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Dear Subscriber,
Date: 01/04/2008
GREAT BASIN GOLD REPORTS INCREASE IN LOSSES AS CAPITAL EXPENDITURE ON GROWTH PROJECTS INCREASES
April 1, 2008, Vancouver, BC – Great Basin Gold Ltd. (TSX: GBG; AMEX: GBN; JSE: GBG) (“Great Basin” or the “Company”) announces that for the year ended December 31, 2007, the Company incurred a loss of 31 cents per share as compared to a loss of 11 cents per share in fiscal 2006. The increase in the loss is due mainly to higher exploration and development costs incurred advancing its two growth projects. In addition the Company incurred 100% of the costs with regard to the development of the Hollister Project, following the acquisition of Hecla Mining Company’s 50% earn-in rights in the Hollister Development Block (“HDB”). The rise in expenditures at HDB as well as the additional development and exploration activities at the Burnstone project increased the total exploration and development costs to $42.0 million compared to $8.0 million in 2006.
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Regards,
Tsholofelo Serunye Great Basin Gold Limited : Investor Relations Officer
Office: +27 11 301 1800 Fax: +27 11 301 1840 eMail: tsholos@gbgold.co.za Web Site: www.grtbasin.com
or
Barbara Cano
Office: +1 646 452 2330 Fax: +1 646 452 2331 eMail: bcano@breakstone-group.com
Melanee G. Henderson Office: 1 800 667-2114 Fax: 604 684 8092 eMail: MelaneeH@hdgold.com
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