Great Basin Gold Ltd.
TSX : GBG
AMEX : GBN

Great Basin Gold Ltd.

November 15, 2006 09:28 ET

Great Basin Updates Results From Underground Program & Surface Exploration at the Hollister Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Great Basin Gold Ltd. (TSX:GBG)(AMEX:GBN)(JSE:GB GOLD) ("Great Basin" or the "Company") announces further results from underground drilling at the Hollister Development Block (HDB) Project at its Hollister gold-silver property on the Carlin Trend in Nevada, USA. Intersections with excellent gold and silver grades continue to be made in the Clementine and Gwenivere vein systems. Hecla Mining Company is earning a 50% interest in the Hollister Development Block ("HDB") Project, a portion of the Hollister property, by funding and operating a two-stage exploration and development program designed to take the HDB Project through feasibility and potentially to commercial production. Scheduled completion of the feasibility study is in the second quarter of 2007.

Almost 70% of a planned 50,000 ft (15,200 m) of underground drilling has now been completed. It is expected that drilling will continue until the first quarter of 2007. Ninety-seven underground holes, totalling approximately 34,940 ft (10,650 m), had been drilled to the end of October 2006. Results for 64 holes have been received and released. All results reported to date are available on the Great Basin website: www.greatbasingold.com.

Results for 27 holes are shown in the attached Table of Assay Results - Underground Drilling. These holes targeted both the Clementine and Gwenivere vein systems, and have intersected multiple veins with comparable grades in both vein systems. Highlights include:

Gwenivere

- Hole HDB-037 intersected 1.6 ft (0.5 m) grading 2.66 oz/t (91.2 g/t) Au and 43.39 oz/t (1487.7 g/t) Ag from 133.6-135.4 feet (40.7-41.3 m).

Clementine

- Hole HDB-045 intersected 9.2 ft (2.7 m) grading 1.12 oz/t (34.8 g/t) Au and 5.85 oz/t (202.3 g/t) Ag from 344.1-355.0 ft (104.9-108.2 m).

- Hole HDB-048 intersected 3.8 ft (1.1 m) grading 1.27 oz/t (43.4 g/t) Au and 6.15 oz/t (212.6 g/t) Ag from 132.4-136.2 ft (38.9-40.1 m).

- Hole HDB-049 intersected 2.7 ft (0.8 m) grading 3.46 oz/t (118.6 g/t) Au and 32.04 oz/t (1098.5 g/t) Ag from 92.2-95.3 ft (27.1-28.0 m).

- Hole HDB-050 intersected 1.9 ft (0.6 m) grading 7.22 oz/t (247.5 g/t) Au and 34.4 oz/t (1179.4 g/t) Ag from 236.8-239.1 (72.2-72.9 m).

- Hole HDB-057 intersected 1.8 ft (0.5 m) grading 4.13 oz/t (141.6 g/t) Au and 23.70 oz/t (815.6 g/t) Ag from 248.2-250.0 ft (73.0-73.5 m).

- Hole HDB-062 intersected 1.8 ft (0.5 m) grading 7.42 oz/t (254.4 g/t) Au and 41.6 oz/t (1426.3 g/t) Ag from 129.2-131.1 ft (39.3-40.0 m) and 1.6 ft (0.5 m) grading 1.30 (42.48 g/t) Au and 3.61 oz/t (123.8 g/t) Ag from 140.8-142.8 ft (42.9-43.5 m).

- Hole HDB-063 intersected 3.8 ft (1.1 m) grading 3.81 oz/t (130.3 g/t) Au and 25.8 oz/t (884.6 g/t) Ag from 126.8-131.4 ft (38.6-40.0 m).

A CDN$3 million, 48,850 ft (14,890 m) program of surface drilling is also underway at the Hollister property. The program will test targets both inside and outside of the Hollister Development Block (which constitutes about 5% of the area of the Hollister property). A 75-line kilometer geophysical (CSAMT resistivity) survey was started on August 29 and completed on October 20. The survey covered the Western Extension, the Hatter target areas, and the Hollister Development Block. Resistive anomalies indicate roots to surface alteration in several locations, including along mapped and drill-defined structures. The final data is currently being processed and interpretations will be used to fine tune planned drill targets. Great Basin is operating the surface exploration programs.

