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Wednesday, 29th November 2006 (3277 views)

Great Basin Gold has announced that its Southgold Exploration unit has been allowed to carry on exploration work at the Burnstone property in South Africa.

The site is situated around 80 kilometres away from Johannesburg and the Canadian mining company has said that the area offers "excellent infrastructure" for continuing development.

It has been predicted that the Burnstone gold property could eventually generate 214,000 ounces of gold annually over a period of 14 years.

A feasibility test carried out on the property has shown that the measured and indicated gold resource stands at 29 million ounces at a grade of 7.63 grams per tonne.

Great Basin Gold has a target of becoming a mid-tier gold producer and in November 2002, purchased a 100 per cent interest in Southgold Exploration, who had the rights to the Burnstone property.

Further to this, the mining company planned to meet its Black Economic Empowerment (BEE) commitment at the site by signing an agreement back in 2005 with Tranter Investments. As a result of this agreement, the BEE firm may obtain an interest in the Burnstone gold property and Southgold.

 

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