Replies to post #6152 on Great Basin Gold Ltd. (fka GBGLF)

[finbar99]

http://www.witsgold.com/investors-and-media/in-the-media/2013/wits-gold-preparing-bid-for-burnstone-03-20-2013

"Wits plans a different underground development model to that of Great Basin, and one that would take three years to complete. The focus, once it is in production, is to generate cash to return to shareholders, making Wits an attractive dividend play for investors."

They aren't going to pay up for a project that would take 3 years to redesign. They say it outright - "Our challenge is to not overpay for the asset. If we get it at the right price we can make a real success of Burnstone. Otherwise we are quite happy to walk away," he said.

http://www.witsgold.com/investors-and-media/in-the-media/2013/wits-gold-not-afraid-of-mechanised-mining--not-even-at-burnstone-02-21-2013

"The acquisition of Burnstone would immediately change Wits Gold’s status – from explorer to producer – while raising its overall gold ounce targets. “We have good management capacity with a proven track record and have access to funding (US$100 million) to ramp the mine up to full production. However, we will not overpay for the asset, and have entered the bidding process set up by the owners of Burnstone. Our bid, based on a detailed due diligence currently in progress, will be based on getting the best returns for our shareholders.”