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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: jackjc who wrote (33927)	1/15/2005 10:26:55 AM
From: russwinter	Read Replies (1) \| Respond to of 39344

<GBN was hurt (again) by HL delaying> Are you aware of any new mine that hasn't been delayed? And if so, just give it awhile before it happens there too, tough business. I think HL has some performance hurdles and costs to pay if they don't get this done in a timely fashion? It's an all or none proposition, and HL has sunken costs in place now. I think relative to what goes in this industry, they are largely home free. What folks may be forgetting here is that GBN has retained all of the remaining exploration potential of the Ivanhoe District (HL has 50% "of the Hollister block"), so once a mine's in, a big bonus. An $85 million enterprise value (EV is mkt cap minus cash)just doesn't make sense anymore, just for Ivanhoe alone, let alone Burnside: Mon Aug 30, 2004 Hecla To Commence Physical Work At Hollister Development Block Ronald W. Thiessen, President and CEO of Great Basin Gold Ltd. (TSX-GBG; AMEX-GBN) is please to report that Hecla Mining Company ("Hecla") has advised, "... on-site work has begun at the Hollister Development Block gold exploration project in northern Nevada." The Hollister Development Block Project area is a portion of Great Basin's 27 square mile Ivanhoe Property, located on the Carlin Trend, about 47 miles northwest of Elko, Nevada. Development of the high-grade gold-silver vein systems on the Hollister Development Block is the subject of earn-in and joint venture agreements between Great Basin and Hecla. Hecla can earn a 50% interest in the Hollister Development Block by funding and operating a two-stage exploration and development program leading to commercial production, or completing the Stage 1 program and paying the Hollister Development Block JV an amount of US$21.8 million less the actual costs of completing the Stage 1 program. Upon earn-in, Hecla would also operate the mine. The Stage 1 program involves development of a decline to access the eastern extremities of the high-grade gold veins, and underground drilling leading to the establishment of mineral reserves and completion of a feasibility study. Approval for the Stage 1 program has already been received from the Bureau of Land Management. Wed Mar 31, 2004 Great Basin Announces BLM Decision Approving Hollister Underground Program -------------------------------------------------------------------------------- Ronald W. Thiessen, President and CEO of Great Basin Gold Ltd. (TSX-GBG; AMEX-GBN) is pleased to announce that the Bureau of Land Management ("BLM") has issued a "Finding of No Significant Impact" and "Decision Record", approving the proposed Hollister Development Block Project. A 30-day public review period is currently underway. The Hollister Development Block Project area is a portion of Great Basin's Ivanhoe property, located on the Carlin Trend, about 75 km northwest of Elko, Nevada. Development of the Hollister Development Block is the subject of earn-in and joint venture agreements between Great Basin and Hecla Mining Company as previously announced. BLM prepared an Environmental Assessment that analysed the impacts of the proposed Hollister Development Block Project. The underground exploration and development project consists of constructing an underground decline and associated drifts and crosscuts to support an underground exploration program, and would include construction of waste rock disposal, sample storage and water management and ancillary facilities.