about 38 Ma and commonly thought to be associated with late-Eocene magmatism.
Great Basin Gold is an international mining company with advanced stage developed projects: Hollister on the Carlin Trend in Nevada and Burnstone in the Witwatersrand Basin.
Responsible delivery: we are passionate about delivering value - not just to our investors, but to the surrounding communities in which we operate.
Great Basin Gold is a speculative investment. Readers should perform their own due dilligence and recognize that the posts contained herein may contain inaccurate information and/or unjustified hype.
SA Quote:http://www.miningmx.com/financial_tools/chart_centre
Website: http://www.grtbasin.com/
SEC filings: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000865492&owner=include
SEDAR:http://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00004256
Properties: Burnstone - http://www.grtbasin.com/index.html?lf=1;pg=9;
Hollister - http://www.grtbasin.com/index.html?lf=1;pg=10;
Presentations:http://www.grtbasin.com/index.html?lf=1;pg=16;
Fact Sheet:http://www.grtbasin.com/gup/filez/GBG_Jan_2008.pdf
RECENT 2016 info about this FIASCO
http://www.klondexmines.com/investors/news/klondex-announces-agreement-to-acquire-the-hollister-mine-and-ccad100-million-subscription-receipt-offering
http://www.iol.co.za/business/news/southgold-business-rescue-completed-1714015
http://www.polity.org.za/article/business-rescue-of-southgold-gives-mine-a-new-lease-on-life-2014-08-07
https://www.sibanyegold.co.za/investors/events/presentations/2016/send/37-2016/366-update2016-04-burnstone-project
http://www.iol.co.za/business/news/southgold-business-rescue-completed-1714015
https://www.sibanyegold.co.za/investors/events/presentations/2016/send/37-2016/365-update2016-03-gold-projects
https://www.sec.gov/alj/aljorders/2016/ap-4010.pdf
https://www.sec.gov/alj/aljorders/2016/ap-4045.pdf
https://www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/Great-Basin-Gold/Documents/Petition-to-the-Court.pdf
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex429.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex428.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex430.htm
https://www.sec.gov/Archives/edgar/data/1561694/000119312515102104/d891668dex431.htm
https://www.sec.gov/alj/aljorders/2016/ap-4051.pdf
http://www.kpmg.com/ca/en/services/advisory/transactionrestructuring/creditorlinksites/great-basin-gold/pages/default.aspx
http://cfcanada.fticonsulting.com/GBGL/default.htm
http://www.lawsonlundell.com/media/news/373_CAIRP%20Commercial%20Technical%20Update%20-%202013.pdf
http://www.witsgold.com/investors-and-media/company-announcements/2014/results-of-scheme-meeting-and-finalisation-announcement-03-13-2014
http://www.sibanyegold.co.za/index.php/2012-12-30-10-07-54/sibanye-gold-technical-and-operating-update-4-5-june-2014/doc_download/152-the-burnstone-project-richard-stewart-senior-vice-president-business-development
https://www.kpmg.com/Ca/en/services/Advisory/TransactionRestructuring/CreditorlinkSites/Great-Basin-Gold/Documents/First-Affidavit-of-Steven-Duenkler.pdf
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