Replies to post #13118 on Great Basin Gold Ltd. (fka GBGLF)

[value 7]

the more accusations they do the more signs that gbglf shares will stay if they want to get reed of gbglf they would of done it by now it is been 3 years they will benefit more by having gbglf shares come back and generate money for them
this is just my opinion not a financials advice

[goldenpolarbear]

One of the more interesting projects that Sibanye has in its portfolio is Burnstone. In December 2013, Sibanye made an offer to acquire 100% of Wits Gold. Wits was in the process of acquiring the Burnstone project. After doing its due diligence and getting approval from creditors, Sibanye decided to let Burnstone come into the fold. The project was previously owned by Great Basin Gold, and Great Basin spent over $500 million on the project before it was ultimately mothballed. Given that Sibanye bought Wits for less than $50 million, clearly it made a low-risk acquisition.

Burnstone was supposed to be a brand new, 250,000 ounce per year gold mine in South Africa, but it ended up bankrupting Great Basin. I'm very familiar with this project and it was pretty clear early on (around 2010-2011) that Great Basin just didn't know what it was doing. Burnstone was more of a pipe dream at that point. The company kept missing target after target, and its ultimate demise wasn't unexpected.

Great Basin tried to use long-hole stopping to mine Burnstone, even though many in the industry in SA questioned if this was the right mining method for a deposit like this. If done wrong, it can lead to excess dilution and poor recovery. In the end, it turned out to be an improper method as the resource model was incorrect. Great Basin was mining the wrong sections at a huge loss.

After extensively reviewing the deposit, Sibanye feels it has a detailed understanding of the orebody. A revised geological model resulted in a mineral resource estimate of 8.9 million ounces of gold at a grade of 5.1 g/t. The company plans to use conventional breast mining and selectively focus on mining the higher-grade sections. This will result in production in the 80,000-100,000 ounce range annually.

http://seekingalpha.com/article/3487206-sibanye-gold-long-term-issues-remain
Why has this information been ... ?

[goldenpolarbear]

Nico du Toit -Engineering Planner at Sibanye Gold
Johannesburg Area, South Africa
Construction

Current
African executive, Sibanye Gold

Previous
African Executive, Twp Engineering consultants, Bigen Africa

Education
University of South Africa/Universiteit van Suid-Afrika
https://za.linkedin.com/pub/nico-du-toit/9b/61/8b6

"...Engineering Planner
Sibanye Gold
September 2014 – Present (1 year 1 month)Burnstone Mine - Balfour
• Manage project schedule development, monitoring progress status and reporting to Project Engineer in ensuring in time completion of the Project.
• Set up Project Management Plans, with stage wise schedules, milestones, deliverables and timelines as per schedule management plan.
• Coordinate with all project parties to collate project status report.
• Oversee and manage statistical analysis to identify schedule variances of project status against schedule baseline using EVMs and calculate Schedule Performance Index (SPI).
• Ensure that forecasts are modified which result from significant deviations from scheduled baselines.
• Monitor project schedule and implement risk management approaches as decided by Project Controls Manager and KH.
• Ensure appropriate usage and application of the Project Management System (PMS) with respect to entry and analysis of work related data for day to day functioning to facilitate seamless communication of all relevant (technical/non-technical) information across the organisation on a real time basis for maximum effectiveness.
• Interface with consultant, Project Team members for issues related to planning and scheduling activities.
• Meet Project Engineer through QPMs Project Controls as requested to obtain feedback on QPMs project schedule control methodologies and incorporate the same for improvements.
• Prepare and analyse schedule variance reports and coordinate with Project Manager / Project Controls Manager for appropriate corrective and preventive action.
• Prepare other reports as advised by the Project Manager.
• Assist the Engineer to understand the economic effect and any Contractor entitlement as a result of any EoT (e.g., prolongation, disruption and etcetera)
• Assist the Engineer and, or the Employer to review and consider Contractors' delay recovery proposals
• Review Contractor productivity and determine likely causes of delay, whether claimed or not..."

[goldenpolarbear]

South African legal advisor to Witwatersrand Consolidated Gold Resources Limited in relation to its acquisition of Southgold Exploration (Pty) Ltd out of business rescue and, separately, in relation to the offer made by Sibanye Gold limited to acquire all of the shares in Witwatersrand Consolidated Goldfields Limited in terms of a scheme of arrangement.

Contact Details
Falcon and Hume Inc
2nd Floor, 8 Melville Road,
Illovo, Sandton, 2196,
South Africa

PO Box 55523,
Northlands, 2116,
South Africa

T : [phone]
E : [e-mail]

Can you purchase or dump these horrific GBGLF shares in Canada? & what is up with those Blue Jays? How dare they trump the Yankees!
http://www.fhinc.co.za/transactions/

Cheer$,
GPB
PS Time to start amassing more of these putrid shares before the train leaves the 'Burnstone Station'... I for one think these shares will pop!