Great Basin Gold Ltd. (fka GBGLF)

[amarksp]

relevant jackc comments:
http://www.investorshub.com/boards/read_msg.asp?message_id=1107196
____________________
Yes Marcos, have been in since around the low when a European
fund mgr took over and sold off their holding driving to a
bottom. Then added sev times paying too much finally. Have
kept all because of the value of Ivanhoe. Mixed emotions
about Burnstone but expect it to be a big winner also...

My big complaint with GBG was the heavy insider selling at
vulnerable times in this thin trader at those times.
Hunter sold about 200k sh driving down hard, then sev mo later
CEO Theissen sold about 70k to almost as bad an effect.
Their IR guy asked me at the Jan show for info on this,
then did not return my email. The latest weakness hasen't shown up as insider sells yet.

I attended last yrs AGM, and complained about the option
re-pricing (couple other holders showed up and think they
had similar feelings). Holders voted to stop re-price but the
increase in max sh cap was not.

They said HL wanted more of Ivanhoe (only got Half of 4% of
the land) and will only make the bal worth more in time,
so we have more yet to get out of them with any exp luck.
(The nearby Snyder(sp) mine started as 1.5M oz and dev to 7.5
with similar vein structure.

Don't want any more HD deals, but expect to make good on
this one eventually.
_______________________________

Some worthwhile comments by Jackc. I have hopes for expanding Ivanhoe reserves from at least 1M ounces to 1.25M ounces as a result of the HL development/incline drilling during 2003-04. However, so far, the east-west Ivanhoe vein structure differs substantially from the north-south vein structures found at most all other Carlin Trend mines, such as Ken Snyder, BuckHorn, BuckSkin, MuleCanyon as shown on slide 30 or so of this presentation( http://www.greatbasingold.com/gbg/Multimedia.asp ) entitled "Carlin Trend-Northern Nevada Rift".

Thus, it appears either the Ivanhoe mine will not be as prolific as Ken Snyder, etc. or GBG will find a north-south vein trend, and then I would not be surprised to see well north of a 2M ounce deposit. There remains much hope that north-south vein trends will be (further) discovered, as GBG has found a vein called the "Velvet Vein" (drill holes 111, 204, 206, & 216) and a East Clementine Vein, 50% of which is outside of HL's Hollister area. Refer to Apr 26, 2001 and Feb 5, 2001 news releases discussing the possible north-south veins. My recollection is this was going to be GBG's primary exploratory drilling focus (i.e. try to find north/south vein) until they decided to stop all the drilling and go straight to the incline drilling/exploration via the HL joint venture.

Looks like East Clementine will be a large part of their exploratory drilling program in 2004 or so, trying to find that elusive north-south vein. See slide towards the end, entitled Proposed Drilling. Note, GBG will not be drilling any new exploratory drill holes @ Ivanhoe until the mining permit is obtained from Nevada, expected in August 2003. GBG believes asking for drill permits will slow down Nevada issuing the more needed mining permit.

FWIW, my understanding is GBG still very optimistic they will get an AMEX listing in the near future. Filing the 2002 annual report was a necessary step, and as usual GBG waited until the last moment, May 21 2003, to get this timely filed.