Great Basin Gold Ltd.
TSX : GBG
AMEX : GBN
JSE : GBG

Great Basin Gold Ltd.

August 05, 2008 08:30 ET

Great Basin Gold Ltd.: Underground Infill Drilling at the Hollister Project Continues to Confirm Deposit Prospectively

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 5, 2008) - Great Basin Gold Ltd. (TSX:GBG)(AMEX:GBN)(JSE:GBG) (hereafter "Great Basin Gold" or the "Company") announces further results from underground drilling at the Hollister Project on the Carlin Trend in Nevada, USA. The underground holes are at 100 ft (30 m) spacing to fill in gaps, and better define and test areas identified for resource expansion within the Clementine and Gwenivere vein systems.

Drilling was conducted from January through June 2008. This work is part of a 28,000 ft (8,534 m) Phase One infill and exploration program, approved by the Company's Board in November 2007, of which 18,000 ft (5,486 m) has been completed. Results from 30 holes are shown in the attached Table of Assay Results. Highlights include:

Gwenivere Vein System

- Hole HDB-214 intersected 8.9 ft (2.71 m) grading 0.50 oz/t (17.2 g/t) Au and 1.00 oz/t (34.5 g/t) Ag from 438.0-448.3 ft (133.5-136.6 m), including 2.6 ft (0.8 m) grading 1.41 oz/t (48.2 g/t) Au and 3.20 oz/t (111.0 g/t) Ag from 440.5-443.5 ft (134.3-135.2 m).

- Hole HDB-218 intersected 4.5 ft (1.37 m) grading 0.43 oz/t (14.7 g/t) Au and 52.30 oz/t (1789.0 g/t) Ag from 122.6-127.3 ft (37.4-38.8 m), including 2.5 ft (0.76 m) grading 0.58 oz/t (19.9 g/t) Au and 71.00 oz/t (2430.0 g/t) Ag from 123.4-126.0 ft (37.6-38.4 m). In addition, this hole intersected 1.2 ft (0.37 m) grading 0.30 oz/t (10.2 g/t) Au and 0.70 oz/t (25.0 g/t) Ag from 147.0-148.3 ft (44.8-45.2 m), 1.4 ft (0.43 m) grading 0.84 oz/t (28.9 g/t) Au and 32.20 oz/t (1105.0 g/t) Ag from 169.3-170.8 ft (51.6-52.1 m), and an additional interval of 1.4 ft (0.43 m) grading 0.63 oz/t (21.6 g/t) Au and 1.80 oz/t (63.0 g/t) Ag from 285.0-286.5 ft (86.9-87.3 m).

- Hole HDB-219 intersected 4.2 ft (1.28 m) grading 1.62 oz/t (55.4 g/t) Au and 1.30 oz/t (46.0 g/t) Ag from 135.9-140.2 ft (41.4-42.7 m). A second high-grade interval was intersected: 14.5 ft (4.42 m) grading 0.53 oz/t (18.1 g/t) Au and 0.24 oz/t (8.1 g/t) Ag from 187.3-202.0 ft (57.1-61.6 m), including an interval of 2.0 ft (0.61 m) grading 1.54 oz/t (52.8 g/t) Au and 0.50 oz/t (18.0 g/t) Ag from 191.0-193.0 ft (58.2-58.8 m).

Clementine Vein System

- Hole HDB-204 intersected 1.1 ft (0.33 m) grading 0.78 oz/t (26.66 g/t) Au and 0.36 oz/t (12.25 g/t) Ag from 259.0-260.5 ft (78.9-79.4 m) and 1.51 ft (0.46 m) grading 1.06 oz/t (36.3 g/t) Au and 0.97 oz/t (32.2 g/t) Ag from 326.0-328.0 ft (99.4-100.0 m).

- Hole HDB-228 intersected 1.9 ft (0.58 m) grading 12.35 oz/t (424.0 g/t) Au and 62.10 oz/t (2130.0 g/t) Ag from 191.6-193.5 ft (58.4-59.0 m), and 0.9 ft (0.27 m) 15.65 oz/t (536.0 g/t) Au and 54.10 oz/t (1855.0 g/t) Ag from 332.8-333.7 ft (101.4-101.7 m). Additional high-grade intervals intersected include: 2.3 ft (0.70 m) grading 0.66 oz/t (22.8 g/t) Au and 4.20 oz/t (144.0 g/t) Ag from 333.7-336.0 ft (101.7-102.4 m), and 1.0 ft (0.30 m) grading 11.40 oz/t (391.0 g/t) Au and 7.20 oz/t (245.0 g/t) Ag from 528.9-529.5 ft (161.2-161.4 m), and 0.9 ft (0.27 m) grading 0.66 oz/t (22.6 g/t) Au and 1.90 oz/t (65.0 g/t) Ag from 749.0-749.9 ft (228.3-228.6 m).

