Great Basin Gold Ltd.
TSX : GBG
AMEX : GBN

Great Basin Gold Ltd.

February 26, 2007 08:45 ET

Great Basin Update on Underground Drilling & Feasibility Study for Hollister Development Block Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 26, 2007) - Great Basin Gold Ltd. (TSX:GBG)(AMEX:GBN)(JSE:GBGOLD) ("Great Basin Gold" or the "Company") announces further results from underground drilling and progress on other feasibility work at the Hollister Development Block ("HDB") Project on the Carlin Trend in Nevada, USA.

As recently announced, Great Basin Gold will purchase Hecla Mining Company's 50% earn-in rights to the HDB. Good progress has been made toward the completion of the feasibility study which is expected at the end of June 2007. Dependent on the outcome of the study and with the benefit of having substantial surface facilities established and underground development in place, the Company is well positioned to advance rapidly toward the optimal development of the mine.

One hundred percent of the planned 55,000 ft (16,750 m) of underground drilling has now been completed. Drilling has taken place at 100 ft (30 m) spacing to fill in gaps from surface drilling within the Clementine and Gwenivere vein systems. Over the past twelve months since drilling began, Great Basin Gold has announced excellent results from the program. Currently there is a backlog, but the Company anticipates releasing additional results as they become available in the coming weeks.

Results for 37 holes, shown in the attached Table of Assay Results - Underground Drilling, are mainly from drill holes in the Clementine vein system. Highlights include:

Gwenivere

- Hole HDB-069 intersected 2.3 ft (0.7 m) grading 0.86 oz/t (29.49 g/t) Au and 16.51 oz/t (566.1 g/t) Ag from 207.1-209.6 ft (63.3-63.9 m).

Clementine

- Hole HDB-060 intersected 2.3 ft (0.7 m) grading 2.75 oz/t (94.29 g/t) Au and 7.04 oz/t (241.37 g/t) Ag from 245.6-248.3 ft (74.9-75.7 m).

- Hole HDB-067 intersected 3.9 ft (1.2 m) grading 15.29 oz/t (524.23 g/t) Au and 32.24 oz/t (1105.38 g/t) Ag from 302.1-307.4 ft (93.2-93.7 m).

- Hole HDB-077 intersected 2.7 ft (0.8 m) grading 4.36 oz/t (149.49 g/t) Au and 36.63 oz/t (1255.9 g/t) Ag from 183.3-186.3 ft (55.9-56.8 m).

- Hole HDB-081 intersected 1.9 ft (0.6 m) grading 14.34 oz/t (491.66 g/t) Au and 58.69 oz/t (2012.2 g/t) Ag from 277.7-279.8 ft (84.6-85.2 m).

- Hole HDB-095 intersected 8.0 ft (2.4 m) grading 0.94 oz/t (32.22 g/t) Au and 1.04 oz/t (35.66 g/t) Ag from 251.8-261.1 ft (76.7-79.6 m).

- Hole HDB-096 intersected 5.7 ft (1.7 m) grading 1.79 oz/t (61.37 g/t) Au and 0.79 oz/t (27.09 g/t) Ag from 288.2-294.9 ft (87.8-89.9 m).

- Hole HDB-099 intersected 2.0 ft (0.6 m) grading 4.81 oz/t (164.9 g/t) Au and 48.4 oz/t (1676.6 g/t) Ag from 186.4-188.5 ft (56.8-57.5 m).

- Hole HDB-101 intersected 7.0 ft (2.1 m) grading 2.64 oz/t (90.5 g/t) Au and 23.96 oz/t (821.5 g/t) Ag from 166.9-175.2 ft (50.9-53.4 m).

- Hole HDB-103 intersected 4.9 ft (1.5 m) grading 2.65 oz/t (90.85 g/t) Au and 8.11 oz/t (278.06 g/t) Ag from 203.2-208.2 ft (61.9-63.5 m).

Work on other aspects of the feasibility study has also progressed, with the following activities being advanced:

- Development of the geological resource model;

- Continuation of underground test mining, including tests for split blasting, drifting and raising in the different vein systems. Rock mechanics investigations have taken place to assess the efficacy of backfilling and to test backfill materials. Mine planning has also encompassed evaluation of different options for a second underground access route (there is currently only one access decline).

- Assessment of underground water parameters and development of plans for dewatering and permitting;

- Evaluation of general infrastructure, mine services and transportation, in particular, shorter access routes;

- Completion of metallurgical test work and evaluation of ore treatment alternatives; and

- Development of the environmental and reclamation sections of the feasibility study, and strategies for permitting that will factor into the overall project schedule.

