$6.3 Million Financing Completed Major Drilling Program to Commence.VANCOUVER, British Columbia--(BUSINESS WIRE)--July 28, 1999-- Robert G. Hunter, Chairman of Great Basin Great Basin, semiarid, N section of the Basin and Range province, the intermontane plateau region of W United States and N Mexico. Lying mostly in Nevada and extending into California, Oregon, Idaho, and Utah, it is bordered by the Sierra Nevada on the west, the Gold Ltd. (VSE See DOS/VSE. VSE - Virtual Storage Extended : GBG GBG Göteborg (Sweden) GBG Guernsey (International Auto Identification) GBG Good Beer Guide (UK pub guidebook published annually by the Campaign for Real Ale) ; OTC-GBGLF) is pleased to announce that Great Basin, together with Haywood Securities Inc., has completed a $6,323,630 financing for the Company. Private investors and accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. institutions have purchased an aggregate of 4,864,331 Units at $1.30 per Unit. Each Unit has a four month hold period, and is comprised of a common share and a twelve month, one-for-one, share purchase warrant exercisable at $1.30. Proceeds from the financing will be used to conduct a major drilling program on Great Basin's 100% owned Ivanhoe property located on the prolific Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] Trend, Nevada. Great Basin has planned a 50 hole, 50,000 foot drill program, and expects to commence drilling in mid-August. The Ivanhoe Project consists of 858 claims covering an area of 24.7 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. located between the newly commissioned Ken Snyder Mine (Franco Nevada) 14 miles to the northwest and the developing Rossi deposit (Barrick and Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Gold) 6 miles to the southeast. The Ivanhoe property hosts two major target areas for the discovery and development of large scale, high-grade gold deposits. These are the Hollister disseminated gold deposit area and the Hatter mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. area located 1.5 miles to the east. The Hollister deposit (a pre-mining geological resource of 84 million tons grading 0.034 oz/ton gold containing 2.8 million ounces of gold) represents the largest, near surface gold resource or "leakage anomaly" on the Carlin Trend which has not had its underlying feeder zones systematically explored by drilling. Drilling results to date, combined with recent extensive geological modelling of relogged historic drill holes, suggest that a "Ken Snyder Mine type" bonanza-grade feeder system lies beneath the Hollister deposit. At Hatter, previous drilling has defined broad low grade and significant high grade gold intercepts within and adjacent to a granodioritic stock, the Hatter stock, which shows strong similarities to the important Goldstrike and Little Boulder Basin stocks further south on the Carlin Trend. In summary, Great Basin is focused to drill two principal targets at Ivanhoe: (1) bonanza grade, gold-silver feeder veins similar to the nearby Ken Snyder Mine (2.73 million tons, grading 1.12 oz/ton gold and 12.82 oz/ton silver or 3.74 million gold equivalent ounces) below the Hollister deposit and within the Hatter Stock and (2) more typical Carlin Trend style, carbonate-hosted gold deposits similar to Meikle (6.8 million reserve tons grading 0.78 oz/ton gold containing 5.3 million ounces) and Post-Betze (134 million reserve tons grading 0.18 oz/ton gold containing 24.1 million ounces), in lower plate strata beneath both the Hollister and Hatter areas. Further details on Great Basin Gold Ltd. and its Ivanhoe Property may be obtained at www.hdgold.com or contact investor services at 1-800-667-2114. ON BEHALF OF THE BOARD Robert G. Hunter Chairman No regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved the information contained in this news release. |
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