Great Basin Gold Hopes for JSE Listing by December
By Charlotte Mathews 11 Sep 2006 at 07:28 AM EDT
JOHANNESBURG (Business Day) -- Toronto-listed Great Basin Gold [TSX:GBG; AMEX:GBN] has converted another two old order prospecting rights to new order rights, and has started work on its gold mine 80km southeast of Johannesburg.
Great Basin, the president and CEO of which is former Harmony Gold marketing director Ferdi Dippenaar, said this month it was waiting only for Reserve Bank approval before proceeding to take a secondary listing on the JSE.
In an interview with industry website Miningmx last week, it said it hoped to be listed on the JSE by December. The company completed a feasibility study this year into the Burnstone mine near Balfour, which showed the viability of a R1bn (US$134 million) mine with a 14-year life, producing about 214,000oz of gold a year at full production. The mine should start commercial production by 2009. Great Basin said it would apply for a mining right on the property by the end of next month.
Besides Burnstone, Great Basin is also exploring a gold and silver deposit at its Hollister property in Nevada, US.
At the end of June, the company held C$41.8 million (R275 million) in cash after raising C$25.2 million through a public share offering. In July, it received another C$7.5 million through a private placement of shares.
Great Basin has signed an agreement to bring in a black empowerment company, Tranter Investments, which will pay for its stake at a consideration still to be determined.
Great Basin may extend financial assistance to Tranter. One of the conditions of the deal is that Tranter restructures to become a broad-based empowerment entity.
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