- Hole HDB-231 intersected 1.8 ft (0.55 m) grading 1.25 oz/t (42.6 g/t) Au and 2.00 oz/t (68.0 g/t) Ag from 263.2-265.7 ft (80.2-81.0 m).

President and CEO, Ferdi Dippenaar, commented: "We are making good progress with the US$14.4 million exploration program we announced in December 2007. The focus of the in-fill drilling program has, at a cost of US$2.2 million, been to upgrade our resources from the Inferred to Measured and Indicated Categories. The remaining 10,000 ft to complete the underground in-fill drilling program will be completed during the second half of 2008. The focus will then shift to the planned US$4.5 million program to determine the strike and depth extent of the mineralisation."

Johan Oelofse, PrEng, FSAIMM, Chief Operating Officer for the Company and a qualified person, has reviewed this news release on behalf of Great Basin Gold. For information on analytical procedures, see the Great Basin Gold Ltd. News Release of June 23, 2008 available on the Company's website.

Ferdi Dippenaar, President and CEO

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address possible future commercial production, reserve potential, exploration drilling results, development, feasibility or exploitation activities and events or developments that Great Basin Gold expects to occur are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, geopolitical uncertainty, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.

Cautionary Note Concerning Estimates of Inferred Resources

This press release uses the term "inferred resources". The Company advises investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize "inferred resources". "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of economic studies, except in rare cases. Investors are cautioned not to assume that any part or all of an inferred resource exists, or is economically or legally mineable.



