Great Basin Gold Ltd. (fka GBGLF)

[goldenpolarbear]

"Great Basin Gold, a junior producer with mines in South Africa and Nevada, ran into financial difficulties and is looking for buyers for its newly built Burnstone mine in Mpumalanga.

Wits Gold has indicated it is interested in buying the mine.

For South African producers, the rand-dollar exchange rate is a major factor that determines what they achieve for their gold sales.

"For all juniors, this gold price is a knock. We all have fairly high costs of production. The current rand gold price doesn’t give you much wriggle room at all," Mr du Toit said."

http://www.bdlive.co.za/business/mining/2013/04/30/junior-gold-miners-struggling-to-survive

IMHO, no news, is not always good news!

Cheers,
Golden~Polar~Bear

PS I still cannot believe we gave the Hollister mine to Waterton Global Resources for $15 million when Hollister should be able to produce an annual gross profit of 80 000 Au Oz * $1400 = $112 million USD