GBN (gold on rally) ..is in breakout
Company regains 100% of advanced high-grade gold-silver property
Great Basin Gold Ltd. (TSX: GBG) (AMEX: GBN) (JSE: GBGOLD) ("Great Basin Gold" or the "Company") announces that it has purchased Hecla Mining Company's 50% earn-in rights in the Hollister Development Block (HDB) project on the Carlin Trend in Nevada for a total of US$60 million, comprising US$45 million in cash and the remaining US$15 million in Great Basin Gold common stock (approximately 7.8 million shares).
The transaction is structured as a purchase of Hecla's subsidiary Hecla Ventures Corp. which held the earn-in rights and which was managing the earn-in program. The transaction is subject to stock exchange and other customary closing conditions and will require the Company to secure sufficient financing. Completion is targeted for March 2007 with a deadline of April 30, 2007.
The HDB Project comprises approximately 5% of the Hollister property. Early exploration by Great Basin Gold to 2001 had outlined a high grade-gold silver mineral resource on the property.
This is not a recommendation to buy or sell securities. This message represents my personal opinion.
My Target: get in before the crowd!!! Get out before the crowd!!!