TABLE OF ASSAY RESULTS - JULY 2008

--------------------------------------------------------------------------
Significant Intercepts
--------------------------------
Vein Sample
Intersection Interval Drilled Est.
Drill (ft) (ft) Thick- True
Vein Hole ------------- ------------- ness Width
System ID From To From To (ft) (ft)
--------------------------------------------------------------------------
Clementine HDB-202 241.0 245.8 4.8 4.8
241.0 244.0 3.0 3.0
244.0 245.8 1.8 1.8
358.0 358.5 0.5 0.5
--------------------------------------------------------------------------
Clementine HDB-203 150.0 150.5 0.5 0.5
161.5 162.0 0.5 0.5
--------------------------------------------------------------------------
Clementine HDB-204 259.0 260.5 1.5 1.1
326.0 328.0 2.0 1.5
--------------------------------------------------------------------------
Clementine HDB-205 No Significant Intercepts
--------------------------------------------------------------------------
Clementine HDB-206A 115.5 116.5 1.0 0.6
198.0 199.4 1.4 0.8
--------------------------------------------------------------------------
Clementine HDB-207 269.2 281.5 12.3 8.7
269.2 269.9 0.7 0.5
269.9 274.0 4.1 2.9
274.0 275.0 1.0 0.7
275.0 280.0 5.0 3.5
280.0 281.5 1.5 1.1
--------------------------------------------------------------------------
Clementine HDB-208 175.0 180.0 5.0 4.9
251.0 251.4 0.4 0.4
478.0 478.8 0.8 0.8
631.0 636.0 5.0 4.9
768.5 769.7 1.2 1.2
854.0 855.9 1.9 1.9
--------------------------------------------------------------------------
Gwenivere HDB-209 223.5 224.0 0.5 0.4
280.0 281.7 1.7 1.5
--------------------------------------------------------------------------
Gwenivere HDB-210 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-211 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-212 No Significant Intercepts
--------------------------------------------------------------------------
Geotechnical HDB-213 Geotechnical Drill Hole
--------------------------------------------------------------------------
Gwenivere HDB-214 438.0 448.3 10.3 8.9
438.0 440.5 2.5 2.2
440.5 443.5 3.0 2.6
443.5 444.5 1.0 0.9
444.5 446.2 1.7 1.5
446.2 447.0 0.8 0.7
447.0 448.3 1.3 1.1
--------------------------------------------------------------------------
Gwenivere HDB-215 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-216 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-217 122.0 126.8 4.8 3.1
158.3 161.0 2.7 1.7
--------------------------------------------------------------------------
Gwenivere HDB-218 122.6 127.3 4.7 4.5
122.6 123.4 0.8 0.8
123.4 126.0 2.6 2.5
126.0 127.3 1.3 1.2
--------------------------------------------------------------------------
Gwenivere HDB-218 139.3 142.6 3.3 3.1
147.0 148.3 1.3 1.2
169.3 170.8 1.5 1.4
285.0 286.5 1.5 1.4
--------------------------------------------------------------------------
Gwenivere HDB-219 135.9 140.2 4.3 4.2
161.0 163.3 2.3 2.3
187.3 202.0 14.7 14.5
187.3 189.0 1.7 1.7
189.0 191.0 2.0 2.0
191.0 193.0 2.0 2.0
193.0 194.0 1.0 1.0
194.0 196.6 2.6 2.6
196.6 202.0 5.4 5.3
--------------------------------------------------------------------------
Gwenivere HDB-220 697.3 698.5 1.2 1.0
--------------------------------------------------------------------------
Gwenivere HDB-221 182.0 183.0 1.0 0.6
--------------------------------------------------------------------------
Gwenivere HDB-222 232.6 233.7 1.1 0.5
241.8 243.1 1.3 0.6
--------------------------------------------------------------------------
Gwenivere HDB-223 244.0 247.0 3.0 2.6
--------------------------------------------------------------------------
Gwenivere HDB-224 No Significant Intercepts
--------------------------------------------------------------------------
Clementine HDB-225 226.9 229.9 3.0 2.1
300.5 305.0 4.5 3.2
--------------------------------------------------------------------------
Clementine HDB-226 195.2 196.3 1.1 1.0
--------------------------------------------------------------------------
Clementine HDB-227 176.6 179.1 2.5 2.4
--------------------------------------------------------------------------
Clementine HDB-228 163.0 163.8 0.8 0.8
191.6 193.5 1.9 1.9
332.8 336.0 3.2 3.2
332.8 333.7 0.9 0.9
333.7 336.0 2.3 2.3
528.9 529.5 1.0 1.0
749.0 749.9 0.9 0.9
--------------------------------------------------------------------------
Clementine HDB-229 125.3 130.8 5.5 5.3
125.3 130.3 5.0 4.8
130.3 130.8 0.5 0.5
141.5 143.0 1.5 1.4
168.6 169.2 0.6 0.6
191.8 193.1 1.3 1.3
303.2 303.7 0.5 0.5
327.9 328.8 0.9 0.9
330.0 330.9 0.9 0.9
--------------------------------------------------------------------------
Clementine HDB-230 177.3 179.1 1.8 1.6
208.0 210.1 2.1 1.8
352.6 354.2 1.6 1.4
352.6 353.5 0.9 0.8
353.5 354.2 0.7 0.6
--------------------------------------------------------------------------
Clementine HDB-231 258.0 259.0 1.0 0.7
263.2 265.7 2.5 1.8
--------------------------------------------------------------------------