Winters, Dorsey & Company has been appointed as the independent consultants to review and sign off on the feasibility study.

Gernot Wober, P.Geo., a qualified person and Exploration Manager of Great Basin Gold, is monitoring the program on behalf of Great Basin and has reviewed this news release.

Great Basin Gold has two advanced stage gold projects in two of the world's best gold environments: the Hollister property on the Carlin Trend of Nevada, USA, and the Burnstone Gold Project in the Witwatersrand Goldfield of South Africa. For more information on Great Basin and its projects, please visit the Company's website at www.greatbasingold.com or call Investor Services at 604-684-6365 or within North America at 1-800-667-2114.

Ferdi Dippenaar, President and CEO

Samples collected from the Hollister Development Block Project are stored in Hecla's secure facility until picked up by Inspectorate America Corporation (Inspectorate) of Sparks, Nevada. Vein samples are analyzed by either metallic screen or standard fire assay procedures. For metallic screen analyses, vein sample preparation consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh, taking a 500 g sub-sample using a rotary splitter, and then pulverizing the 500 g sub-sample to 90% passing 150-mesh using a large capacity ring and puck pulverizer. Gold and silver determinations are by metallic screen analysis, with two 1 assay-ton (30 g) fire assays completed on the fine fraction; the coarse fraction is fire assayed in its entirety. For standard fire assay, vein sample preparation consists of drying and jaw-crushing the entire sample to 90% passing 10-mesh, taking a 300 g sub-sample using a Jones splitter, and then pulverizing the 300 g sub-sample to 90% passing 150-mesh using a large capacity ring and puck pulverizer. A 30 g charge is fire assayed. All metal determinations are by gravimetric finish. Vein samples analyzed by standard fire assay will be re-assayed using metallic screen procedures. Laboratory Quality Assurance/Quality Control (QA/QC) is monitored using coarse reject blanks and assay standards submitted by Hecla, duplicate fire assays, and Inspectorate's internal standards and blanks. Coarse blanks (barren rhyolite or landscape marble) and assay standards are inserted by Hecla into the sample sequence as blind samples prior to submitting the samples to the laboratory. Inspectorate also inserts assay standards and blanks into the sample stream. QA/QC results are within acceptable limits.

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, delay in the completion of the feasibility study, continuity of mineralization, 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 20-F filing with the United States Securities and Exchange Commission and its home jurisdiction filings that are available at www.sedar.com.



