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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (38372)	6/10/2009 5:16:36 PM
From: LoneClone	Read Replies (1) of 193999

UPDATE 1-Great Basin Gold seeks funding for S.Africa project Wed Jun 10, 2009 10:58am EDT reuters.com * Co seeks $106 mln to fund Burnstone project * Facility will have a maximum term of 7 years * Repayment will commence on June 30, 2011 June 10 (Reuters) - Gold producer Great Basin Gold Ltd (GBG.TO) said it asked Investec Bank Ltd to arrange $106 million to fund its Burnstone project in South Africa. Great Basin said the credit facility will include an additional $23 million in standby debt to cover potential cost overruns. "Significant progress has been made in the finalization of a syndicate of banks for this purpose, with final credit approvals already obtained by some of the envisaged participants," the company said in a statement. The company said the debt facility will have a maximum term of seven years with capital and interest repayment commencing June 30, 2011. Great Basin is required to contribute equity amounting to about 55 percent of the total Burnstone project cost, which is estimated to be about $134 million. Shares of Great Basin were trading up 2 Canadian cents, or 1 percent, at C$1.85 in morning trade on the Toronto Stock Exchange. (Reporting by Sakthi Prasad in Bangalore; Editing by Anil D'Silva )

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