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The business practitioner for Southgold Exploration, a wholly owned subsidiary of Great Basin Gold, has issued a statement advising on the progress relating to the rescuing of the financially embattled Great Basin Gold.

In the statement, Peter van den Steen revealed that the bid process for Great Basin Gold’s assets such as the South Africa-based Burnstone gold mine, is now at an advanced stage.

“The bids have been submitted and are in the process of being analysed by me, together with my advisors and the creditors’ committee. Various bidders have presented their bids to the creditors’ committee and will present again during the course of this week. It is anticipated that a preferred and a reserve bidder will be selected shortly. The preferred bid will form the basis of the business rescue plan, which will be published to all affected parties by no later than 31 May 2013,” he advised.

Burnstone was mothballed after being declared unprofitable as a result of, according to reports, Great Basin Gold preferring to use mechanised mining, which demands a high level of technical skills.

Wits Gold, the Johannesburg-and Toronto-listed gold company, has been earmarked to be among the top bidders for Burnstone.

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