2010 Annual Report Fact Sheet Corporate Presentation

Poised to become a mid-tier gold producer

Nevada Operations History

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Modern day mining commenced in the Hollister District in 1915 following discovery of widespread mid-Miocene hot springs deposits with associated mercury and disseminated gold mineralization. Following a lull in activity, exploration for mercury and other metals such as uranium and gold resumed in the 1960s onwards with extensive drilling by company’s including Auric Metals, Apco Oil, Noranda and Homestake at a number of targets. However none of these programs encountered sufficient mineralization to warrant developing a mine.

United States Steel Corporation undertook comprehensive exploration of the district between 1980 and 1986, and in 1987 Cornucopia Resources purchased the property via its Touchstone Resources subsidiary and formed a 50/50 Joint Venture (JV) with Galactic Resources to mine the deposit as the Hollister Mine, an open pit/heap leach operation. By 1990, the JV produced a feasibility study based on 879 drill holes (328,000 ft of diamond and rotary drilling) which defined a mainly oxide reserve. The Hollister open pit mine went into production in 1990 and mining continued until 1992 when Galactic declared bankruptcy. Total production was 115,696 ounces of gold contained in 3,271,954 tons.

In 1992, Newmont entered the district via a 75/25 JV with Cornucopia after buying Galactic’s interest in the Hollister Property. Their land position was enlarged and more drilling was undertaken, including pursuit of high-grade vein intersections made by the earlier JV. In 1995 Newmont opted out of the project and in 1997, its interests were acquired by Consolidated North Coast Industries Ltd. which subsequently merged with Pacific Sentinel Group to form Great Basin Gold Limited. Great Basin Gold acquired Touchstone’s 25% in 1999, and currently holds 100% of the Hollister Property (an area of 27 square miles) subject to the net smelter royalties.

Timeline:

1979	Through to the 1980’s The area encountered exploration for gold.hrough to the 1980’s The area encountered exploration for gold.
1984	A gold deposit was discovered (USX Corp, formerly US Steel). USX deposit area is where the open pit exists today.
1987	Cornucopia Resource purchased the property, who later joint ventured with Galactic Resources, which formed Touchstone Resources, which became the Ivanhoe Gold Company, to operate the Project. Surface exploration was conducted by Galactic and Touchstone Resources from 1987 through 1991.
1990	Touchstone Resources/Ivanhoe Gold Company began mining the USX deposit, which is now known as the Hollister Deposit (open pit – heap leach pad operation) [Open pit mine is known by both names the Ivanhoe Mine and Hollister Mine.]
1992 to 1997	Newmont finished leaching the ore on the leach pad and then began closure and reclamation of the project, which are on going to date. Newmont remains responsible for the closure and reclamation of the open pit mining operations. Newmont conducted an exploration program throughout the area.
1997 to Present	Great Basin Gold acquires interest in the surface exploration project from Newmont. Great Basin Gold acquires interest in the mine area from Newmont. Great Basin Gold conducts an exploration program throughout the area.
March 2004	The Bureau of Land Management (BLM) authorized Hecla’s Hollister Development Block Project to conduct underground exploration for gold. Prior to authorization of the Hollister Development Block Project, Great Basin Gold was undertaking independant exploration on the property.
2007	Rodeo Creek Gold Inc, a subsidiary to Great Basin Gold, acquires Hecla’s interest in the Hollister Development Block Project.
September 2009	The Esmeralda mill is commissioned
April 2010	Notice of Intent for Environmental Impact Study (EIS) published in the Federal Register, formally initiating the EIS scoping process. The EIS is currently underway by the Nevada Bureau of Land Management and the estimated completion date for issuance of a record of decision in Q2 2012. First gold pour at Esmeralda mill takes place.

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