HOLLISTER DEVELOPMENT BLOCK UNDERGROUND DRILLING ASSAYS RESULTS

--------------------------------------------------------------------------
Est.
Drilled True
Drill Thickness Width Au Ag
Hole Vein From To (ft) (ft) (opt) (opt)
--------------------------------------------------------------------------
HDB-06 Clementine 140.0 144.0 4.0 2.1 0.243 0.27
--------------------------------------------------------------------------
166.9 167.3 0.4 0.3 0.171 0.24
--------------------------------------------------------------------------
175.9 176.3 0.4 0.3 0.565 1.85
--------------------------------------------------------------------------
206.4 207.2 0.8 0.6 0.259 2.94
--------------------------------------------------------------------------
245.6 248.3 2.7 2.3 2.749 7.04
--------------------------------------------------------------------------
HDB-066 Clementine 205.9 221.6 15.7 10.6 0.192 0.30
--------------------------------------------------------------------------
Incl. 208.0 214.6 6.6 4.5 0.424 0.62
--------------------------------------------------------------------------
273.3 276.0 2.7 1.5 0.001 0.20
--------------------------------------------------------------------------
HDB-067 Gwenivere 283.9 287.6 3.7 3.2 0.191 greater
than
0.79
--------------------------------------------------------------------------
Incl. 283.9 287.3 3.4 2.9 0.152 0.34
--------------------------------------------------------------------------
And 287.3 287.6 0.3 0.3 0.566 greater
than
200 ppm
--------------------------------------------------------------------------
299.5 302.1 2.6 1.8 2.240 greater
than
200 ppm
--------------------------------------------------------------------------
302.1 307.2 5.3 3.9 15.287 32.34
--------------------------------------------------------------------------
Incl. 302.1 304.3 2.2 1.4 26.722 55.25
--------------------------------------------------------------------------
And 304.3 305.8 1.5 1.1 0.043 0.26
--------------------------------------------------------------------------
And 305.8 307.4 1.6 1.4 15.830 39.94
--------------------------------------------------------------------------
HDB-068 Gwenivere 197.6 198.5 0.9 0.7 0.018 0.92
--------------------------------------------------------------------------
198.5 200.3 1.8 1.6 0.004 0.03
--------------------------------------------------------------------------
200.3 201.4 1.1 1.0 0.033 0.12
--------------------------------------------------------------------------
201.4 206.0 4.6 4.4 0.007 0.07
--------------------------------------------------------------------------
206.0 208.8 2.8 2.7 0.180 3.02
--------------------------------------------------------------------------
HDB-069 Gwenivere 207.1 209.6 2.5 2.3 0.863 16.51
--------------------------------------------------------------------------
245.9 249.1 3.2 3.0 0.467 0.76
--------------------------------------------------------------------------
358.0 362.3 4.3 4.2 0.392 0.31
--------------------------------------------------------------------------
HDB-070 Gwenivere 235.1 236.7 1.6 1.5 0.972 2.94
--------------------------------------------------------------------------
HDB-071 Gwenivere 293.0 297.0 4.0 4.0 0.214 0.19
--------------------------------------------------------------------------
HDB-072 137.6 138.6 1.0 0.7 0.186 2.52
--------------------------------------------------------------------------
225.6 228.4 2.8 1.4 0.523 2.49
--------------------------------------------------------------------------
HDB-073 93.7 94.7 1.0 0.9 0.758 2.90
--------------------------------------------------------------------------
Clementine 160.0 161.3 1.3 1.3 0.162 0.19
--------------------------------------------------------------------------
185.9 186.6 0.7 0.7 0.860 7.10
--------------------------------------------------------------------------
Clementine 274.3 278.3 4.0 2.7 0.002 0.06
--------------------------------------------------------------------------
HDB-074 Clementine 130.0 148.3 18.3 15.0 0.011 0.23
--------------------------------------------------------------------------
148.3 148.7 0.4 0.3 0.057 2.27
--------------------------------------------------------------------------
194.3 197.3 3.0 2.3 0.270 2.56
--------------------------------------------------------------------------
197.3 198.8 1.5 1.5 0.440 1.30
--------------------------------------------------------------------------
HDB-075 Clementine 101.3 102.0 0.7 0.7 0.341 26.53
--------------------------------------------------------------------------
156.4 158.6 2.2 1.4 0.348 20.51
--------------------------------------------------------------------------
158.6 167.9 9.3 6.0 0.112 4.60
--------------------------------------------------------------------------
202.7 205.0 2.3 2.2 0.032 0.74
--------------------------------------------------------------------------
HDB-076 Clementine 170.2 172.7 2.5 2.3 1.271 4.65
--------------------------------------------------------------------------
237.5 239.0 1.5 1.4 0.065 3.59
--------------------------------------------------------------------------
HDB-077 Clementine 180.6 183.3 2.7 2.4 0.079 3.24
--------------------------------------------------------------------------
183.3 186.3 3.0 2.7 4.361 36.63
--------------------------------------------------------------------------
HDB-067 186.3 188.5 2.2 1.4 0.016 1.48
--------------------------------------------------------------------------
270.9 272.0 1.1 1.0 0.242 2.18
--------------------------------------------------------------------------
HDB-078 Clementine 271.8 275.2 3.4 2.2 0.004 0.05
--------------------------------------------------------------------------
275.2 279.0 3.8 1.5 0.009 Nil
--------------------------------------------------------------------------
279.0 283.0 4.0 1.5 0.023 0.21
--------------------------------------------------------------------------
481.9 483.0 1.1 0.7 0.016 1.07
--------------------------------------------------------------------------
483.0 488.0 5.0 3.4 0.005 0.99
--------------------------------------------------------------------------
488.0 491.3 3.3 2.2 0.008 1.28
