VANCOUVER, April 6 /PRNewswire-FirstCall/ - Great Basin Gold
Ltd, ("Great Basin" or the "Company"), (TSX: GBG; NYSE Amex: GBG;
JSE: GBG) today announced that it has obtained final Credit
approval for a US$47 million export
finance facility ("the facility"), with the option to increase the
facility through further syndication.
The facility will be provided by Credit Suisse Ag and will have
a maximum term of 4 years from date of draw down, with interest and
capital repayment commencing 9 months after draw down. The facility
will bear interest at a margin of 4% over the USD LIBOR rate
(currently 0.3%). The Company will have the option to retire the
loan 12 months after draw down at no additional costs. The
Burnstone project will be the guarantor for the facility.
The facility is only subject to the execution of customary loan
and security documentation and includes conditions precedent usual
for facilities of this nature. Execution of binding documentation
and funding is targeted for on or before April 30, 2010.
Ferdi Dippenaar, CEO and
President commented; "The Company received more than one financing
offer and selected this facility which will provide us with
flexibility in the delivery of the Burnstone project. The project
is at an exciting phase of its development with good progress being
made in the construction of the metallurgical plant and the
development of underground infrastructure. Development on 41 Level
of the vertical shaft has been completed and the sinking of the
last 26 meters to shaft bottom has commenced."
No regulatory authority has approved or disapproved the information
contained in this news release.
Cautionary and Forward Looking Statement Information
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 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, 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.
SOURCE Great Basin Gold Ltd.