BRITISH COLUMBIA

Great Basin Gold stock price falls in heavy trading after delisting review

09/13/2012 12:58 EDT | Updated 11/13/2012 05:12 EST
VANCOUVER - Shares of Great Basin Gold Ltd. (TSX:GBG) lost 14 per cent of their value Thursday in the heaviest trading volume for a single issue on the Toronto Stock Exchange.

The Vancouver-based company, which announced Tuesday that it had suspended operations at the Burnstone mine in South Africa because of a lack of funds, is facing a delisting of its shares from Canada's largest stock market.

The market operator announced early Thursday that Great Basin would have 30 days in which to regain compliance with listing requirements.

The company's market value has dropped below $40 million, with its stock price falling about 95 per cent over the past year.

Great Basin Gold's shares closed at nine cents Thursday, down 1.5 cents from Wednesday's close. At year ago, the shares were worth about $2.25 each.