UPDATE: BMO Capital Markets Downgrades Great Basin Gold to Underperform on Limited Options

BMO Capital Markets reduced its rating on Great Basin Gold

from Perform to Underperform as strategic options appear limited. BMO Capital Markets commented, "Great Basin Gold reported disappointing Q2/12 result as a result of challenges at both [its] operations. … Hollister appears to possess appeal as a high-grade operation in an established mining jurisdiction, but the company may find it difficult to realize value given the ongoing permitting process and the need to address liquidity concerns quickly. Even if a sale of Hollister were to occur, a marked operational turnaround at Burnstone would still be required to meet future debt obligations. Great Basin Gold closed at $0.25 on Wednesday.