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GENERAL COMPANY INFORMATION
LISTINGSToronto Stock Exchange : GBGAMEX : GBN
SHAREHOLDING• 100% free float• shares outstanding : 112,618,213• fully diluted : 117,920,389• 12 month high/low CDN$ : 2,77 – 0,97
CASH POSITION• cash on hand : US$ 34,0 million
OUR STRATEGY FOR GROWTH
FOCUSSED ON CREATING VALUE FOR OUR SHAREHOLDERS
Bring our developmentprojects into production
Active focus on exploration
Opportunistic acquisitions
• Burnstone – 214 000 oz/annum• HDB – 93 500 oz/annum
• further exploration potential on both properties
• focus on putting together a pipeline of projects
Explore Build Operate
We have the management teams …..…. to deliver on our undertakings
PIPELINE OF PROJECTS AT ALL STAGES OF DEVELOPMENT
• South Rand Basin • Burnstone• HDB• Hollister Property
• Burnstone• HDB
Grass rootsexploration
Advancedexploration
OperatingminesOperating
minesProject
development
HOLLISTER PROPERTYCarlin Trend
USA
WitwatersrandSOUTH AFRICA
BURNSTONE MINE
WE OWN TWO MAJOR GOLD PROJECTS
LOCATED IN THE WORLD’S MOST RECOGNISED GOLDFIELDS
GBG PRODUCTION PROFILE
0
100000
200000
300000
400000
500000
600000
700000
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Burnstone HDB
Intermediate gold producers
We plan to close theproduction gap
BURNSTONE MINE LOCATION
Evander GoldfieldsHarmony
Klerksdorp GoldfieldsDRD
Anglo GoldHarmony
Carletonville GoldfieldsAnglo GoldGold FieldsHarmony
DRD
West Rand GoldfieldsPlacer/WAR
Harmony
East Rand Goldfields
South Rand Goldfields
Welkom GoldfieldsHarmony
Goldfields
50 km
In the South Rand Goldfields we own
mineral and prospecting rights
over an area of approx 30 000 ha.
261 surface boreholes
completed in the Burnstone Project
Area
• 80 km’s from Johannesburg
• easily accessible from national highways
• 6,5 km’s from nearest town and infrastructure which will be a principal supplier of:
• labour • power• water• consumables, etc.
• an exciting challenge – a new gold mine in a “new South African mining environment”
BURNSTONE MINE LOCATION
BURNSTONE FEASIBILITY STUDY COMPLETED
Burnstone is a typical SA long life gold mine with one difference, we start mining from a decline at 316 meters or 948 feet
below surface
The mine will produce approx 214 000 oz/annum over a LOM of 14 years;
at a cash cost of US$254/oz
and a total cost of US$314/oz
SIGNIFICANT LEVERAGE ON MEASURED AND INDICATED RESOURCES
Measured
5,864,0009.220.65602182,40419,777,6344007,268,0008.390.64538226,04426,941,2173508,239,0008.020.62499256,27231,958,611300OZAUCWCMGTKILOSTONNESCUT-OFF
Indicated
1,244,0004.201.6167438,6909,216,1614001,344,0004.341.4763741,7919,625,8303501,578,0004.571.2255849,08210,740,968300
CUT-OFF
Total Measured and Indicated
7,108,0007.630.80613221,09528,993,7954008,611,0007.320.75551267,83536,567,0473509,817,0007.150.71507305,35342,699,579300
CUT-OFF
Qualified Persons G.J. van der Heever, Pr.Sci.Nat. December 2005
