Great Basin Gold (GBG) -46.9% premarket after suspending operations at its Burnstone mine in South Africa, no longer able to fund the mine to achieve cash flow breakeven, which would have taken until May 2013 at current ramp-up rates. GBG is seeking to finance $30M-$40M in shutdown costs, but with "no certainty that such financing will be made available to the company."
Great Basin Gold (GBG -10.2%) dives after providing its Q4 operating update. The miner produced 20,727 gold equivalent ounces from Nevada trial activities in Q4, down 20% from Q3, while its cash costs per equivalent ounce rose 18%, to $783. Only 6,470 ounces were recovered at a South African mine, roughly flat Q/Q.
Great Basin Gold (GBG +15%) pops after the miner says its executed its previously announced $150M credit facility agreement with Credit Suisse and Standard Chartered Bank. The facility has a maximum term of 5 years and bears an interest rate margin of 4% over the LIBOR rate.