Replies to post #9900 on Great Basin Gold Ltd. (fka GBGLF)

[nagoya1]

SOUTHGOLD EXPLORATION (PTY) LTD (in business rescue) ("the company")
Registration Number: 2000/01612/07
PROGRESS REPORT FOR THE MONTH OF SEPTEMBER 2013
The following progress in the business rescue proceedings of the company was made
during September 2013:
1. IMPLEMENTATION OF THE BUSINESS RESCUE PLAN
1.1 The parties to the Wits Gold offer transaction (as envisaged in the business
rescue plan) continue to negotiate the agreements necessary to implement
the Wits Gold offer transaction.
1.2 The company applied for ministerial consent in terms of section 11 and
section 102 of the Mineral and Petroleum Resources Development Act, No. 28
of 2002 for the acquisition of a controlling interest in the company by a wholly
owned subsidiary of Witwatersrand Consolidated Gold Resources Limited
("Wits Gold") and the inclusion of certain contiguous prospecting rights held by
the company and its wholly-owned subsidiary, namely Puma Gold
(Proprietary) Limited, into the existing mining right of the company.
2. LITIGATION
2.1 The interlocutory application (arising from the arbitration between, amongst
others, the company, Tranter Gold (Proprietary) Limited, GFL Mining Services
Limited and Gold Fields Limited) referred to previously has been pended to
allow the parties to conduct settlement negotiations in regard to the arbitration.
2.2 The lenders (Credit Suisse AG and Standard Chartered Bank) have
intervened and opposed the application (the "main application") launched by
the creditor and referred to in the progress report for August 2013. However,
both the main application and the intervening application have been withdrawn
on the basis that each party bear its own costs.2
SIGNED AT CAPE TOWN THIS 18th DAY OF SEPTEMBER 2013

"Duh" comes to mind with that carefully phrased answer.

GBGLF