--------------------------------------------------------------------------
491.3 497.3 6.0 4.3 0.001 Nil
--------------------------------------------------------------------------
497.3 499.0 1.7 1.3 0.010 0.18
--------------------------------------------------------------------------
499.0 503.0 4.0 2.4 0.003 0.22
--------------------------------------------------------------------------
HDB-079 Clementine 267.3 268.7 1.4 0.9 0.016 0.17
--------------------------------------------------------------------------
268.7 272.8 4.1 3.1 0.014 0.34
--------------------------------------------------------------------------
272.8 274.5 1.7 1.5 0.007 0.06
--------------------------------------------------------------------------
350.5 351.7 1.2 0.8 13.537 40.79
--------------------------------------------------------------------------
HDB-080 294.6 305.0 10.4 4.3 0.101 1.47
--------------------------------------------------------------------------
Incl. 294.9 297.3 2.7 0.9 0.128 1.91
--------------------------------------------------------------------------
And 297.3 303.9 6.6 2.8 0.033 0.45
--------------------------------------------------------------------------
And 303.9 305.0 1.1 0.6 0.376 6.53
--------------------------------------------------------------------------
HDB-081 Clementine 231.9 232.5 0.6 0.6 0.008 0.10
--------------------------------------------------------------------------
277.7 279.8 2.1 1.9 14.342 58.69
--------------------------------------------------------------------------
HDB-082 Clementine 259.2 260.9 1.7 1.6 7.280 28.36
--------------------------------------------------------------------------
HDB-083 28.0 29.7 1.7 1.7 0.552 4.37
--------------------------------------------------------------------------
Clementine 210.8 212.5 1.7 1.6 2.50 1.39
--------------------------------------------------------------------------
Incl. 210.8 211.7 0.9 0.85 0.670 0.27
--------------------------------------------------------------------------
And 211.7 212.5 0.8 0.75 4.574 2.66
--------------------------------------------------------------------------
258.5 259.0 0.6 0.5 2.145 18.45
--------------------------------------------------------------------------
HDB-084 Clementine 215.1 216.3 1.2 1.0 1.975 0.78
--------------------------------------------------------------------------
261.5 262.3 0.8 0.8 2.112 10.68
--------------------------------------------------------------------------
HDB-085 Clementine 259.2 262.5 3.3 2.5 0.425 3.64
--------------------------------------------------------------------------
HDB-086 Clementine 211.2 213.0 1.8 1.5 0.071 8.54
--------------------------------------------------------------------------
HDB-087 Clementine 202.0 205.3 3.3 2.7 0.009 29.18
--------------------------------------------------------------------------
205.3 206.6 1.3 1.1 23.071 103.92
--------------------------------------------------------------------------
HDB-089 Clementine 230.0 232.3 2.3 1.9 5.757 19.33
--------------------------------------------------------------------------
HDB-090 Clementine 315.1 318.6 3.5 2.9 0.301 1.21
--------------------------------------------------------------------------
HDB-091 No significant intercepts
--------------------------------------------------------------------------
HDB-092 Clementine 317.3 318.1 0.8 0.6 0.026 0.51
--------------------------------------------------------------------------
HDB-093 Clementine 274.7 275.6 0.9 0.6 0.001 Nil
--------------------------------------------------------------------------
HDB-094 Clementine 284.9 286.1 1.2 1.1 2.846 9.27
--------------------------------------------------------------------------
HDB-095 Clementine 251.8 261.1 9.3 8.0 0.941 1.04
--------------------------------------------------------------------------
Incl. 251.8 253.0 1.2 1.0 0.637 0.87
--------------------------------------------------------------------------
And 253.0 260.2 7.2 6.2 0.119 0.37
--------------------------------------------------------------------------
And 260.2 261.1 0.9 0.8 7.905 6.59
--------------------------------------------------------------------------
HDB-096 Clementine 288.2 294.6 6.7 5.7 1.785 0.79
--------------------------------------------------------------------------
288.2 291.6 3.4 2.9 3.115 1.26
--------------------------------------------------------------------------
HDB-096 291.6 294.9 3.3 2.8 0.416 0.30
--------------------------------------------------------------------------
HDB-099 Clementine 186.4 188.5 2.1 2.0 4.814 48.40
--------------------------------------------------------------------------
230.0 235.5 5.5 4.9 0.004 0.10
--------------------------------------------------------------------------
HDB-100A Clementine 219.7 220.6 0.9 0.9 0.236 6.25
--------------------------------------------------------------------------
242.5 244.5 2.0 1.7 6.237 11.84
--------------------------------------------------------------------------
HDB-101 Clementine 166.9 175.2 8.3 7.0 2.637 23.96
--------------------------------------------------------------------------
166.9 169.3 2.4 2.0 1.648 3.86
--------------------------------------------------------------------------
169.3 171.7 2.4 2.0 0.326 2.31
--------------------------------------------------------------------------
171.7 175.2 3.5 3.0 4.900 52.58
--------------------------------------------------------------------------
HDB-102 Clementine 182.3 186.3 4.0 4.0 1.053 10.19
--------------------------------------------------------------------------
186.3 189.8 3.5 2.7 0.009 1.70
--------------------------------------------------------------------------
HDB-103 Clementine 198.7 203.2 4.5 4.1 0.015 0.71
--------------------------------------------------------------------------
203.2 208.2 5.0 4.9 2.651 8.11
--------------------------------------------------------------------------
HBD-105 No significant intercepts
--------------------------------------------------------------------------


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

Contact Information

  • Great Basin Gold Ltd.
    Shawn Wallace
    Investor Services
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.greatbasingold.com