Inferred
189,00012.610.415145,874465,796400382,00011.710.3743311,8701,014,016350603,00011.130.3538718,7651,685,810300
CUT-OFF
AREA 1 - MINEABLE RESERVE OF 2.4 M OUNCES
BURNSTONE HAS A TOTAL MEASURED AND INDICATED RESOURCE OF 7,1 MILLION OUNCES
2 378 6174.715 903 735Total Reserve
135 3865.4783 106Probable
2 243 2314.615 120 629Proven
Au content(oz)
Grade(g/t)
ReserveTonnage (t)Category
BURNSTONE MINE CAPITAL COST
LIFE OF MINE CAPITAL COST OF US$60 PER RESERVE OUNCE
1 013TOTAL PROJECT CAPITAL15Main water supply36Tailings dam facility2First fill of mill
160Metallurgical plant800Mine development
CAPITALR’MILLIONITEM
EXCELLENT FINANCIAL RETURNS
For the March 2006 quarter, the
SA producers earned revenue of R130 000/kg
and had
cash costs of R84 000/kg
or US$398/oz
4,7 yearsPayback
19IRR (%)139NPV 5% (US$ million)287NPV 0% (US$ million)
US$ 254/ozR57 256/kgLOM Cash Cost
US$ 153 millionLOM Capital ExpenditureR7,00 – US$1,00ZAR:US$ Exchange Rate
US$ 450/ozR100 000/kgGold Price
Results of Feasibility Study
CURRENT GOLD PRICES ARE HIGHER THAN FEASIBILITY STUDY ASSUMPTIONS
363409 445
554620
0
150
300
450
600
750
2003 2004 2005 1Q06 Recent
$
$
$
$
$
$
$$
$
$$
Average gold price/oz is increasing steadily
Feasibility Study is based on US$450/oz
BURNSTONE MINE SENSITIVITY ANALYSIS
At US$600 per ounce the NPV
increases to US$523 million,the IRR to 34%
US$4,55 per share
29.224.519.08.026.321.515.97.523.218.312.57.019.714.78.56.5500450400ZAR/AU Price
IRR
4903772648.04483352227.53992861737.03432301176.5500450400ZAR/AU Price
NPV(0) – US$ MILLIONS
• complete permitting• commence bulk sample activities:
constructing decline to 321 metres below surface to commence stoping
• anticipated cost of R105m (US$15m) which includes R16,7m (US$2,4m) for purchase of properties
• continue with surface drilling to convert remaining 4,7 million ounce resource to reserve ounces
• GBG is adequately financed for the expenditure
OUR SHORT TO MEDIUM TERM PLANS FOR THE BURNSTONE MINE
BURNSTONE MINE DECLINE ANDSHAFT LAYOUT
Surface
2 145m development
required
First reef elevation at 220 m/BS
Bulk sample stoping –316 m/BS
Final shaft depth – 495 m/BS
Decline Portal
SOUTHRAND BASIN EXPLORATION PORTFOLIO
DRUKFONTEIN 613IR
50%
SILVERBANK 611IR
ROODEPOORT 598IR
HERPSFONTEIN 610IR
WITPOORT 545IR
DOORNHOEK 577IRDOORNHOEK 577IR
550 IR
WILLEM SDAL
TOWNSHIP
VANKOLDERSKOP552 IR
BAKKIESFONTEIN568IR
ZYFERFONTEIN 576IRZYFERFONTEIN 576IR
RIETVALEI 546IR
VANKOLDERSKOP
568IRBAKKIESFONTEIN
50%50%
KLEINFONTEIN
SOLYSOM BRA570IR
RUSTFONTEIN 548IR
BRAKFONTEIN 513IR
567IR
DAGBREEK 551IR
BRAKFONTEIN 513IR
VANKOLDERSKOP 547IR
RIETFONTEIN 566IR
HEXRIVIER 634IR
WILGEFONTEIN 544IR
BARNAARDSKOP 637IR5/12
M OOIPLAAS 614IR
HAARTBEESTFONTEIN 638IR
ROOIWAL 607IR
VLAKFONTEIN 599IRVLAKFONTEIN 599IR
STRYFONTEIN 609IR
WITPOORT 565IRWITPOORT 565IR
RIETVLEY 600IR
557IR
BANTOEDORP
BALFOUR
RIETBULT ESTATES 505IR
VLAKFONTEIN 558IR
RIETFONTEIN553IR
