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GBG - Great Basin Gold Limited - Confirm filing of financial results for the

Release Date: 15/05/2012 14:30
Code(s): GBG
 
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GBG - Great Basin Gold Limited - Confirm filing of financial results for the quarter ended March 31, 2012 GREAT BASIN GOLD LIMITED (Incorporated in Canada and registered as an External Company in South Africa) (Registration No. 2006/021304/10) Share Code: GBG ISIN Number: CA3901241057 ("Great Basin" or "the Company") GREAT BASIN GOLD REPORTS OPERATIONAL AND FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2012 May 15, 2012, Vancouver, BC - Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that its interim consolidated financial statements and Management Discussion and Analysis for the quarter ended March 31, 2012 have been filed, and the Company refers the reader to those materials for further information. All currency values in this release are stated in Canadian dollars unless otherwise indicated. The Company will review the results during an investor conference call scheduled for May 15, 2012. 3 months ended March 31 March 31
2012 2011 Recovered Au eqv oz 22,911 29,593 Au eqv oz sold 21,555 20,118 Realized Au eqv price $1,548 $1,309 Revenue ($`000) $33,373 $26,343 Loss from operating activities ($`000) ($7,650) ($377) Net loss for the quarter ($`000) ($17,770) ($20,341) Cash generated from (utilized by) $565 ($9,482) operations ($`000) Adjusted loss per share ($0.03) ($0.02) Hollister The Nevada operations produced 16,240 Au eqv oz* for the quarter (Q1 2011: 24,082 Au eqv oz), compared to the forecast of 19,749 Au eqv oz. Ineffective carbon stripping, while the final upgrade to the acid wash and carbon regeneration circuit was being completed, resulted in lower than planned Au (87%) and Ag (62%) recoveries at the Esmeralda mill during the quarter. The upgrade to this circuit was completed in late April 2012. All dore will be poured on site starting May 2012. Although lower than Q1 2011, Au and Ag grades as well as tonnes extracted from trial mining were in-line with the production plan and good progress has been made in improving mining flexibility through additional focus on ore development. 15,357 Au eqv oz were sold during the quarter (Q1 2011: 17,324) with the amount of Au eqv oz locked up in carbon and awaiting processing through third party refiners increasing by 1,352 to 14,447 Au eqv oz on March 31, 2012. It is expected that this carbon will be treated during Q2 2012 and inventory levels will return to normalized levels by the end of Q2 2012. Cash costs per ounce of $850/oz were recorded for the quarter (Q1 2011: $670); costs were impacted by the lower recoveries achieved as well as the additional transportation costs incurred to process the carbon at the Ra
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