--------------------------------------------------------------------------
Significant Intercepts
--------------------------------
Analytical Results
Drill --------------------------------
Vein Hole Au Au Ag Ag
System ID (opt) (g/t) (opt) (g/t)
--------------------------------------------------------------------------
Clementine HDB-202 0.53 18.2 1.44 49.2
0.25 8.4 ND ND
1.00 34.5 3.83 131.3
1.07 36.6 5.43 186.0
--------------------------------------------------------------------------
Clementine HDB-203 0.48 16.4 ND ND
2.24 76.7 ND ND
--------------------------------------------------------------------------
Clementine HDB-204 0.78 26.7 0.36 12.3
1.06 36.3 0.97 33.2
--------------------------------------------------------------------------
Clementine HDB-205 No Significant Intercepts
--------------------------------------------------------------------------
Clementine HDB-206A 0.26 8.9 0.50 18.0
0.10 3.5 0.20 6.0
--------------------------------------------------------------------------
Clementine HDB-207 0.22 7.5 0.50 16.4
0.44 15.3 0.80 26.0
0.13 4.5 0.70 23.0
0.21 7.1 0.20 7.0
0.22 7.7 0.40 13.0
0.33 11.5 0.30 11.0
--------------------------------------------------------------------------
Clementine HDB-208 0.25 8.7 1.10 37.0
0.25 8.4 0.70 25.0
1.09 37.1 3.40 116.0
0.18 6.1 ND ND
0.16 5.6 0.20 7.0
0.05 1.8 ND ND
--------------------------------------------------------------------------
Gwenivere HDB-209 0.10 3.3 0.30 10.0
0.12 4.1 4.20 145.0
--------------------------------------------------------------------------
Gwenivere HDB-210 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-211 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-212 No Significant Intercepts
--------------------------------------------------------------------------
Geotechnical HDB-213 Geotechnical Drill Hole
--------------------------------------------------------------------------
Gwenivere HDB-214 0.50 17.2 1.00 34.5
0.11 3.9 ND ND
1.41 48.2 3.20 111.0
0.03 0.8 0.10 5.0
0.20 6.8 ND ND
0.08 2.7 ND ND
0.18 6.1 0.40 13.0
--------------------------------------------------------------------------
Gwenivere HDB-215 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-216 No Significant Intercepts
--------------------------------------------------------------------------
Gwenivere HDB-217 0.14 4.9 0.20 7.0
0.42 14.3 2.00 70.0
--------------------------------------------------------------------------
Gwenivere HDB-218 0.43 14.7 52.30 1789.0
0.16 5.4 15.20 521.0
0.58 19.9 71.00 2430.0
0.29 9.9 37.90 1300.0
--------------------------------------------------------------------------
Gwenivere HDB-218 0.19 6.5 2.20 76.0
0.30 10.2 0.70 25.0
0.84 28.9 32.20 1105.0
0.63 21.6 1.80 63.0
--------------------------------------------------------------------------
Gwenivere HDB-219 1.62 55.4 1.30 46.0
0.12 4.3 3.70 126.0
0.53 18.1 0.24 8.1
0.72 24.5 0.10 5.0
0.30 10.4 ND ND
1.54 52.8 0.50 18.0
0.41 14.2 ND ND
0.68 23.4 0.50 16.0
0.13 4.4 0.20 6.0
--------------------------------------------------------------------------
Gwenivere HDB-220 0.25 8.7 0.50 17.0
--------------------------------------------------------------------------
Gwenivere HDB-221 0.13 4.4 10.30 354.0
--------------------------------------------------------------------------
Gwenivere HDB-222 0.14 4.7 ND ND
0.19 6.5 0.30 11.0
--------------------------------------------------------------------------
Gwenivere HDB-223 0.14 4.9 0.90 32.0
--------------------------------------------------------------------------
Gwenivere HDB-224 No Significant Intercepts
--------------------------------------------------------------------------
Clementine HDB-225 0.30 10.3 4.90 168.0
0.19 6.4 0.50 16.0
--------------------------------------------------------------------------
Clementine HDB-226 0.25 8.4 13.20 452.0
--------------------------------------------------------------------------
Clementine HDB-227 1.01 34.5 31.00 1060.0
--------------------------------------------------------------------------
Clementine HDB-228 0.21 7.2 2.10 72.0
12.35 424.0 62.10 2130.0
5.92 204.2 18.23 1679.8
15.65 536.0 54.10 1855.0
0.66 22.8 4.20 144.0
11.40 391.0 7.20 245.0
0.66 22.6 1.90 65.0
--------------------------------------------------------------------------
Clementine HDB-229 0.38 13.1 0.56 19.3
0.40 13.7 ND ND
0.22 7.5 5.90 204.0
0.31 10.6 0.30 9.0
0.41 14.2 2.00 68.0
1.13 38.8 35.70 1225.0
0.62 21.4 1.70 59.0
3.72 127.5 11.30 389.0
0.47 16.0 1.90 66.0
--------------------------------------------------------------------------
Clementine HDB-230 0.15 5.2 1.40 46.0
1.64 56.2 8.20 283.0
0.34 11.6 2.27 80.0
0.38 12.9 3.60 123.0
0.29 9.8 0.50 17.0
--------------------------------------------------------------------------
Clementine HDB-231 0.35 12.2 0.40 14.0
1.25 42.6 2.00 68.0
--------------------------------------------------------------------------
More information is available on the Company's website, www.grtbasin.com.

No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information

  • Great Basin Gold Ltd. - South Africa
    Tsholo Serunye
    Investor Services
    27 (0) 11 884 1610
    or
    Great Basin Gold Ltd. - North America
    Melanee Henderson
    Investor Services
    1-800-667-2114
    Website: www.grtbasin.com
    or
    Breakstone Group - USA
    Barbara Cano
    Investor Services
    (646) 452-2334