SPRINGFONTEIN549IR
Siy athemba
VLAKFONTEIN 556IR
555IR
DASPOORT 564IR
Balfour
RIETFONTEIN 561IR
VLAKFONTEIN569IR
5km0km
RIETBULT ESTATES
BALFOUR
RIETFONTEIN ROODEPOORT-KILDARE
BARNAARDSKOP
BURNSTONE RESOURCE AREA OUTLINE
-275
00 m
E
-250
00 m
E
-225
00 m
E
-200
00 m
E
-300
00 m
E
-350
00 m
E
-325
00 m
E
-175
00 m
E
2945000 mN
2955000 mN
2960000 mN
2952500 mN
2950000 mN
2947500 mN
2957500 mN
-375
00 m
E
AREA3
AREA 2
AREA 1
BABBBQBR
BDBCBE BS
BT
BUBL
ATAW
AX
AHAI AKAMAP AJ
ALAO
AP3BFBG
BURNSTONE RESERVE & RESOURCE AREAS
2.5 km
RESOURCE AREA OUTLINE
Width X AuContent
2250
1000
4002501505
cmgt
BURNSTONE RESERVE EXPANSIONAREA 1
-310
00 m
E
-340
00 m
E
-330
00 m
E
-320
00 m
E
-350
00 m
E
-2946000 mN
-2947000 mN
-390
00 m
E
-2952000 mN
-2951000 mN
-2950000 mN
-2949000 mN
-2948000 mN
-300
00 m
E
-360
00 m
E
-380
00 m
E
-370
00 m
E
AR
AREA 1
AHAHAHAHAHAHAHAHAHAIAIAIAIAIAIAIAIAI
AKAKAKAKAKAKAKAKAK
AMAMAMAMAMAMAMAMAMAPAPAPAPAPAPAPAPAP
AJAJAJAJAJAJAJAJAJ
ALALALALALALALALALAOAOAOAOAOAOAOAOAO
AP3AP3AP3AP3AP3AP3AP3AP3AP3
BFBFBFBFBFBFBFBFBFBGBGBGBGBGBGBGBGBG
1 km
Width X AuContent
2250
1000
4002501505
cmgtAREA 1 BLOCK D PHASE 1 DRILLINGAREA 1 BLOCK D PHASE 2 DRILLINGAREA 1 BLOCK D PHASE 3 DRILLING
Drill Holes Without KR IntersectionHistorical Drill Holes
DRILL HOLE LEGEND
PLANNED FEASIBILITY MINING PANELS
PLANNED EXPLORATION DRILLINGAREA 1, MINING BLOCK D
Burnstone Block D Phase 1 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
3 300 560 000 3.50 5 448 800 176 000
Burnstone Block D Phase 2 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
5 000 1 020 000 3.50 9 924 600 319 000
Burnstone Block D Phase 3 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
2 700 800 000 3.50 7 784 000 250 000
TOTAL METRES DRILLING 11 000
TOTAL RESOURCES CONVERTED TO RESERVES: 745 000
IF DISCOUNTED BY 20% - WE ADD APPROXIMATELY 600 000 OUNCES
BURNSTONE RESERVE & RESOURCE EXPANSION AREA 2
-320
00 m
E
-340
00 m
E
-330
00 m
E
-300
00 m
E
-290
00 m
E
-280
00 m
E
-310
00 m
E AREA 2
490490490490490490490490490
470470470470470470470470470
425425425425425425425425425 440440440440440440440440440
BABABABABABABABABA
BBBBBBBBBBBBBBBBBB
BQBQBQBQBQBQBQBQBQ BRBRBRBRBRBRBRBRBR
450450450450450450450450450450450450450450450450450450
580580580580580580580580580
BDBDBDBDBDBDBDBDBDBCBCBCBCBCBCBCBCBC
BEBEBEBEBEBEBEBEBE 450450450450450450450450450
500500500500500500500500500
440440440440440440440440440
530530530530530530530530530BSBSBSBSBSBSBSBSBS
BTBTBTBTBTBTBTBTBT
BUBUBUBUBUBUBUBUBU
BLBLBLBLBLBLBLBLBL
900900900900900900900900900
1,1001,1001,1001,1001,1001,1001,1001,1001,100
1,1001,1001,1001,1001,1001,1001,1001,1001,100
ATATATATATATATATAT
AWAWAWAWAWAWAWAWAW
AXAXAXAXAXAXAXAXAX
2250
Width X AuContent
1000
4002501505
cmgtPLANNED FEASIBILITY MINING PANELS
Drill Holes Without KR Intersection
AREA 2 PHASE 4 DRILLING
Historical Drill Holes
AREA 2 PHASE 1 DRILLING
DRILL HOLE LEGEND
AREA 2 PHASE 2 DRILLINGAREA 2 PHASE 3 DRILLING