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

Great Basin 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 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 ("the Company") 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, 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.



--------------------------------------------------------------------------
Est.
Drilled True
Drill Thickness Width
Hole Vein From To (ft) (ft) Au (opt) Ag (opt)
--------------------------------------------------------------------------
HDB-034A Clementine 49.0 49.2 0.2 0.2 0.509 0.65
--------------------------------------------------------------------------
253.0 254.6 1.6 1.5 0.478 4.61
--------------------------------------------------------------------------
HDB-035 Clementine 310.4 311.5 1.1 0.8 0.554 2.50
--------------------------------------------------------------------------
319.0 320.3 1.3 1.1 0.592 24.14
--------------------------------------------------------------------------
HDB-036 Clementine 24.9 25.7 0.8 0.7 0.763 6.92
--------------------------------------------------------------------------
439.1 440.0 0.9 0.4 0.362 5.03
--------------------------------------------------------------------------
HDB-037 Gwenivere 133.6 134.9 1.3 1.1 2.544 54.68
--------------------------------------------------------------------------
134.9 135.3 0.4 0.4 0.013 0.63
--------------------------------------------------------------------------
135.3 135.4 0.1 0.1 14.156 77.59
--------------------------------------------------------------------------
164.9 166.5 1.6 1.4 0.012 0.08
--------------------------------------------------------------------------
HDB-038 Gwenivere 93.2 93.8 0.6 0.5 0.313 1.95
--------------------------------------------------------------------------
121.2 132.9 11.7 9.6 0.003 0.02
--------------------------------------------------------------------------
132.9 135.2 2.3 2.3 0.434 4.74
--------------------------------------------------------------------------
151.2 153.1 1.9 1.7 0.194 7.76
--------------------------------------------------------------------------
171.6 176.8 5.2 5.2 0.184 1.03
--------------------------------------------------------------------------
192.3 193.7 1.4 unk 0.593 0.21
--------------------------------------------------------------------------
205.5 209.0 3.5 3.5 0.103 0.61
--------------------------------------------------------------------------
225.7 234.0 8.3 8.3 0.266 0.24
--------------------------------------------------------------------------
292.0 292.5 0.5 0.5 0.744 0.33
--------------------------------------------------------------------------
385.6 385.9 0.3 0.3 2.406 0.57
--------------------------------------------------------------------------
HDB-039 Gwenivere 58.6 59.2 0.6 0.5 0.226 1.29
--------------------------------------------------------------------------
133.7 134.5 0.8 0.7 0.964 2.18
--------------------------------------------------------------------------
137.8 139.1 1.3 1.1 0.047 0.11
--------------------------------------------------------------------------
156.4 163.0 6.6 6.0 0.075 0.16
--------------------------------------------------------------------------
231.5 236.0 4.5 4.2 0.322 0.23
--------------------------------------------------------------------------
HDB-040 Gwenivere 192.8 195.9 3.1 2.0 0.058 0.18
--------------------------------------------------------------------------
HDB-041 Clementine 173.3 177.8 4.5 2.3 0.014 0.11
--------------------------------------------------------------------------
218.9 225.0 6.1 5.7 0.002 0.03
--------------------------------------------------------------------------
HDB-042 Clementine 193.0 194.8 1.8 1.7 0.001 0.01
--------------------------------------------------------------------------
228.1 230.5 2.4 1.5 0.008 0.02
--------------------------------------------------------------------------
HDB-043 Clementine 182.7 183.0 0.3 0.3 0.058 0.66
--------------------------------------------------------------------------
224.6 226.5 1.9 1.9 2.428 11.84
--------------------------------------------------------------------------
HDB-044 Clementine 249.1 249.7 0.6 0.5 0.008 0.46
--------------------------------------------------------------------------
269.8 272.7 2.4 unk 2.012 14.89
--------------------------------------------------------------------------
HDB-045 Clementine 307.8 308.0 0.2 0.2 0.036 0.12
--------------------------------------------------------------------------
