MINING MARKETS & INVESTMENT NEWS — QUERY — Great Basin financing Nevada projects

In The Northern Miner of March,. 9/98, you carried a story entitled “Great Basin hits bonanza grades at Ivanhoe.” It says that results of the remaining drill test were expected later that month.

I have been watching since then to see the results, but nothing has appeared in your paper. Do you know why Great Basin has not released the results of the remaining drill tests?

Robert Greenwood,

Las Vegas, Nev.

Great Basin Gold (GBG-V) did not release any further results on that drilling program. Sunita Prasad, who handles investor-relations enquiries for the company, said there have been a number of holes drilled at both Ivanhoe and at another Nevada property, the Wilson-Independence. Assay results from those holes are forthcoming, and she told The Northern Miner that results might be released within days.

The only news the company has released since our story on the Ivanhoe drilling has concerned a financing in which Great Basin raised $3.4 million from the issue of 1.7 million special warrants, which convert automatically to units of one share plus one purchase warrant once the warrant issue’s prospectus clears regulatory scrutiny.

The warrants entitle the holder to buy an additional share at $2 for one year. The money raised in the issue is to be used for follow-up drilling at Ivanhoe and at Wilson-Independence.