January 19, 2011 / 2:55 PM / in 7 years

UPDATE 1-Great Basin Q4 gold sales up sequentially; shrs rise

* Q4 gold sold at Hollister mine at 31,000 Au equivalent oz

* Stockpiled 156,000 tonnes of ore at Burnstone

* Expects full production at Burnstone in 2011

* Shares rise 3 percent

Jan 19 (Reuters) - Canadian miner Great Basin Gold Ltd GBG.TO posted an almost threefold sequential rise in gold sold at its Nevada-based Hollister project in the United States, helped by high grade yields at a new zone, sending its shares up 3 percent.

The company expects 2011 to be its first full year of production at the Burnstone gold mine in South Africa.

As on Jan. 17, there were 156,000 tonnes on the ore stockpile at Burnstone.

In the fourth quarter, gold sold at Hollister rose to about 31,000 gold equivalent ounces sequentially, and 3,500 ounces were delivered to the refinery, which will be recognized as revenue in the first quarter of the year, the company said.

Great Basin shares, which have shed about 14 percent in value since it posted a wider loss in the third quarter, were up 3 percent at C$2.64 in morning trade on the Toronto Stock Exchange on Wednesday. (Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian) ((gowri.jayakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: gowri.jayakumar.thomsonreuters.com@reuters.net)

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