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Tuesday, 31st October 2006 (3375 views)

Great Basin Gold (GBG), a Canadian junior mining company, has set itself the challenge of raising its gold production level to 500,000 ounces in the next three years.

Ferdi Dippenaar, the chief executive of GBG, announced the new estimates as part of the company's plan to move from junior to mid-tier status by 2009.

It wants to acquire prospective companies and increase its investor base so that it can structure and fund opportunities in South Africa's gold sector.

The firm is currently building projects in South Africa and Nevada.

The Burnstone project is underway close to Balfour in Mpumalanga and should reach an estimated 214,000 ounces of gold, while Nevada's Hollister project has a projected total output of 93,500 ounces.

In April 2005 GBG signed an agreement with Tranter Investments who are a Black Economic Empowerment Company which promised that commitments to this cause would be followed through at Burnstone.

Tranter may acquire an interest in the Burnstone property through the terms of this agreement.

 

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