PLANNED EXPLORATION DRILLINGAREA 2
Phase 1 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
2 385 560 000 3.50 5 448 800 175 000
Phase 2 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
1 900 600 000 3.50 5 838 000 188 000
Phase 3 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
2 480 800 000 3.50 7 784 000 250 000
Phase 4 Exploration:Planned Meters Area of influence m² Au g/t cut-off Contained grams Contained oz
3 520 1 680 000 3.50 16 346 400 525 000TOTAL METRES DRILLING: 10 000TOTAL RESOURCES CONVERTED TO RESERVES: 613 000TOTAL INDICATED RESOURCES CONVERTED TO MEASURED RESOURCES: 525 000
IF DISCOUNTED BY 20% - WE ADD APPROXIMATELY 1 MILLION OUNCES
HOLLISTER DEVELOPMENT BLOCK PROJECT - LOCATION
Elko
Las Vegas
Battle Mtn
Reno
100 Miles
NEVADA
CALIFORNIA
OREGON
UTAH
ARIZONA
IDAHOIvanhoe Property(Great Basin Gold)Ivanhoe Property(Great Basin Gold)
Rossi Property(Barrick/Meridian)
(Newmont)Midas Property
Dee Mine
Meikle MinePost/Betze Mine
Leeville Property(Newmont)(Barrick)
Hollister Property(Great Basin Gold)
27 square miles
5 Miles Gold Deposits
32.7 square miles
Ken Snyder Mine
Carlin Mine
Hollister Development Block
Goldstrike MineGoldstrike Property
Leeville Deposit
Rossi Deposit
Dee Property(Glamis)
CARLIN
TREND
HOLLISTER DEVELOPMENT BLOCK: A PACKAGE OF HIGH GRADE GOLD AND SILVER VEINS
1
As audited by Behre Dolbear & Company Ltd. Qualified Person James A. Currie, P.Eng. April 2002
Inferred Mineral Resource
RESOURCE GRADE CONTAINED OUNCESTons
(000’s)Gold
oz/tonGoldg/ton
Silveroz/ton
Silverg/ton
Gold(000’s)
Silver Gold Equity(000’s)
719 1,29 41,5 7,00 225,0 926 5,033 1 000
(000’s)
HOLLISTER PROPERTY: NEARBY PROCESSING FACILITIES ARE AVAILABLE
8080
Beowawe
Winnemucca
Carlin
TuscaroraMidas
Elko
20 Miles
TownsMine (miles from Ivanhoe)
Legend
(49mi)Jerritt Canyon (Queenstake Resources)
Midas (12mi)(Newmont)
Twin Creeks (48mi)(Newmont)
Getchell (43mi)(Barrick)
Pinson (38mi)(Barrick)
Lonetree (65mi)(Newmont)
Goldstrike (18mi)(Meikle, Post-Betze)
(Barrick/Newmont)Carlin (24mi)(Newmont)
Gold Quarry (37mi)(Newmont)
Battle Mountain(92mi)(Newmont)
McCoy/Cove(112mi)(Kinross)
Cortez (94mi)(Barrick)
Hollister Property
(Great Basin)
Battle Mountain
Golconda
ROBUST RETURNS FROM PRELIMINARY ASSESSMENT OF HDB IN NEVADA
Inferred Mineral Resource 719,000 tons grading 1.29 oz/ton gold and 7.00 oz/ton silver
Annual Production 150,000 oz gold760,000 oz silver
Life of Mine Production 882,000 oz gold4,529,000 oz silver
Start up Capital Cost $41.3 million
Cash Cost $213.25/eq oz1
Total Cost $258.00/eq oz1
Life of Mine 5.9 years
Payback 1.2 years
Internal Rate of Return 78%
Net Present Value (5% discount) $118.3 million ¹ Gold equivalent is calculated using the above gold and silver prices and the formula:
Au-eq oz == Au oz + (Ag oz * Ag price/Au price)
Qualified person D. Stone, P.Eng., August 2006
Franco Nevada Mining Corp
started Midas in December 1998.
