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Gold/Mining/Energy : Great Basin Gold GBG.VSE (merger of Pacific Sentinel Gold)
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To: Savant who wrote (301)9/12/2012 11:18:33 AM
From: Savant   of 317
 
Great Basin Gold updates Hollister mineral resource and reserve estimates and operating results for Hollister and Burnstone
Co announces updated mineral resource and reserve estimates for the co's Hollister Gold Project on the Carlin Trend in Nevada, USA as at June 30, 2012. The updated mineral resources and reserves reflect depletion in excess of 370,000 tons which yielded ~400,000 gold equivalent ounces since commencement of trial mining in 2008. Preliminary production results for July and August 2012 indicate an improvement relative to the previous quarter with an average of 6,500 Au eqv oz sold per month, compared to an average of 5,000 Au eqv oz per month sold in Q2 2012. The 0.69 Au eqv oz/t average grade from trial mining for July and August 2012 also compares favorably to the 0.63 Au eqv oz/t trial mined in Q2 2012. Further improvement is expected as additional higher grade stopes from the tertiary material becomes available. The Esmeralda mill is performing as planned with recoveries of 92% Au and 48% Ag thus far for Q3 2012. Cash costs for Q3 2012 are expected to benefit from the lower milling costs now that dore has been capable of being poured on site since June 2012. At Burnstone: Ore development in July and August 2012 averaged 888 meters per month, a 50% improvement on the monthly average of 590 meters achieved in Q2 2012. The improvements to the temporary water reticulation system reported on earlier had a positive impact on ore development. The Company will be taking over the underground waste development following the termination of this contract with Grinaker Lta in August 2012, which is expected to yield an estimated cost saving of $1.2 mln per month as well as improved efficiencies from development teams and trackless equipment.
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