344.1 355.0 10.9 9.2 1.197 5.85
--------------------------------------------------------------------------
HDB-046 Clementine 156.9 158.1 1.2 0.7 0.162 2.49
--------------------------------------------------------------------------
246.0 249.4 3.4 2.4 0.608 2.86
--------------------------------------------------------------------------
HDB-047 Clementine 153.5 155.4 1.9 1.3 1.005 8.98
--------------------------------------------------------------------------
HDB-048 Clementine 114.8 115.4 0.6 0.5 0.403 7.105
--------------------------------------------------------------------------
132.4 132.7 0.3 0.3 0.726 3.579
--------------------------------------------------------------------------
132.7 135.9 3.2 3.2 0.026 0.163
--------------------------------------------------------------------------
135.9 136.2 0.3 0.3 15.036 72.53
--------------------------------------------------------------------------
227.2 227.9 0.7 0.6 3.481 7.519
--------------------------------------------------------------------------
227.9 228.4 0.5 0.4 0.548 2.196
--------------------------------------------------------------------------
228.4 228.9 0.5 0.4 2.652 6.42
--------------------------------------------------------------------------
HDB-049 Clementine 92.2 95.3 3.1 2.7 3.464 32.04
--------------------------------------------------------------------------
128.2 129.0 0.8 0.7 1.588 72.36
--------------------------------------------------------------------------
216.9 219.8 2.9 2.7 0.009 19.43
--------------------------------------------------------------------------
HDB-050 Clementine 56.0 56.6 0.6 0.6 0.416 17.82
--------------------------------------------------------------------------
98.0 100.9 2.9 2.6 2.724 0.07
--------------------------------------------------------------------------
114.1 115.1 1.0 0.9 0.175 0.95
--------------------------------------------------------------------------
135.8 137.3 1.5 1.3 6.515 47.66
--------------------------------------------------------------------------
236.8 239.1 2.3 1.9 7.218 34.40
--------------------------------------------------------------------------
HDB-051 Clementine 67.6 68.9 1.3 1.0 0.167 14.97
--------------------------------------------------------------------------
118.9 121.6 2.7 2.1 0.444 3.94
--------------------------------------------------------------------------
148.2 150.2 2.0 1.7 0.002 0.22
--------------------------------------------------------------------------
166.0 168.3 2.3 1.6 1.602 7.41
--------------------------------------------------------------------------
303.7 306.0 2.3 2.0 0.076 5.08
--------------------------------------------------------------------------
HDB-052 Clementine 74.2 75.7 1.5 1.3 0.791 2.50
--------------------------------------------------------------------------
138.3 143.7 5.4 3.5 0.552 1.41
--------------------------------------------------------------------------
162.2 163.2 1.0 0.7 0.014 0.27
--------------------------------------------------------------------------
163.2 164.3 1.1 0.9 0.012 0.07
--------------------------------------------------------------------------
164.3 166.1 1.8 1.6 0.019 0.18
--------------------------------------------------------------------------
220.0 221.9 1.9 1.3 0.078 1.19
--------------------------------------------------------------------------
221.9 223.7 1.8 1.2 1.395 7.03
--------------------------------------------------------------------------
395.1 398.2 3.1 2.0 0.002 0.15
--------------------------------------------------------------------------
398.2 399.3 1.1 0.7 0.030 1.11
--------------------------------------------------------------------------
399.3 403.0 3.7 2.4 0.019 1.34
--------------------------------------------------------------------------
HDB-053 Clementine 92.8 94.0 1.2 0.7 0.356 1.45
--------------------------------------------------------------------------
155.8 167.2 11.4 8.4 0.017 0.31
--------------------------------------------------------------------------
176.6 180.9 4.3 3.2 0.008 0.11
--------------------------------------------------------------------------
265.3 267.7 2.4 1.2 0.026 0.05
--------------------------------------------------------------------------
327.5 328.9 1.4 1.1 0.021 0.27
--------------------------------------------------------------------------
328.9 330.5 1.6 1.0 0.010 0.13
--------------------------------------------------------------------------
330.5 331.5 1.0 0.5 0.018 nil
--------------------------------------------------------------------------