Newmont purchased in 2002 with a 7 year mine
plan. Midas produced over
217,000 ounces in the first year for
Newmont. Current reserves (0.25 oz cut off) 2.86mil
tons @0.51oz Au avg grade and
6.45ozAg = 1.45miloz Au, 18.46miloz Ag.
PLANNED EXPLORATION – REMAINDER OF HOLLISTER PROPERTY
HOLLISTER PROPERTY -APPROXIMATELY 32 SQ MILES
LAND GAPS
Newmont Mining Company
Property
New West Gold Company
0km 2km
GBG Property Boundary
Hollister Development Block Area
HOLLISTER PROPERTY TARGETS
ButteNorth Hatter
Hatter
Heap Leach
West HatterGraben
Hatter
IV87203
Western Extension
Mined out open pits
GREAT BASIN GOLD SHAREHOLDERS
Source: NBF
Rank Investor Name Current Position1
Libra Advisors, LLC
2,505,5752
Deutsche Investment Management Americas
2,400,0003
Deutsche Asset Management (Australia) Ltd2,229,000
4
RBC Asset Management, Inc.
2,150,0005 Van Eck Associates Corporation 1,965,0276
MFC Global Investment Management
1,964,8507
Mackenzie Financial Corporation
1,600,0008
Franklin Advisers, Inc.1,390,000
9
Oppenheim Kapitalanlagegesellschaft mbH
1,389,09010
Natcan Investment Management
1,201,20011
Lombard Odier Darier Hentsch & Cie274,800
12 233,90013
IG Investment Management Limited
180,00014 Renaissance Technologies Corp 153,60015
Morgan Asset Management, Inc.
150,000Pacific West Financial Consultants, Inc.
CORPORATE INFORMATION
TRANSFER AGENTComputershare Trust Company of Canada4th Floor, 510 Burrard StreetVancouver, British ColumbiaCanada V6C 3B9Tel: (604) 661-0258Fax: (604) 683-3694
ATTORNEYS Lang MichenerBarristers & Solicitors1500 - 1055 West Georgia StreetVancouver, British ColumbiaCanada V6E 4N7
AUDITORSKPMGChartered Accountants777 Dunsmuir StreetVancouver, British ColumbiaCanada V6E 1K3
BANKCanadian Imperial Bank of Commerce400 Burrard StreetVancouver, British ColumbiaCanada V6C 3A6
LISTEDAMEX (GBN)TSX (GBG)
INVESTOR SERVICESInvestor RelationsGreat Basin Gold Ltd.1020 - 800 West Pender StreetVancouver, British ColumbiaCanada V6C 2V6Telephone: Facsimile: (604)
1-800-Email: info@hdgold.com
(604) 684-6365684-8092
Toll Free: 667-2114
Web Site: http://www.greatbasingold.com
CAPITALIZATION
96,685,379101,427,379
Common Authorized UnlimitedIssuedFully Diluted
(as of December 31, 2005)
OFFICERSRobert A. Dickinson, Co-ChairmanRonald W. Thiessen, Co-ChairmanFerdi Dippenaar, President and CEO
DIRECTORSDavid J. CopelandScott D. CousensRobert A. DickinsonJeffrey R. MasonRonald W. Thiessen
T. Barry CoughlanWayne KirkDavid ElliottWalter T. SegsworthRobert StillSipho NkosiPatrick Cooke
CORPORATE ADDRESS1020 - 800 West Pender StreetVancouver, British ColumbiaCanada V6C 2V6Telephone: (604) 684-6365Facsimile: (604) 684-8092Toll Free: 1-800-667-2114
Jeffrey R. Mason, Secretary and CFO
Ferdi Dippenaar
138 West Street, 4th FloorSandown, 2196PO Box 78182Sandton, South Africa 2146Telephone: 27-11-884-1610Facsimile: 27-11-884-1826
Great Basin Gold Ltd. (South Africa)
• This presentation includes certain statements that may be deemed "forward-looking statements". Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the risks inherent in the Company's business, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.
• Mineral resources do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever achieve the status of ore reserves.
