Vancouver — Tranter Investments, a black economic empowerment group, will form a partnership with
Tranter is acquiring an interest in the Great Basin subsidiary that owns Burnstone. Great Basin had a previous agreement with Tranter that expired in early 2003.
A feasibility study is ongoing. Several deposits at Burnstone have a composite measured and indicated resource of 45.2 million tonnes grading 5 grams gold per tonne, or more than 7.2 million oz.
A prefeasibility on the portion known as Area 1 recommends an annual mining rate of 1.5 million tonnes, from which would be produced 236,000 oz. gold per year.
Great Basin has 92.1 million shares outstanding and a market capitalization of $97 million. The company recently traded at $1.05.
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