349.8 351.1 1.3 0.5 0.156 0.65
--------------------------------------------------------------------------
390.2 399.8 9.6 3.7 0.024 0.22
--------------------------------------------------------------------------
399.8 405.5 5.7 4.0 0.155 0.11
--------------------------------------------------------------------------
HDB-054 51.4 52.7 1.3 1.1 2.735 5.54
--------------------------------------------------------------------------
289.7 291.7 2.0 1.7 4.874 33.84
--------------------------------------------------------------------------
HDB-055 259.9 264.2 4.3 3.9 3.080 23.34
--------------------------------------------------------------------------
Incl. 259.9 260.5 0.6 0.6 5.864 19.75
--------------------------------------------------------------------------
And 260.5 263.5 3.0 2.8 0.036 0.17
--------------------------------------------------------------------------
And 263.5 264.2 0.7 0.5 17.405 162.08
--------------------------------------------------------------------------
HDB-056 27.3 28.3 1.0 0.9 0.636 2.87
--------------------------------------------------------------------------
43.5 43.9 0.4 0.4 0.628 1.31
--------------------------------------------------------------------------
210.6 211.3 0.7 0.6 1.009 1.35
--------------------------------------------------------------------------
Clementine 241.5 242.1 0.7 0.6 0.024 3.58
--------------------------------------------------------------------------
242.1 243.1 1.0 0.9 0.015 3.05
--------------------------------------------------------------------------
243.1 244.3 1.2 1.1 7.149 58.88
--------------------------------------------------------------------------
HDB-057 Clementine 44.1 44.7 0.6 0.6 1.141 1.80
--------------------------------------------------------------------------
83.0 88.3 5.3 5.0 0.165 0.69
--------------------------------------------------------------------------
206.4 206.9 0.5 0.5 0.431 0.51
--------------------------------------------------------------------------
248.2 250.0 1.8 1.8 4.132 23.70
--------------------------------------------------------------------------
293.0 294.2 1.2 1.2 1.321 1.39
--------------------------------------------------------------------------
HDB-058 30.1 30.4 0.3 0.3 1.332 4.46
--------------------------------------------------------------------------
47.2 48.0 0.8 0.6 0.222 0.35
--------------------------------------------------------------------------
52.0 52.9 0.9 0.8 1.208 0.60
--------------------------------------------------------------------------
HDB-061 Clementine 215.2 217.0 1.8 1.3 1.006 2.49
--------------------------------------------------------------------------
235.6 236.8 1.2 1.0 0.448 4.87
--------------------------------------------------------------------------
HDB-062 47.0 55.5 8.5 6.5 0.009 0.02
--------------------------------------------------------------------------
103.9 104.4 0.5 0.4 1.430 0.05
--------------------------------------------------------------------------
115.8 116.6 0.8 0.6 0.497 1.38
--------------------------------------------------------------------------
Clementine 129.2 131.1 1.9 1.8 7.417 41.6
--------------------------------------------------------------------------
140.8 142.8 2.0 1.6 1.239 3.61
--------------------------------------------------------------------------
167.1 167.3 0.2 0.2 0.492 5.31
--------------------------------------------------------------------------
Clementine 208.1 208.7 0.6 0.6 8.991 32.25
--------------------------------------------------------------------------
222.1 222.4 0.3 0.3 0.971 5.47
--------------------------------------------------------------------------
HDB-063 122.3 122.8 0.5 0.5 0.302 1.82
--------------------------------------------------------------------------
Clementine 126.8 131.4 4.6 3.8 3.805 25.8
--------------------------------------------------------------------------
221.7 229.6 7.9 7.6 0.182 2.84
--------------------------------------------------------------------------
HDB-065 Clementine 168.6 173.8 5.2 4.7 0.149 0.80
--------------------------------------------------------------------------
173.8 175.8 2.0 1.9 0.005 0.16
--------------------------------------------------------------------------
220.6 221.6 1.0 0.6 0.037 0.33
--------------------------------------------------------------------------
328.9 330.5 1.6 1.1 0.103 1.01
--------------------------------------------------------------------------



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