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Lundin dumps Great Basin Gold
Ticker Symbol: C:GBG
Lundin dumps Great Basin Gold
Great Basin Gold Ltd (C:GBG)
Shares Issued 552,436,436
Last Close 9/14/2012 $0.08
Friday October 12 2012 - In the News
Brien Lundin, in the September, 2012, edition of the Gold Newsletter, says sell Great Basin Gold Ltd., recently 25 cents. Mr. Lundin said buy 10 times between July, 1999, and August, 2010, at prices ranging from $1.03 to $3.41. Assuming a $1,000 investment for each buy, selling the $10,000 position at 25 cents yields a loss of $8,612. In the second quarter of 2012, Great Basin lost $21.99-million on revenue of $32.37-million. In comparison, in Q2 2011, it lost $1.05-million on revenue of $56.73-million. The company blames "technical and infrastructure issues" for its Q2 2012 loss. Late last year and until early this year, Great Basin's Burnstone mine in South Africa was flooded, and the company has since been renovating the mine's water handling system. At another mining project, Hollister, in Nevada, Great Basin is also facing difficulty; it is experiencing delays in accessing the mine's higher-grade stopes. On Aug. 15, 2012, when Great Basin released its Q2 financial results, its share price plummeted to 24.5 cents from 43 cents on an unusually high volume of 34.49 million shares. Mr. Lundin says Great Basin may well emerge from its pit of troubles, but he has no plans of waiting for this to happen.
© 2012 Canjex Publishing Ltd.
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