• All information relating to the contents of the Pre-Feasibility Study, including but not limited to statements of the Burnstone project's potential and the other information such as capital and operating costs, production summary, and financial analysis, are "forward looking statements" within the definition of the United States Private Securities Litigation Reform Act of 1995. The information relating to the possible construction of conveyor, grinding and leaching plant facilities also constitutes such "forward looking statements." The Pre-feasibility Study was prepared to broadly quantify the Burnstone project's capital and operating cost parameters and to provide guidance on the type and scale of future project engineering and development work that will be needed to ultimately define the project's likelihood of feasibility and optimal production rate. It was not prepared to be used as a valuation of the Burnstone project nor should it be considered to be a final feasibility study. The capital and operating cost estimates which were used have been developed only to an approximate order of magnitude based on generally understood capital cost to production level relationships, and although they are based on engineering studies, these are preliminary so the ultimate costs may vary widely from the amounts set out in the Pre-feasibility Study. These factors could materially adversely impact the projected economics of the Burnstone project. As is normal at this stage of a project, data in some areas was incomplete and estimates were developed based solely on the expertise of the individuals involved as well as the assessments of other persons who were involved with previous operators of the project. At this level of engineering, the criteria, methods and estimates are preliminary and result in a high level of subjective judgment being employed. There can be no assurance that the potential results contained in the Pre-feasibility Study will be realized.
• The following are the principal risk factors and uncertainties which, in management's opinion, are likely to most directly affect the conclusions of the Pre-feasibility Study and the ultimate feasibility of the Burnstone project. The mineralized material at the Burnstone project is currently classified as a measured and indicated resource, and a portion of it qualifies under Canadian mining disclosure standards as a proven and probable reserve, but readers are cautioned that no part of the Burnstone project's mineralization is considered to be a reserve under US mining standards. For US mining standards, a full feasibility study would be required, which would likely require some additional drilling and metallurgical studies, supplementary process tests and other engineering and geologic work additionally all necessary mining permits would be required in order to classify the project's mineralized material as an economically exploitable ore reserve. There can be no assurance that this mineralized material will become classifiable as a reserve and there is no assurance as to the amount, if any, that might ultimately qualify as a reserve or what the grade of such reserve amounts would be. Final feasibility work has not been done to confirm the mine design, mining methods and processing methods assumed in the Pre-feasibility Study. Final feasibility could determine that the assumed mine design, mining methods and processing methods are not correct. Construction and operation of the mine and processing facilities depend on securing environmental and other permits on a timely basis. No permits have been applied for and there can be no assurance that required permits can be secured on a timely basis. Data is not complete and cost estimates have been developed, in part, based on the expertise of the individuals participating in the preparation of the Pre-feasibility Study and on costs derived from projects which are believed to be comparable, and they are not based on firm price quotes. Costs, including design, procurement, construction and on-going operating costs and metal recoveries could be materially different from those contained in the Pre-feasibility Study. There can be no assurance that mining can beconducted at the rates and grades assumed in the Pre-Feasibility Study. There can be no assurance that these infrastructure facilities can be developed on a timely and cost-effective basis. Energy risks include the potential for significant increases in the cost of fuel and electricity. The Pre-feasibility Study assumes specified, long-term prices levels for gold. The price of this metal is historically volatile, and the Company has no control of or influence on its price which is determined in international markets. There can be no assurance that the price of gold will continue at current levels or that it will not decline below the prices assumed in the Pre-feasibility Study. Prices for gold have been below the price ranges assumed in Pre-feasibility Study at times during the past ten years, and for extended periods of time. The project will require major financing, probably a combination of debt and equity financing. Interest rates are at historically low levels. There can be no assurance that debt and/or equity financing will be available on acceptable terms. A significant increase in costs of capital could materially adversely affect the value and feasibility of constructing the project. Other general risks include those ordinary to very large construction projects, including the general uncertainties inherent in engineering and construction cost, the need to comply with generally increasing environmental obligations, and accommodation of local and community concerns. South African mining tenure laws require that significant economic ownership in Burnstone be held by historically disadvantaged peoples and for which ownership rights the Company may not be significantly compensated. The economics of the Burnstone Project are sensitive to the US Dollar and South African Rand exchange rate and this rate has been subject to large fluctuations in the last several years.
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