VANCOUVER, Nov. 30 /CNW/ - Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) reports on the progress of the power supply to its Burnstone Mine project in South Africa.
All design work for the first of two lines between a proposed switching station (positioned between Grootvlei Power Station and Burnstone Mine) has been completed and material ordered, with construction scheduled to commence early January 2010. The proposed refurbishment of two existing lines between Grootvlei and the proposed switching station is currently being finalized and is also planned to commence in early 2010.
The proposed commissioning date of the permanent supply that will follow a power demand buildup, as agreed between Eskom (the state-owned energy company) and Great Basin Gold, is at the end of June 2010. As an interim arrangement, Burnstone will be supplied with 25 MVA by means of a new 88 kV line. The full 51 MVA, as agreed between Eskom and Great Basin Gold, will be supplied as soon as the construction of the Switching Station as well as the refurbishment of the two lines from Grootvlei Power Station has been completed.
The electrical installation at the Burnstone Project was designed to comply with Eskom energy efficiency specifications as set out in the 'Generic Energy Efficiency Specification'. Independent certification in this regard will be done prior to activation of the energy supply, effecting the issue of an Eskom 'Energy Efficiency Compliance certificate'. In order to supplement the latter, creative power saving methods have been integrated in the design, such as the use of high efficiency motors, optimized electrical infrastructure, alternative power technologies, and state of the art power monitor and control technologies.
Ferdi Dippenaar, President and CEO, commented: "We are pleased with the progress made by Eskom with the supply of power to the Burnstone Mine. All parties involved are contributing. A project steering committee between representatives of Eskom and the Company has been established and meets on a bi-weekly basis to monitor project progress, to ensure that time lines are met which will see the successful commissioning of the vertical shaft and metallurgical plant by end June 2010."
No regulatory authority has approved or disapproved the information contained in this news release.
Cautionary and Forward Looking Statement Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address financing events or technical developments that Great Basin Gold expects to occur are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include financial market conditions, metals prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.
SOURCE Great Basin Gold Ltd.
For further information: For further information: For additional details on Great Basin Gold and its gold properties, please visit the Company's website at www.grtbasin.com or contact Investor Services: Tsholo Serunye in South Africa, 27 (0) 11 301 1800; Michael Curlook in North America, (888) 633-9332; Barbara Cano at Breakstone Group in the USA, (646) 452-2334